Advertising
Advertising

This Is How Anyone Can Supercharge Their Retirement

This Is How Anyone Can Supercharge Their Retirement

Whether you’re so far from retirement that it seems like barely a blip on your radar, or you can see the big day circled in bright red ink on your calendar, planning for retirement at any and every stage of your life is essential. From small, incremental changes to big, monumental ones, there’s a lot of value in being an active planner when it comes to your “second act.” Here are 10 ideas for anyone to supercharge their retirement.

1. Start living simply.

This is a life-long lesson for anyone who wants to retire comfortably. No matter how close or far you are from retirement, start living a more simple life now. Scale back on all of your expenses. Each time you’re going to make a purchase, ask yourself if this is a need or a want, and if you’ll be just fine without it. Opt for less living space when possible, and aim to acquire fewer things.

Advertising

2. Ask for a raise now.

Earning a higher salary now means that your earning potential for the rest of your life has grown. Don’t put it off another day–if you think you deserve more, then ask for it. If you’re take-home pay is $50,000 right now, and your raise gets you $5,000 more each year, you’ll make $75,000 more over the course of 15 years. You might not notice a big difference paycheck to paycheck, but the amount you can put into savings is significant.

3. Cut back on your expenses.

This is part of living a simpler life. Make it a habit to reduce your energy consumption, buy fewer clothes and take better care of the ones you have, and avoid purchasing anything new. Sources like Craigslist, consignment shops, and reuse stores offer a wealth of new or slightly used merchandise at far lower prices, or even for free. Resolve to not buy anything new for one month and see how far you are able to get. You’ll be surprised at how many things you don’t really need, or how much you can get for free or very inexpensively because it’s used.

Advertising

4. Max out your employer matches.

In addition to asking for a raise, make sure you are taking the maximum allowable level for your 401(k) and other employer sponsored investment and savings programs. Whatever your employer’s match is, be sure to meet its maximum. Otherwise, you are basically foregoing free money.

5. Take advantage of AARP and AAA discounts.

Even if you’re not yet retired, people aged 50 and older can become members of AARP and take advantage of the discount programs they offer. At any age, you can join AAA, and find discounts on everything from groceries to travel to entertainment.

Advertising

6. Work part-time during retirement.

When the Social Security Act was signed in 1935, the average life expectancy in the United States was only 60 for men and 64 for women, yet the retirement age was set at 65. Now people live 15, 20, or 30 years past their retirement age. Keeping a part-time job during retirement helps you stay fresh, offers you regular income, and keeps you connected to your professional self. There are so many options for professional part-time jobs for people who have a wealth of experience now. You can even find at-home jobs that allow you to work from the comfort of your home, helping you to avoid the costs associated with commuting and professional wardrobes.

7. Downsize your home.

One of the biggest expenses people have is the upkeep of their homes. Not only is a large home expensive, but as you age it will be more difficult for you to maneuver through your house. A smaller house provides you with reduced expenses and responsibilities, and the ability to stay in your home for as long as possible throughout your retirement.

Advertising

8. Learn how to cook.

This is a great idea for people at any age. Not only does learning how to cook give you something new to enjoy during retirement, but cooking your own meals is far cheaper than dining out. The added bonus is that home-cooked meals are generally healthier for you, setting you up for a healthier retirement. Cooking at home will help you save an estimated 75 percent on food-related expenses each year.

9. Put off retirement for just two years.

If the idea of working until you are 65 is not appealing, consider what you’ll be missing out on monetarily by retiring early. At 65, you are able to claim full Social Security benefits, whereas retiring earlier means that your overall payments will be lower throughout the course of your retirement. In addition, that’s two more years of bringing in a full salary and two more years to save for your impending retirement.

Lifestyle changes take a while to become habits, so be sure to make these tips part of your daily routine right now. Whether you’ve got a year or 20 years before retirement, it’s never too late to make meaningful changes that will positively benefit the later years of your life.

