The best way to boost retirement income

Running out of money in retirement is a huge concern. And given that a large number of workers in their 50s and 60s are behind on savings, it’s a clear source of stress for those who don’t feel adequately prepared.

The good news is that there are several tactics you might employ to boost your retirement income, and a popular one is increasing your savings rate during the tail end of your working years. But if you’re wondering how to most effectively raise your retirement income, the answer might boil down to working longer.

According to the National Bureau of Economic Research, working a few extra years has a much bigger impact on boosting retirement income for older workers than increasing retirement plan contributions during their last decade of work. And that’s reason enough to consider extending your career.

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Written By:Maurie Backman from The Montley Fool

Published By: www.money.cnn.com

September 7, 2018 In: Financial Articles Comments (None)