Are you in your 50s and concerned that you still don’t have enough money for the remaining years of your life? Don’t worry too much — there are still a lot of things that you can do to significantly increase your retirement fund even if you’re already on the home stretch. Heed the following financial advice provided by top financial gurus:
Give up buying coffee.
This seems like a big sacrifice if your stops at Starbucks in the morning and other parts of the day fuel you through eight hours of work, but bringing your own coffee from home and avoiding café-bought joe can save you hundreds of dollars in a year. At least, this isn’t asking you to give up your caffeine fix altogether.
Use Warren Buffet’s method for savings.
According to one of the richest men in the world, what you should do is put away your savings first and make whatever is left over what you use for expenses. This will help you make sure that you’re reaching the target amounts for your savings instead of merely directing loose change toward it.
Search for cheaper insurance.
There are cheaper insurance provisions for people in their 50s and 60s – look into these and you can reduce insurance payments by as much as $500 a month. In a year, you can save thousands that will effectively bridge the gap between the amount of money you actually have and your goal amount for retirement.
Make your money work for you.
Save for an investment that will give you residual income. Turn to a financial adviser that can educate you on the various options that can increase your income and will allow you to grow your retirement fund. A new investment in your 50s may seem daunting, but the probability of success is high with proper guidance. Also, there are so many affordable investments – you can get some for just $100 and the ROI is often quick.
Overhaul your lifestyle.
With the children out of the house, do you really need to continue living in a 5-bedroom home? Do you need to shop at Costco every week where everything’s sold in large amounts? Do you need high-speed internet? Do you need cable TV service now that there’s Netflix and the computer easily connects to the TV? If the answer is no, you can easily change your lifestyle and save a whole lot of money. Scaling down your lifestyle to what’s appropriate now will create grand opportunities for you in your retirement years.