For today’s guest post on saving for retirement, please welcome Danielle Kunkle Roberts from Boomer Benefits.
If you’re already saving for retirement but not where you want to be, now is the time to make positive changes to boost your balance. Even if you feel like you can’t squeeze another dollar out of your budget, there are steps you can take to grow your retirement savings. No matter where you are on your savings journey, these steps will help you reach your goals.
Lower your investment expenses
Most people pay close attention to returns when they choose mutual funds or other investments for their 401(k) or IRA, but few pay attention to how much they cost. An actively managed mutual fund benchmarked to the S&P 500 can cost exponentially more to own than an S&P 500 index fund. The average expense ratio for mutual funds is between 0.5% and 1.0%, although some niche funds and target-date funds can have ratios well above 1.0% Index funds, on the other hand, charge as little as 0.015%.Continue reading“Actionable Ways to Boost Your Savings Before Retirement”