Saving for Retirement: 4 Easy Ways to Supplement your Savings

Thrift Savings Plan and Federal Retirement Benefits

Worried about retirement? Maybe you don’t think you can save up enough- try these 4 easy tips and start saving now!

  1. Start Early

 

It is important to change your perspective about retirement saving for you to understand the benefits of starting to save early for retirement. It is sometimes difficult to overcome the squeeze of scarcity associated with money.  Feeling underpaid makes it difficult for you to start saving. However, most people do not understand the power of compound interest.

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The best way to guarantee yourself financial security during retirement is to let your money grow. By saving up to 15% of your salary to retirement savings, you will be building a strong financial foundation for your future life.  Long-term planning is very critical when it is increasing your retirement savings.

 

  1. Using your Property

 

You can pad your current savings by making good use of your property- in other words, you can supplement your retirement savings with rent money. If you have a large home, you can rent out those extra rooms for more income. The gap between your future savings and current savings can be bridged by extra income from your property. Take advantage of the available online platforms such as Airbnb to find clients for your additional rooms. Also, you can earn real-time income from investing in property that you do not necessarily live in.

 

  1. Channeling your Credit Card Rewards

 

Most people do not know that their everyday shopping can help them save for retirement.  It is possible to easily prioritize your retirement using the rewards you receive after using your credit card. Some people get cash backs of up to 1% on all purchases in the form of credit card offers, and this can be quite a fortune if you are a good manager. For example, you can accumulate up to $30 every month in credit card rewards if you spend $3,000 in one month. You can increase your retirement savings by channeling the cash back to retirement saving vehicles like IRA, and 401(k).

 

  1. Consider a Side Hustle

 

According to a recent study, the gig economy has become a significant source of employment for millions of people around the world. You can take up on-demand jobs to supplement your income and at the same time boost your retirement savings.  In this case, you can prioritize your retirement savings by working for some extra hours. You can find something to do for a side hustle on platforms such as Etsy, Uber, Doordash, TaskRabbit, and Getaround. The compounding interest associated with retirement savings allows you grow your money in a great way from the additional savings.

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