10 Experts Give Their Money-Saving Tips for Recession Proofing Your Business

In today's ever-changing economic landscape, protecting your business from the uncertainties of a recession is crucial.

We've gathered insights from ten experienced business leaders who have not only survived but thrived during challenging economic times.

In this article, you'll discover practical money-saving tips that can help you strengthen your business and ensure its resilience in any economic climate.

Whether you're a seasoned entrepreneur or just starting, these strategies, born from years of experience, will provide valuable guidance to safeguard your business and position it for success.

10 Experts Give Their Money-Saving Tips for Recession Proofing Your Business: eAskme

If you're eager to recession-proof your business, read on as these industry experts share their proven tactics.

1. Review Software Subscriptions and Consider Open-Source:

In an age where technology plays a pivotal role in business operations, Phil Norton, Founder of Leave Dates, a staff holiday tracker for small businesses, emphasizes the importance of scrutinizing software subscriptions to reduce unnecessary costs.

He wisely suggests, "Reviewing your software subscriptions can be a quick way to reduce costs. Work out what functionalities you need, and whether you're currently paying for things you don't need." Phil's insight highlights the need to assess whether you are getting value for money from your software tools.

Businesses often find themselves with comprehensive software packages with features they seldom use. By thoroughly evaluating your software needs, you can downsize to more cost-effective solutions that align with your essential functionalities. As Phil Norton puts it, "Why pay for more?"

James Jason, Co-founder and CEO of Notta AI goes a step further: "one of the most effective ways we have been able to do this is by utilising open-source software instead of proprietary solutions.

Open-source software is free to use and can be modified to fit our specific needs."

James's advice underscores the potential cost savings that open-source software can bring to your business.

Consider leveraging free and customizable open-source alternatives instead of investing in expensive software licenses. This approach allows you to tailor software to your precise requirements without compromising quality or functionality.

2. Flexible Scheduling to Reduce Overtime Costs:

James Jason further shares another valuable tip on cost savings within the workplace. He mentions, "Another way we have saved money is by implementing flexible scheduling to reduce overtime costs. Our employees are free to choose their schedules, which allows us to reduce overtime costs."

This approach reduces the financial burden of overtime pay and enhances employee satisfaction and productivity.

Employees who have control over their schedules are often more engaged and efficient, contributing positively to the business's overall performance.

Another option could be to offer time off in lieu to staff for overtime work rather than extra pay.

3. Rent Equipment Instead of Purchasing:

Michael Chen, Chief Product Director at Airgram, advocates renting equipment as a savvy money-saving strategy.

He explains, "Renting equipment instead of purchasing is another way we have saved money. Instead of buying expensive equipment that we may only need occasionally, we rent equipment as needed."

Renting equipment offers financial flexibility, especially for tools that are not in constant use. It eliminates the upfront costs of purchasing and the long-term maintenance expenses associated with ownership.

Additionally, it enables businesses to access the latest technology without the capital investment of purchasing new equipment.

4. Promote Remote Work:

Michael Chen highlights its cost-saving potential in a world increasingly embracing remote work.

He notes, "We have encouraged telecommuting and remote work to save money. Our team can work from home or a remote location, which has helped us to reduce our overhead costs."

Remote work reduces office space, utilities, and office supplies expenses. It also allows businesses to tap into a wider talent pool, potentially reducing labor costs while maintaining or even enhancing productivity. Embracing remote work can be a win-win solution for both employers and employees.

5. Reduce Paper Usage and Embrace Automation:

Johell Aponte, Founder & CEO of Move On House Buyers, offers multifaceted money-saving strategies.

He suggests, "Reducing the use of paper in the workplace can save money on printing, storage, and shipping costs. This can include going paperless whenever possible, such as sending emails instead of printing memos or using digital tools to take notes."

Johell's advice emphasizes the importance of digitization and automation in modern business operations. Reducing paper usage reduces costs, streamlines workflows, enhances efficiency, and is better for the environment. Embracing technology-driven solutions can lead to significant long-term savings.

Eric Jones, CEO of Couture Candy, also encourages reducing paper-related costs. He suggests, "Many companies still rely heavily on paper for documentation, which can be expensive in printing, storage, and shipping costs. Switching to digital documentation can save significant money in the long run."

