While knowing best roth ira providers is a start, but where do you get the extra money to fund the account? While retirement may even still be decades away, if you haven’t given the proper priority to this point, then I hate to say it’s too late, but you will need to do some catching up. I know that saving for retirement may not be the first on your mind, especially with, well, life going on at the moment, but the earlier you can start saving, the better, with more time to grow over the next decades. If you are in need to catching up, there is still time if you hurry.
Continue to Work
Whether you are approaching retirement age or still have time, working really is the only way to earn money, unless you found the secret to life and find money growing on trees. Any extra income you can earn to fund your retirement account the better off you will to have adequate income to continue to enjoy life’s experiences after you finally walk away from the working world. As you get older, a part time job can still be sufficient, as every little bit helps.
If you currently are not tracking what you’re spending in a month you could be in for a shock. If you take last month’s debit or credit card statement you can go line by line and see what you’re spending on necessary monthly bills, not to mention impulse purchases. Reducing expenses such as going out to eat or cutting the cable cord could be a couple way to save hundreds of dollars a month. A budget could be a good way of allocating funds out so that you can curb any overspending you may have.
Don’t Miss Out on Free Money
We work hard for our money so if there is a chance to earn free money, you should jump on it. From everyday purchases, a credit card with rewards is a good way to earn hundreds of dollars in free points or cashback just my making the purchases you were going to make anyways. On an even larger scale, check at your work to make sure you’re taking advantage of any company-matching contributions to your retirement account, otherwise you could be missing out on thousands of dollars a year that would otherwise have a chance to grow over time. Imagine how much that could have been worth a few decades from now!
Build an Emergency Fund
You never know what life may throw at you, so it’s a good idea to be prepared in case a large expense is dropped on you so that you don’t have to put on a credit card and then be stuck paying back with interest. If you can save up a few months’ worth of expenses, that could be a nice cushion to cover if you have an unexpected charge such as an auto repair, vet bill, or even worse, the need to float your family for a few months if you are in between jobs.