Ideally, by the time you turn 50 years of age, you should have money invested in a retirement plan and a savings account. If you own a home, you should be close to paying it off. Unfortunately, there are many people well into their fifties who have no savings or investments of any sort. In addition, they work full time and have accumulated debt, too. Thankfully, if this sounds like your current financial situation, there are still ways to put money away so that you can enjoy your retirement.
Unload the Debt
Since time is of the essence, the first thing you need to do is to reduce your debt. There are many ways to approach this. You can add up what you owe to loans and credit cards and apply for a loan from your local bank. This will allow you to consolidate your debt and free up money that you can then add to a savings account or invest in either an IRA or a 401K retirement plan. If your credit is not good enough to use a traditional bank, don’t worry, you can still apply for an installment loan through other lenders such as Western Shamrock Corporation, where the guidelines for getting an approval are less stringent.
Reduce Your Overhead
Once you retire you will live on a fixed income, and any unexpected expenses can drain the funds you have in the bank. If you own a home, you know all too well the cost of annual upkeep and the continuous need for repairs. A good way to prepare for your retirement is to sell your home and buy a small condo or rent an apartment. While you will have a monthly HOA fee with a condo, you won’t have to spend any money on unexpected repairs. In addition to eliminating the cost of maintenance, you can also lower your cable bill and your monthly cell phone payment.
Sell Off Things You No Longer Need
Before you retire, selling things that you have accumulated over the years and no longer need is a good way to bring in extra money that you can use to pay down your debt or add to your savings. Luckily, with the internet at your fingertips, you can use various sites that charge a minimal fee to post items or you can use the traditional method of hosting a yard sale.
Pick Up Extra Hours
While you are still able to work, it’s a good idea to find a part-time job that will help you reduce your debt and grow your savings faster. The good news is that the economy is doing well, so finding part-time employment close to home shouldn’t be difficult. If you prefer to work from your home, there are many jobs online that can provide a few hundred dollars a month in additional income such as freelance writing gigs, doing website pages, or you can opt to sell your skills and provide services.
Many people don’t have much if anything put away for their retirement in their fifties. The good news is that the retirement age for them is somewhere between 65 and 68. This still leaves 10 plus years to grow your savings and investments.