Eric's advice resonates with the digital age, where information is readily accessible at our fingertips. By transitioning to digital documentation, businesses can reduce their reliance on physical paperwork, saving on printing and storage expenses while increasing accessibility and efficiency.

6. Embrace Energy-Saving Measures:

Dale Shadbegian, CEO of Cape & Plymouth Marketing, underscores the importance of energy-saving initiatives in reducing operational expenses.

He advises, "Implementing energy-saving measures such as turning off lights and equipment when not in use, using energy-efficient light bulbs, and using natural light can help save money on utility bills."

Dale's recommendation extends beyond cost savings. It aligns with the growing global focus on sustainability. Energy-efficient practices reduce expenses and contribute to a business's environmental responsibility, which can be an essential aspect of your brand image.

Jennifer Spinelli, Founder & CEO of Watson Buys, also emphasizes the importance of energy conservation within the workplace.

She recommends, "Strictly enforce policies related to energy usage such as turning off lights and equipment when not in use. This will help reduce electricity bills and reinforce an eco-friendly attitude in the office."

7. Outsource Non-Core Functions:

Eric Jones also highlights the benefits of outsourcing non-core functions to specialized service providers.

He notes, "Outsourcing non-core functions such as accounting, payroll, and IT can help save money and free up resources for core functions. This can be especially beneficial for small businesses that cannot afford to have in-house teams for every function."

Outsourcing allows businesses to tap into expertise without the overhead costs of maintaining in-house departments. It enables businesses to focus on their core competencies while entrusting specialized tasks to professionals, optimizing efficiency and cost-effectiveness.

8. Negotiate with Vendors:

Eric Jones recommends adopting a proactive approach to vendor relationships.

He suggests, "Negotiating with vendors for better pricing and payment terms can help save money. Companies can also explore alternate vendors and compare prices for the best deal."

Effective vendor management involves continuous evaluation and negotiation. By seeking favorable terms and exploring multiple vendor options, businesses can reduce procurement costs while maintaining the quality of products and services.

9. Reduce Office Space:

With the changing work landscape, Eric Jones suggests reevaluating office space requirements.

He advises, "With remote work becoming more common, reducing office space can save money on rent, utilities, and office supplies. Companies can also consider coworking spaces or shared office spaces as a more cost-effective option."

Reducing office space is not only a cost-saving measure but also aligns with the evolving work preferences of employees. It offers flexibility and significantly reduces overhead expenses while providing a dynamic and adaptable work environment.

10 Utilize Cloud Computing:

Eric Jones also underscores the benefits of cloud computing for cost-conscious businesses. He explains, "Cloud computing can significantly reduce the costs associated with buying, setting up, and maintaining expensive IT hardware and software for employees."

Cloud computing offers scalability, flexibility, and cost-effectiveness. It eliminates the need for extensive in-house IT infrastructure and provides access to cutting-edge software and services on a pay-as-you-go basis, reducing upfront capital expenditures.

11. Streamline Processes and Procedures:

Andrew Pickett, a Trial Attorney at Andrew Pickett Law, advocates for streamlining processes and procedures within your organization.

He advises, "Looking at existing systems and identifying areas that can be improved upon or are redundant can yield great cost-saving results without sacrificing quality."

Andrew's recommendation highlights the importance of continuous improvement and operational efficiency.

Businesses can optimize their processes, reduce costs, and enhance overall quality by identifying and eliminating redundancies and inefficiencies.

Conclusion:

In times of economic uncertainty, the wisdom of experienced business leaders can serve as a guiding light.

The insights these ten experts share offer diverse strategies to save money and recession-proof your business.

There are numerous avenues to explore, from software optimization and remote work to energy conservation and vendor negotiation.

Whether you're a small startup or a well-established corporation, the principles of cost-consciousness and efficiency apply universally.

By implementing these money-saving tips and adopting a proactive approach to financial management, you can navigate the challenges of a recession with resilience and confidence.

As you embark on your journey to recession-proof your business, remember the words of these industry luminaries.

Their collective wisdom provides a valuable roadmap to financial stability and long-term success.

