00:0012 practical ways to boost your retirement savings.
00:05Max out your 401k benefits.
00:07Contribute at least enough to get the employee.
00:10Contributions are pre-tax, which helps lower your taxable income.
00:15In 2025, individuals can contribute up to $23,500.
00:20Set up automatic contribution increases.
00:25Enable automatic annual increases, starting perhaps at 6% and adding 1%.
00:30Set up a solo.
00:35401k if you're freelancing or self-employed.
00:38Self-employed?
00:40Use a solo 401k to contribute as employee and employer.
00:452025, the total limit is $69,000 or $76,000.
00:50If you're 50 or older, consider catch-up contributions.
00:55If you're 50 or older, make catch-up contributions.
01:00Add an extra $7,500 to 401k savings.
01:05Set up an automatic savings account.
01:08A simple strategy.
01:09Move a...
01:10small amount, say $25, from your checking to savings every week.
01:15That's over $1,000 a year without much impact on your daily budget.
01:19Automation.
01:20Consider high-yield savings for short-term goals.
01:25Not every dollar has to be in the market.
01:27High-yield savings accounts are offering rates...
01:30above 4.5% in 2025, making them a solid place to store emergency funds.
01:35or short-term savings.
01:37Split your paycheck.
01:39Many payroll systems...
01:40let you divide your paycheck between two or more accounts.
01:43Send a portion directly to...
01:45savings so you never get the chance to spend it.
01:47Determine what you need to save.
01:50Online calculators from financial sites like Fidelity or NerdWallet help estimate...
01:55how much you'll need for retirement.
01:57Once you know the number, you can work back into monthly...
02:00savings goals.
02:01Consolidate accounts and reduce fees.
02:04If you work...
02:05multiple jobs, your retirement funds might be scattered.
02:08Roll them over into one...
02:10account to reduce fees and simplify your planning.
02:13Set up cash back rewards.
02:15Choose cash back credit cards and redeem rewards as statement credits or deposits.
02:20Then funnel the cash into savings.
02:23Round up your purchases.
02:25Spare change apps like Acorns invest the difference when you make a purchase.
02:29Buy...
02:30something for $4.20 and $0.80 goes toward your savings.
02:34Over...
02:35Over time, those little amounts add up.
02:37Contribute to a Roth IRA.
02:40If you meet income requirements, a Roth IRA is a solid option.
02:45Money grows tax-free and withdrawals in retirement are also tax-free.
02:50For 2025, the max you can contribute is $7,000.
02:55Or $8,000 if you're 50 plus.
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