Trying to figure out what simple steps you can take to increase your retirement fund? Keep reading! We reviewed dozens of financial advice articles and took notes on the best ways to quickly and easily boost your retirement savings. Three of the most commonly recommended ideas defined by financial advisors are outlined below.
Downsize Your Property:
As you near retirement, it’s time to think about downsizing your life – and the most important area to focus first is on your home. If you’re like many people, you originally purchased a larger home with plenty of space to raise a family. But at this point in your life, your property may be too big for your lifestyle, and you aren’t keen on spending all your time on house upkeep.
By selling your property and downsizing to a smaller one, you can put any profits you earn directly into your retirement fund. Just make sure you understand how to price your home effectively to make the most money at closing. Also, be sure to learn how you can avoid paying a 3% listing agent commission to save even more!
Evaluate the Value of Your Assets:
In the spirit of downsizing, you should also take a critical look at the items that you currently own. Do you have a boat that you use infrequently but that you’re still paying for maintenance on? Are there any valuable inherited items that you have an emotional connection to but don’t have any real use for? Are there any stocks, bonds or money orders that it makes sense to cash out? Selling these assets can be an easy way to put a little extra money into your retirement fund.
Prioritize Paying Off High-Interest Debt:
Credit cards come to mind when talk of high-interest debt arises. However, that’s not the only form it comes in. Vehicle loans, financed home improvements and the like can also carry monthly interest that really adds up over time.
By prioritizing paying off high-interest debt, you can stop throwing money away and can put more cash in your retirement fund each month. Once you’ve paid of a balance, continue making the same dollar-amount payment each month, but rather than putting it towards a high-interest expense, deposit it in your retirement account.
If you need money fast to help boost your retirement fund, consider the three ideas listed above as your first line of action.