So, take these insights to heart, adapt them to your specific circumstances, and chart a course toward a prosperous future for your business.

Still have any question, do share via comments.

Share this post with your friends and family.

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Author:

Phil Norton:

Phil is the co-founder of Leave Dates, the employee annual leave planner. He loves problem-solving and making life easier for small businesses. If you book a Leave Dates demo, he will give you a warm welcome and show you everything that you need to know.

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The Annuity Advantage: Creating a Diversified Retirement Portfolio

Retirement planning has never been more critical.

According to the Center for Retirement Research, a staggering 50% of those aged 55-64 lack any retirement account assets — an alarming statistic highlighting how critical it is to take financial security seriously in your later years.

An annuity offers you the chance to invest in long-term savings over some time and create diversified investments within your retirement portfolio.

It's one way to generate steady income during your golden years and reduce risk by spreading money across multiple vehicles.

In this article, we'll explore the annuity advantage and why adding it to your overall retirement strategy can be so powerful for ensuring peace of mind that you have stable resources when you need them most.

Understand the Basics of an Annuity and Its Benefits:

The Annuity Advantage, Creating a Diversified Retirement Portfolio: eAskme

As individuals plan for their retirement, it is essential to consider various investment options available in the market, including annuities.

An annuity can be a reliable way to secure an income stream during retirement.

Annuities are contracts established between the investor and an insurance company, protecting against market volatility and longevity risk.

The benefits of investing in an annuity include tax-deferred growth, diversification of investments, and flexibility in payment options.

By understanding the basics of an annuity and its benefits, individuals can make informed decisions on allocating their retirement funds and securing their financial future.

Similarly, exploring the dental insurance marketplace is also a crucial aspect of retirement planning, ensuring that individuals can access the necessary preventive care to maintain their oral health.

Examine Your Retirement Goals to Determine What Type of Annuity Is Best for You:

The primary factor to consider when determining which annuity is best for your financial needs is understanding your retirement goals.

Evaluating the type of investments that will best meet those objectives — such as an immediate or a variable annuity — should be done in consultation with a qualified financial planner, who can offer personalized guidance on creating a strategy tailored to your individual needs.

An immediate annuity is a fixed annuity that allows you to receive scheduled payments over an agreed-upon period, starting immediately after the annuity has been purchased.

This kind of product may be appropriate for individuals closer to retirement and looking for a steady stream of income that can help supplement Social Security or pension benefits.

A variable annuity is an investment that allows you to invest in various stocks, bonds, and mutual funds.

The payout from this type of annuity depends on the performance of the underlying investments; therefore, it carries more risk than an immediate annuity.

This product is well-suited for individuals with a longer time horizon or looking for more significant tax benefits.

Consider the Pros and Cons of Deferred Annuities vs. Immediate Annuities:

Both deferred annuities and immediate annuities can be a sound choices for retirement planning, but it's essential to understand their differences.

With a deferred annuity, you can invest now and defer paying taxes until the money is withdrawn in retirement. It gives investors more time to grow their assets tax-deferred.

However, it does mean that the annuity owner must monitor their investments' performance and ensure they maintain a proper asset allocation.

Furthermore, if funds are withdrawn before reaching the age of 59½, there may be stiff tax penalties imposed by the IRS.

On the other hand, an immediate annuity offers retirees a guaranteed stream of income for life, with no risk to principal or investment returns.

The downside is that the annuity owner needs access to their principal, so they are out of luck if they need more money for any reason.

They also cannot pass on the guaranteed income stream to their heirs — an essential consideration for those looking to leave a legacy behind.

Research the Different Types of Annuities Available to You:

Many different types of annuities are available, and it's essential to research the right one for you.

In addition to immediate and deferred annuities, other options include fixed-rate, indexed, equity-indexed, and variable annuities.

Each type has its benefits and drawbacks; consulting with a financial advisor can help you decide which option is best for your situation.

The critical thing to remember when considering an annuity is that it should be viewed as part of a larger retirement strategy, not the entire portfolio.

As such, diversification across multiple investments is essential to maximize returns and reduce risk.

With proper research and guidance, an annuity can be a powerful tool for creating financial security in retirement.

