By : Savannah Coulsen
In a struggling economy, it can feel daunting to work towards retirement and save enough for a comfortable lifestyle in your golden years. Although it may feel like a difficult task, there are practical ways of building your investments and savings without having to spend more years in the workplace. With a bit of research and tips from the experts, it’s possible to take a few steps forward without much inconvenience involved.
Maximize the Amount That an Employer Matches for a 401(k)
One of the fastest ways of building your retirement fund is by maximizing the amount that your employer will match for your 401(k), which can add up to tens of thousands of dollars in just a few years just by contributing more to your savings from your salary. It can also be tempting to cash out your 401(k) when changing jobs, needing a down payment for a house, or for an emergency, but it’s important to keep the savings in place to avoid getting taxed on 10 percent of the earnings.