6 Ways to Accelerate Your Retirement Savings After Hitting Fifty
As your retirement draws closer, the chances are that your drive to save as much money as possible is getting bigger. Once you hit retirement age and get to enjoy that time without needing to work any longer, you’ll want to have as much money as possible in the bank to ensure that you can do the things that you’ve always wanted to do when you retire, whether that’s traveling the world or spending more time on the hobbies and passions that you might not have had much time to consider because of work and other commitments. As you reach your 50s and get closer to retirement, there are several things that you can do to reduce your expenses now and have more money to put into your retirement account for the future. Here are some options to consider.
Reduce Your Car Insurance Cost
If you drive, you’ll know that auto insurance can often be the biggest expense for drivers, second only to purchasing the car itself. Thankfully, there are plenty of things that you can do to cut the cost of your car insurance and only spend what’s necessary, leaving you with extra money to add to your retirement account.
Look into the car insurance quotes from The Hartford, an insurer specializing in offering affordable policies to drivers over the age of 50. Thanks to their exclusive membership scheme, you’re in with a better chance of getting a car insurance quote that works out less.
Downsize Your Property
Many people decide to move into a smaller property when they retire. Not only does this free up more cash to enjoy retirement with, but it can also be easier to manage to live in a smaller home when you get older. But, if your kids have already left the nest, nothing is stopping you from downsizing your home and investing in your retirement home now. If you own a property currently, selling it and investing in somewhere smaller and cheaper could leave you with a large lump sum of money to pay into your retirement account where it can gain interest until the day you retire comes around.
Cut Monthly Expenses
It’s always worth going through your regular monthly expenses to see where you can save money, and this can be even more useful if you want to free up cash to put towards your retirement. Perhaps you are paying for insurance on items that you no longer need, or maybe you signed up for a health club or gym membership that you barely use. Sometimes even the smallest expenses like club memberships or magazine subscriptions can quickly add up to cost you more than you realize over a year or two, and canceling any that you don’t need can lead to even greater retirement savings.
Instead of taking that expensive vacation every year, why not put the money you’d spend into your retirement account instead? You will certainly have more time to take all the vacations of your dreams when you retire, and by saving now, you’ll have more money to enjoy them even more. Staycations can be a really fun experience that’s often much cheaper than leaving the country, and there are certainly plenty of fantastic options to choose from in the USA, from Orlando in Florida to the Grand Canyon, or you could even cross the border into Canada on foot to see the Niagara Falls.
Using coupons can be an awesome way to save money on your regular expenses, and you can put the savings into your retirement account where they will quickly add up. While the protection that you make from coupons might not be a great deal individually if you use them consistently and let the savings add up over the next decade or so, you might be surprised as to just how much money you can save on regular items you buy like groceries, clothing or gas.
Start a Side Hustle
It’s never too late to get a side hustle. Even if you have a fulfilling full-time job that pays you well, finding something that you enjoy doing on the side can be a fun experience that helps you earn even more money towards your eventual retirement. And, it doesn’t have to be hard work – there are several side hustles that you can develop from something that started as a hobby, like selling your artwork, making hand-crHow afted items to sell online at Etsy, or offering private tuition to kids in your area. Consider your strengths and weaknesses and your likes and dislikes to find a side hustle that you’re going to love doing.
If retirement is getting closer and you want the biggest nest egg possible, these are just some of the great ways to start saving even more.
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