Pain-free ways to boost your retirement funds

Almost 50% of workers think they don’t make enough money to save for retirement.

The survey from Transamerica Institute, a nonprofit foundation, found a similar share of workers (49%) say debt is interfering with their ability to save for retirement.

It also found that 82% of workers are saving for retirement through an employer-sponsored plan like a 401(k). So for most people, meeting your retirement goals is a matter of doing more.

Make your pandemic cutbacks permanent

If you don’t have a budget already, that’s the place to start. You can use our spreadsheet to draft one of your own that includes your income, living expenses, debts and long-term savings goals like retirement.

Analyze your debt

Almost half of workers say debt is holding them back when it comes to saving for retirement. Balancing these financial priorities can be tricky.

Pay yourself first

It’s easy to put saving for retirement on the back burner because retirement is a long time away. Other priorities like debt, housing, utility bills, food and fun naturally feel more urgent. Unlike those things, saving for retirement today can pay off a lot more down the line.

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