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For many of us, saving for retirement is often something we keep putting off, despite its importance. We simply push it down the line to some ever-changing and indeterminate point when we promise we will get started on it. After all, there’s always more time, right? And the present already has plenty of financial worries without adding the extra expense of saving for your future.
If you’re one of those people who put off worrying about retirement in your youth and now find yourself middle aged and facing the reality that you don’t have enough squirreled away to retire when you want, don’t despair. With the right decisions and decisive action now, you can boost your savings and start making up for lost time.
Whether you’re young or old, here are 6 ways you can supercharge your savings for your golden years.
This is just good financial advice in general, but if you’re trying to boost your retirement savings it’s especially significant. The truth is that the positive yield from the interest rate on any savings or retirement plan will always be negated by the interest incurred from credit card debt. If you’re serious about saving, your first priority should be to pay off your credit card debt as quickly as possible.
Ever heard the old saying “out of sight, out of mind’? It’s a great principle to apply when it comes to saving. In this modern age, it’s quite easy to automatically allocate funds from your paycheck to your savings or retirement fund the moment your deposit clears. Automating savings like this doesn’t take any ongoing effort from you, and you probably won’t even the notice the difference in your income from month to month.
Many employers are willing to match up to a certain percentage of your investment in your retirement fund. You should always invest up to the maximum match point, as the money they’re putting in is free and it would be foolish to leave it on the table.
While playing the stock market is never a sure thing, these days it has never been easier or more affordable to enter the marketplace. Apps like saving for your future make it easy for newcomers to learn how to invest and monitor your rate of return. This is by no means a suggestion to dump all your money into the stock market without the advice of a professional, but a few strategic investments in stable stocks can help build your wealth slowly over time.
Just leaving money in your savings account isn’t an effective way of savings for retirement, but maybe you’re leery of more risky investments. If that’s the case, a mutual fund may be the right in-between option for you. Mutual funds diversify their portfolio so you’re less likely to see huge losses even if particular groups of stocks don’t bring strong returns.
Depending on your health and ability to work, you should consider delaying drawing on your Social Security benefits as long as possible. Even waiting just a few years before beginning to pull from it can net you a surprising amount in the long term. If you hit your sixties and find your retirement is a little short, just work a year or three longer to make sure you’ll have the money to retire with peace of mind.
If you find yourself hit by an unexpected expense or emergency, a signature installment loan may be what you need. Signature installment loans use the title of your vehicle to secure a short-term loan. Get started today by filling out our simple online request form. You get the cash you need, the time to pay it back and the peace of mind in knowing that while you pay it back, your investments are safely growing.