As the seasons change and life gets busier, it can be easy to forget to review your retirement savings strategies and retirement accounts. If you find that you don't have much time to devote to planning for your life after work, you can at least know that you're staying the course with these simple retirement account planning basics.
1. Make automatic contributions to your 401(k) or other plan
Nothing could be easier than to have your 401k contributions set up to come out of your paycheck automatically. If you want to save even more, just submit a request to either increase the percentage of your contribution, or simply increase the dollar amount. Some plans will even allow you to set up your account to have increases happen automatically once a year.
2. Fully fund a Traditional IRA or Roth IRA up to the maximum amount allowed
No matter what time of the year it is, you can get caught up on your retirement planning savings by fully funding your retirement accounts. So if you're too busy to contribute monthly or quarterly, then funding your accounts with a lump sum can be an easier way to go.
3. Take advantage of company matches
Contributing to your employer-sponsored 401(k) plan is great, but if you're not adding enough to take advantage of matching contributions, you're essentially walking away from free money. An easy way to build your retirement savings automatically is to make sure that you're contributing enough to qualify for your company match.