A retirement fund is an important thing to have. When you’re 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 Hartlepool.
You may already have a pension set up with your employer, but are you taking full advantage of it? Many people just put in the minimum amount, but if you can afford to put more in your pension pot, you’ll get the full benefit when you come to retire. Some employers match 50% of contributions up to a certain amount, and some may match 100% or make deposits even if you don’t. It’s also a tax efficient way of saving for the future, as pension deductions are taken from your gross pay, not your net salary.
Pay Off Debt
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 as it’ll take longer and cost more to pay everything off. 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 it will improve your credit score too.
Take on a Second Job
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’ll have plenty of money and free time when you’re older to take those holidays and travel. If you save up enough, you may even be able to take early retirement.
Sell Your House
If you’re a homeowner in Hartlepool, 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. 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 pounds away to start earning interest now and find a different house to live in, and save extra money with the lower interest rates. You’ll also save in some unexpected places, like the utility bills and maintenance of your house. You might be able to find a smaller, more energy-efficient home closer to your work, cutting down on your commute and fuel every day.