How To Quickly Boost Your Retirement Fund If You Are a Homeowner in Philadelphia!

Boost Your Retirement Fund

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 working much. 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 Philadelphia!

401k and Roth IRA

You may already have a 401k with your employer, but are you taking full advantage of the employer match program if available? You want to put as much as possible in your 401k to benefit from free money! Some employers match 50% of contributions up to a certain amount, and some may reach 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 can contribute more to your accounts, referred to as “catch up” savings.

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. This will indeed 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 ratio 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. This will save you money, but this will also surely improve your credit score!

Take on a Second Job

Another way to boost your retirement fund quickly is to take a second job. Since your current job can cover all necessities, your second job income can go straight to your retirement fund. You may lose some of your spare time but think of your retirement! When you are older, you will have plenty of money and free time to take those vacations and travel. If you save up enough, you might even get to retire early!

Sell Your House

If you are a homeowner in Philadelphia, the easiest and quickest way to boost your retirement fund with a big chunk of money is to sell my 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 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 keep in some unexpected places, like the electric and water bill, and it’s time 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! 

We’re Buying Property 215, a family-owned real estate company! We purchase property in any overall condition regardless of the current circumstances. We have knowledge and experience buying and selling property so we can guarantee a stress-free process! The Better Business Bureau accredits our company with an A+ rating & 5-star google reviews! 

Call Buying Property 215 at [215-359-6090] or send us a message to discuss how to quickly boost your retirement fund if you are a homeowner in Philadelphia. 

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