Evaluate Potential Fees Involved When Investing in an Annuity:

It's essential to know the fees involved when investing in an annuity.

Most annuities have a surrender fee, which is charged if you withdraw your money before the contract term has expired.

These charges can range anywhere from 5-7%, so it's crucial to understand them before you sign on the dotted line.

It's also essential to consider the fees associated with the underlying investments in a variable annuity, such as mutual fund expenses and administrative costs.

Researching these fees before investing can help you get the most out of your money.

If you still have any question, feel free to ask me via comments.

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How To Correctly Invest In Precious Metals For Retirement?

Saving for retirement is a process that everyone takes seriously.

Sure, some people postpone the decision to do this, only to realize afterward that they should have started earlier, but some start right away after getting employed.

Of course, you won't be late to the party if you start a bit later, but, as it's completely logical, the earlier you begin, the more you'll be able to save.

That is, naturally, provided that you know how to save correctly.

How To Correctly Invest In Precious Metals For Retirement?: eAskme

If you plan to set some money aside every time you get your salary, here's what I have to say about it.

It's an optimistic plan that probably won't work since you'll need money for one thing or another, and you'll grab those savings and spend them.

This is why setting up an account and investing in your retirement is the best move since investing means that you'll be putting your money to work instead of just setting it aside and hoping not only that you won't spend it but also that it will be as valuable in the future as it is now, which is a long shot.

When you check out Investors Circle, you'll understand why investing is a better move, especially when you know which assets to purchase.

Speaking of that, do you know which assets to purchase?

Bonds and stocks are those traditional ones we're all used to, but something new has entered the market, and you should look into it before making your moves.

I'm referring to precious metals and the idea that you can now hold them in your retirement accounts.

Sure, this isn't that new, but you could still be unfamiliar with the whole concept and the process of investing in these assets for your retirement, and we're now going to change that.

How are we going to change it?

Well, it's pretty simple! Below I will tell you how to correctly invest in precious metals for your retirement.

Once you learn about those important things to do and those crucial steps to take, you'll feel much more confident, as you'll know what to expect throughout the process.

So, let's get going and prepare you for the actual investment procedure.

Find Useful Sources To Get Properly Informed:

If you don't know much about this topic yet, it's no wonder you're having difficulty figuring out how to invest or even whether you should invest.

It would help if you got adequately informed on everything to be sure that you know what the process will look like.

And, of course, you need to check if this is the right move for you, and there's no better way to learn all of that than by finding useful sources, i.e., sources you can trust and get your precious metals investment information.

Learn About The Account You Need:

The first thing you'll learn once you find those useful websites and sources that can help you is that you won't be able to do this with just any retirement account you have.

Adding precious metals to your 401k, for example, is impossible.

So, you have to learn about the specific account you need, known as a self-directed IRA, and figure out how it works before making any concrete investment steps.

This shouldn't be difficult since the Web is filled with information on SDIRA, so keep looking and reading until you're sure you've figured it all out.

Set It Up:

Once you've learned everything you want about the SDIRA, proceed toward setting it up.

This shouldn't take too long since you'll simply follow the instructions provided by the professionals.

Working with a professional custodian, and an IRS-appointed one for that matter, is a must here, and it will also help you set up the account.

So will be working with another company whose purpose is slightly different, but we'll get to that later.

Anyway, the point is that you have to set up an account that allows for precious metals investments.

Fund Your Account:

Simply setting it up without having any money won't get you any far.

In other words, the setting up part is only half of the story, but you won't be able to buy gold or other metals if you don't fund this account correctly.

Direct deposit is the easiest funding method, but professionals, such as those companies you'll work with, and we'll talk about it in a minute, will let you know precisely which funding method is perfect for your specific situation.

Do A Rollover If Necessary:

One of the funding methods that you'll probably get suggested is the rollover.

This is for people who already have different account types, such as 401ks for example and who don't want to leave their money trapped in those accounts without having the option to buy precious metals.

A rollover is essentially a transfer from that type of account to the SDIRA, and it needs to be done carefully and promptly to avoid certain penalties that could arise from doing this the wrong way.

Naturally, those companies you'll work with will help you roll the funds over correctly.

