You’re probably well aware that it's important to save for your retirement. For most of us, the
days of 100% employer funded pensions are long gone, and Social Security is only designed to
offset a portion of your pre-retirement income.

You can boost your retirement savings, regardless of your age, or how strained your existing
budget might be.

Use these steps to increase your retirement savings and secure your financial future:

1. Make your retirement account irrelevant. The first step is to make your retirement account
   irrelevant. This means that you wouldn't need your retirement account in order for you to
   retire. You need to make sure you have enough passive income so that you don't depend on
   the government or anyone else. Now, you’re in control.
   
   You can invest in a business or in a passive real estate investment like multifamily properties.
   The idea is that you don't have to work for that money but the money works for you instead.
2. Have discipline. You need to set aside money every month. This can be a fixed amount like
   $500 or it can be a percentage of your gross income like 10%. You need to have the discipline to use this money only for passive investments. The way to do this is setting aside this monthly chunks and after getting to a certain point, for example $50,000 or $100,000, you can then invest that amount into the investment vehicle that gives you passive income.
   
   If you aren't already contributing to a 401(k) or other employer defined retirement plan, start
   now. If traditional contributions of 10% of your income are too much to handle, start small.
   Try saving just 1 to 2 percent of your gross income. Boost your savings each year by increasing your contribution rate to match the amount of your annual raise. You have a 100% instant return on your investment when your employer matches your 401(k) contribution.
   When you enroll in your employer's plan, contribute at least the minimum to qualify for any
   match offered by your employer.
   
   Open a traditional or Roth IRA if your employer doesn't offer a 401(k) plan. Traditional IRAs can help you lower your annual tax bill, which can free up hundreds of additional dollars to increase your retirement savings. Roth IRAs let you grow your after-tax dollars so that you don’t ever pay any taxes on the gains!
   
   In any case, you need to have discipline and resist the urge to spend your savings!
3. Work longer and retire later. If you enjoy what you're doing then don't quit, keep working
   for as long as you want. If you don't enjoy what you're doing then go to another job or
   another industry but don't just retire to do nothing. Delaying retirement will boost the amount
   of your social security benefits and give your savings extra time to grow.
   
   Early retirees see a permanent reduction of as much as 20% of their estimated benefits. By delaying retirement, you’ll draw a larger benefit amount from Social Security and shorten the length of time that you’ll need to draw upon your retirement savings.
4. Create Other Sources of Income. Look for ways to create additional income streams that are separate from your primary occupation, such as freelancing or starting a small business.
   Increasing your revenue streams frees up more funds that you can use to bolster your
   retirement savings.
5. Downsize before retirement. Is it time to consider downsizing to a smaller place with lower costs? You could sell your home and use that equity to invest while you rent a smaller place. You may also consider a place for seniors with activities and events and maintenance that you don't have to do yourself.
   
   Many of us relocate during retirement for a warmer climate or to be closer to children and grandchildren. Consider selecting a smaller home with lower costs for operation and upkeep if you move.
   
   You can downsize more than just your home. Sell off unused items and use the proceeds to boost your retirement investments.
   

Finding ways to save money for your later years can be a difficult and time consuming chore.
However, following these tips makes it easier to increase the amount of money you save for
retirement.

Luis Salavarria is a multifamily real estate investor. If you have any comments or if you have a property you would like him to help you with, please contact him through this link https://linktr.ee/luissalavarria247