4 Ways to Save More for Retirement—Today

retirement

Retirement is one of those life events that feels far away until it’s finally right on top of you, and because of this people are prone to procrastinating saving up for it. 

But the longer you wait to get started, the more money you risk leaving on the table. 

Low estimates by advisors recommend investing at least 10% of your monthly income towards retirement, which sounds daunting until you carefully consider the various places from which you can draw to reach this figure.

Even if you think you don’t have enough money to get started saving for retirement today, think again. There are some very easy ways you can tap into existing resources—and often even spending—and simply reallocate it towards retirement.

1. Set it and forget it—automate your savings 

Instead of giving yourself the occasion to opt out of setting money aside for retirement, go ahead and automate contributions. You can often do this directly from your pay hub. It’s worth discussing with a financial advisor affiliated with the company handling any of your pay systems, or else who’s in charge of your retirement accounts.

Be sure to aim to get contributions taken care of pre-tax, unless you are working from within Roth accounts. With Roth accounts, which accept contributions post-taxes, you may even consider using an app that handles this automation step.

Often, long-term income projections drive people to choose whether they want an account that lets them defer tax payment or an account that makes them pay it upfront. If you anticipate being in a higher income bracket when you collect distributions in retirement, you may wish to pay upfront because that will legally give you a lower income tax rate.

2. Diversify your investments

Never put all of your eggs in one basket, the saying goes—and retirement savings is no exception. Don’t just stick to conservative options, and don’t neglect the power of diversification. Being tied to the outcome of one particular investment type does little for the long-term stability and security of your retirement funds.

Speak with a qualified financial advisor about the various options you have available, and be sure to look at different institutions. One consideration to keep in mind is the self-directed IRA, which gives you the widest range of asset types in which you can invest.

3. Go ahead: shift taxes to your 401(k) plan

No matter what tax bracket you are in, you are not taking home as much pay as you hope you are. A portion of it goes directly to the IRS. For every dollar you make, twelve cents or more go straight to the IRS.

But what if you take a portion of your pretax income and invest it directly into a retirement plan such as a 401(k)? Doing this reduces the contribution’s impact to your income and budgeting, while still encouraging you to start saving for retirement.

4. Evaluate what special programs you might be eligible for

Are you a combat veteran? A newly minted college graduate? A freelancer who didn’t think retirement savings was actually an option?

Depending on the source of your income, there may be specialized retirement plans available for you to use and start putting money aside for retirement. These plans may have contribution limits that are appropriate for the income level you are receiving while also potentially allowing you to leverage tax incentives.

5 Legit Ways to Make $200 Quick and Fast

invest money

Earning quick money is a skill in its own right. It can only be learned by trying, failing and experimenting several times. Some people find it difficult to get started. If this sounds like you, here are some easy ideas to make $200 fast.

Here Are the 5 Legit Ways to Make $200 Quick and Fast

1) Work as a Delivery Person

By working as a pizza delivery boy/girl in a large city like New York, you can earn up to $100 a day. According to information provided by PayScale, a pizza delivery boy in New York earns $9.25 per hour. To make $200 quick and fast, you will need to work part-time for at least two days. Including the tips, you can easily reach your goal in one and half a day. Although, you will need to have your own two-wheeler vehicle.

2) Sell Old and Unused Items Lying in Your Home

Do you have a lot of unused furniture, electronics, clothes, etc lying around in your home? If you were procrastinating on decluttering your home, this is the right opportunity. Most people lack the motivation to clean their house (and life) up. 

What better motivator than some cold hard cash. By selling the used and unneeded items from your home, you can easily make more than $200 in less than half an hour. Use sites like Craigslist to advertise.

3) Work as a Beta Tester

Not everyone can or should work outdoor jobs such as delivery boy/girl or uber driver. For those who have excellent knowledge of computers or smartphones can earn money from the comfort of their homes. 

Mobile app companies do not want to publish erroneous software with a ton of bugs. To make sure that their software is bug-free and flawless, they are willing to pay tech-savvy users to give them feedback. You can work as a beta tester for the games, apps, websites, etc you use in your daily life and make a lot of money in a short duration.

4) Work as a Virtual Assistant

Do you have prior experience working as an office secretary or an office assistant? If yes, then you can make $200 easily by working as a virtual assistant. To get started as a virtual assistant, you can either apply to freelance websites like Fiverr or Upwork or market your services in your social circle. 

There is a high demand for people who can provide remote administrative services for a low rate. However, unlike other online jobs like programming or content writing–where the range of tasks is quite limited–a virtual assistant can be asked to perform a variety of different tasks like cold calling, writing a first draft, interviewing job applicants on the phone, etc.

5) Look for a Gig on Craigslist 

Craigslist is one of the best job search sites for contractual or gig-based work. If you are a young person with no particular skill in your armory, you can look for easy jobs in your area that can offer you some quick money. Almost all recruiters on Craigslist are open for negotiations. You can expect physical labor jobs like moving, construction, etc.

Summary

Quick money can be earned by both working for someone or running your own short-term business. I would recommend you to get started by buying household items for cheap and then selling it for a reasonable price online. The more niche the item, the more money you can expect the buyer to pay.