5 Retirement Savings Strategies for the New Year

Every day, some 11,200 Americans turn 65 in the U.S., according to a recent report by Georgetown University. Of those individuals, nearly half have no dedicated savings for retirement, while 60% of those with some retirement savings say their investments are not enough. No matter where you are in your retirement planning journey, there are a handful of things you can do in the new year to help boost your financial future.

Maximize Your Contributions: The more you put towards retirement now, the more you’ll have later when you need it most. Review the 2025 tax year contributions by age to determine your contribution range/limits. Talk to a professional to explore if making your full contribution at the beginning of the year will help maximize the amount of time your money will spend earning interest.

Utilize Your Employer Match: If your employer is willing to match your funds up to a certain percentage or dollar amount, take it. Missing it is like leaving free money on the table.

Rebalance Your Portfolio: Do your investments still align with your goals and timeline? Are you being too aggressive with your investments, or not aggressive enough? Discuss your retirement goals with a professional to help evaluate what next steps may be needed.

Calculate Your future: Ask yourself how much you’ll need to retire, how much you’ll get from Social Security, what inflation might do to your investments, and how long your retirement savings will need to last. Mid-Atlantic FCU members have access to some great calculators to help get started with the math, including:

• How much will you need to retire
• How much you’ll get in Social Security benefits
• How inflation will affect your investments
• How long your money needs to last

Reevaluate Your Future: Whether you’re 30 or five years from retirement, there are a few things you can do to boost your retirement savings and financial future. Those include reducing unnecessary debt, downsizing to the right-sized home, and planning ahead to care for aging parents.

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