A retirement fund is an absolutely important thing to have. You don’t want to get to retirement age whether young or old with out it.
If and when you are old enough to retire you want to make sure that you have enough money to sustain you for the long haul.
You have to prepare for the inevitable medical bills that will crop up.
Hopefully, over the years, you have saved enough money to cover your expenses. However, its never too late to start.
Here are ways to quickly boost your retirement fund if you are a homeowner in Houston.
401k and Roth IRA
You may already have a 401k set up with your employer, but are you taking full advantage of the employer match program if it’s available?
You definitely want to put as much as you can in your 401k to get the full benefit of free money! Some employers match 50% of contributions up to a certain amount, and some may match 100% or make deposits even if you don’t!
This will also save you money on taxes since the 401k funds are taken out of your check before taxes or your gross income.
In addition to the 401k, you can have a Roth IRA account. Your money will be taxed now, but not later in retirement when it matters most.
Make sure to max out your Roth IRA contributions to take advantage of this saving opportunity!
Contributing the maximum allowed amount will quickly boost your retirement fund. If you are over 50, you are allowed to contribute a little more into your accounts, also referred to as “catch up” savings.
Pay Off Debt
Paying off outstanding debt is a great way to boost your retirement fund. This also allows you to live a debt-free life.
Don’t make the mistake of only making the minimum payments on your accounts.
This will make paying off your debt longer since you will pay mostly towards the interest and not the principle.
Making large lump payments to bring down your overall balance will save you thousands in the long run, and leave you more money to contribute to your retirement fund.
Once you have your balances paid off, commit to paying off the entire balance every month. Not only will this save you money, but this will also surely improve your credit score!
Take on a Second Job
Another way to quickly boost your retirement fund is to take on a second job. Since your current job can cover all of the necessities now, your second job income can go straight to your retirement fund.
You may lose some of your spare time, but just think of your retirement! You will have plenty of money and free time when you are older to take those vacations and travel.
If you save up enough, you might even get to retire early!
Sell Your House
If you are a homeowner in Houston, the easiest and quickest way to boost your retirement fund with a big chunk of money is to sell your house!
You may even be able to negotiate the buyer paying a majority of the fees to have more money to put aside.
Take into consideration downsizing now to save for the future. You can also take advantage of the low-interest rates when you are looking for a loan for your new home.
You can put thousands of dollars away to start earning interest now and find a different house to live in, and save extra money with the lower interest rates.
You will also save in some unexpected places, like the electric and water bill and the actual time it takes to clean your house.
You might be able to find a smaller, more energy-efficient home closer to your work, that saves you time and gas expenses every day!
There are a number of ways you can start saving for retirement. However, the key is to start sooner than later. There are many creative ways to do so, in this article we give you 4 great methods to try.
DO YOU WANT TO RETIRE EARLY?