How to Boost Your Retirement Savings

retirement savings

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Retirement planning shouldn’t be an afterthought; it’s your ticket to financial security and a comfortable future. According to Bank of America’s Debra Greenberg, it’s never too late to begin saving for your nest egg. The magic of compound interest benefits those who start early. Imagine a 25-year-old who invests $75 each month until age 65, ultimately accumulating more assets than someone who starts at 35 with a higher monthly investment—thank you, power of compound growth1.

Greenberg emphasizes the importance of taking immediate action, no matter your stage in life. Recognizing the need to save for your golden years and creating strategies to contribute more toward retirement can reduce future regrets and build anticipation for a comfortable retirement.

Key Takeaways

  • It’s never too late to start your retirement planning journey.
  • Early savings benefit from the power of compound interest.
  • Starting action now ensures financial security in later years.
  • Plan and strategize to maximize your nest egg growth.
  • Make immediate steps to reduce future financial regrets.

Start Early for Maximum Benefits

When it comes to retirement investment, the earlier you begin, the better. Starting early allows for the magic of compound interest to take effect, where earnings are reinvested to generate their own earnings. This simple but powerful principle can significantly boost your long-term financial growth.

The Power of Compound Interest

Compound interest is your greatest ally in retirement planning. For example, if you save just under $4,500 per year over a 45-year career, you could have over $1 million by the time you retire2. This demonstrates the impressive growth potential when you start saving early. By beginning your retirement investment at a young age, your money has more time to accumulate and multiply, thanks to the power of compounding.

How Early Contributions Impact Long-Term Growth

Even modest investments made early can outpace larger amounts invested later. For instance, if you contribute $1 at age 20, it could grow to $5.84 by the time you’re age 65; however, if you contribute the same $1 at age 25, it would grow to $4.802. This illustrates how much more effective early contributions are in achieving long-term financial growth.

Consider starting at age 25 and putting away $10,000 a year; this could grow to $1,058,912 by the time you’re 652. Waiting until age 35 and saving the same amount would only grow to $838,019 by the time you’re 652. Time is undeniably a powerful ally in retirement planning3.

Ultimately, the earlier you begin saving for retirement, the more substantial your nest egg can become. By leveraging compound interest and making consistent contributions, you will be well on your way toward securing long-term financial growth and a comfortable retirement.

Take Advantage of Your 401(k) Plan

Maximizing your 401(k) contributions can significantly boost your retirement savings. By understanding how to leverage both pre-tax savings and Roth 401(k) benefits, you can create a more robust and tax-efficient nest egg for your future. Let’s dive into the details.

Understanding Pre-tax Contributions

With pre-tax savings through a traditional 401(k), you can reduce your taxable income, making it a valuable tool for immediate tax benefits. The 401(k) employee contribution limit was $22,500 for those under 50 in 2023 and increased to $23,000 in 2024. For participants aged 50 and older, the limits were $30,000 in 2023 and $30,500 in 20244. This approach allows you to save more without feeling a heavy pinch in your take-home pay.

The Advantages of Roth 401(k) Plans

Unlike traditional 401(k) contributions, Roth 401(k)s offer tax-free withdrawals during retirement, which can be highly beneficial if you anticipate higher tax rates post-retirement. The Roth 401(k) contribution limits align with traditional 401(k)s—$22,500 in 2023 and $23,000 in 20244. Pre-tax contributions reduce your taxable income now, while Roth contributions help you save on taxes later, providing flexibility in your retirement planning.

Approximately 70% of U.S. private industry workers had access to employer-provided retirement plans, yet only 52% chose to contribute, highlighting the missed benefits of employer matching and tax-advantaged savings5. With the right mix of traditional and Roth 401(k) contributions, you can strategically plan to maximize your financial security in retirement.

Maximize Employer Matching Contributions

Did you know employer contributions can be a game-changer in your retirement planning? With a robust 401(k) match program, it’s like getting free money for retirement. In 2018, a whopping 95% of Vanguard retirement plans provided some form of employer contributions, up from 91% in 20136. Imagine not taking advantage of it; you’d be leaving money on the table.

Many plans utilize a single-tier formula, which was used by 71% of plans in 20186. However, another 21% of plans offer a multi-tier formula6. For maximum benefit, financial planners recommend contributing at least 15% of your salary between employee and employer contributions7. This helps ensure you’re hitting that sweet spot for matching.

