If you’re in your 40s, 50s, or 60s and only have a small amount of money saved for retirement, you need to make some drastic changes to your life. By doing so, you’ll reduce your risk of working until you’re 80 and increase your chances of enjoying a happy retirement. Here is a brief list of some of the best lifestyle changes you can make to boost your retirement savings and gain some peace of mind:
Increase Your Income
One of the easiest ways to catch up on retirement savings is to increase your income. Whether you do so by asking your boss for a raise, picking up a part-time or contract position, or selling unwanted items for profit, increasing your income will allow you to save for the future in addition to funding your current lifestyle.
Saving for retirement becomes so much easier when you eliminate debt. Therefore, you should start by paying off high interest credit card debt and then focus on paying off your student loans, mortgage, vehicle, or any other debt you have. By making an effort to eliminate debt, you’ll be able to enjoy a comfortable life on a lower income when you retire.
Leverage Your House
If you are a homeowner, you can sell your house and downsize into a less expensive house, condo, or apartment. You can also rent a room out in your house to a student or someone else that needs a temporary place to live.
Take Advantage of Catch Up Contributions for Your 401K and IRA
Once you hit age 50, you are eligible to save more in your 401K and IRA than you were allowed to in the past. You can contribute up to $24,000 in your 401K and up to 6,500 in your IRA. Taking advantage of these catch up contributions can easily increase your retirement savings.
Save on Life Insurance
Since cutting expenses is essential if you’d like to catch up on retirement savings, you should find ways to save on life insurance. Fortunately, Simplified Life offers affordable life insurance rates without the requirement of a medical exam or blood work.
Get Affordable Life Insurance Rates at Simplified Life
To gain access to affordable life insurance rates, apply online at Simplified Life. You can get approved for up to $500,000 worth of coverage in 30-minutes or less. Don’t make the mistake of going into retirement without life insurance.