Expert Tips to Boost Retirement Savings Amid Economic Challenges
Thursday, 28 March 2024, 16:02
Strategies for Maximizing Retirement Savings
According to a Bankrate survey from 2023, 56% of Americans feel behind on retirement savings, while over 20% have not put a dime towards savings for retirement in over a year. As inflation remains and wages remain relatively stagnant, Americans are struggling to keep up with saving.
Insights:
- Behavioral Finance: Setting up automatic contributions is crucial to consistent saving habits.
- Tax Loss Harvesting: Utilizing losses to offset gains can lead to greater savings efficiency.
Expert advice includes maximizing current retirement accounts and employing tax loss harvesting strategies to boost savings and financial growth.
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.