7 WAYS TO SAVE FROM PAGE 7

it into retirement savings can go a long way toward procuring your financial future.

2. Max out deposit limits. By depositing the maximum allowable amount into your retirement accounts each year, you can grow your retirement savings quickly and earn considerably more interest on your money over the life of the account.

3. Allocate your tax refund. Elect to apply your tax refund to a traditional IRA or Roth IRA.

4. Take advantage of employers’ offers to match retirement contributions. Many employers will match 401(k) contributions if you save enough to qualify. This is an easy way to save without having to put in any extra money out of your own pocket. Make sure you’re vested in the 401(k) plan so that the employer contributions can be taken with you if you leave a job.

5. Open a Roth IRA. A Roth IRA is a retirement savings vehicle that enables you to pay taxes on the money you put in up front. When you become eligible to withdraw the funds (after age 591⁄2), they are tax-free.

6. Aim for a 15 percent investment. Start investing 15 percent of gross income for retirement once you’re debt-free and have a fully funded emergency fund. Such a strategy can go a long way toward ensuring you have enough money to do what you want throughout retirement.

7. Make calculated cuts. Think about which items you can live without and dedicate what you would spend on those expenditures to retirement. For example, calculate the difference between buying a new car and a certified pre-owned model. Deposit the savings into retirement. Can you skip a vacation this year and do a staycation instead? Forgoing certain luxuries can help you build retirement savings.

Saving for retirement becomes a little easier with strategies that can make money go further.