Frank Salvatore
Health and Lifestyle

How to Accrue Enough Money to Retire

March 1, 2017 by · Leave a Comment 

It is probably safe to assume that you want to retire at a young enough age that you are still able to get out and do the things that you enjoy the most. The best way to accrue retirement money is to start saving while you are young. Many who do not do this get closer and closer to their retirement age without enough savings to stop working.

The good thing is that there are a few ways that you can catch up on lost time and increase your savings. The first thing you need to do is max out how much money from your earnings you can apply to retirement. This number typically gets larger with age, so you are more likely to be able to contribute more money into your retirement funds than younger people. Also, cut down on unnecessary expenses so you can use that money to invest and gain interest.

Investments

When it comes to making investments with your money, it is important to make sure that you set yourself up for the best potential earnings for the returns on your investments that are offered by the market. If you are nearing retirement age, it is not the time to invest in risky companies that may end up costing you more money in the long run.

Also, if you put all of your money into bank accounts that do not accrue interest, you are never going to be able to grow enough wealth to retire. Your money needs to be making money by gaining interest. Your money needs to grow, which means it needs to be invested where it has the potential to do so.

Add Additional Income

Another thing that you should look into doing is finding a new and unique way to bring in some more cash. So many people these days have a job on the side of their full-time job that helps to increase the cash flow in their homes. Because there is so much e-commerce and other businesses that can be done virtually, you are likely to be able to find something that you can do from home.

One easy thing to do would be to rent out a room in your home through Airbnb. This requires no overhead cost and if you have a vacation home that just sits there when you are not there, this is an easy way to bring in some really good money.

People also choose to drive their cars to make money through apps like Uber. The good thing about this is that you can do it as much or as little as you would like each week, and you work on your own schedule.

You can also make some money by purchasing returned or consignment goods from retailers and sell them on eBay at a higher price. While this may take some time and initial investment, there is a market for pretty much anything online.

All of these side businesses can help you bring in a few extra hundred dollars each month, which you can either choose to invest or use on your everyday expenses so your full-time income can be largely invested.

The important thing to save for retirement is to start early and play catch up if you find yourself well into your 30s or 40s with little to no savings. Do as much as you can to bulk up your savings as early as possible so it will grow throughout the years and you will be financially comfortable when the day comes to retire.

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Frank Salvatore