To illustrate, let’s say your employer matches 50% up to 6% of your salary. This arrangement can lead to a total annual contribution of $4,500, significantly boosting your retirement savings7. It’s no wonder 31% of employees value an employer-sponsored 401(k) over a salary raise according to a Glassdoor poll6.

Don’t forget about the long-term impact! In 2020, 20% of Vanguard plans required at least one year of service for matching contributions6. However, four in 10 participants were in plans with immediate vesting6, making it easier to accumulate more savings quickly. Remember, it’s never too early or too late to start taking full advantage of these benefits.

Waiting to begin saving for retirement can jeopardize those much-needed compound returns and employer matches, so act now!7

Open an Individual Retirement Account (IRA)

Opening an Individual Retirement Account (IRA) is a smart move in planning for a secure financial future. With two primary options—Traditional IRA and Roth IRA—it’s important to understand the different benefits each offers to make the best choice for your individual needs.

Benefits of Traditional IRAs

A Traditional IRA allows you to make tax-deductible contributions, reducing your taxable income for the year. This can be particularly appealing if you’re looking for immediate retirement tax benefits. Additionally, any earnings on the investments in your Traditional IRA are tax-deferred until you begin making withdrawals during retirement. Beneficiaries of IRAs can include both spousal and non-spousal beneficiaries, offering flexibility in estate planning8. Employers may even set up Payroll Deduction IRA plans to streamline contributions directly from your paycheck8. Notably, there are certain IRS regulations about which investments are allowed in IRAs8.

Why a Roth IRA Might Be Right for You

A Roth IRA, on the other hand, offers tax-free withdrawals in retirement, provided certain conditions are met. This type of IRA might be especially beneficial if you expect to be in a higher tax bracket when you retire. Contributions to a Roth IRA are not tax-deductible, but the trade-off is that your earnings grow tax-free, and you won’t pay taxes on withdrawals. Schwab offers the ability to open a Roth IRA with no minimum deposit, which makes it accessible to start9. Additionally, Schwab provides various tools and planning calculators to assist you in managing your retirement savings effectively9.

Utilize Catch-Up Contributions if You’re Over 50

For those of you navigating the waters of over 50 retirement planning, catch-up contributions are a true game-changer. Individuals over 50 can contribute an additional $7,500 to their 401(k) plans in 2024 on top of the standard $23,000 limit, bringing the total to a whopping $30,5001011. This measure allows you to significantly boost your retirement savings, especially if prior contributions fell short of your goals in earlier years.

How Catch-Up Contributions Work

Catch-up contributions enable eligible individuals to exceed the usual IRA and 401(k) limits, providing a valuable opportunity to max out your nest egg during peak earning years. For instance, the catch-up contribution for Roth IRAs will increase to $8,000 in 2024, indexed to inflation under SECURE Act 2.010. By leveraging higher limits, you stand to gain substantial tax benefits, potentially saving over $1,000 on annual tax bills11.

Around 16% of participants in 401(k) plans actually take advantage of these catch-up contributions when offered11. Understanding and utilizing these provisions is crucial for enhancing your financial security. Remember, starting in 2026, catch-up contribution rules will bifurcate those earning below or above $145,000 for income-tax purposes10.

Contribution Type 2023 Limit 2024 Limit Special Notes
Regular 401(k) $22,500 $23,000 N/A
Catch-Up (Age 50+) $7,500 $7,500 Total $30,500 in 2024
Roth IRA Catch-Up $7,500 $8,000 Indexed to inflation
SECURE Act 2.0 (Age 60-63) N/A N/A 150% of age 50 limit in 2025

Additionally, starting in 2025, individuals aged 60 to 63 will be able to make even higher catch-up contributions, equating to 150% of the standard limit11. This ensures you have multiple avenues to enhance your retirement savings efficiently.

Automate Your Savings

Automating your retirement savings is a game-changer, making the process nearly effortless. By setting up automatic transfers from your paycheck or bank account to your retirement funds, you can steadily build your nest egg without lifting a finger. Let’s dive into how it works and the benefits it brings.

