Boost Your Retirement Savings: 4 Proven Strategies
Boosting your retirement savings can be achieved through various strategies. This article explores how to make the most of your 401(k) match, utilizing year-end bonuses, starting a side hustle, and contributing to IRAs.
Claiming your 401(k) match can significantly increase your retirement savings. For instance, if you aim to save $1,000, halving this amount can be achieved by claiming your employer's match. Additionally, year-end bonuses or cash gifts can be set aside for retirement. Contributions to IRAs for the 2025 tax year are due by April 15, 2026.
Starting a side hustle can provide extra income, which can then be contributed to your retirement savings. Another method to add $1,000 more to your 2025 retirement savings is by dividing $1,000 by the number of pay periods left in the year and deferring that amount from each paycheck until 2026. This method is easiest with a 401(k), but IRAs may also be used with automated funds transfer.
In summary, maximizing your retirement savings can be achieved by claiming your 401(k) match, setting aside year-end bonuses for retirement, starting a side hustle for additional income, and contributing to IRAs by the April 15, 2026 deadline. These strategies can help you reach your retirement goals more efficiently.
