3 Easy Ways to Boost Your Retirement Savings Without Extra Income

The average retirement savings for adults living in the United States is not nearly as high as other westernized countries. This video helps you bridge the gap and capture three easy sources without earning extra income.

Why Americans have less retirements savings than other countries.

There are many reasons for this. The first is the mandatory contribution to and subsequent provision of Social Security. While you don't call it a "retirement plan," this type of system does not exist in many countries. While Social Security was not designed to provide full support for people that want to maintain a high standard of living in retirement, it does in fact provide a nice base and can cover the basics in many instances. Still, boosting savings now is one of the key pillars for retirement planning and can contribute to a better financial life in the future.

The other reason is that many countries mandate hefty retirement savings by employees into something called a "superannuation fund." A superannuation fund is almost always a privately run 'mega-plan' backed by mandated contributions as a percentage of total income.

Finally, as recently as two generations ago, life expectancy was not nearly what it is today. As a consequence Social Security became under funded and payouts were either reduced or deferred to later into retirement (or both).

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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.