Millions of Americans miss out on employer-sponsored contributions, which are specifically designed to bolster retirement savings at no cost to them.

When workers make contributions into their plans, they do so at a pre-tax rate. This increases their savings and lowers their tax burden. In many instances, employers match employee contribution, which is totally free money with no string attached.

Yet, a substantial portion of the workforce is simply not taking advantage of their retirement programs, according to a new financial planning survey. In addition, about 12 percent of workers are waiving employer contributions.

When workers opt out, they also miss out on part of their compensation, which is never a good idea.

Financial experts urge workers to regularly set aside a percentage of their pay check for additional retirement savings, especially if it’ll be matched by the employer.

For many workers, it’s currently a good time to save. As the nation turns the corner on the pandemic, retirements balances are bouncing back to new record highs.

As a general strategy, workers can maximize their savings through programs that provide employer-contribution at no cost to them. And when workers contribute their own money, they can do so with a discount.

Another way individuals can supplement their retirement savings, especially if they’re reaching retirement age, is through a home equity conversion loan.

Homeowners over the age of 62 qualify. The home equity conversion loan reimagines a traditional mortgage, giving retirees a powerful financial asset as they transition to their next chapter.

A conversion mortgage eliminates monthly mortgage payments, boosting the homeowner’s retirement income without the need to move or sell. They can also stay put and continue to enjoy the low cost of living.

Contact us to learn more about how to navigate retirement life by making the most out of the assets nearest you. Our team can share with you proven strategies to supplement your retirement accounts so you can live your retirement at your pace.

*(1) at the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds; (2) charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees; (3) the loan balance grows over time and interest is charged on the outstanding balance; (4) the borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home; and (5) interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full re-payment. This material is not from HUD or FHA and has not been approved by HUD or any government agency.