How to boost your retirement savings

Momentum Savings

5 MIN READ

Saving for retirement monthly, is an excellent way to grow your retirement money. But, adding an extra once-off amount can give your retirement savings a significant boost and help you reach your financial goals much faster!

We’ll show you how your retirement savings will benefit from the extra money you have, added as a lump sum on top of your regular savings contributions. You can do this once or many times a year. Many people prefer to do it before the end of the tax year in February, in time for a tax refund equal to the tax rate they usually pay. The top limit of how much you can invest kicks in at a very high level. The product rules determine the minimum.

* Real value is a way to see how your saved money would look today, even if we look at it years from now.

Here’s why

The secret ingredient at work is compound interest – when you not only earn interest on the money you invest, but also start earning interest on that interest. It has a multiplier-effect. In fact, our sums show that if you top up your retirement savings with an extra contribution from your 13th cheque every year, your retirement money will be more than 50% more in the end.

Using a bonus, 13th check, or unexpected windfall to boost your savings, helps your money grow exponentially over time, increases your chances of securing a comfortable retirement and reduces how much you need to save later.

When you top up your Investo RA from Momentum Savings with a single lump sum before tax-year end in February, you enjoy a host of tax benefits that will fuel your savings growth!