Set Up Automatic Transfers

Automatic transfers can simplify your savings strategy and ensure consistency. For example, direct deposit can easily save a portion of your paycheck into a savings account12 and split direct deposit allows you to allocate part of your paycheck into a high-yield savings account13. This practice not only streamlines the savings process but also leverages financial automation to prevent the temptation of overspending and helps in consistently increasing your savings13.

automatic transfers

The Psychological Benefits of Automated Savings

Embracing financial automation erases the need for active management of routine savings contributions. This hands-off approach can offer immense psychological relief. Automatic savings tools have emerged in recent years to help individuals save money automatically, providing peace of mind12. Apps like Acorns and Stash even allow for the automated saving of spare change, turning every small purchase into a savings opportunity12. Moreover, knowing that you’re regularly contributing to your retirement funds without additional effort reduces stress and promotes a healthier financial mindset13.

Reduce Your Spending

Tackling retirement planning with a focus on cutting expenses can profoundly impact your financial discipline and overall retirement objectives. Did you know that U.S. households headed by individuals aged 65 and older spent an average of $52,141 per year, amounting to $4,345 per month? Evaluating the primary targets for spending reductions, you’ll discover housing, transportation, and healthcare lead the list, followed by food, cash contributions, entertainment, and personal insurance14.

To facilitate budgeting for retirement, Merrill’s cash flow calculator can offer valuable insights. Adjusting minor expenditures, such as removing excessive subscriptions and reducing energy use, are practical steps. These efforts, while small in comparison, contribute significantly towards increasing available funds for investment allocations15.

“Achieving a balance between cutting costs and enjoying hard-earned money is crucial,” Debra Greenberg emphasizes. From delaying unnecessary vehicle purchases to downsizing household space, every bit counts15.

Furthermore, setting a clear objective around lowering transportation expenses can provide substantial savings. Consider that monthly car payments can reach as much as $500 or more, primarily due to current interest rates15. If maintaining two cars isn’t necessary, selling one can channel impressive amounts back into your retirement fund.

Finally, changing long-held spending habits can be challenging but incredibly rewarding. Reflecting on the finances of those older family members or friends who have navigated retirement successfully can serve as a meaningful motivation to implement a conscientious and disciplined approach to cutting expenses for a sustainable future14.

Set Clear Savings Goals

Setting clear retirement savings targets plays a crucial role in planning for retirement. By establishing specific savings milestones, you can better monitor your progress and ensure you remain on course to meet your financial objectives. For instance, beginning by saving $500 for an emergency fund is a common recommendation, ensuring you have funds available for unforeseen expenses16. This initial step is crucial as it acts as a foundation for longer-term savings goals. Furthermore, having an emergency fund that covers three to six months’ worth of living expenses provides a financial cushion and eases anxiety over potential financial setbacks17.

Planning for retirement should involve setting retirement savings targets based on your anticipated expenses and lifestyle choices post-retirement. Utilizing tools such as the Personal Retirement Calculator can help you establish when it might be feasible to retire, considering your current savings and investment rates. These tools can provide a clearer picture of your retirement goals and help break them down into manageable milestones. For instance, directing a portion of your paycheck into retirement savings first, as recommended by many experts, can make saving feel more structured and less daunting18.

Additionally, regularly reviewing and updating your financial goals at least annually is essential for staying on track with your retirement plans17. This periodic review can help identify any necessary adjustments to your savings strategies and ensure you are consistently progressing towards your savings milestones. Anticipating setbacks and planning for them can keep you resilient and adaptable throughout your retirement planning journey, providing a sense of security as you navigate various financial challenges17.

By setting clear savings goals, not only do you create a tangible roadmap for your retirement journey, but you also motivate yourself to consistently work towards achieving these milestones. With a defined plan in place, your path to a comfortable and secure retirement becomes more accessible, structured, and rewarding.

Make the Most of Extra Funds

Leveraging windfalls like bonuses, tax refunds, and salary increases can significantly enhance your retirement savings rather than being spent frivolously.

Using Bonuses and Tax Refunds Wisely

Every bonus check or tax refund offers a prime opportunity to bolster your nest egg. For instance, instead of splurging on non-essentials, you could utilize these funds to increase your investments.

“Dedicating a portion of bonuses and tax refunds to your retirement savings is one of the most prudent financial moves you can make,” advises Debra Greenberg, retirement specialist.

By directing these windfalls into your retirement accounts, you can make significant strides towards your financial goals. For those 50 and older, catch-up contributions allow additional deposits into IRAs and 401(k) plans1.

Raising Contributions with Every Salary Increase

Another smart strategy is to raise your retirement contributions with every salary increase. This method not only capitalizes on your growing income but also ensures a steady boost to your retirement fund without impacting your current lifestyle significantly.

