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How to Boost Your Retirement Savings

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How to Boost Your Retirement Savings

Posted On: January 22, 2020 by Bank of Louisiana in: Budgeting, Personal Finance, Retirement, Savings

Maybe you are already off to a good start when it comes to saving for retirement, but there may be some ways in which you can amp it up. If you could boost your retirement savings even by a little now, it can pay off big time later! Here’s how: Step Up the 401(k) Most companies offer a matching contribution of up to three percent to your 401(k). If you aren’t taking advantage of this now, make sure you do so immediately. Once you have established this for a year, consider ramping up your percentage by 1 percent. Every other year or so, increase the percentage. Because you are increasing it at a slow rate, it’s unlikely that you will really notice it month to month, but you’ll love seeing your account grow.  Don’t Cash Out When switching to a new job, many people cash out their retirement policies. However, this can be damaging to your retirement portfolio and leave you with much less money. Consider rolling over these funds into an IRA or if