If you’ve been putting off your retirement, you can still get your retirement money. There are several ways to do so. For example, you can set up automatic retirement contributions. Even if you’re on a tight budget, saving an extra percentage point here and there can add up to six figures over the years. That’s a lot of money that can be used for a variety of things. Save for the things that matter most to you. Saving for a down payment on a home or college tuition can wait.

401(k)

The first step in planning for your retirement is to start saving now. You can do this by understanding how much you should put aside each month and finding creative ways to increase your contributions. One of the biggest regrets of retirees is that they didn’t save enough money, but the earlier you start saving the better. It will give you more options in the future, and you’ll have more tax breaks to take advantage of as well.

IRA

There are several ways to transfer your retirement savings from an IRA to another account. The simplest is a direct rollover, where your former employer sends a check payable to the new account. Alternatively, you can choose an indirect rollover, in which you forward the money from your old retirement account to your new one within 60 days of leaving your job. In either case, you should contact your financial advisor for guidance.

SEP plan

If you have been working for an employer for at least three years, you may be eligible to contribute to an SEP plan. Unlike 401(k) plans, contributions to SEP plans are tax-deductible. In addition, earnings are tax-deferred until you take a distribution. This means that you can grow your money without worrying about taxable income. However, you need to remember that there may be tax consequences when you take a distribution.

Hardship withdrawals

Hardship withdrawals from your retirement funds may be available under certain circumstances, including job loss, illness or disability. However, this type of withdrawal should only be attempted as a last resort. It is time-consuming and can cause a lot of damage to your retirement savings account. As a result, financial planners advise against hardship withdrawals.

401(k) loans

If you’re in need of some extra cash, you may be wondering if 401(k) loans are a good option. These loans are not only easy to apply for, but they also may not hurt your credit. Depending on your employer and plan, you may be able to borrow as much as $50,000 from your retirement account. However, make sure to check the limits and requirements before applying for a loan.

Social Security

Social Security is a federal government agency that provides services to meet the changing needs of society. However, certain life changes can affect your eligibility to receive federal benefits. Learn more about the various ways you can apply for benefits from Social Security and how to apply for them.

Annuities

Annuities are an investment vehicle for retirement funds. This type of investment is guaranteed by the insurance company that issues the annuity. In most cases, people should invest up to 25% of their retirement savings in an annuity. In order to get the most out of an annuity, it is best to get advice from a financial advisor. An advisor will discuss your objectives and risk tolerance with you, as well as your time horizon and liquidity needs. They will also periodically evaluate your progress and ensure that your plan is working toward your goals.