Maximizing Your Nest Egg With Small Savings

Every little bit helps when it comes to saving for retirement

Maximizing Your Nest Egg With Small Savings
January 9, 2017

Are you finding the cash you need to save for retirement, so that you can kick off those work shoes and relax for good in your later years? If saving for retirement is a challenge for you, you're not alone. There are a few ways you can take control of your hard-earned money and redirect a few extra dollars towards saving with relative ease.

Research from Champlain College's Center for Financial Literacy shows that 77 percent of Americans live in a state that has received a grade C or lower for the personal financial education of the state's high school students. Furthermore, over 25 percent of that group lives in a state where the grade is a D or an F. This suggests that the younger generations have little financial literacy and are not prepared for the financial realities of adulthood.

To save for retirement takes investment and planning, but there are ways even those on a low income can set aside a little extra for their future. Even the smallest amounts can go a long way. Contact your bank and query any bank fees. You might be able to save by switching to a different type of account, or even negotiate to have some of the fees waived.

Going through your accounts might uncover an old savings account that is gaining minimal interest. By moving this money into a tax-advantaged retirement fund, possibly focused on stocks, you could instantly begin earning more.

Let the free MoneyTips Retirement Planner help you calculate when you can retire without jeopardizing your lifestyle.

Photo © (Artur Marciniec)

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