Find A Great Precious Metals Investment Company:

I've mentioned working with certain companies quite a few times, so we need to explain that a bit further and make it all clear to you.

What you have to do is work with a precious metal investment company.

Its task will be not only to sell you the metals but also to help you with those funding methods, as well as with proper storage and practically anything else you could be struggling with.

However, you shouldn't work with just any of these firms since not all will be as amazing as you'd like them to be.

Since you want an amazing one, you'll have to do thorough research, aiming at checking their level of experience, reputation, and quality of their precious metals investment services.

Use the Web to get as much info as possible on different firms, and then choose the one you believe is best for you.

Ask Any Additional Questions You Have:

Before you buy precious metals and thus save for retirement that way, you should think carefully if you have any more questions or if everything is perfectly clear to you.

If you have questions, pose those to the company you've previously chosen.

Those professionals will be perfectly ready to explain everything unclear to you and thus make you more confident in your investment choices.

Start Buying:

There's not much left to do now, is there? Buying is your next step, but here's what to remember.

Always listen to the advice of professionals, as they're far more experienced and knowledgeable on this investment game than you, and they'll do their best to lead you toward building the perfect portfolio.

If you still have any question, do share via comments.

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Can Precious Metals Protect Retirement Wealth From A Market Crash?

Investors will endure what deems a corrective period within the stock market when there is a decline of roughly "10 percent or greater" from a heightened state.

That can happen periodically every so many years with the potential, sometimes, for a month.

A Crash in the market is less frequent.

 

These can be sudden and are often of greater severity. Examples can be recalled in 2008 with the economic crisis and again in 2024 when the health crisis encompassed the world.

We are currently seeing financial uncertainty.

Because we can recognize the initial signs, strategies should be put in place to prepare for volatility and reduce personal risk to protect retirement wealth.

A step is always to seek the guidance of a trusted financial advisor first.

Many investors take this step to inquire whether to include gold IRA physical possession among their holdings.

It is one of four precious metals, none of which correlate with the stock market, allowing a stabilizing element in a retirement portfolio, protection against potential economic turmoil, or a stock market crash.

Can Precious Metals Protect Retirement Wealth From A Market Crash:

When you, as an investor, place your wealth in the stock market or other securities, the risk of loss is always present.

Following informed strategies, decisions can be calculated but won't go the course in every situation.

Sometimes individuals become emotional regarding investments, leading to impulsive, riskier reactions.

Instead, it's wise to look for methods of mitigating risk that includes ensuring your assets are varied market-wide, in different classes, and include alternative physical commodities like precious metals to offset volatility and risk.

While risk will always be a factor with investments, a few strategies suggested here will help minimize loss despite the potential for a market crash.

Let's examine some ways you can consider preparing.

Diversify the assets with your retirement strategy:

Protecting your retirement wealth from a market crash is primarily about "asset allocation."

The inherently risky options will often provide the most reward, while the safest bets will give the most minimal return.

Having a healthy mix of each helps to offset some of the risks, reducing the likelihood of significant loss.

If you've started your retirement planning relatively early with plenty of time to "play the market," you'll have the opportunity to recover from losses created by market turbulence or all-out crashes.

If you're closer to retirement age, it's wise to be safe, making the investment profile diverse with more safe options, including bonds and alternative investments like physical commodities such as gold.

Go to https://www.investopedia.com/articles/basics/09/precious-metals-gold-silver-platinum.asp for a guide to precious metals.

Allocate some cash:

The suggestion with some financial advisors for those planning for retirement is to maintain roughly "five years' worth of living expenses" either in cash or equivalents.

A healthy reserve will ensure you can sustain living expenses, considering unexpected costs, that a fixed income often makes challenging.

The reserve can mitigate against a phenomenon referenced as a "sequence of returns risk." With this potential risk, the retirement holdings' longevity is in danger of diminishing without the potential for recovery due to funds being withdrawn during a spiral in the market.

When an investor acts emotionally or on impulse early in retirement and sells low, retirement wealth's longevity is jeopardized.

When you have reserves, however, the opportunity to withdraw a minimum amount and use cash instead reduces that risk.

Invest in gold or other precious metals:

According to some financial planners, diversifying assets by adding alternative commodities like precious metals is one primary method for protecting wealth and reducing risk.

These can include gold, silver, palladium, or platinum.

Many investors choose gold as the metal of choice for its "store of value."

The metal doesn't correlate with the market, nor is it affected by the economy. It's suggested that gold holds steady when there is turbulence or has been known to increase in value during tough times.

It has stood the test for centuries and doesn't seem to be losing steam, unlike paper currency. Click for details on investing in precious metals.

Continue with steadfastness:

It might seem as though you should stop contributing when the market is in a downward spiral.

If you have a 401k plan, the suggestion is to continue making regular contributions to protect against impending volatility; by contributing when turbulence, you have the fortune of discounted asset investments.

This is an example of staying the course and not becoming an emotional investor.

When emotion seeps in, impulsive decisions often create poor retirement strategy results.

If you can ride the wave, plus you've diversified the assets that make up the portfolio, recovering from a downturn or even a full-on crash could be less traumatic.

That is true when you own a little bit of physical gold.

These platforms can hold steady, stabilizing the holdings when there's economic or market uncertainty.

When there is risk or volatility, seeking guidance from a financial advisor is a wise step for wealth protection.

It's genuinely good to have this professional leading your path when you enter into retirement savings until the time comes to retire.

Conclusion:

Making an alternative investment in a physical commodity like precious metals boasts of adding a layer of security to protect retirement wealth as much as possible when the stock market takes a dip or crashes.

Crashes are less prevalent, but they do seem to occur with a degree of regularity every several years.

When the telltale signs begin to show themself, it's essential to prepare as much as possible to see the least damage. The priority is to avoid becoming emotional.

In those instances, investors tend to become impulsive, making the least sound decisions.

If you can consistently ride the turbulent waves contributing steadily, you'll have a better chance of coming out unscathed.

Still have any question, do share via comments.

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Retirement and You: What to Expect and What to Do

Retirement is life-changing, and we tend to approach it with some trepidation. When we’re in the prime of our working life, we may not think about it as much as we should, and once we get the handshake and head home to enjoy our “golden years,” we might not find those years quite as golden as we thought they would be.

Retirement and You: What to Expect and What to Do: eAskme

Enjoying retirement means preparing yourself - not only financially but also psychologically.

Retirement and You: What to Expect and What to Do:

Here’s what you need to know.

The Run-Up to Retirement: Longer is Better:

For the average Canadian, preparing for retirement should begin as soon as your professional life.

But no matter when you realize that everyone gets older in time and that time grows investments, management from your Calgary financial advisors will be a must.

Managing capital and retirement savings is an intensive business that requires financial smarts and a team of professionals ranging from investment experts to lawyers and accountants.

Don’t play a hit-or-miss game with your retirement savings. Get help.

Retirement Day Arrives: Expect Mixed Feelings:

After all those years, you reach your last day of work.

Your co-workers are patting you on the back and wishing you luck.

You’ve packed up your office, cleared your desk, and won’t return to work tomorrow.

Until you experience this for yourself, you might think it’s a happy day, but in reality, your feelings will be mixed.

Yes, you’ll be the captain of your ship from now on.

But where will you sail it to?

You’re never too old to thrive on challenges, have a purpose, or crave productivity.

Do you have a plan?

At First, it Feels Like a Vacation, but You’re Soon Bored:

The first weeks or months of your retirement are quite pleasant.

You still wake up at the same time every day, but if you want to hit snooze or kill the alarm, you’re free to do so.

You binge-watch your favorite series, potter around the house and garden, and generally take it easy.

Perhaps you spend some time traveling the country or going on an overseas holiday. But then it hits home.

This is your new life.

You’ve done most of the things you originally planned to do after retirement, and you’re bored stiff.

It’s time to find yourself.

• What will give you enjoyment and a sense of meaning? For once, it doesn’t have to be profitable in monetary terms.
• Will you learn a language?
• Choose a new hobby?
• Volunteer for community causes?

Your options are so varied that it can be hard to develop a new routine that gives you a sense of striving and reward.

The good news is that you’ll fill the vacuum - but the transition can be tough.

You Develop Your “New Normal” - and it’s Awesome:

Few people realize how hard it is to accustom oneself to retired life.

Feelings of emptiness, lack of purpose, boredom, and loneliness are inevitable, and how long they last vary from individual to individual.

However, in time, you settle down, develop a new routine, and begin to enjoy retirement.

Provided your health is good, you plan well, and you don’t have to worry about money, retirement can be the best time of your life.

If you still have any question, feel free to ask me via comments.

Share it on Facebook, Twitter or Google Plus with your friends and family.

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Ways to Boost Your Retirement Savings in the New Year

Are you feeling unsure and insecure as regards your retirement savings? If yes, then you're not alone.

Based on a research study carried out by the National Institute on Retirement Security, more than half of the respondents (56%) claimed to be concerned about their retirement savings.

Ways to Boost Your Retirement Savings in the New Year: eAskme

If you've not been able to meet up with your retirement savings, then 2022 is an ideal time to buckle up. It's time to achieve your retirement plans.

We've come up with some tips to help you get back on track and hit that saving goal of yours.

No doubt, these tips will enable you to to to transform your retirement saving plans into reality.

1. Save Enough Money in Your 401(k) Before The End of 2024:

You don't have to wait till the new year before you start taking action in the right direction.

With the little time left in 2021, there's still a chance to boost your retirement savings and earn a decent tax return come 2022.

Your yearly taxable income gets lowered significantly by making enough contributions to your 401(k) before Dec. 31.

And by reducing your taxable income, you save money during the tax period or better still get an increase in your returns.

The highest amount you can accumulate in your 401(k) is $19,500. But if you are 50 years and above, you can save up to $26,000 before the year runs out.

2. Open an IRA in the Absence of a 401(k):

You have nothing to worry about if you don't have a 401(k). However, if that's your situation, the best way to do it is to open an IRA with a Robo-Advisor.

Robo-advisors are online corporations that use advanced software and computer algorithms to create and manage investment portfolios.

The best of Robo-advisors allows you to open a tax-advantaged IRA (individual retirement accounts) at the comfort of your home.

Corporations like Betterment and Wealthfront give their clients a choice to open either a Roth or a traditional IRA when creating an account.

The accounts allow for a maximum contribution of $6,000 and $7000 for individuals 50 years and above.

Both the traditional and Roth IRAs further come with delightful tax bonuses. However, when and how you earn a tax break is distinct.

3. Self-Employed Individuals and Gig Workers: Consider One of These Accounts:

If you're self-employed or a gig worker, having a discussion about retirement might make you giggle.

However, you should plan for your retirement or "old age" because you won't be as strong as you are now in the future.

To kick off your retirement savings plan, you don't have the choice of using a regular 401(k).

But, there are five other distinct retirement accounts you can use.

These accounts are ideal for contractors, self-employed individuals, and business owners.

They include;

• Solo 401(k)Simple IRA
• SEP IRA
• Traditional IRA
• Roth IRA

The solo 401(k) account is particularly designed for business owners with no workers or employees.

The account allows business owners to operate as both employees and employers and contribute to both responsibilities.

4. Use a good percentage of Your 2024 Tax Return to Buy I Bonds:

Inflation got the best of 2023, and we might continue to ride the wave at least in the early part of 2024.

Undoubtedly, many investors stay away from investing in bonds as inflation goes on the rise.

However, certain bonds such as the Series I bonds provide interest rates pegged to current inflation.

This implies that the interest rate increases as inflation rises.

As of November 2021, the interest rate of I bonds was set at an eye-popping rate of 7.22% until April of 2022. So you should take advantage and Buy some I bonds before the interest rate is reviewed next year in May.

By investing in I Bonds, you create a zero-risk place to accumulate your money while also earning a bigger return than a savings account or CDs.

To purchase I bonds, you can always buy online through the website of the U.S.

Treasury Direct. Better still, you can request that part of your tax refund be in the paper I bonds.

Conclusion:

Now is the time to start improving on your retirement savings.

Certainly, it might come off intimidating, especially if you're kicking off.

But the only strategy to defeating the uncertainties and fear is to get started and gradually keep moving.

This year, stop with the excuses and stay consistent with your retirement savings plan.

This will help you have enough to fall back to at old age

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