Boost Your Retirement Savings with These Underrated Strategies
Thursday, 28 March 2024, 12:30
3 Retirement Saving Strategies for Low-Income Workers
Seniors who are forced to retire on Social Security alone often experience financial stress. However, there are effective strategies for low-income workers to boost their retirement savings. Here are three strategies to consider:
- Maximize employer 401(k) match: Contribute enough to claim full employer match and invest for long-term growth.
- Automate IRA contributions: Setting up automatic transfers can lead to significant savings over time, even with small monthly contributions.
- Utilize the Saver's Credit: This tax break can provide additional savings for retirement contributions based on income levels.
By implementing these strategies, low-income individuals can potentially increase their retirement savings significantly.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.