5 Ways to Maximize Your Retirement Savings

NEW YORK, NY / ACCESSWIRE / March 4, 2024 / Retirement is one of life's biggest milestones. In preparation, many people regularly and dutifully set aside cash. Now that retirement is in sight, they may wonder whether they are making the most of their nest egg. They may also wonder whether they are making the right financial moves. However, there are so many possible strategies, including investing through the leading alternative investment platform Yieldstreet. To help make post-career years more enjoyable, here are five ways to maximize retirement savings.

Pay Off Debts

It can be difficult to prepare or save for retirement with debt to pay off - and who wants to enter their golden years with obligations overhead? If there is credit card or student loan debt, consider tackling those first. Those loan types are more apt to have high interest rates and a balance that is compounding. If possible, pay off mortgage debt as well. This can make retirement years much less burdensome.

Establish an Individual Retirement Account

It is not too late to open an individual retirement account (IRA) to boost retirement savings. Such accounts also offer tax advantages. One retirement plan option calls for adding alternative asset classes to a retirement portfolio through a Yieldstreet IRA. The platform's offering permits investors to diversify their holdings with private-market alternatives, including through a 401(k) rollover. The less-volatile private market has outperformed stocks in every economic downturn over nearly the last 20 years.

Take Advantage of Employer Matching

If an employer offers to match employee contributions to their retirement plan, take them up on it. Such a match is considered free money. An example, a company might offer to match 100 percent of an employee's contributions up to three percent of their salary. Additionally, the employer could match 50 percent of contributions on another two percent.

Watch the Spending

Even if it is "just" a daily drive-through coffee, streaming subscription or weekend night out, even relatively small purchases can add up. It is wise to establish a monthly budget to see where the money is going and where one can cut back to boost savings. Over time, saving just a bit more every month can make a noticeable difference.

Consider Healthcare Costs

Because many employees have employer-sponsored health coverage, they often forget to consider what their healthcare costs might be during retirement. Such costs can end up being significant. A way to save for such expenses could be through a health savings account (HSA), which works like a retirement account. A major difference is that, at any time, money can be withdrawn tax-free to cover eligible medical expenses.

Determining whether one will have enough money for their retirement years can seem overwhelming and daunting. But whether it is rolling over an individual retirement account with private-market alternatives or creating a budget, there are definite steps one can take to meet retirement funding goals. The key is to start as early as possible.

Contact Information

Seba Koshy
Account Manager
seba@mashmarketing.digital

SOURCE: Yieldstreet

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