{"id":3354,"date":"2024-04-03T11:28:53","date_gmt":"2024-04-03T16:28:53","guid":{"rendered":"https:\/\/expatsmags.com\/?p=3354"},"modified":"2024-04-06T13:12:09","modified_gmt":"2024-04-06T18:12:09","slug":"expats-their-finance-7-tips-that-may-help-to-increase-your-retirement-savings","status":"publish","type":"post","link":"https:\/\/expatsmags.com\/index.php\/2024\/04\/03\/expats-their-finance-7-tips-that-may-help-to-increase-your-retirement-savings\/","title":{"rendered":"EXPATS &#038; THEIR FINANCE &#8211; 7 Tips That May Help to Increase Your Retirement Savings"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"3354\" class=\"elementor elementor-3354\">\n\t\t\t\t<div class=\"elementor-element elementor-element-07fd1c8 e-flex e-con-boxed e-con e-parent\" data-id=\"07fd1c8\" data-element_type=\"container\" data-settings=\"{&quot;content_width&quot;:&quot;boxed&quot;}\" data-core-v316-plus=\"true\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-247e428 e-con-full e-flex e-con e-child\" data-id=\"247e428\" data-element_type=\"container\" data-settings=\"{&quot;content_width&quot;:&quot;full&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5dd0441 elementor-widget elementor-widget-text-editor\" data-id=\"5dd0441\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.19.0 - 29-01-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><em>Cuenca Expats Magazine, Issue 42<\/em><\/p><p><span style=\"color: #ff0000;\">Many retirees, unfortunately, are ill-prepared to actually retire. In fact, about 37% of retirees in 2022 said that they didn\u2019t have enough money to enjoy their golden years. This guide covers several ways to save for retirement and avoid becoming part of that 37%.<\/span><\/p><p><strong style=\"color: #800000; font-family: inherit;\">1. Take Advantage of Employer Match Plans<\/strong><\/p><p>Many employer retirement plans offer matching contributions. What it means is that for every dollar you save in your plan, your employer partially or fully matches your contribution. Although most of these matching plans are capped at a certain amount, the caps are often quite high. A typical employer match amount is 3% of an employee\u2019s salary, but is often as high as 6%, which can work out to thousands per year in \u201cfree money.\u201d<\/p><p><strong style=\"color: #800000;\">2. Make Use of Catch-Up Consultations<\/strong><\/p><p>One of the reasons why it\u2019s important to start saving early if you can is that yearly contributions to IRAs and 401(k) plans are limited. The good news? As of the calendar year that you reach age 50, you\u2019re eligible to go beyond the normal limits with catch-up contributions to IRAs and 401(k)s.<\/p><p><strong style=\"color: #800000;\">3. Automate Your Savings Plans<\/strong><\/p><p>Thanks to modern technology, many banks and financial institutions have APIs set up that allow you to automatically set up payments to your retirement fund. The benefit here is that you can set the automation to pull money from your bank on a certain day of the month.<\/p><p><strong style=\"color: #800000;\">4. Delay Social Security Savings<\/strong><\/p><p>Another tactic for putting more money aside for retirement is to delay your Social Security benefits. Starting at age 62, you can receive reduced Social Security benefits. However, each<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-3cf1a43 e-con-full e-flex e-con e-child\" data-id=\"3cf1a43\" data-element_type=\"container\" data-settings=\"{&quot;content_width&quot;:&quot;full&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6c28241 elementor-widget elementor-widget-text-editor\" data-id=\"6c28241\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>year you wait to take your benefits, up until age 70, you earn what are called \u201cdelayed retirement credits\u201d of 8% per year. These can obviously increase your Social Security benefit significantly.<\/p><p><span style=\"color: #800000;\"><strong>5. Take Advantage of Double Contributions<\/strong><\/span><\/p><p>Another big way you can save for retirement is by contributing more than once to your retirement plan. Although many people aren\u2019t aware of this, some teachers, public sector workers, healthcare employees, and employees at nonprofits are able to add double the amount of cash to their retirement plans<\/p><p><strong style=\"color: #800000;\">6. Apply for Uncle Sam\u2019s Retirement Savings Credit<\/strong><\/p><p>Lower-income earners can also take advantage of savings credits to help them save for retirement. For instance, Uncle Sam\u2019s Retirement Savings Credit offers a tax credit of up to 50% of your retirement plan contribution.<\/p><p><strong style=\"color: #800000;\">7. Consider Where You\u2019ll Retire<\/strong><\/p><p>Many individuals don\u2019t realize that the location in which they choose to retire can have big implications for their nest egg. A few states actually have no state income taxes, meaning that you won\u2019t have to pay those taxes on your income during retirement.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c99d8d5 elementor-widget elementor-widget-image\" data-id=\"c99d8d5\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.19.0 - 29-01-2024 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"460\" height=\"338\" src=\"https:\/\/expatsmags.com\/wp-content\/uploads\/2024\/03\/NEW-CENTURY-TEXT-BOX.png\" class=\"attachment-full size-full wp-image-3359\" alt=\"NEW CENTURY TEXT BOX\" 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are ill-prepared to actually retire. In fact, about 37% of retirees in 2022 said that they didn\u2019t have enough money to enjoy their golden years. This guide covers several ways to save for retirement and avoid becoming part of that 37%. 1. Take Advantage of Employer Match [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":3358,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1,59,320],"tags":[157,122,294,277,111,307],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/expatsmags.com\/index.php\/wp-json\/wp\/v2\/posts\/3354"}],"collection":[{"href":"https:\/\/expatsmags.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/expatsmags.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/expatsmags.com\/index.php\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/expatsmags.com\/index.php\/wp-json\/wp\/v2\/comments?post=3354"}],"version-history":[{"count":27,"href":"https:\/\/expatsmags.com\/index.php\/wp-json\/wp\/v2\/posts\/3354\/revisions"}],"predecessor-version":[{"id":4313,"href":"https:\/\/expatsmags.com\/index.php\/wp-json\/wp\/v2\/posts\/3354\/revisions\/4313"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/expatsmags.com\/index.php\/wp-json\/wp\/v2\/media\/3358"}],"wp:attachment":[{"href":"https:\/\/expatsmags.com\/index.php\/wp-json\/wp\/v2\/media?parent=3354"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/expatsmags.com\/index.php\/wp-json\/wp\/v2\/categories?post=3354"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/expatsmags.com\/index.php\/wp-json\/wp\/v2\/tags?post=3354"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}