OK, let’s push your retirement savings strategy into overdrive. If you do one of these per day, you could be on a better track by the end of the week.
1. Open a High-Yield Savings Account
You probably have some money sitting in a savings account right now, right?
Do you happen to know the interest rate? It’s probably pretty close to 0. The national average interest rate for savings accounts is 0.08% right now, according to the FDIC
However, there are plenty of high-yield savings accounts that can help your money grow on its way to what you need to comfortably retire.
Imagine $28,243 more dollars in your bank account. It is doable. That is the interest income you would earn from generating an additional 1% in interest on a $100,000 deposit over 25 years. Sure, it's a lofty example, but it shows how bog of a difference a high-interest account can make over time.
These are good to pair with your 401(k) or IRA. Set up a direct deposit to the account from each of your paychecks. This can help you save more money without realizing it.
2. Use This Tool to Get Matched With a Financial Advisor
Finding a financial advisor sounds like a long, exhausting process, but it’s not. You can do it from wherever you are right now.
We created a tool that does all the hard work of sorting through thousands of advisors to find one that’s right for you, based on your goals.
Here’s how it works:
- Take this quick survey and answer a few questions about your current financial situation.
- Our tool matches you with up to three advisors who can provide expertise based on your profile and goals. You don’t have to spend hours interviewing dozens of people and firms.
- Check out the advisor’s profiles, interview them on the phone or in person and choose who to work with in the future.
Financial advisors can help you figure out how to better budget and best utilize your retirement accounts. If you don’t have any, they can help you set up the right one for your situation and figure out what you can afford to contribute.
You go to an expert when you're car isn't running right or you're feeling sick, so doesn't it make sense to turn to one when you want to know how to hit your retirement goals?
3. Use This Free Calculator to Figure Out How Much You Need to Save
It’s tough to save when you don’t have a goal.
When you’re saving up for something you want, you know how much it costs, which helps you figure out how long it’s going to take you to save for it.
Retirement works the same way. You need to know how much to save so you won’t have to work anymore. It’s good to already be putting money away, but knowing what you need can inspire you to save more and how best to do it.
Check out our free Retirement Calculator. You can input tons of information to figure out exactly how much you’ll need to put away, based on your specific financial situation.