General, Retirement

6 Ways to Make Saving for Retirement Easier

February 23, 2022 • By and

Reading Time: 2 Minutes

Last Updated: November 2, 2023

young man holding a box with America Saves Week logoIt’s America Saves Week! That means it’s a great time to see how you’re doing with your savings goals. Most working Americans know they need to save for retirement. Sometimes though, because retirement is far off in the future, we may delay saving. When everyday expenses routinely pop up, saving for a time that is years away in the future can seem less urgent.

We’re working with Social Security to help you consider what your retirement will look like. The following strategies can make it easier for you to save for retirement:

  1. Start Small. Saving something is better than saving nothing – especially with compound interest. Just $5 per day could yield a return of $1 million in 48 years with the right investments. Consider saving as early as possible. Start with 1% and increase how much you save each year.
  1. Free Money. Many employers offer a contribution match. If you can afford to, contribute at least the same amount or percent of salary that your employer matches. This will automatically double your investment. That $5 per day could become $10 per day, – earning even more investment income on your contributions. If you are over age 50, you may be able to take advantage of the IRS-allowed catch-up contributions. 
  1. Make it Automatic. Set up automatic contributions either through your employer or financial institution. Keep your retirement money allocated for retirement only. You should have a separate account for unexpected expenses to avoid dipping into your retirement accounts.
  1. Make a Plan. It’s important to know what type of lifestyle you want in retirement and how much money it will take to sustain that lifestyle. Check out our guide, 6 Steps to Jumpstart Your Retirement Journey, for more information.
  1. Take the America Saves Pledge. Make a simple plan to meet your savings goals – and get long-term accountability and support. Take the pledge today.
  1. Remember Social Security. Be sure to check your personal my Social Security account to see how much you could receive in retirement based on your earnings history. If you don’t have a personal my Social Security account, you can create one today in just a few minutes.

It’s never too late to start contributing to your retirement plan. Let America Saves and Social Security help. Your future self will thank you! Please share this information with your friends and family – and help us spread the word on social media.

Our posting of this blog does not constitute an endorsement or recommendation of any non-Social Security organization, author, or webpages. 

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About the Author

Carolyn Pemberton, America Saves Senior Program Manager, Consumer Federation of America

Amanda Woods, America Saves Program Coordinator, Consumer Federation of America

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Comments

  1. ava s.

    This is an unique article full of informative things that we should know. And I am also in search of such information. Thanks a lot 🌹
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  2. Quantum V.

    Yes, we should invest some time to improve our lives and plan for the retirement.
    It better to maintain a record for spending monthly, Track and analysis it for a better life.
    Thanks for making us remember,
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  3. Z K.

    This is great post with precise information. Thanks for this.
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  4. Tony

    People won’t even be able to buy a one bedroom apartment for $1 million in 48 years from now.

    Inflation is skyrocketing and the federal reserve is mostly to be blame.

    Who can afford to finance an average home for $450K. Who can afford to finance a average used car price for $29K.

    The low and most middle income earners are already priced out of the market. The low interest rates are kept for the high income earners to make more wealth with little down payment and interest.

    Now the price of gas, food, rent, etc is going up for the low and middle income earners. Soon there will be a recession.

  5. Rudra S.

    Make Saving for Retirement is very good, but according to us, along with saving, you should also pay little attention to investment so that your money keeps growing with time.
    https://www.techrudraji.com/2022/02/best-way-to-invest-50k-australia.html

  6. NILKAMAL R.

    I LIKEGOODARTICLE

  7. Rae

    I retired from a school district. I’m in the what y’all call windfall! Wil I never be able to go back to work without it making me pay ssi back?? If my husband dies before me will I completely lose all of his ssi because that will earn me too much income?? I received a letter saying y’all are taking some of my ssi because I made to much. TRS is sending me a letter to send to you. I make the same no matter what.

    • A.C.

      Hi, Rae. Thanks for visiting our blog. For your security, we do not have access to private information in this venue. We ask that members in our Blog community work with our offices with specific questions. You can call us at 1-800-772-1213, Monday through Friday, between 8:00 a.m. and 7:00 p.m., for assistance. You can also contact your local Social Security office. We hope this helps.

  8. Northnods

    This is great and educative. Thanks for this piece of information.
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    • Adrian D.

      Hi there, I read it some times when think it has a lot to say.

  9. Forest H.

    How can I have income taxes taken from my social security benefits

    • A.C.

      Hi, Forest. In order to have taxes withheld from your Social Security benefit, you must start by printing, completing and submitting an IRS Voluntary Withholding Request Form (Form W-4V). On this form, you can choose to have 7, 10, 12, or 22 percent of your monthly benefit withheld. The Form W-4V (to withhold federal taxes from your Social Security benefits) can be returned to your local Social Security office by mail. See our Benefits Planner: Withholding Income Tax From Your Social Security Benefits web page for more information. We hope this helps.

    • Adrian D.

      You have to get your state paper from there. W2 forms to.

  10. Gyan

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