Featured photo credit: TaxCredits.net via flickr.com

More by this author

Brie Weiler Reynolds

Senior Career Specialist at FlexJobs

This Is How Anyone Can Supercharge Their Retirement This Is How Anyone Can Supercharge Their Retirement 5 Surprising Side Jobs to Make Extra Income 4 Ways You May Be Sabotaging Your Job Search Make a To-do List You’ll Actually Want to Tackle Find Work-Life Balance During the Holidays and Every Day

Trending in Money

1 Life Insurance: A Secure Way To Protect Your Future. 2 How To Save Money On Groceries: 13 Quick Tips 3 10 Investment Tips For Beginners 4 Top 6 Hacks on How To Build Credit Fast 5 Want to Get Free Product Samples Like Bloggers and Beauty Gurus Do? Read This.

Read Next

Advertising
Advertising
Advertising

Last Updated on March 29, 2021

Life Insurance: A Secure Way To Protect Your Future.

Life Insurance: A Secure Way To Protect Your Future.

Life is a journey full of ups and downs. No one can actually predict what might happen the next moment; there are times where the happiest moments do not even take a second to turn into the gravest. Planning for your future can help you face such unwelcomed but irrepressible situations with much ease. We all want to make every memorable event of our life more special and to cherish all those moments happily and worry less, you must financially plan your future. But no one has control over life and death. Who would wish to see his family suffer in his absence? Insurance hands over the financial jeopardy of life’s happenings to an insurance company.

Importance of getting a life insurance

No one has control over life and death. Nobody would like to see their family suffering in an absence, and that’s why many people recommend life insurance. A life insurance plan is one of the best ways to secure the future of your family, even against those financial troubles after an untimely demise. These plans are safe and credible, and you could trust them for your family’s better future.

Advertising

On the other hand, a life insurance policy is a contract between a company (insurance provider) and policyholder in which the insurance provider ensures to pay a certain amount of money to the nominated beneficiary in case of the policyholder’s death during the term of the agreement. There are different types of insurance plans, and it is important for you to know the benefits of those plans such as a funeral, medical or some life expenses provided they are mentioned in the agreement.

Choosing the right insurance plan

If you’re about to select an insurance plan, you should consider some important factors:

Advertising

  • The time at which you start investing in a program and the number of family members you want to get insured. Obviously, a married man with two children has different needs compared to a single one. The number of persons who are dependent on an individual also varies from person to person.
  • The next thing you need to consider is you and your family needs. What are your child’s dream, your retirement plans, for how long would your dependents need financial support, any personal injury, etc. And do not forget those events or situations that will surely demand a huge sum of money.
  • The next thing one must consider is your current income. You should preferably choose a plan which you can afford.

Now you must be having a pretty clear idea of how to choose the best plan for you. Further, you should also compare various plans offered by different companies and numerous sites available online that help will you to compare them.

Differences between life insurance plans

Here’s a short brief of some plan categories you can choose according to your needs:

Advertising

  • Term Insurance Plan – You have to pay once, and your nominee gets the paid money under your misfortune demise. It ensures a person for a fixed time. If you survive the policy period, you do not get your premiums back.
  • Whole Life Policy – This plan continues for your lifetime. Under this, the policyholder has to pay regular premiums, until their death.
  • Endowment Policy –  In case the individual dies during the tenure, the beneficiary gets the amount assured. If the person survives the policy tenure, they gets back the premiums paid with other investment returns along with several other benefits.
  • Money Back Policy – In this a portion of the money invested is returned to the investor at regular intervals. If you survive the insurance term you get the entire amount back; else the beneficiary receives the entire sum assured.
  • ULIPs – These are the life insurance plans that offer you future security plus wealth creation options.

Many people do not opt for whole life policy and endowment policy because of the high amount of money you need to pay, while others may prefer to opt for these if they have a high life expectancy. Surely you will find the best one for you.

So what are you waiting for? Plan for your future and live a happier and carefree life today.

Advertising

Featured photo credit: aryehsampson.com via aryehsampson.com

Read Next