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How to play catch-up when it comes to retiring

Finance & Planning | Aug 11, 2015



Many Americans are resigned to the fact that they will be working past the age of 65, but that doesn't mean you can't take steps now to ensure you retire earlier, and maybe even on time.

The fact of the matter is that Americans need to plan better and earlier for retirement. However, many likely don't know what that entails. Playing catch-up on retirement does require some homework, but it will be worth it in the end. For those who are worried about retiring on time or have been putting off a retirement savings plan, here are some tips to get you back on track:

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Save as much as possible
Yes, this tip is obvious, but saving more now means you'll have more for retirement. Create a household budget sheet to see how much money is coming in and where exactly it is going. From there, you will possibly be able to trim frivolous spending and put that toward retirement.

Get an estimate on social security
While Americans will be entitled to a Social Security check, knowing how much is coming your way will help you more adequately plan for retirement. The Social Security Administration has a calculator to help you figure out how much you'll be getting in benefits.

Learn about Medicare
Getting caught up on retirement planning means you'll be prepared once you turn 65. And as that is the age you qualify to enroll in a Medicare supplemental insurance plan, it's important to know the process beforehand. For instance, comparison tools are available to help when shopping for Medicare supplemental insurance. Where you might otherwise be left navigating various policies from different insurance providers, these tools will make shopping easy.

Contribute more to employer's plan
Another surefire way to get caught up on retirement is to put more money into your employer's retirement plan. As an employer will often match the funds you put in, making it a good way to maximize the amount of money you put in.