With opportunities for IRAs and 401(k)s in the careers of most individuals over 50, people can lose sight of the portals through which they can save for retirement themselves. According to Fox Business, ways to stimulate retirement savings are just as abundant through one's own initiative, and can contribute concurrently to life insurance.
While traditional and Roth IRAs allow users to contribute up to $5,000, it's a little known fact that hitting 50 grants people an additional $1,000. With proper return, citizens who take advantage of these allowances can accrue over an extra $10,000 in a decade's time.
Since savings can manifest itself in variety of types of assets, it's important that people divide those funds into short-, medium- and long-term savings. Upon death or retirement, an individual or his or her beneficiaries will need certain amounts for certain purposes. Investing in stocks or other one-dimensional outlets is both impractical and dangerous.
"With bonds at decade-low yields, and under the consideration that interest rates will be going up, to be fully invested in bonds is not an investing strategy," argues Pamela Kieran, financial planner at Merrill Lynch.
Routine cutbacks may be cliché, but they, too, are hugely helpful to those with a keen interest in their and their families' future. Adjusting both daily and macro expenditures can only nourish existing accounts in IRAs and 401(k)s, and seeking an advisor or life insurance quote is a great way to do so.