Each time you receive a salary hike, dedicating at least half of the new funds directly into your retirement accounts can grow your nest egg substantially over time1. For instance, raising the contribution rate from 4% to 6% can add over $110,000 to your nest egg over 30 years, based on a $50,000 salary1.

Also, aim to contribute up to 15% of your pre-tax salary, including employer contributions, to make the most of your workplace savings plan19.

Consider Delaying Social Security Claims

Delaying Social Security claims can be a strategic move to enhance your financial retirement stability. By waiting to claim until age 70, you can maximize your monthly benefits and ensure a more comfortable retirement. This approach also holds benefits for spousal Social Security claims, providing increased financial security for you and your spouse.

How Delaying Benefits Increases Payments

Delaying Social Security benefits can have a significant impact on your monthly payments. Every year you delay up to age 70, your benefit amount can increase by approximately 8% annually20. This uplift in benefits can contribute substantially to your retirement income. Furthermore, starting to claim Social Security at age 62, age 70, or any time in between results in roughly the same total dollar amount, assuming average life expectancy20. This stat shows the potential financial benefit of waiting to maximize your monthly benefit, especially when considering the increased amounts due to the 5.9% cost-of-living adjustment (COLA) experienced by Social Security beneficiaries in 202220.

The Impact on Spousal Benefits

Delaying Social Security not only impacts your benefits but also positively affects spousal Social Security benefits. By holding off on claiming Social Security until age 70, you maximize both your and your spouse’s potential benefit amounts, ensuring a healthier financial future together. It is commonly suggested to consider waiting if you believe you will live at least 12 years beyond your chosen claiming date to justify delaying Social Security benefits20. Additionally, individuals projected to live into their 80s or beyond are often recommended to wait until age 70 to collect Social Security20, thereby increasing retirement benefits and providing better support for spousal claims.

With concerns about the future of Social Security and potential changes in benefits, especially for higher-income retirees20, carefully planning when to claim benefits is crucial. Weighing the pros and cons of delaying Social Security can be pivotal in securing a more robust and assured retirement for you and your spouse.

Stay Informed About Changing Regulations

Staying updated with the latest retirement regulations and updated saving strategies is crucial for ensuring your financial future remains secure. The SECURE Act 2.0 represents a significant leap in retirement planning, with changes coming into effect soon.

Understanding SECURE Act 2.0

The SECURE Act 2.0 aims to modernize retirement regulations, offering various updated saving strategies to enhance retirement planning. For instance, starting in 2023, the $1,000 limit on catch-up contributions for taxpayers older than 50 will be indexed to inflation, raising the maximum contribution to $7,50021. Additionally, if you’re aged 60 through 63, you will be eligible to make super catch-up contributions equal to 50 percent of the ordinary catch-up amount for 2025, with indexing to inflation thereafter21.

From 2024 onward, employers can make matching contributions to an employee’s retirement account for qualifying student loan payments21. This change is part of a broader effort to recognize the financial burden of student loans and help younger employees build their retirement savings concurrently.

The SECURE Act 2.0 also introduces new types of 401(k) plans, such as the ‘starter 401(k)’, where employers can automatically enroll employees at a contribution rate between 3 and 10 percent, with the maximum contribution rising to 15 percent in 202621. This plan is specifically designed to boost participation and savings among employees who may not have previously engaged in retirement planning.

Another significant change is the increase in the minimum distribution age from 72 to 73 in 2023, and it will further increase to 75 in 203321. This adjustment gives you more time to accumulate tax-deferred savings in your retirement accounts.

Moreover, the updated definition of an investment advice fiduciary, effective from Sept. 23, 2024, is set to safeguard your retirement investments by ensuring advisers act in your best interest, potentially saving savers up to $5 billion per year from conflicted advice on fixed index annuities22. To provide further security, from April 25, 2024, the Federal Register will publish the final rule and amended prohibited transaction exemptions22.

Deal with Debt Quickly

Eliminating debt swiftly is crucial to achieving financial security and a debt-free retirement. High-interest debts, such as credit card debt, can severely hinder your ability to save for retirement, as the interest payments often outweigh potential savings from investments23. Establishing a plan to tackle these high-interest debts should be a top priority for maintaining financial wellbeing23.

One effective strategy involves prioritizing high-interest debts to be paid off first. This can free up significant financial resources, enabling you to invest more effectively in your retirement savings24. For example, paying off credit card debt during economic instability can prevent the balancing act of managing multiple debts24.

