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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".
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.
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.
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.
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.
Estimate your potential Social Security benefit amount by using the calculators at SSA.gov. Consider starting a business that you can handle while “retired.”
The National Council of Higher Education Resources (NCHER) is the nation’s oldest and largest higher education finance trade association. NCHER’s membership includes state, nonprofit, and for-profit higher education service organizations, including lenders, servicers, guaranty agencies, collection agencies, financial literacy providers, and schools, interested and involved in increasing college access and success. It assists its members in shaping policies governing federal and private student loan and state grant programs on behalf of students, parents, borrowers, and families.
Since 2007, the Homeownership Preservation Foundation (HPF) has served as a trusted, neutral source of information for more than eight million homeowners. They are partnered with, and endorsed by, numerous major government agencies, including the U.S. Department of Housing and Urban Development and the Department of the Treasury.
The mission of the U.S. Department of Housing and Urban Development (HUD) is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD works to strengthen the housing market in order to bolster the economy and protect consumers; meet the need for quality affordable rental homes; utilize housing as a platform for improving quality of life; and build inclusive and sustainable communities free from discrimination.
The Council on Accreditation (COA) is an international, independent, nonprofit, human service accrediting organization. Their mission is to partner with human service organizations worldwide to improve service delivery outcomes by developing, applying, and promoting accreditation standards.
The National Foundation for Credit Counseling® (NFCC®), founded in 1951, is the nation’s largest and longest-serving nonprofit financial counseling organization. The NFCC’s mission is to promote the national agenda for financially responsible behavior, and build capacity for its members to deliver the highest-quality financial education and counseling services.