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The Axiom Bank Blog

 Learn about best practices, tips and advice for your financial life from bank staff. 

How to Boost Your Retirement Savings

How to Boost Your Retirement Savings

Posted On: January 13, 2020 by Axiom Bank in: Budgeting, Financial Planning, Personal Finance, Save money, Savings

Looking to boost your retirement savings? Look no further! Here are some tips on how to do just that! Step Up the 401(k) If your company is matching your 401(k), make sure you take advantage of this now! Once you have established this for a year, consider ramping up your percentage by 1. Every other year or so, increase the percentage. Because you are increasing it at a slow rate, it’s unlikely that you will really notice it month to month, but you’ll love seeing your account grow.  Don’t Cash Out When switching to a new job, many people cash out their retirement policies. However, this can be damaging to your retirement portfolio and leave you with much less money. Consider rolling over these funds into an IRA or if possible, directly rolled over into your next employer’s plan.  Play Catch Up If you are age 50 or more, you can participate in what is called “catch up contributions.” As of 2018, the government allowed an additional

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