10 Retirement Resolutions the New Year

Kick Off 2025 By Getting Strengthening Your Retirement Security!

Introduction:

Happy 2025!

A new year brings fresh opportunities to build a brighter financial future.

While other financial goals compete for attention, prioritizing retirement savings is crucial for a secure and fulfilling retirement.

This isn't about drastic changes; it's about making small, impactful adjustments to build momentum towards your retirement goals.

Let's make 2025 your best retirement year yet, by focusing on these 10 key resolutions.

1. Review Your Current Savings Rate:

Assess your current savings and determine if you're on track to meet your retirement goals. Many underestimate their savings needs, relying solely on employer matching contributions which are often insufficient. Use online retirement calculators to project your income based on various savings rates and adjust accordingly. This self-assessment is the foundation for informed decision-making.

2. Automate Your Savings:

Set up automatic transfers to your retirement accounts. This simple action ensures consistent saving, removing the temptation to spend funds otherwise directed towards retirement. Aim to increase your pre-tax deferral rate to at least 10% if possible. Consistency is key, and automation eliminates the need for constant willpower.

3. Identify Areas to Increase Savings:

Identify three areas where you can cut spending and redirect those funds toward retirement. This could involve simple adjustments like cooking at home more, canceling unused subscriptions, or choosing more budget-friendly vacations. Track your spending for a few months to identify areas ripe for reduction, making this a personalized savings strategy.