Is retirement quickly approaching? Do you lack the optimal amount of retirement money? While this is a scary scenario, there are definite solutions. No matter if you never started your retirement savings or if you lost your retirement savings in the recent national economic downturn, quickly making money for retirement is doable.
Here are the steps you should make to succeed:
1) Figure out your budget
You need to know exactly how much money you are paying each month. This should include everything from rent to prescription drugs and from your electrical bill to food. Track your expenses over the last few months to figure out how much money you spend and where it’s going.
2) Find ways to trim your budget
Now that you have a list of your monthly expenses in front of you, find ways to trim the excess spending off of your budget. For example, you can limit the amount of times you eat out or you can downgrade your cable package. Remember, a dollar saved now is a dollar that can go toward your retirement.
3) Consider selling assets
What assets do you have that you can sell? If you have an expensive car, consider selling it and being a cheaper car. If you own your home, consider selling it and moving into or renting a less expensive home. Also consider a reverse mortgage to help out in retirement.
4) Start saving money
At this point, hopefully you have figured out how you can save some money each month that can go toward retirement. If so, there are a plethora of options available that make it easy and cost effective to save for retirement. Not only does the money build relatively quickly, you can also get tax breaks that can help you now.
5) Consider a retirement job
Even if you can’t mathematically save enough money for retirement in time, not all is lost. There are a number of work at home jobs in retirement that can help make ends meet.