You may be so busy working and paying the bills that the last thing you want to do is set money aside for your future retirement.
If you’re blessed with an employer that matches your retirement contributions with each paycheck, consider yourself lucky. Still, keep in mind there is always room to save more.
If you have no retirement saved up, now is the perfect time to find ways to set some money aside for the future. Here’s how.
Create a Precious Metal IRA
Have you thought about investing in gold or silver? What about foreign currency? If you have the funds to invest, this is a great way to reap large rewards and returns on your investment in the future. Keep in mind there are strict rules requiring these investments and you should consult with a professional like Treasury Vault who can help you with setting up and administering a self-directed IRA. They can be the liaison between you and the IRA administrator to coordinate the investment and help identify the currency or commodity that you wish to invest in. The process is as simple as:
- Taking your current IRA or 401k and rolling it over to a retirement service provider
- Choose a commodity or precious metals dealer
- Select the exact foreign currency amount or precious metal you want to invest
Investing in foreign currencies and metals is just one way you can secure a future for yourself and reduce the sudden penalties you may face with other investments.
Putting Any Extras into a Savings Account
Your tax refund is something you may look forward to every year. You may use this as a down payment on a new car or to pay for part of your annual vacation. While those things are a must once in a while, putting your tax refund directly into savings is a great way to save without seeing any money come directly out of your paycheck.
If you’re unable to put the entire amount into savings, you may want to consider placing a portion into an account. An interest-bearing account is a great way to see a profit return over time. Select an account that has minimal annual fees. Most long-term retirement savings accounts waive these fees as long as you don’t withdrawal funds within the first few years. Diversify your portfolio by placing multiple amounts of money into different accounts. In addition, if you get any type of bonus at work, win money, or are gifted any monetary amount, consider placing these funds into a savings account as well.
Tweak Your Direct Deposit
Does your paycheck go directly into your checking account each week or every other week? If so, it saves a lot of time and stress without having to wait in long lines at the bank.
Another way you can easily save for your retirement is to designate part of each paycheck to automatically go into an IRA or another form of interest-bearing savings account. This allows you to save money without having to make a separate deposit. You can create this setup through your employer or your bank and generate a set amount that will allow you to easily reach your future retirement savings goals.
Purchase a Rental Home
Saving for the future may mean you have to make some investments. right now in order to reap the benefits years from now.
One way to do this is with real estate. Purchasing a home that has good investment value can allow you to reap the appreciation of the home and property as the years go by. You can get a quick return by flipping properties and then putting the profits in an IRA or you can rent the property out. A profitable sale can lay the groundwork to flip more properties and build financial stamina. A rental is more of a slow-growing investment, as long as you have good tenants and the property value continues to increase. Either way, place all of your profits into an interest-bearing account that can be accessed in the future.
Stocks, bonds, real estate, and just plain saving money each month are all common ways to save for the future. Don’t wait. Start putting money away now. It’s never too late.
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