Welcome to the world of retirement planning! It’s important to have a retirement fund to ensure that you can live comfortably during your golden years without the need to work too hard. While saving during working years is ideal, it’s never too late to start building a fund. If you’re a homeowner in Lexington, KY, we’ve got you covered with some quick ways to boost your retirement fund. Let’s dive in!
401k and Roth IRA
Are you maximizing the potential of your employer’s matching program for your 401k? Don’t miss out on free money – contribute as much as you can to receive the full benefit. Employers can match up to 50% or even 100%, and some may make contributions regardless of your own. Plus, you’ll save on paycheck taxes since the funds are taken out pre-tax. Don’t leave money on the table – take advantage of your 401k match program.
Boost your retirement savings with a Roth IRA account. Though you’ll be taxed now, you’ll avoid taxes on your earnings later. To take full advantage, maximize your contributions – this will quickly boost your retirement fund. Those over 50 can contribute even more with “catch up” savings. Don’t miss this opportunity to secure your future!
Pay Off Debt
Don’t settle for minimum payments on your outstanding accounts, as they won’t make a dent in your principal balances and will be devoured by interest and fees. Instead, make a big lump sum payment to reduce the overall balance and save you thousands in the future. With your debts paid down, you’ll have more cash to contribute to your retirement account. Plus, commit to paying off the whole balance every month. It’s a smart move that not only reduces expenses but also enhances your credit score!
If you’re drowning in debt and overwhelmed by the thought of planning for retirement, hiring a financial advisor can be a game-changer! With their expertise, you can develop a personalized plan to tackle your debt and lay a foundation for comfortable retirement. Don’t let fear hold you back – invest in peace of mind and set yourself up for success with the guidance of a financial advisor.
Take on a Second Job
Accelerate your retirement savings by picking up a second job. Your primary job can cover your expenses, leaving the additional income to be contributed directly to your retirement fund. Though it may require sacrificing some of your free time now, just imagine the financial freedom and leisure time you’ll have in retirement. With enough savings, you might even be able to retire early and travel the world.
Don’t forget to take advantage of the pandemic-driven rise in virtual jobs and e-commerce by starting a side hustle you can do from home. Gone are the days when a second job had to be physically exhausting – now, hundreds of online job postings offer a plethora of options to suit your skills and interests. Find the perfect fit and get to saving!
Sell Your House
Ready to boost your retirement fund with a big chunk of cash? As a homeowner in Lexington, selling your house is the easiest and quickest way to do it. Plus, you may be able to negotiate with the buyer to cover most of the fees, leaving you with even more savings. Downsizing now can also help you save for the future. And with low-interest rates, securing a loan for your next home is more affordable than ever. Don’t miss out on this smart financial move. Consider putting thousands of dollars towards a new, energy-efficient home closer to work. Lower interest rates will help you save even more, while lowering your electric and water bills and cutting down on cleaning time. Discover the benefits of a smaller, smarter home today.