Gone are the days when it was possible to live off of your pension and a little bit of savings. Today, to be able to live a decent life after retirement, you must save 30-40 percent more than the estimated outlay. Government-funded savings accounts and low-risk investment strategies are two ways to make sure you stay happy and prosperous until your last breath.
Here Are the Best Ways to Save for Retirement in 2019
1) Contribute to your 401(k)
A 401(k) is a tax-qualified government-aided retirement plan in the United States. Under this plan, you and your employer (if you are lucky) can contribute a certain amount from your monthly salary. The best part is, the money you save in the 401(k) is tax-deductible. This plan is formulated for a hard-working middle or lower-middle-class person who wishes to save a decent amount for his/her twilight days. You can withdraw your 401(k) savings–without any penalty– after the age of 59.