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Fewer than one-quarter of Americans felt good about it in 2024, according toPew Research.
That sentiment can make saving forretirementmore challenging.
These are five ways to start saving for retirement now, even on alow income.
Get Help From Your Employer to Eliminate Debt
Debt is suffocating, particularly on a reduced income.
This pervasive debt makes it challenging to begin retirement planning.
Dont overlook your employer as a resource to eliminate debt and free up funds for retirement.
Save Small Amounts
You dont need thousands of dollars to begin saving for retirement.
Simply beginning to save is whats most important, even if its small amounts.
Escalera told GoBankingRates, One often-overlooked strategy is automatingeven small contributions.
If thats a challenge, consider using a round-up app like Acorns.
Find a Better Job
Sometimes, what holds workers back is the lack of a high-paying job.
Looking for a better-paying job could be a good way to jumpstart retirement savings.
Making a move is possible, but do it wisely.
If this doesnt move the needle, seeking a better-paying job can help provide funds for retirement planning.
Create a New Source of Income
Finding a new, higher-paying job isnt always possible.
In that case, consider identifying a new stream of income to aid in saving for retirement.
A side gig can be a good choice.
Roughly 5.3% of the workforce had second jobs in 2024, according to theU.S.
Bureau of Labor Statistics.
These approaches provide proactive ways to start saving, even with limited resources, said Escalera.
Consider applying funds from the second job directly to retirement to boost savings.
TheSavers Creditis one way it does this.
Qualifying Americans save up to $2,000 if married and filing jointly annually for retirement with this program.
The credit can help increase a tax refund or mitigate tax owed.
Saving for retirement can feel daunting for Americans on a reduced income.
With a little creativity, its possible to begin saving and develop habits that will help as finances improve.
Saving for retirement can feel daunting for Americans on a reduced income.
With a little creativity, its possible to begin saving and develop habits that will help as finances improve.
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