Retirement Investment Strategies

If you are getting close to retirement and don’t feel comfortable with the amount of money you have saved, you are not alone. Studies show that relatively few workers feel confident that they have enough money saved for retirement. If you are in the majority, and do not feel confident in the amount of money you have saved for retirement, there are some strategies you can use to “catch-up".

Catch up retirement contributions 

If you are 50 or over, and are current participating in a 401(k) plan, you may be eligible to make catch-up contributions to your 401(k). Catch-up contribution provisions also exist for those who contribute to IRAs. For more information, visit www.irs.gov/retirement-plans.

Save extra in non-retirement accounts 

You can also save extra money in your other, non-retirement accounts for later use. Revisit your budget, and see where there are areas that you can cut back in order to free up extra money for savings. You could also take another job now, or find other ways to create more income.

Change your retirement investment strategy 

Another way you can work to increase your retirement investments is to revisit and possibly change your investment strategy. Either analyze your own accounts, or visit with a personal finance professional to discuss your investment strategies. Seniors should review their investment strategies and rebalance their account at least once per year.

Postpone your retirement

Working even one year longer than planned can make a big financial difference. You might also consider working in a different capacity, such as becoming a consultant. Don’t rule out the possibility of embarking on an entirely different career path.

Research other income sources 

Estimate your potential Social Security benefit amount by using the calculators at SSA.gov. Consider starting a business that you can handle while “retired.”   

  • Better Business Bureau A+ rating Better Business Bureau
    MMI is proud to have achieved an A+ rating from the Better Business Bureau (BBB), a nonprofit organization focused on promoting and improving marketplace trust. The BBB investigates charges of fraud against both consumers and businesses, sets standards for truthfulness in advertising, and evaluates the trustworthiness of businesses and charities, providing a score from A+ (highest) to F (lowest).
  • Financial Counseling Association of America Financial Counseling Association of America
    MMI is a proud member of the Financial Counseling Association of America (FCAA), a national association representing financial counseling companies that provide consumer credit counseling, housing counseling, student loan counseling, bankruptcy counseling, debt management, and various financial education services.
  • Trustpilot Trustpilot
    MMI is rated as “Excellent” (4.9/5) by reviewers on Trustpilot, a global, online consumer review platform dedicated to openness and transparency. Since 2007, Trustpilot has received over 116 million customer reviews for nearly 500,000 different websites and businesses. See what others are saying about the work we do.
  • Department of Housing and Urban Development - Equal Housing Opportunity Department of Housing and Urban Development
    MMI is certified by the U.S. Department of Housing and Urban Development (HUD) to provide consumer housing counseling. The mission of HUD is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD provides support services directly and through approved, local agencies like MMI.
  • Council on Accreditation Council On Accreditation
    MMI is proudly accredited by the Council on Accreditation (COA), an international, independent, nonprofit, human service accrediting organization. COA’s thorough, peer-reviewed accreditation process is designed to ensure that organizations like MMI are providing the highest standard of service and support for clients and employees alike.
  • National Foundation for Credit Counseling National Foundation for Credit Counseling
    MMI is a longstanding member of the National Foundation for Credit Counseling® (NFCC®), the nation’s largest nonprofit financial counseling organization. Founded in 1951, the NFCC’s mission is to promote financially responsible behavior and help member organizations like MMI deliver the highest-quality financial education and counseling services.