We are your local Fredericksburg VA home buyers, and we offer cash for houses in Fredericksburg VA. We’ve received a lot of questions recently about the value of a retirement fund and how to boost it before retirement. This can be difficult in today’s market. Readers have reached out asking: “Should I sell my car?” or “What about if I start biking to work?” These are all reasonable questions but there’s still a better option. Check out our latest blog post below to find out more!
How To Quickly Boost Your Retirement Fund If You Are A Homeowner In Fredericksburg VA
A retirement fund is an important thing to have. When you are old enough to retire, you want to make sure you have enough money to live comfortably without having to work much at all. Hopefully, you will be able to save up enough during your working years to do this, but it’s never too late to start. Here are ways to quickly boost your retirement fund if you are a homeowner in Fredericksburg VA.
401k and Roth IRA
You may already have a 401k set up with your employer, but are you taking full advantage of the employer match program if it’s available? You definitely want to put as much as you can in your 401k to get the full benefit of free money! Some employers match 50% of contributions up to a certain amount, and some may match 100% or make deposits even if you don’t! This will also save you additional paycheck taxes since the 401k funds are taken out of your check before taxes.
In addition to the 401k, you can have a Roth IRA account. Your money will be taxed now, but not later in retirement when it matters most. Make sure to max out your Roth IRA contributions to take advantage of this saving opportunity! Contributing the maximum allowed amount will quickly boost your retirement fund. If you are over 50, you are allowed to contribute a little more into your accounts, also referred to as “catch up” savings.
Pay Off Debt In Virginia
Paying off outstanding debt is a great way to boost your retirement fund. Don’t make the mistake of only making the minimum payments on accounts. This will surely be eaten up by interest and fees and will slowly be applied to your principal balances. Making large lump payments to bring down your overall balance will save you thousands in the long run, and leave you more money to contribute to your retirement fund. Once you have your balances paid off, commit to paying off the entire balance every month. Not only will this save you money, but this will also surely improve your credit score! Are you still paying off student loans? We hope not at this age! But if you are, check out this article on paying off your student loans if you’re a homeowner.
Take on a Second Job In Fredericksburg VA
Another way to quickly boost your retirement fund is to take on a second job. Since your current job can cover all of the necessities now, your second job income can go straight to your retirement fund. You may lose some of your spare time, but just think of your retirement! You will have plenty of money and free time when you are older to take those vacations and travel. If you save up enough, you might even get to retire early!
Sell Your House In Fredericksburg VA
If you are a homeowner in Fredericksburg, the easiest and quickest way to boost your retirement fund with a big chunk of money is to sell your house! You may even be able to negotiate the buyer paying a majority of the fees to have more money to put aside. Take into consideration downsizing now to save for the future. If you choose to sell your house by owner, you can also save on realtor commission.
You can also take advantage of the low-interest rates when you are looking for a loan for your new home. You can put thousands of dollars away to start earning interest now and find a different house to live in, and save extra money with the lower interest rates. You will also save in some unexpected places, like the electric and water bill and the actual time it takes to clean your house. You might be able to find a smaller, more energy-efficient home closer to your work and save you time and gas money every day! If you need tips on when to call a mover (for your new house!) check out the other article.
The House Guys Offer A Better Solution
If you think you need to sell your house in Virginia fast, then you may need an investor. The House Guys are local homebuyers in Fredericksburg and we’re helping local homeowners solve their housing problems quick and hassle-free. If your house in Fredericksburg qualifies, we can make you a fast and honest cash offer for your Virginia property. (571) 207-5171