Most Americans in their 40s have around two decades until retirement but may not be saving up enough money. Two tips for boosting your retirement contributions.
used by employers is matching your 401 contributions by 50 cents for each dollar, up to 6% of your salary, according to the Plan Sponsor Council of America's research.
If you're not there yet, don't worry. It's OK to contribute what you can and increase your contributions by a little over time. You could raise your retirement contributions by 1% each year until you reach your savings rate goal, Cheng says.Many employers offer two types of 401s: a traditional 401 and a Roth 401.
A Roth 401 can be an especially good option for those who aren't able to utilize a Roth IRA due to earning above thefor those retirement savings accounts, Cheng says. And by investing some of your retirement savings into a Roth 401, you'll know at least some of your income in retirement will be tax-free.
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