4 Retirement Resolutions for 2024

Did you ring in the New Year with the age-old tradition of making resolutions? Exercising more, losing weight or learning a new skill are goals we have all tried before. This year, consider trying something different to prepare for many happy New Years to come—set your plan for retirement.

Before you dismiss this suggestion, take a moment to picture yourself in 10, 20 or 30 years (it’s never too early to start planning!). Maybe you're relaxing on the beach, cruising across the country in a luxurious RV or simply enjoying downtime with your extended family. Your future could begin now by following these four easy retirement resolutions:

1. Begin or bump up your 401(k) contributions

   Many employers give employees the opportunity to invest in a 401(k) or 403(b). Unlike with a pension, you need to be proactive to make the most of your employer-sponsored plan. Here are a few best practices:

   • At minimum, contribute enough to take advantage of your employer’s matching program. By not doing so, you leave free money on the table.

   • Whenever you get a raise, put a portion toward your retirement plan. For example, if your raise is 6%, direct 3% toward retirement accounts.

   • Each year, add 1% to your contribution until you reach your comfort level, or the maximum amount allowed by your plan.

2. Set up automatic contributions to an IRA

   The easiest way to save is by automating the process. Schedule biweekly or monthly transfers to your IRA. Not only are you accumulating wealth by saving regularly, but you’re also learning to prioritize your future self by avoiding unnecessary impulse purchases.

   Try to meet the annual contribution limit every year. For 2024, the limit is $7,000 or $8,000 for employees 50 or older.

3. Review your Social Security statement

   While not top of mind for many people, your statement actually contains crucial information for planning your retirement. With it, you can:

   • Verify your earnings history.

   • Estimate your Social Security benefits.

   • View Social Security and Medicare taxes you’ve paid over your lifetime.

   View and download your free statement at www.ssa.gov/myaccount.

4. Develop a strategy with an advisor

   If anything you’ve read has led you to have questions, don’t worry. Mountain America Investment Services is here to help. There are tools available to help you create and manage your retirement planning strategy. Simply call 1-800-540-7670 or schedule a virtual or in-person consultation.