17 Clever Ways To Save More for Retirement

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g-stockstudio / iStock.com

Many workers, including those nearing retirement age, say they're not saving for a comfortable retirement. According to a 2022 study by Anytime Estimate, a real estate research firm, only 63% of Americans are saving for retirement. Of the remaining 37% who aren't actively saving, nearly four in 10 of them said they didn't have a dime in a retirement account.

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When it comes to squeezing more savings out of a paycheck, financial planners and retirement experts have some go-to strategies - some that you can start employing today. Check out these clever ways to save so you can retire rich.

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Shutterstock.com

Calculate What You Need To Save

Before you start saving, calculate how much you should be setting aside for the standard of living you desire.

Start by using a free online calculator, such as Vanguard's Retirement Income Calculator or the Fidelity myPlan Snapshot, to get a general idea of how much you need to save. Once you have an estimate, you might be more motivated to boost your savings.

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Automate Savings

Don't give yourself the option of whether to set aside money each month. Automate your savings so it's not a choice, said David Brooks Sr., president of Retire SMART. That means having contributions to a workplace retirement account, such as a 401k, automatically withdrawn from your paycheck or setting up automatic deposits into an individual account, such as an IRA, from your checking account.

With this approach, the money is deposited into savings before you have a chance to spend it. Plus, it will save you the time and hassle of having to transfer money to a retirement account each month on your own.

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GaryPhoto / iStock.com

Get Your Employer's 401(k) Match

Would you say no to free money? Probably not. But plenty of employees do each year because they don't contribute enough to their 401(k) to get the full matching contribution from their employers.

In fact, 17.5 million people, or 12% of plan participants, miss out on receiving a full match by not saving enough, CNBC reported.

Check with your human resources department to find out if your employer offers a 401(k) match. It's most common for employers to contribute 50 cents for every $1 contributed by an employee to his or her 401(k) up to 6%, according to the 401(k)HelpCenter. For example, if you earn $40,000 a year and contribute just 3% of your salary, but your employer offers a 50-cent match up to 6%, you're missing out on $600 a year in free money.