{"id":33330,"date":"2023-11-09T11:59:00","date_gmt":"2023-11-09T11:59:00","guid":{"rendered":"https:\/\/isafespend.com\/personal-finance\/wealth\/four-ways-to-save-ten-thousand-dollars-per-year-for-your-retirement\/"},"modified":"2023-11-09T11:59:01","modified_gmt":"2023-11-09T11:59:01","slug":"four-ways-to-save-ten-thousand-dollars-per-year-for-your-retirement","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=33330","title":{"rendered":"Four Ways To Save Ten Thousand Dollars Per Year For Your Retirement"},"content":{"rendered":"
\n

If you\u2019re like most Americans, you\u2019d like to save more money for your retirement. According to the Federal Reserve\u2019s \u201cReport on the Economic Well-Being of U.S. Households in 2019,\u201d 60% of Americans either do not realize if they\u2019re on track or are unsure if they\u2019re on track. No matter where you are on your retirement journey, it\u2019s better to start saving now than to start saving down the line. Any amount you save is better than no amount, and for many people picking a round number, like $10,000 a year, feels like a good goal. While $10,000 a year may also feel daunting, you can break it down into smaller and more attainable steps.<\/p>\n

When you break down $10,000 a year into monthly savings, it becomes $833.33 per month. If it\u2019s less daunting to think of that via your pay periods, most people have 52 pay periods per year, so it would be $192.30 per pay period. Or, if you want to get down to the brass tacks, $10,000 broken down to 365 days is $27.40 per day. Here are a few ways you can increase your savings to meet your $10,000 per year goal for your retirement.<\/p>\n

Automate Your Savings<\/h2>\n

Sometimes, half the battle is just saving your money in the first place \u2013 and you can fight that battle by automating your savings. By automating your savings, be it through an automatic deposit into your 401k, or automatic transfers into a savings account, that money is gone before it even gets a chance to be spent by other means. Of course, in order to be sure you have enough to both automate your savings and to live day to day you have to\u2026<\/p>\n

Budget<\/h2>\n

Budgeting can feel boring and many people avoid it, but it\u2019s necessary to understand where you money is coming in from and going out each month so that you know exactly how much you can put toward your retirement. When you have a budget (and it doesn\u2019t have to be a line by line, detailed budget either) you can determine exactly how much you\u2019ll have left over to put toward that $10,000 retirement goal. And, if you\u2019re falling short of that goal, you can see why \u2013 perhaps you\u2019re overspending, or you may need to increase your income.<\/p>\n

<\/fbs-ad><\/p>\n

Cut Back Spending<\/h2>\n

Cutting your spending is one thing that no one wants to do \u2013 and no, cutting out a Starbucks
\n SBUX
\n <\/fbs-ticker> once in awhile won\u2019t suddenly make you $10,000 richer at the end of the year. However, there are steps you can take that will add up in your budget, and some can help significantly. Comb through the subscriptions that you pay for, and cancel the ones you aren\u2019t using \u2013 then take that money and automate it to your retirement savings account. You may have multiple streaming services but really only use one \u2013 here\u2019s a spot where you can likely not even feel the pain of cancelling them, but reap the savings. Take a look at your insurance and see if you can get a better deal with what your coverage and payment is, and then take the difference and keep paying it into your retirement. Do the same by evaluating your taxes with a tax professional.<\/p>\n

Increase Your Income<\/h2>\n

The other half of the equation to saving more for retirement is increasing how much money you\u2019re bringing in. If you\u2019re due for a raise at work, ask for it. If you\u2019re consistently underpaid, perhaps it\u2019s time to look for another job. If you have valuable skills that you can utilize, use them (consulting on the side, starting a side business, etc.) or think outside the box and think about how you might declutter your home and use those yard sale proceeds to pad your retirement account. Don\u2019t forget about employer matches for your 401(k) \u2013 those are funds that you don\u2019t want to leave out of your retirement equation.<\/p>\n

Combining these four techniques may help you to ultimately reach your savings goals \u2013 and if not, don\u2019t fret. Any amount you save toward your retirement is better than not saving at all. If you\u2019re struggling with retirement planning, working with a financial advisor may be useful so that you can come up with a solid plan for your personal situation and finances.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

If you\u2019re like most Americans, you\u2019d like to save more money for your retirement. According to the Federal Reserve\u2019s \u201cReport on the Economic Well-Being of U.S. Households in 2019,\u201d 60% of Americans either do not realize if they\u2019re on track or are unsure if they\u2019re on track. No matter where you are on your retirement<\/p>\n","protected":false},"author":1,"featured_media":33331,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[57],"tags":[],"class_list":{"0":"post-33330","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-wealth"},"yoast_head":"\nFour Ways To Save Ten Thousand Dollars Per Year For Your Retirement | iSafeSpend<\/title>\n<meta name=\"description\" content=\"If you\u2019re like most Americans, you\u2019d like to save more money for your retirement. 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