Thrifty Ways to Save for Retirement
After working hard in your career for decades, you want to feel safe and comfortable once you’ve left the workforce. There is nothing worse than having to fret over expenses after you’ve retired. Although people aren’t all in the same financial position, everyone should be able to reach a comfortable retirement. Some just have to get a little thrifty and be resourceful to achieve the lifestyle the want.
Save Your Change
Although it sounds cliche, saving your change for a rainy day can be a huge help. If you can put away $1000 in a year, then that’s $30,000 over a 30 year career of extra savings. If you aren’t big on physical money, there are also a number of banking apps and programs that can help you save. There are a number of people who have benefitted from little saving tricks.
Cut Up Your Credit Cards
Although you may not want to actually cut up your credit cards, it is never a bad idea to give them a break. If you don’t stay on top of it, credit cards can cause you to pay more for the items you purchase. They can also affect your credit score, making it difficult to purchase big ticket items like vehicles or property. If you don’t have the willpower to put your credit cards away, then be sure to pay off any purchases as quickly as possible. This way you can spend less on interest and save more for your retirement.
Secondary Income
If you have room on your plate, you can always try your hand at starting your own side business. A side business is great because it can generate a solid flow of secondary income while putting your secondary skill sets to good use. It is a bonus if you are passionate about the product or service you provide with your side business.
Cut Back on Vices
Although not everyone does, many individuals have expensive habits such as drinking, smoking, shopping, and gambling. These habits can be expensive and can take away from your future funds. Not only will cutting back on your vices be good for your retirement plan, but many will be good for your health, allowing you to get the most out of your time.
Thrift Plan
Some insurance companies provide “thrift” style plans that are perfect for those about to leave or those who have just left the workforce. These “thrift” plans are low risk and may be able to provide you with what you need.
Start Preparing for the Future
Nobody knows what the future holds; that’s why it’s important to be prepared for the best and the worst. Everyone has an equal opportunity to have a comfortable retirement, some just have to get a little thrifty.
Everybody knows it can be tough to save for retirement. If it wasn’t, everyone would be sipping pina coladas on the beach. However, the team at Secure Choice always does their best to make it as easy as possible. Secure Choice is always here to help federal employees with their retirement plans. Give us a call at (866) 477-3211 or visit our website.
