The Ultimate Guide for Increasing Your Retirement Savings

Tailor-Made Retirement Planning Just For You

Since 1975, The Ryding Company has worked with individuals, companies, and sponsors of any scope to achieve quality retirement planning and administration. Throughout Ventura and Los Angeles County (and now Salt Lake City!), we are the experts when it comes to financial planning for your future and Golden Years. We’re here to assist our clients with any of the following services:

If you’re wondering how to increase your retirement savings starting today, read on for some helpful insights straight from our financial professionals! For any additional inquiries or to discuss plans in more detail, feel free to call us at 866.764.9222 or leave us a message here.

Quick Retirement Planning Takeaways

Don’t have time to read the full article about retirement planning and saving? Here are some key tips to keep in mind when investing in a retirement fund!

Start planning for retirement while you still can–it’s never too early or too late to start saving!

Always save as much as you can now, rather than putting saving off to a later date.

If you are closer to retirement age, think about increasing the amount of your savings contributions and/or delay Social Security.

Bolster Your Retirement Saving Strategy With These Helpful Hacks

No matter your strategy, The Ryding Company is well-versed in all things ERISA plan administration, especially workplace-sponsored retirement funds. If you’re an individual looking to make the most of your retirement planning resources, or if you’re an employer looking to offer the best possible retirement planning solution(s), keep reading to learn some helpful hacks straight from the experts.

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» Start As Early As Possible

Whether you’re 25 or 35, it’s important to start saving and investing for retirement as much as you can now as opposed to later. This is because compound interest plays a role in increasing your retirement savings over time, so the sooner you start investing, the longer you can reap the benefits of interest growth.

» Monitor Your Pre-Retirement Investments

Saving for the initial 5-10 years into retirement is of the utmost concern and importance, and it’s crucial to avoid overspending. At The Ryding Company we suggest looking for investments with predictable income sources. However, keep in mind that the more predictable the income source, the lower the return in some cases.

» Plan For Inflation

When planning for retirement, don’t be overwhelmed but stay informed. More often than not, inflation and rising prices can eat away at the buying power of retirement funds, so be sure to factor in rising costs into your saving strategy.

» Factor In High Healthcare Costs

The best way to stay fiscally fit for your retirement years is to prioritize your overall health today. Healthcare costs are the most often overlooked expense when it comes to planning for retirement. Be sure to allocate a large portion of your savings for future doctor visits, medication, and etc.

» Contribute To A 401(k) Account

If your employer offers a traditional 401(k) plan and you are eligible, contributing this pre-tax money will be a huge advantage for saving for retirement. If you’re in the 12% tax bracket and plan to contribute $100 per pay period, your take-home pay will drop by only $88 (in addition to other state and federal taxes charged each pay period). This translates to saving more for your retirement without feeling it too much in your monthly budget.

» Match Your Employers’ 401(k) Contributions

If your employer offers to match your 401(k) plan contributions, retirement planning experts recommend contributing enough to maximize the return. For example, if your employer offers to match 50% of employee contributions for up to 5% of your salary, this means you can contribute up to $2,500 to your retirement plan per year–with your employer contributing an extra $1,250. Don’t leave this free money on the table!

» Invest In An IRA

Consider establishing an individual retirement account (IRA) to increase your growing retirement fund. Depending on your income and whether or not you or your spouse have a workplace retirement plan, a Traditional IRA may be the best option. In some cases, contributions to a Traditional IRA can be tax-deductible and tax-deferred until you start making withdrawals. Be sure to ask your investment professional about your options when it comes to investing in an IRA.

» Utilize Catch-Up Contributions (50+ Years Or Older)

The number one reason why it’s important to start saving for retirement early is that yearly contributions to IRAs and 401(k) plans have limitations. However, once an individual reaches the age of 50, they are eligible for the opportunity to make catch-up contributions to IRAs and 401(k)s, which have far higher maximum limits.

» Stick To A Budget

Even if retirement is further down the road for you, we recommend that all of our clients examine their budgets–because savings now (however small they seem) can translate to a more stable retirement fund. For example, try negotiating a lower rate on your car insurance or saving money by bringing your lunch to work instead of buying it. Determining where your money is going allows you to find opportunities to reduce spending, so you have more to save or invest into retirement. Use our handy Retirement Calculator to track your future income based on current savings!

» Pay Off Your Mortgage

Although owning a home increases your equity, it’s a huge investment and major expense. The sooner you’re able to pay off your mortgage, the sooner you’ll be able to access your home’s wealth by living there without the monthly expense of a mortgage, allowing you to save more towards your retirement fund.

» Set Clear Goals

Saving for retirement might seem scary or even impossible to some. However, if you start out knowing how much money you will need for retirement will make the process of saving more manageable and rewarding! We suggest setting a major goal and smaller benchmarks along the way, so you can watch your savings grow and feel fulfilled before even reaching your final result.

» Save Extra Funds For A Rainy Day

Any extra money towards your retirement plans and funds can go a long way. If you receive a raise or higher salary, be sure to increase your monthly contribution percentage. With any tax refunds and/or bonuses, be sure to dedicate at least half of that new money to your retirement savings. Smaller rewards in exchange for splurging will allow you to make big leaps and bounds toward your retirement goal.

» Put Off Social Security As You Near Retirement Age

Putting off Social Security payments can make huge payoffs in the future. Individuals can start receiving Social Security retirement benefits at age 62, but for each year you wait (until age 70), your monthly benefits will increase–and the additional income adds up quickly. It’s important to keep in mind that even pushing your retirement back one year could make a significant difference.

» Partner Up With An Investment Professional / Financial Advisor

It’s widely accepted to go to the doctor in order to stay healthy, so what about your financial well-being? Having an investment professional that specializes in retirement planning will only benefit your overall fiscal health, especially when you need it the most. For experienced retirement planning ranked #1 in the nation, call The Ryding Company at 866.764.9222. We’re here to administer plans for a better future for employers and employees alike.