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Friday, December 12, 2014

Boost Your Retirement Savings

According to financial experts you can delay your gratification on purchases, pay off your credit cards and save your raises if you are already behind your retirement savings.

USA TODAY asked financial experts for their five best tips for boosting savings and income now and during retirement:

1. Delay gratification
2. Save 10% to 15% of your annual income.
3. Take advantage of matching contributions.
4. Save your raise.
5. Pay off high-interest-rate credit card debt.

All that said, Fidelity offers this rule of thumb: Save at least eight times your final salary to help increase the odds that you won't outlive your savings during 30 years in retirement.

Read the full article here: