11 Tips to Build Your Retirement Savings
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8. Balance your retirement plan by having several different income sources. Consider a mix of market-driven plans such as 401(k)s, mutual funds, or securities, along with safe, guaranteed plans like Social Security benefits and FIAs. It’s all about balancing the risk and reward. Learn more about the different types of retirement plans.
9. Review your spending plan with your spouse or “money buddy” on a bi-monthly basis so you will be able to reach your financial goals and attain fiscal accountability.****
10. Find a consultant if you need help with the retirement financial planning process.
11. Don’t touch your retirement savings. Many retirement plans have penalties for taking out money too soon.
* Source: Employee Benefit Research Institute
** Source: Fidelity Investments
*** Source: Social Security Administration
**** Source: Ellie Kay author of Lean Body, Fat Wallet.