You may have been told you are never too young to begin planning for retirement. But it is very likely in your younger years it feels very far away. And therefore saving for it is not something you make a priority. But the old adage is true. And far too many people are not properly prepared to face their retirement years when the time does come.
The good news is, there are things you can do – at any age – to help boost your retirement savings:
Make sure you’re receiving your employer match
One of the easiest ways to give your retirement savings a boost is to make sure you’re contributing enough to your workplace retirement plan to receive the full matching contribution from your employer, if available. For example, an employer may match your contributions up to 5 percent of your income, allowing you to have a total contribution of 10 percent of your pay, despite contributing only 5 percent on your own.
This type of matching contribution is like earning an immediate 100 percent return on your investment, which is a big reason why experts sometimes refer to matching contributions as “free money.” Be sure to take advantage of these contributions in your retirement plan if you’re not already.
Max out your 401(k) contributions and take advantage of catch-up contributions
Another way to boost your retirement savings is to increase your contributions to your 401(k) or other workplace retirement plan to the maximum amount allowed. For 2025, the maximum employee 401(k) contribution is $23,500 for those under age 50.
If you’re age 50 or older, you can contribute even more by taking advantage of catch-up contributions.
Contribute to a traditional or Roth IRA
If you’ve maxed out your 401(k) contributions, you can also increase your retirement savings by contributing to a traditional or Roth IRA. IRAs come with many of the same benefits as 401(k) plans, but you’ll have access to a greater selection of investments than you do through most workplace plans.
IRA contributions are limited to $7,000 in 2025, but those age 50 and older can contribute an additional $1,000. If you haven’t made a contribution yet for 2024, you can make one up until the tax filing deadline of April 15, 2025.
Contribute to an HSA, if eligible
If you’re still looking for other ways to contribute to your retirement, you may be able to contribute to a health savings account (HSA) if you’re enrolled in a high-deductible health plan. HSAs can be used to pay for eligible medical costs, but the money can also be invested and grow tax-free.
The withdrawals you make to pay for eligible medical costs are tax-free, and once you reach age 65, you can withdraw the money for any reason (you’ll just pay taxes on withdrawals for non-medical costs). HSAs are said to come with a triple-tax advantage because the contributions are tax-deductible, the money can be invested and grow tax-free, and withdrawals are tax-free when used for eligible expenses…
Check your investment selections
Another way to increase the amount you’ll have available during retirement is by investing in higher-returning assets. If you’re still 10 years or more away from retirement, you may want to check your portfolio’s asset allocation to make sure you have enough invested in stocks. Stocks generally offer higher returns than bonds over the long term, so increasing your exposure can leave you better off down the road.
You can read the full article here.
No matter how close you may be to retirement, there are always strategies you can use to maximize your savings. There is no question, however, that you will be at an advantage if you begin early and continue to make your retirement a priority.