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. Helen C.

    My 41 year old daughter is worried she won’t get social security benefits when she retires at full age 67 years old. What are your thoughts ? I tell her that she will and it will still be around. Am i wrong? Please send me facts. thanks

  2. Jennifer D.

    Good tips. Thanks!

  3. نرم Ø.

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  4. Manny

    Lot of tv ads to call and check your zip code for extra social security benefits.

    Is this a sales gimmick?

  5. Robert W.

    Can my spouse answer questions regarding my Social Security?

    • A.C.

      Hi, Robert. Your spouse cannot act on your behalf without your permission. For additional 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.

  6. DOROTHY

    THE BETA SITE SEEMS SO MUCH EASIER TO FIND WHAT A PERSON IS LOOKING OR — KEEP IT SIMPLE!! THANKS

  7. Maryann S.

    Looking for booklet for part b Medicare

    • A.C.

      Hi, Maryann. Thanks for visiting our blog. It sounds like you are referring to the Medicare and You booklet. To view the Medicare and You booklet, please visit the Medicare website. We hope this helps. 

    • Jeff R.

      Hey Maryann,

      You may also want to check out this resource I just discovered on the 2022 Income-Related Monthly Adjusted Amount (IRMAA) Medicare brackets:https://youstaywealthy.com/medicare-irmaa-brackets/

      Super detailed and a ton of great info!

Comments are closed.