Summit Buys Houses all over Massachusetts, and we offer you cash for your property in any condition. Just consider that getting paid in cash for the sale of your house may be the most efficient way to boost your retirement nest egg right now. If you’d like to find out more, why not give us a call? There is never any obligation or cost to speak with “The Local Guys”.
As we end another year, a fresh look at your financial picture is always a good practice. At the center of that picture, one or more retirement funds are important things to have. As you inexorably edge closer to retirement age, you’ll want to make sure you will have accumulated enough money to live comfortably without having to work when you do finally call it quits. Hopefully, you will be able to save up enough during your working years to do this, but it’s never too late to start. Here are ways to quickly boost your retirement fund if you are a homeowner in Massachusetts.
Time to Maximize Your 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 additional paycheck taxes since the 401k funds are taken out of your check before taxes.
There are almost an infinite number of retirement planning resources online these days. It can be easy to overwhelm yourself if this is a new topic for you. But as a place to start here are a few helpful links by well-respected companies:
Fidelity Investments: Fidelity provides some easy to use retirement calculators.
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.
Should You Pay Off Your Debts?
Paying off outstanding debt is a great way to boost your retirement fund. Don’t make the mistake of only making the minimum payments on accounts. This will surely be eaten up by interest and fees and will slowly be applied to your principal balances. 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!
Can You Earn More With 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!
Cash In Your Equity by Selling Your House
If you are a homeowner in Massachusetts, 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 and save you time and gas money every day!