The 4 Best Ways To Supercharge Your Retirement Funds
April 18, 2022 (Investorideas.com Newswire) With the cost of living going up by so much these days, many people approaching retirement age are rightly worried about outliving their retirement fund. This means that the retirement strategy has to change to address the current situation. Hopefully, when you are younger you put things in place to be flexible if need be.
However, if you haven't then that means you will have to give your retirement fund a big boost to make sure that you have enough. Luckily, there is always time to increase your fund and make sure that you do have enough to live on. It just takes a little bit of creativity and a few changes to your lifestyle to make sure that you will be comfortable once you stop working.
In this article, we will go over several ways that you can make sure that you have enough by supercharging your retirement fund before you retire.
1 - House hacking
Where you will live when you retire can also end up being a potential revenue stream. There is a concept called house hacking in which you can essentially live for free or even at a profit if you set things up right.
If you are downsizing for your retirement since the kids are grown and out of the house, then you should consider buying a building with some apartment units in it or even a double-family home. In this scenario, you carve out a small apartment where you and your spouse live and then rent out the other unit or units.
You could set them up as an Airbnb or look to have full-time tenants there. This type of investment can end up paying out investor returns of 2 - 20% per APYGUY. Since housing is such a major expense, you can do this right away and end up having loads of extra money for other uses as a result.
2 - Think about cryptocurrency
Many people are rightly hesitant about investing retirement funds in cryptocurrency since it can be very volatile. It's the volatility that makes it an interesting investment choice when you have some money that you can afford to lose. Since there are usually dips and even crashes but then a rebound at some point, this makes it a good way to make a quick profit from your investment.
It does take some patience and even nerves of steel to ride things out, but once you get to retirement you could cash out with a sizable gain.
3 - Change your lifestyle
The fewer expenses you have then the more money you can save or invest. This is not shocking or a novelty as it is very obvious. However, not many people really know what it means to be frugal and be able to save money. This involves a change in lifestyle. It doesn't mean making hard sacrifices that affect how comfortable you are, however.
With a few changes, you can end up shaving off a considerable amount of money that you spend every month and use that money to put into investments or CDs. This is going to help you form money-saving habits that you can use to get through your retirement without running out of money.
Take some time to make a list of everything that you spend your money on in a month. You can track your expenses using an app so you have a visual of where your money is going.
Cut out anything that is not necessary and then find creative ways to spend less on the things that you do need. For example, you can buy clothes during closeout sales or even shop at thrift stores and save a lot there. Buy staple groceries in bulk and store them in a pantry. Eat out less often and cook whole foods at home. Even baking your own bread can save you a surprising amount of money.
4 - Take on a side hustle
You may find that you don't want to sit around and do nothing for your retirement. This means that you would love to have a side hustle to focus on with a bonus being that it will bring in more income or money to invest.
There are a number of ways to make money online in your spare time so you don't necessarily have to go out and get a job if you don't want to commit to that. You could even start an online business and make a full-time living which can even be passive.
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