When you retire, you do not want to be one of those unfortunate souls who struggle to get by. Far too many people fail to save enough to provide for all of their expenses in retirement. It is a sad state of affairs that can be avoided if you plan smartly. Here are five ways that you can pad your retirement fund so you can live comfortably after you stop working.
1. Cut Your Budget
One of the first things you need to look at to pad your retirement fund is to cut your current budget. Every extra dollar you save will pay dividends as you can add it your retirement fund. Look for simple ways to save money like bringing your lunch to work, skipping eating out and eliminating wasting money on Starbucks coffee and bottled water. You will be amazed at how a few simple sacrifices will generate a large bump in your yearly savings.
2. Sell Things
Almost every American can generate a few thousand dollars simply by heading to their basements and garages to look for things they can sell. You most likely have a lot of things around your house gathering dust. Put them up for sale on eBay or Craigslist and add the sales proceeds to your retirement fund. You can also visit a pawn shop in Northern VA or wherever you may be and sell jewelry or electronics you no longer use.
3. Generate Passive Income
One of the best ways to give your retirement savings a boost is to start to generate passive income. A great way to do this is to invest in real estate. If you can purchase a rental property or two, you could end up making enough money to cover your retirement spending even with no other savings.
4. Use the Power of Cashback
If you are not using the power of a cashback credit card, then you are missing out on free money. You could make hundreds or thousands of dollars a year simply by earning cashback on your daily purchases. Just make sure to pay the balance in full every month to avoid paying interest.
5. Matching Contributions
If you work for an employer that offers matching contributions on your 401k, you need to take full advantage of it. There is no better way to bump your retirement savings than to get this free money.
If you follow these five tips, you will be amazed at how quickly your retirement savings grow. When you do the right things to boost your retirement fund, you will reap the benefits of a secure retirement that allows you to enjoy yourself.