Research suggests that most people are worried they do not have enough for retirement
While some people are counting their pennies, and scraping by the last thing on their minds is their retirement and others with some money stashed away worry that they are not going to make it on what they have.
Here are some tips on how to get your retirement fund on track
#1 Start getting rid of as much debt as possible
For those fast approaching retirements, it is wise to start looking at paying off as much debt as you can, like your house, start cutting down on the use of and paying off credit cards, store cards. One of the biggest assets you can have is your house, so it is wise to put as much cash into that as you can as even in retirement it potential capital for you.
#2 Beef up part of your investments in a more aggressive plan.
Speak to your investor about splitting your current investments and maybe look at taking some shorter-term ones that have fast high value turn over. Just remember that if you do make a profit on these to put at least half of it away if you are looking to continue to trade.
#3 Try getting an extra income
There are many jobs people can do from home these days and online to supplement your income to either put-away or help pay off debt a lot faster.
#4 Look into various tax-free IRA’s
IRA’s like Roth IRA can be beneficial for both padding your retirement income and cutting down on your income tax. Although these accounts are usually pushed towards the younger lower income workers a supplemental Roth IRA in your fifties has great tax advantages.
#5 Open a health savings account
The health saving accounts are even more tax beneficial that the Roth IRA and your contributions to these accounts are tax deductible. If you can save enough money on these accounts, you have a good medical fund for your retirement. Unused funds get rolled over to every year into the next year, so it is essentially a savings account and over 65’s are able to withdraw cash from them for other expenses besides the medical ones.
It is never too late to start saving and even if you have just turned 50 or still in your early 50’s with the new retirement rules coming into place these days extending the workable ages you may just be able to squeeze an extra few years onto your plan.