Tips for Gen Xers to Boost Retirement Savings and Financial Security

Are you a Gen Xer who is feeling behind on your retirement savings? Don’t worry, it’s never too late to start saving more aggressively for your long-term goals. In fact, now is the perfect time to make some changes and ease your retirement worries.

According to financial experts like Barry Glassman and Jason Stein, people in their late 40s and 50s are often in their peak earning years. This means that you have the opportunity to adjust your savings and make a significant impact on your retirement nest egg.

If you’re feeling overwhelmed by the idea of saving more, there are a few simple steps you can take to get started. First, take a look at your expenses and see if there are any areas where you can cut back to free up more money for savings. Additionally, if you have high-interest rate debt, prioritize paying that off before increasing your retirement contributions.

One thing to keep in mind is that your home can be a valuable asset in retirement. If you own your home outright or have built up equity over the years, you may not need as much in liquid or retirement savings. Consider downsizing or using the equity in your home to supplement your retirement income.

Finally, if you have emergency savings in place and are debt-free, consider maxing out your retirement accounts. For 2024, you can contribute up to $7,000 to an IRA and up to $23,000 to a 401(k). And if you’re over 50, you can make catch-up contributions to further boost your savings.

Remember, it’s never too late to start saving more for your future. By taking small steps now, you can set yourself up for a comfortable retirement down the road. So don’t wait any longer – start making changes today to secure your financial future.