The other day my two year old, Tucker and I sat down to eat some chocolate chip cookies, an act we both love. To my disbelief, he got up from the table leaving some uneaten cookies behind. I questioned,“ You don’ t like the cookies?” Tucker replied,“ Yeah I do, I am just saving some for later.” I laughed; it reminded me of the value of saving for the future and it gave me an idea for this article.

Most financial professionals agree that you should save as much as you can, or at least 10-15 percent of your salary for your golden years 1. If you’ re not saving that amount, or need more to achieve your ideal retirement, how can you add to your savings without drastically changing your lifestyle today? Here are eight ways to potentially make a positive difference for your retirement over the long term: 1. Commit to saving for retirement If you’ ve started putting money away for retirement, stick with it. You’ ll likely face situations that can disrupt your steady stream of savings, such as taking a new job, moving or paying unexpected medical bills. Your expenses are bound to move up and down, but missing out on months or years of savings can have a significant impact on your total nest egg – especially if you’ re far from retirement and time for compounding interest is on your side. 2. Create a budget – and stick to it Make retirement a priority in your monthly budget. Start by looking at your recent spending and identify ways to allocate more money to your retirement account. Do you have a recurring subscription, gym membership or cable package you don’ t use? Consider eliminating one unnecessary expense and put that money aside instead. Next, establish a clear savings goal for future months. Having a goal could help you reign in impulse purchases because you’ ll be focused on what the money could do for you down the road. 3. Take advantage of your 401( k) match Don’ t miss out if your company provides matching contributions when you defer income into your workplace retirement plan. For example, if your employer offers to match the equivalent of three percent of your income, consider deferring at least three percent of your income into the plan. In effect, you’ ll double your money even before it is invested. 4. Be smart about taxes A high percentage of Americans receive a sizable tax refund each year. If that describes you, consider investing your refund in your workplace retirement plan or an Individual Retirement Account( IRA). If you’ re tempted to spend the money on something today, think about how much further your refund will go in retirement once it’ s given the chance to grow over time. On the flip side, if you pay a substantial amount at tax time, make sure you’ re approaching your tax liability in the most strategic way possible. Talk with a professional about your unique situation in the upcoming tax season. 5. Increase savings once you’ re an empty nester Chances are that your expenses will decrease once your children are financially independent. Earmark the money you once spent on hockey gear, your kids’ health insurance or college tuition toward your golden years. While it can be tempting to remodel the kitchen or take a parents-only cruise with the additional cash, financial security in retirement should take priority. 6. Review your insurance policies Compare your auto and home insurance costs with other providers to see if you can get a better deal. And be sure to read the fine print before switching so that you don’ t sacrifice important coverage in order to save a few dollars. Also, check to see if you qualify for

discounts based on your lifestyle or habits. Possible discounts include loyalty savings if you’ ve been with the same provider for a while, paying your premium annually or semiannually, or the good grades if you have school-aged dependents. 7. Save salary increases Make a commitment to your future self by allocating your year-end or performance bonus to retirement, if you’ re fortunate enough to receive one. And the next time you earn a promotion or raise, think about increasing your workplace retirement savings accordingly. Even a one percent increase in the amount you defer to your 401( k) can make an impact on the size of your retirement nest egg. 8. Enlist professional guidance Meet with financial professionals in your local area to get their perspective on how you can increase your retirement savings. A financial advisor, tax planner or an estate planner can review your financial situation and help you make smart choices for your life today and in your golden years.

Implementing even a handful of these ideas may help you generate additional cash you can apply toward your retirement savings. This money can make a significant difference over time in both the amount you have saved and your confidence in having enough money to last in retirement.

1 – CNN Money:“ Ultimate guide to retirement: How much should I save?” 2016. http:// money. cnn. com / retirement / guide / basics _ basics. moneymag / index7. htm.

This Industry Insight was written by Jonathan D. Martin.

Jonathan D. Martin is a Financial Advisor with Ameriprise Financial Services, Inc. in Bethel Park, PA. Jonathan offers financial planning and asset management strategies. Contact Jonathan’ s office at 412-831-6240 extension 202, located at 88 Fort Couch Road, Suite 210, Pittsburgh, PA 15241. Jonathan is licensed / registered to do business with U. S. residents only in the state of PA, OH, WV, CA, FL, IL, IN, NC, NJ, SC, and VA.

Ameriprise Financial, Inc. and its affiliates do not offer tax or legal advice. Consult your tax adviser or attorney regarding your specific situation.

Investment advisory products and services are made available through Ameriprise Financial Services, Inc., a registered investment adviser.

Take charge of your financial future.

Since 1894 Ameriprise Financial has helped millions of Americans feel more confident about their financial future. As an Ameriprise financial advisor, I remain true to our vision of always putting clients first. Discover the one-to-one attention you deserve, call me today at 412.831.6240 ext 202.

Jonathan D. Martin Financial Advisor

88 Fort Couch Rd, Suite 210 Pittsburgh, PA 15241 412.831.6240 ext. 202 jonathan. d. martin @ ampf. com ameripriseadvisors. com / jonathan. d. martin

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8 Ways to Save More for Retirement