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Retirement does not have to be stressful or worrisome. It’s a great time for you to finally reap the rewards of all your hard work. The key to being able to enjoy it to the fullest is in how well you prepare for this next chapter of your life. Here are some ways you can increase your retirement savings at the age of 45.
by Mabel Marquez, 30 November 2017
Don’t let your retirement savings stagnate. Keep them growing so they can yield more benefits for you.
Forty is the new 20, so they say. For those who have actually crossed this milestone, this rings true, especially with new opportunities opening up for self-improvement. It’s that time when you’re supposedly a lot more comfortable in your own skin, past the uncertainties and sudden shock of entering the adult world in your 30s.
Sure, you may not have the same level of energy as you did back in the day (club nights, if any, now require a lot more preparation, including powernaps). But having a better understanding of who you are and what you want, bring back the confidence, bravery, and strength that you so recklessly wielded when you were just in your 20s. Still, this does not ease the burden of preparing for your retirement in the fast-approaching future.
If you have already gotten a headstart on saving for your retirement, good for you. Remember though, that you can’t be complacent and be satisfied with just having money in the bank. There are ways to further improve your retirement savings in your 40s, so you can have a better retirement plan for later.
Add Sources of Income
If you are a regular employee, this may seem like a difficult task for you especially if you have fixed working hours. Fortunately, nowadays, there are various services you can do online, such as freelance writing, social media management, and English tutorials. This is ideal because all you need is a good internet connection. You can just work from home—there is no need to travel to a secondary office or location.
You can also take on consultancy jobs that are aligned with your specialization. It’s a good way for you to improve the way you do your job, and at the same time, expand your network. It can even be a good stepping stone for you to build your own company or start your own business. Just make sure that your private consultancy practice will not be in conflict with your day job. The point of this side hustle, after all, is for you to have extra income, on top of what you get as an employee.
If, on the other hand, you’d rather not take on any additional work, you can instead utilize the assets that you already have. Say, for example, you have extra space in your house, then you can open it up for rent. Or perhaps you have a whole property that you’ve initially just invested in for future use—you can bring in additional income by leasing it out in the meantime.
Remember, all of these are meant to allow you to have extra money for your retirement savings. Be careful about how you spend or use the additional income.
One of the more common mistakes of people when it comes to their retirement savings is that they become complacent about it. Just because you already have a dedicated account opened for it, you think it’s all good. What you must not forget, however, is that this is something that you should be assessing and reassessing periodically. Obviously, your expenses do not stay static over the years (although your income might). Compounded with the ever-changing inflation rates, you can expect your savings to take a hit and suffer devaluation, unless you stay on your toes when it comes to its management.
As you approach your retirement age, you need to re-examine what kind of investments are working for you, and which ones you should let go. If you’ve invested in stocks, for example, but have found that it has not yielded any significant growth despite the amount of time you’ve invested in it, you might want to reconsider said investment.
Also, because you have a deadline approaching (your retirement), you could go for investments that are less risky—no point in losing savings so close to the time you’ll actually need it. You don’t have to put additional stress on yourself trying to recover savings that you lost because of these kinds of investment. This is why it’s important to have a reliable financial wealth planner you can trust. They can help you with reassessing your portfolio and moving things around as necessary.
Plugging the Cash Flow Leak
Don’t just stop at reassessing your assets. Make it a habit to also reassess your expenses so you can work on recovering the money you lost. Keep track of your expenses. The objective is not just to know where your money goes, but also be able to identify which expenses you can do without.
Are you dining out a bit too frequently? Perhaps you’ve been drinking too many lattes from the artisanal coffee shop, or maybe you’ve been going on a lot of out of town trips. Even the little expenses do add up over time, and you could be using up money you could have added to your savings account. From there, you can then find ways to recover the costs you’ve lost.