Maximize your savings
While it's not possible to predict the market or control all the events that shape your life, you can take charge of your retirement savings. A few key strategies may help you maximize your savings throughout your life.
Minimize taxes
To help maximize your savings in retirement, you can try to minimize your taxes. Learn what is and isn't taxable so you can keep more of your hard-earned money for yourself.
Investigate strategies to minimize taxes
Make your savings last
Now that you're in retirement, you'll want to make sure your savings last the rest of your life. Learning more about the effect of your asset withdrawal rate and life expectancy on your retirement savings can help you develop or refine your income strategy.
Prepare to turn your savings into lasting income
Working in retirement
Just because you're retired doesn't mean you'll never earn income again. You have many full- and part-time options. Along with the potential benefits of earning additional income, you should understand the implications for health care, Social Security, and pension payments.
Maximize your contributions
As retirement nears, it's important to contribute as much as possible to your retirement accounts — as well as your short-term savings accounts so that you don't have to tap into retirement funds in an emergency. Learn about your account options and the contribution limits for each.
Make catch-up contributions
In addition to regular contributions, catch-up contributions give individuals age 50 and older an opportunity to put even more money in their tax-qualified retirement accounts. If you participate in multiple plans, you may be able to make a catch up contribution to more than one of the plans.
Boost your savings with additional contributions
Saving strategies
Saving more for retirement can be difficult. By learning and applying a few important tips, you can increase your savings so you have more to live on in retirement.
Start saving now
At this point in life, time is your greatest asset. A small amount of saving money for retirement now can grow into a significant amount over time through the power of compounding interest.
Maximize your contributions
You may not be able to contribute the maximum allowed right now, however the right techniques can help you balance saving money for retirement with short-term needs.
Saving strategies
Establishing a few essential savings habits now can make a significant difference when the time comes to retire. After all, time is on your side.
Financial planning services and investments offered through Ameriprise Financial Services, Inc., Member FINRA and SIPC.