Consider temporarily lowering your retirement contributions to accelerate debt repayment if your income has been impacted by external factors, such as the COVID-19 pandemic24. While this might seem counterintuitive, it can be a practical short-term solution, as you can resume and even increase your retirement savings once the debt is cleared24. Once the debt is eradicated, redirect the funds previously used for debt payments toward your retirement savings to build up your nest egg24.

Moreover, establishing an emergency fund equivalent to one month of income can help avoid high-interest “bad” debts like credit cards or payday loans in the future23. This small but essential step can prevent financial pitfalls that disrupt long-term financial growth and security.

financial wellbeing

If fewer balance transfer credit cards are available due to changes in the lending landscape, consider using retirement savings strategically to eliminate debt24. It’s crucial to have a plan for rebuilding retirement savings post-debt elimination to avoid future financial shortfalls24. By taking these measures, you can ensure your retirement savings are safe and steadily growing, setting a solid foundation for your debt-free retirement.

Debt Repayment Strategy Benefit
Prioritize High-Interest Debt Maximizes savings potential
Temporary Reduction in Retirement Contributions Accelerates debt repayment24
Establish Emergency Fund Prevents future high-interest debt23
Redirect Funds Post-Debt Enhances retirement savings24

Consulting a financial professional can provide valuable assistance in setting financial goals and strategies for both debt repayment and retirement savings23. Their insights can guide you toward a more robust financial future, ensuring your steps today lead to a secure and comfortable retirement tomorrow.

Plan for Health Care Costs

Planning for healthcare costs in retirement is not just smart; it’s essential. Considering the significant expenses that can arise during your golden years, incorporating strategies like using a health savings account (HSA) can be highly beneficial.

Advantages of Health Savings Accounts (HSAs)

HSAs offer substantial advantages in retirement healthcare planning. Contributions to a health savings account are tax-deductible, the growth is tax-deferred, and when you use the funds for medical expenses, withdrawals are tax-free.

For instance, the maximum annual contribution rates to an HSA for 2024 are $4,150 for individuals and $8,300 for family coverage, with an additional $1,000 contribution allowed for those aged 55 to 6525. This means you can significantly boost your retirement healthcare savings without the burden of taxes draining your efforts.

Furthermore, an average retired couple, age 65, may need approximately $315,000 saved to cover health care expenses in retirement26. This figure underscores the importance of utilizing HSAs to manage the looming healthcare costs efficiently. Such savings are even more vital if you consider that healthcare expenses in retirement are expected to be one of the largest costs following housing and transportation for most Americans26.

HSAs become even more attractive when you factor in their post-65 flexibility. After reaching 65, your HSA can function as a supplemental retirement account, with funds available for any purpose. However, non-medical withdrawals will be subject to regular income tax, making it imperative to balance your HSA benefits with your retirement healthcare planning.

Expense Cost
Average Couple Medical Expenses $383,000
Assisted Living Care (Monthly) $4,500
Nursing Home Private Room (Monthly) $9,034
Duration of Long-Term Care 3 Years

Given these staggering costs, it’s clear that integrating a health savings account into your retirement plan can provide you with significant financial relief and greater peace of mind as you approach your golden years. By understanding the HSA benefits and planning accordingly, you can ensure a more financially secure and well-prepared future.

Conclusion

Implementing a robust retirement savings strategy is essential to achieving financial independence and a secure retirement. Starting your journey early can pay off significantly due to the power of compound interest and maximizing the potential of accounts like 401(k) plans and IRAs. By beginning the process as soon as possible, even with modest contributions, you can build a sizeable nest egg over time.

Equally important is to stay informed about changing regulations that impact your retirement savings. For instance, legislative changes like the SECURE Act 2.0 can affect your saving limits and the rules governing retirement plans. By staying updated, you can make informed decisions and optimize your savings strategies.

Moreover, planning for comprehensive healthcare costs, including utilizing Health Savings Accounts (HSAs), and addressing long-term care needs is crucial. The reality is that Medicare does not cover all healthcare expenses seniors may face, emphasizing the need for alternative planning methods27. With individuals turning 65 having a 70% chance of needing long-term nursing care, thoughtful preparation becomes indispensable27.

Ultimately, by implementing efficient strategies—such as budgeting, automating savings, and making the most of opportunities like catch-up contributions after age 50—you can significantly reduce financial stress and improve overall health. The goal is to create peace of mind, knowing you’re working diligently towards retirement readiness and financial security2728.

