Saving feels impossible. How can I save more for retirement?


It’s hard to set aside money for savings, especially if you’re just starting out working or already struggling to pay expenses. The first step is deciding to make saving a priority. After all, by contributing to your retirement plan, you are paying yourself and planning for a comfortable future.

There are ways to bump up your retirement contributions and watch your savings income grow:

  • If you get a raise at work, increase your retirement savings contribution instead of spending the extra money.

  • Always take advantage of the employer match if your company offers one. The match is extra compensation that you are entitled to receive.

Start saving more as soon as you can. Don’t put it off! The money you set aside now, even if it’s just $10 or $20 dollars a week, can compound and grow over the years.

We have a couple of very easy to use tools that will help you get the ball rolling.

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* This illustration is a hypothetical compounding example that assumes biweekly deferrals (for 30 years) at a 7% annual effective rate of return. It illustrates the principle of time and compounding. It is not intended to predict or project the investment results of any specific investment. Investment return are not guaranteed and will vary depending on investments and market experience. If fees, taxes, and expenses were reflected, the hypothetical returns would be less.

** This example assumes an annual income of $25,000 (without increases), 6% contribution, 8–10% rate of return, and monthly compounding. This chart is for illustrative purposes only and is not intended to represent the performance of any specific investment. Actual returns will vary and principal value will fluctuate. Taxes are due when money is withdrawn.