2 retirement savings catch-up strategies

Jim_SamsonHave you fallen behind on your retirement savings? Are you like so many others who weren’t able to save as much as they would’ve liked in their 20s? Do you need to catch up on your retirement savings now?

There are 2 strategies that could give you the help you need, but it’s up to you which one would suit you better.

So here they are – take your pick…

1. Accelerated Saving

By the time you’re in your mid-40s, you should have roughly 3-and-a-half times your salary or more saved up to be on pace for retirement at 65. That’s not the case for a lot of people, putting their retirement expectations in danger.

What might you be worried about giving up because you’ve fallen behind?

  • Retiring at 65
  • Keeping your current standard of living throughout retirement
  • Having to give up on your dream retirement

Well, there’s a traditional strategy to catching up on retirement savings that should allow you to enjoy the retirement you want, but it will take some sacrificing on your part.

First of all, you’ll need to bump up your annual savings to roughly 20%, depending on how far behind you are right now.

The next step is to postpone retirement, again, depending on how far behind you are. This will do a few things…

  • You’ll obviously be able to save more before calling it quits,
  • You’ll skipping the first years that you expected to be digging into that retirement nest egg, and
  • You’ll be able to postpone collecting social security, which will increase the amount you receive from it once you do begin collecting.

That path won’t be easy, but it will get the job done.

2. The Easy Way

The more preferred way to catch up on retirement savings is to take advantage of certain resources that can exponentially increase the amount your able to save every year.

All it could take is following simple instructions that guide you through proven ways to add additional income or returns through proven blueprints.

One of my favorites is the secret that’s been proven to earn over 30% annual returns over 35 years! And it’s included in Scripture Secrets. Those sort of returns will get you back on track for retirement without having to sacrifice the now.

Check your email for a special invitation to join Scripture Secrets.

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