Here are 4 ways to get your retirement savings plan back on track

Here are 4 ways to get your retirement savings plan back on track

plan,retirement,ways,retirement,savings
Middle East
  • Date: 15-Jan-2022
  • Source: CNBC
  • Sector: Retail
  • Country: Middle East
  • Who else needs to know?

Here are 4 ways to get your retirement savings plan back on track

Saving for retirement can seem like a far-off goal when other priorities — from day-to-day expenses to managing debts — feel more urgent. But if you don't consistently put money aside toward your so-called golden years, you could fall behind. There's a $4 trillion difference between the retirement savings workers will need and what they have actually accumulated, according to estimates from T. Rowe Price.  Meanwhile, 52% of working Americans feel they are lagging on their retirement savings, according to a . Experts say there are four steps you can take now that will help boost your retirement savings long-term. 1. Kick up your savings rate It can be tough to know how much is enough when it comes to your retirement savings rate. "We tend to advocate for a 15% deferral rate, and that includes both the employee and the employer contribution," said Lorie Latham, senior defined contribution strategist at T. Rowe Price, during the firm's 2022 retirement outlook panel. That may come as a surprise to some workers, considering that automatic enrollment rates can be as low as , if those plans also have automatic annual increases, according to Vanguard. Experts generally recommend contributing enough to at

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