With a little planning and a commitment to saving, it’s never too late to get ahead. Here’s how:

 

No retirement plan can ever work if you spend everything you make. While it may seem like a sacrifice now, trimming anything out of your budget that isn’t a necessity will free up money to bankroll your future.

 

 

Are you age 50 or older? You can make catch-up contributions of up to $6,000 for 401(k)s or $1,000 for IRAs in 2017 – these may provide tax-advantaged savings benefits, too.

 

 

Opting for part-time work instead of fully retiring allows you to continue to earn income that you can either put away for retirement or lessen the need to withdraw from your retirement assets – or both.

 

 

Start socking away at least 15 percent of your gross annual salary – or more, if you can afford it.

 

 

Carrying dent into retirement is a retirement income killer. Make paying off large debts, such as student loans and high-interest credit cards, a top financial priority.

 

Securities and investment advisory services are offered solely through Ameritas Investment Corp. (AIC). Member FINRA/SIPC. AIC and The Summit Group of Virginia LLP are not affiliated. Additional products and services may be available through Summit Group of Virginia LLP that are not offered through AIC.

This article was written by Advicent Solutions, an entity unrelated to Summit Group of Virginia LLP & AIC. The information contained in this article is not intended to be tax, investment, or legal advice, and it may not be relied on for the purpose of avoiding any tax penalties. Summit Group of Virginia LLP & AIC do not provide tax or legal advice. You are encouraged to consult with your tax advisor or attorney regarding specific tax issues. © 2014, 2016 Advicent Solutions. All rights reserved.