THE NEW YEAR PRESENTS A time to jump-start your retirement savings. Making a few changes now could allow you to retire with less stress and a bigger nest egg.
Here are some retirement resolutions to make for 2021:
Create a Retirement Plan
If you haven’t thought about what you want to do in retirement, now is a great time to focus on the future. “The first thing you want to do is have a retirement plan,” says Brian Decker, a fiduciary advisor and founder of Decker Retirement Planning in Salt Lake City. If you’re not sure how much income you’ll need in retirement, you can talk to a financial advisor to evaluate your goals and set up a plan.
Qualify for a 401(k) Match
If you have a retirement plan through your employer, check if it offers a 401(k) match. Some companies agree to put an amount into your 401(k) plan that lines up with a certain percentage or amount of your contributions. “At a minimum, make sure you are taking full advantage of any company match,” says Brad Sanders, a financial advisor at Stonebridge Financial Group in the Harrisburg, Pennsylvania, area. “You can also begin planning ahead to maximize your retirement contributions.” You can contribute up to $19,500 to a 401(k) in 2021. If you’re 50 or older, you can put in an additional $6,500.