U.S. Money Reserve Reveals Top Tips to Catch Up on Retirement Savings in Your 50s and 60s
As you reach your 50s and 60s, you may be thinking about retirement. Before retiring, though, you need to ensure that you have a large enough nest egg. Getting your finances under control is the first step. Should your funds be lacking, there are plenty of ways to help catch up on your savings. In this guide, we take a look at some of the top advice from U.S. Money Reserve.
Tip #1: Continue to work for as long as possible.
One of the best ways to catch up on your savings when you hit your 50s and 60s is to continue working. While some professionals retire around this time, the more income you can generate, the better savings potential you have. Working longer can help you save more for retirement.
Needless to say, a variety of factors play a role in whether you can continue to work at these ages. Your health and family life will determine if working longer is the right option for you. For example, if you or a loved one has a health issue, you may find that it is not feasible for you to continue to work at this time.
According to U.S. Money Reserve, there are two major advantages to postponing your retirement. The first is that this continued period of work produces more income and allows you to save more money for your retirement fund. The second reason is that working longer delays the time when you need to start tapping into your savings. The longer you can wait to do that, the more there will be to use and spend when you make the move to retire.
Tip #2: Open a self-directed IRA.
Another way to start catching up on your retirement savings is to look at other options than the traditional employer-sponsored 401(k) route. While this is the most common choice, it is not the most versatile. The experts at U.S. Money Reserve recommend individuals to consider opening a self-directed IRA. This type of savings option gives you increased autonomy and flexibility over your assets, which means that you could build additional forms of wealth before you retire.
Perhaps one of the biggest advantages of a self-directed IRA is the fact that your savings can include nontraditional assets. For example, you can use real estate, tax lien certificates, water rights, livestock, and IRS-approved precious metals for this type of IRA. Having that level of control and flexibility over your savings potential could be a real win.
Should you want to use precious metals as part of your self-directed IRA savings, it may be helpful to get some expert advice. The metals that you can include are gold and silver coins and bars that meet Internal Revenue Code requirements. Speak to one of the U.S. Money Reserve IRA Account Executives to learn which precious metals can be added to your retirement savings in the form of a self-directed IRA.
Tip #3: Start a side hustle.
It is never too late to start a side hustle. If you have a hobby or interest that could make you some extra cash, why not explore that option? U.S. Money Reserve lists this as one way that you could bolster your retirement savings in your 50s and 60s. There are numerous ways you can start making more money from the comfort of your home.
For example, if you love crafting, why not sell your wares on Etsy or eBay? Whether you crochet, knit, or sew, you’ll find that there is certainly a market for handmade luxury items. Similarly, if you enjoy woodworking, you may decide to start selling what you make online. Should you have expertise in a particular subject, you could start teaching online for an extra income stream. Take the time to consider your options and see if any stand out to you.
Tip #4: Start making catch-up contributions.
Finally, one of the most direct ways to catch up on your retirement savings is to start making more contributions. U.S. Money Reserve suggests that you consider this option. When you are over the age of 50, you can start making “catch-up contributions,” which are larger than your regular payments. For instance, if you have a 401(k) plan, you could contribute an extra $6,500 each year. Consider whether you can make some lifestyle and spending changes to open up more savings potential.
About U.S. Money Reserve
Led by former U.S. Mint director Philip N. Diehl, U.S. Money Reserve is one of the country’s most well-known distributors of U.S.–government-issued gold, silver, platinum, and palladium coins. This trusted company could help you purchase precious metals to add to your growing portfolio. Over the years, their business team has helped hundreds of thousands of clients find the right precious metals for their portfolios.
This article has been published in accordance with Socialnomics’ disclosure policy.
