retired saving money

How Do People Accumulate Retirement Money?

When it comes to your retirement, it is best to start saving retirement money sooner rather than later. There is no such thing as starting to plan for retirement too early. Just think, do you really want to worry about not having enough money when you finally do retire? Give yourself the retirement you want by saving money with these tips.

7 Ways To Accumulate Retirement Money

1. Start Saving Now

It cannot be stressed enough how beneficial it is saving retirement money now. If you're only now beginning to put money away for your twilight years, start saving as much as possible. Compound interest (i.e., the ability your savings have to make more money) will do a lot of the work for you.

The earlier you can start, the financially stronger you'll be in retirement. To put it into perspective, putting $75 per month in an investment account at 25 years old will accumulate more assets than saving $100 per month at 35 years old.

2. Automate Your Savings

Once you've started saving retirement money, your next step is to automate the transactions. You do this so that way you won't even need to think about growing your nest egg. Instead, the money automatically moves into your savings. Depending on the bank, you might be able to automate investments too.

3. Set A Retirement Savings Goal

It's pretty easy to calculate how much you need for a house deposit or a new car. However, figuring out how much you should save for retirement is a whole different ball game — there are just so many variables to think about, including:

  • How much do you need for vacations?
  • What happens if you face a large medical emergency?
  • At what age do you want to stop working?
  • How long will you live?

Generally speaking, you should try to set aside 15% of your income from age 25 if you'd like to retire by 62 and live a comfortable life. But don't worry if that's too much too soon. Starting later means you may have to retire later; it doesn't mean all hope is lost.

4. Regularly Increase Your Retirement Savings Percentage

Most financial advisors recommend increasing the amount of money you put in a retirement account by 1% every year until you reach at least 15% of your total income. But there are other ways to increase your retirement money percentage, including:

  • Save any windfalls (e.g., tax refunds).
  • Save a percentage of your bonuses or raises.
  • Avoid lifestyle inflation (i.e., spending more when you have more).

5. Put Money Towards Your Employer's Retirement Savings Plan

Your employer likely offers a retirement savings plan for you to join. So, sign up for it and contribute what you can. Not only will your taxes decrease after doing this, but your company may match your contribution. It's one of the easiest ways to ensure you have enough cash during your twilight years.

6. Open An IRA

An Individual Retirement Account (IRA) allows you to put up to $6,000 a year away. When you open the account, you have two options — Roth IRA or a traditional IRA. Your tax deferrals and cash withdrawals are treated differently based on the option you select. However, both are super simple ways to save.

7. Cut Your Spending

If you're having trouble finding extra money to put into a retirement account, it's time to cut back your spending. Luckily, there are plenty of ways to do this! Start by canceling unused or unwanted subscriptions, and then tackle your monthly bills. You can often negotiate with providers for a better deal, freeing up cash for your retirement money fund.


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What If Emergency Strikes While You're Trying To Accumulate Retirement Money?

Life throws us curveballs – even when we cannot handle them ourselves. Therefore, saving for retirement isn't always simple. But when an emergency strikes, come to Carolina Title Loans, Inc. for our car title loans. With our loans, you can borrow between $601 and $15,000, depending on the value of your vehicle.

And while the vehicle helps us determine how much you could get, we use your vehicle’s lien-free title as collateral for the auto title loan cash. This means your vehicle is fully paid off and your title is free of any outstanding liens or judgments. You can also qualify for approval even if you have bad credit or no credit at all.

The process of getting car title loans is simple. The entire process begins right online and then you just have to meet with us with your required items. Plus, we don’t bog you down with a long list of items to bring in. We only require the following three items:

  • Your driver’s license or state-issued photo ID to prove you are 18 or older.
  • Your lien-free vehicle title to use as collateral.
  • Your vehicle so one of our loan representatives can quickly inspect it.

Once you have the items ready, you can fill out the online form right on our website. A representative from the nearest quick car title loans in South Carolina will give you a call. You can set up a meeting for the vehicle inspection either at the store or you can have us come to you.

Either way, we will inspect our vehicle and information to determine if you qualify for approval. If you do, we will go over the loan terms and help you finish the paperwork. Once done, you can get the money either on the same day or the next bank business day.

Start Building Your Retirement Money Fund, Today!

Now you know exactly how to accumulate retirement money, you can look forward to a fruitful future. And if you ever find an emergency threatening your retirement fund, you'll never need to worry about it, as car title loans are always an option! Fill out the online form now to get started on our simple process.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Daniel Dewitt

Daniel Dewitt is a lifetime blogger with a finely-honed ability to break down, analyze, and interpret economic trends for the layman. He's fiercely invested in spreading financial literacy and helping everyday people gain the tools they need for their own economic success.