The New York Times reports that 44 percent of baby boomers don’t have enough money to fulfill all their retirement dreams. Do you? Try five surprising steps that boost your retirement account and increase your financial security.
Host a Exchange Student
Why not put that spare room to good use? Host an exchange student and earn a little extra cash to pad your retirement fund while making a difference in a student’s life.
You can find students via Kaplan International, Cultural Homestay International and your local university. Also, check the classifieds in the spring and early summer for announcements from organizations that need hosts.
Of course, this type of money maker won’t appeal to you if you don’t have a spare room or a desire to live with a stranger. It does, however, expand your world, improve your social life and give you a bit of cash to invest.
Sell Collectibles
Tools clutter your garage, knick knacks clutter your corner cabinet and clothes clutter your closet. When was the last time you used, enjoyed or wore those items?
Take a look through your home, and gather everything you no longer use, need, or want. Photograph, price and describe them. Now, you’re ready to sell your unwanted items online. Craigslist, eBay and virtual yard sales pull double duty. They help you declutter your home and make extra cash for your retirement fund.
Get Paid to Have Fun
What do you enjoy doing in your spare time? Turn your hobbies, interests and passion into cash.
Start by evaluating what you enjoy doing. It could be woodworking, babysitting or writing. Then, create a business plan. How many hours can you devote to your new hobby? How much will you charge? Do you need permits or a license? Check with your local SCORE chapter for help writing a business plan before you hang your shingle.
You can work from home, sell online or attend trade shows. It’s your business. Do what you want! And remember, many people work two jobs. You might as well make money doing what you enjoy, and invest that cash into building your retirement nest egg.
Downsize Your Lifestyle
As you age, you want to enjoy the fruits of the hard work you invested as a young person. You want a nice car, house and vacations. But are those lifestyle choices going to help or hinder your retirement dreams?
Take a hard look at your budget. Where possible, make cuts.
- Sell your home and buy a condo.
- Take staycations instead of traveling to expensive resorts.
- Cook at home more often rather than going out to eat.
- Rent videos and books from the library instead of buying new.
- Buy a used rather than new car when yours bites the dust.
These simple changes can put hundreds of dollars in your retirement fund every year, so don’t underestimate the power of downsizing your current lifestyle while anticipating a quality retirement.
Ask for the Seniors Discount
Did you know that many establishments offer senior discounts to men and women as young as 50? Start asking for the senior discount, and save bundles of money on everything from fast food to insurance. You have to ask for a discount, though. Most businesses don’t automatically apply it. Track your savings, and contribute them to your retirement account.
What’s on your retirement bucket list? Whether you want to travel the world, move to the beach or volunteer every day, boost your retirement account and increase your enjoyment of your golden years.
By Jen T. Today’s Free Stuff Contributor
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