Have Less Than $25K in Your Retirement Account? Make These 6 Moves
Do you have less than $25,000 in your retirement account right now?
You’re far from alone, my friend. The fact is, 40% of Americans have less than $25,000 saved for retirement, according to a Northwestern Mutual study. That’s scary.
But, hey, we’re not here to lecture you or instill fear in you. We’re here to cheer you on and show you how to get back on track.
We’ve got six ways to boost your balance and sock away more savings for your golden years. Bonus: You can start doing most of these things today!
1. Get Every Penny From Your Employer
If your employer offers a 401(k) plan as part of its benefits package, then you should absolutely, definitely take full advantage of your employer’s matching contribution.
“Take advantage of your full company match,” says Jeff Dixson, a financial adviser in Vancouver, Washington, who hosts a radio show called “The Retirement Coach.” “If they match 3%, contribute 3%. If they match 6%, try to get to 6%. That’s free money. There’s nowhere else you’re going to get free money.”
If you’re already at the full company match, consider increasing your contributions even more. Trying raising it by at least 1%.
If your employer doesn’t have a 401(k) package, or if you’re self-employed, you should strongly consider stashing retirement savings in a tax-free IRA. Contribute to it routinely and automatically, if you can.
2. Leave Your Family up to $1.5 Million in Life Insurance
Oh, to be a millionaire. Look, not all of us have the money to set up trust funds for our loved ones. But you could still leave them up to $1.5 million in life insurance — and you don’t even need to have the money in the bank.
You’re probably thinking: I don’t have the time or money for that. But this takes just minutes — and you could leave your family up to $1.5 million with a company called Bestow.
We hear people are paying as little as $10 a month.* (But every year you wait, this gets more expensive.)
It takes just minutes to get a free quote and see how much life insurance you can leave your loved ones — even if you don’t have seven figures in your bank account.
3. Ask This Website to Pay Your Credit Card Bills This Month
It’s hard to build your retirement savings if you’re losing money to credit card debt. And your credit card company is just getting rich by ripping you off with high interest rates. But a company called Fiona could help you pay them off tomorrow.
Here’s how it works: Fiona will match you with a low-interest loan you can use to pay off every credit card balance you have. The benefit? You’re left with just one bill to pay every month, and because the interest rate is so much lower, you can get out of debt so much faster. Plus, no credit card payment this month.
Fiona won’t make you stand in line or call a bank. And if you’re worried you won’t qualify, it’s free to check online. It takes just two minutes, and it could save you thousands of dollars. Totally worth it.
4. Add a Free $225 to Your Retirement Account Every Month
If we told you that you could get paid to watch videos on your computer, you’d probably laugh.
It’s too good to be true, right?
But we’re serious. A website called Swagbucks will pay you to watch short video clips online. One minute you might watch someone bake brownies and the next you might get the latest updates on Kardashian drama.
All you have to do is choose which videos you want to watch and answer a few quick questions about them afterward.
Swagbucks won’t completely pay off your credit cards, but it’s possible to earn up to $225 per month watching these videos. It’s already paid its users more than $400 million.
It takes about one minute to sign up, and you’ll immediately get a $5 bonus to get you started.
5. Get up to $500 in Free Stock
If you feel like you don’t have enough money to start investing in your retirement, you’re not alone. But guess what? You really don’t need that much — and you can even get free stocks (worth up to $500!) if you know where to look.
Whether you’re got $5, $100 or $800 to spare, you can start investing with Robinhood.
Yeah, you’ve probably heard of Robinhood. Both investing beginners and pros love it because it doesn’t charge commission fees, and you can buy and sell stocks for free — no limits. Plus, it’s super easy to use.
What’s best? When you download the app and fund your account (it takes no more than a few minutes), Robinhood drops a share of free stock into your account. It’s random, though, so that stock could be worth anywhere from $5 to $500 — a nice boost to help you build your investments.
6. Cut Your Cell Phone Bill to as Little as $4/Month
When you’re trying to save for retirement, you might feel like you have to cut every enjoyable thing out of your budget. But the truth is, one of the simplest — and most impactful — expenses you can cut is cell phone bill.
The thing is, you’ve probably had the same cell phone company for a while. And you’re probably paying way too much for your service.
But with discount prepaid phone carrier US Mobile, you could get a plan starting at as little as $4 a month.
With US Mobile, you get to build your custom plan. Pick the amount of minutes, texts and data you need. Don’t worry about perfecting your plan; you can adjust it at any time.
You can bring your own phone — 99% of phones are compatible with US Mobile — or buy a new one through its site, then order a SIM card (a $3.99 one-time purchase). It’ll mail you the SIM card for free to put in your phone.
So, don’t let your pesky monthly bills hold you back from hitting your retirement goals. See how much you could save here.
*Bestow: Policies are issued by Bestow Life Insurance Company, Dallas, TX on policy form series BLI-ITPOL. Bestow Life Insurance products may not be available in all states. Policy limitations or restrictions may apply. Not available in New York. Our application asks lifestyle and health questions to determine eligibility in order to avoid requiring a medical exam. Prices start at $10/month based on an 18-year-old male rated Preferred Plus NT for a $100k policy for a 10-year term. Rates will vary based on underwriting review.
