• No 401(k) Match? 3 Alternate Ways to Save for Retirement in 2021

    These strategies can help you boost your retirement savings all on your own.

    More than 16% of large organizations suspended 401(k) matching, at least temporarily, due to the COVID-19 pandemic, according to the Plan Sponsor Council of America. If you’ve lost your match or you just never had one, the burden of retirement savings rests entirely on your shoulders. It’s a difficult position to be in, but with the right strategies, you can make up for the lack of a 401(k) match and keep yourself on track for the retirement you want. Try one or more of the tips below.

    Often the simplest way to increase your retirement savings is to change how you’re allocating your funds. Review your budget and look for areas of overspending, like paying for unused subscriptions or buying takeout several nights per week when cooking at home would be more affordable. Reduce or eliminate these costs and put the excess money toward your retirement savings.

    Image source: Getty Images.

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