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Retirement Strategies for Late Starters


The more time consumers put off saving for retirement, the less time they have for their savings to grow. The good news is that even if you’re late to the game, it is still possible to build a comfortable retirement fund.
ACCC offers 6 retirement strategies tips:

1. Have a realistic target
Set a realistic estimate of how much money is needed to live comfortably during the retirement years. Use this number to figure out how much money you need to save each month.

2. Take advantage of tax breaks
Tax deferred accounts can help you save on income tax. If you do not have access to a 401(k) through your employer, open an IRA.

3. Know your limits
Each type of retirement account has different limits on how much money you can contribute. Check the guidelines set by the IRS.

4. Catch-up contributions
If you are over 50 years old, check your eligibility for an opportunity to save more than the standard contribution limit in your retirement funds.

5. Start minimizing expenses
Start cutting costs in order to increase savings. Those extra savings could give you more financial freedom during retirement.

6. Talk to a financial advisor
Financial advisors can help late starters develop an effective retirement plan.




American Consumer Credit Counseling (ACCC) provides non-profit credit counseling and debt reduction services for consumers with credit problems who want to know how to pay off credit cards and how to get out of debt. Our certified credit counselors have helped thousands of individuals and families nationwide pay off credit card balances and unsecured debt through credit card relief programs and credit card debt solutions. Our debt management plans provide a kind of personal debt consolidation strategy for help getting out of credit card debt, and we offer a wide variety of financial education services to consumers who need help getting out of debt and managing their finances more effectively.

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