Funding Your Retirement

By on September 3, 2020
retirement

In your late twenties or early thirties, you may not place an emphasis on funding your retirement, after all, it’s many years away. However, now is precisely the time to take action so that you can continue to experience the same lifestyle you enjoy today in your retirement. 

Affording a Comfortable Lifestyle

Many expenses come along in retirement. You may take several types of prescription drugs for your health. If you own a home, you still have taxes and household expenses. Additionally, if you want to become a snowbird and split your year between two different locations, you will need to winterize your home, have winter boat storage, and let your insurance companies know you are away. Having sizable savings will enable you to afford these things without compromise. 

A 401k or Roth IRA for Your Retirement

Most employers provide a benefits package to full-time employees that include the option of contributing to a 401k. Many of these same employers also contribute 3 percent or more. Over the next 30 plus years, this can add up to a healthy nest egg of well over $100,000.00. If your company doesn’t offer this, no worries. You can start a personal 401k or a Roth IRA on your own.  

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Turn a Hobby Into Profit

If you currently enjoy collecting items such as rare coins, comic books, or antique furniture, you can sell them when you retire and use them to fund your retirement. There’s no guarantee that you’ll turn a profit. However, if you’re patient and do thorough research, chances are good that you’ll find a buyer willing to pay your asking price. 

Safe Bets: Government Bonds

Many people use the stock market as a way to invest small amounts of money and turn a huge profit to fund their retirement. However, the market has highs and lows and there’s no guarantee that you will beat the odds and make tons of money. One safe place to grow your money is in government-issued bonds. While they won’t provide thousands of extra dollars, they will allow you to turn a small profit. Purchasing a few each year will give you a sizable nest egg for your golden years. 

Remain Debt Free

One of the best ways to ensure a comfortable lifestyle in your retirement is to manage money wisely now. Accumulating large amounts of debt will rob you of financial freedom later on. Place a focus on paying down your current debt and making smart money decisions going forward. 

Maintaining Your Home

If you own a home, you’re sitting on a piece of property that can provide wealth in your retirement. A well-maintained home complete with updates will remain attractive even during a buyers market. Make sure that fundamentals such as electricity, plumbing, sewers, roofs, doors, and windows remain updated. This way when it comes time to sell your home, you’ll not only exceed expectations on the price offer but also sell it quickly. 

Taking on a Part-Time Job

You have many expenses now and, to keep your debt under control and be able to afford to put away money for retirement, you may need to take on a part-time job. Thankfully, there are several ways to earn a few hundred each week with minimal hours invested. You can become a Lyft or Uber driver, a freelance writer online or become a personal consultant or tutor. A part-time job will allow you to live well today and in your retirement. 

Retirement may seem like an eternity away. However, it creeps up on you and before you know it, it’s here. Saving today will allow you to live well now and in your golden years.

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Funding Your Retirement