FAQ

What is the benefit of starting retirement savings early?

Starting early allows you to harness the power of compound interest, where your earnings generate their own earnings over time. This can significantly augment your retirement nest egg compared to starting later, even with larger contributions.

How does compound interest impact my retirement savings?

Compound interest means that the interest you earn on your savings will itself earn interest over time. For example, a 25-year-old investing a month till age 65 will accumulate more than starting at 35 with a higher monthly contribution.

How can a 401(k) plan aid in saving for retirement?

Contributing to a 401(k) plan allows you to save pre-tax income, reducing your taxable income. Additionally, Roth 401(k) options offer tax-free withdrawals in retirement, which can be beneficial if you expect to be in a higher tax bracket post-retirement.

What are the advantages of employer matching contributions to my 401(k)?

Employer matching contributions are essentially free money added to your retirement savings. Always contribute at least enough to get the full match offered by your employer to maximize your savings.

Should I consider opening a Traditional IRA or a Roth IRA?

Traditional IRAs may offer tax deductions on contributions and deferred taxes on earnings until withdrawal. Roth IRAs, however, offer tax-free distributions in retirement and may be suitable if you anticipate higher future tax rates.

What are catch-up contributions and who can make them?

Catch-up contributions allow individuals over 50 to exceed standard IRA and 401(k) contribution limits, helping to bolster retirement savings if they haven’t been able to save as much earlier.

How does automating savings benefit my retirement planning?

Automating savings ensures consistent contributions to your retirement fund, builds a regular saving habit, and provides peace of mind knowing that your savings grow without active monitoring.

How can I reduce my spending to save more for retirement?

Review your expenses to identify areas to cut back, such as reducing insurance costs or dining out less. Tools like the Merrill cash flow calculator can help pinpoint where you can save more.

Why is setting clear savings goals important for retirement?

Defined savings goals provide motivation and a roadmap for your retirement planning. They help you monitor progress and make the saving process satisfying and direction-oriented.

How should I utilize extra funds like bonuses and tax refunds?

Allocate at least half of any bonuses, tax refunds, or salary increases directly into your retirement accounts to consistently boost your savings over time.

What are the benefits of delaying Social Security claims?

Delaying Social Security benefits until age 70 can significantly increase your monthly payments and enhance spousal benefits, leading to greater financial stability in retirement.

How can staying informed about regulatory changes like SECURE Act 2.0 help my retirement strategy?

Keeping abreast of changes in retirement regulations ensures you maximize your saving strategies and adapt to new rules that could benefit your retirement planning.

Why is dealing with debt crucial for retirement planning?

Addressing high-interest debt quickly frees up financial resources, allowing you to save more effectively for retirement and improve your overall financial stability.

How can a Health Savings Account (HSA) help with retirement planning?

HSAs offer tax-deductible contributions, tax-deferred growth, and tax-free withdrawals for medical expenses. Post-65, they can also be used for any purpose, subject to regular income tax for non-medical withdrawals.

Source Links

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  5. https://www.kiplinger.com/retirement/401k-the-earlier-you-start-saving-the-better
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  7. https://www.guidestone.org/Resources/Education/Articles/Retirement/Maximizing-Employer-Matching
  8. https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras
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  13. https://www.bankrate.com/banking/how-to-automate-your-savings/
  14. https://www.forbes.com/sites/stevevernon/2024/02/09/how-to-spend-less-money-in-retirement/
  15. https://www.fidelity.com/learning-center/personal-finance/spend-less-in-retirement
  16. https://www.investopedia.com/articles/personal-finance/100516/setting-financial-goals/
  17. https://www.usbank.com/wealth-management/financial-perspectives/financial-planning/how-to-set-financial-goals.html
  18. https://www.nerdwallet.com/article/investing/financial-goals
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  20. https://www.journalofaccountancy.com/news/2022/mar/the-pros-cons-delaying-social-security.html
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  22. https://www.dol.gov/newsroom/releases/ebsa/ebsa20240423
  23. https://www.principal.com/individuals/build-your-knowledge/7-steps-pay-debt-and-save-retirement
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  25. https://www.ameriprise.com/financial-goals-priorities/insurance-health/retirement-health-care-costs
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  27. https://www.covenantwealthadvisors.com/post/9-reasons-why-retirement-planning-is-important
  28. https://www2.deloitte.com/us/en/insights/industry/financial-services/closing-retirement-savings-gap.html

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