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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YOUR FINANCES

8 Ways to Save More for Retirement