11 Retirement Savings Tips to Start Maximizing Your Nest Egg

If you plan on retiring early, sometimes this money might be referenced as “FU Money.” This is money allowing you to quit your job when you want and not be reliant on a paycheck from a company.

1. Take Advantage of 401k Offerings

Tips to Maximize Your Retirement Savings

If your company offers any 401k benefits, this is a great way to save money for retirement.  Whenever making contributions into a 401k, the money that you contribute is pre-tax dollars and also grows tax-free. 

2. Utilize A Roth IRA

Tips to Maximize Your Retirement Savings

Roth IRAs are another great way to save for retirement because of tax advantages. While it doesn’t allow you to contribute pre-tax money into the account, it DOES let your money grow tax-free. 

3. Maximize Contributions

Tips to Maximize Your Retirement Savings

If you’re taking advantage of tax-advantaged accounts like a 401k or IRA, you should aim to maximize your contributions to these accounts. 

4. Fund Your Retirement Accounts with Side Hustles

Tips to Maximize Your Retirement Savings

Whether you are flipping furniture, using a 3D printer to make money, or completing freelance gigs, using side hustles to save money for retirement can be a great way to save money and jump start your retirement investments. 

5. Ditch the Lavish Vacations

Tips to Maximize Your Retirement Savings

 Consider taking a year break from your lavish vacation and use your savings to invest extra in your retirement plans. 

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