How To Quickly Boost Your Retirement Fund If You Are A Homeowner In Connecticut

A retirement fund is an important thing to have. When you are old enough to retire, you want to make sure you have enough money to live comfortably without having to work much at all. 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 Connecticut.

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.  This is something that many people set up at the start of employment and then forget about it.  Don’t make that mistake! You may be losing out on thousands of dollars especially if you stay employed with the same company for an extended period of time. 

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.  If you are not savvy or don’t feel comfortable making changes or decisions regarding your 401k or Roth IRA, it’s a great idea to set up an appointment with a tax and retirement professional who can help you make whatever decisions are best for you at the time.  

Pay Off Debt

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. Make a  plan on how to pay off your current debts such as credit cards and car payments etc.  A good idea is to tackle the loans one by one.  Some experts suggest paying off the lowest amount first.  This way you are making progress and that ends up motivating people to continue with their plan of paying off their debt rather than getting frustrated with an extremely slow process where you might not be able to see much progress  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!

Take on 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!

Sell Your House

If you are a homeowner in Connecticut, 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.  If you have a lawn,  that is also an expense that many people may not consider but it does cost time and money to maintain your lawn, flower beds, keeping weeds at bay etc.  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! 

Call Fair Home Offers CT, LLC at 860-805-9996 or send us a message to discuss how to quickly boost your retirement fund if you are a homeowner in Connecticut. 

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