Automatically invest your spare change
You don’t always have to put away large sums to move toward your retirement goals. Ten dollars a week could make a difference – if you’re smart about what to do with your spare change.
When you make a purchase on your credit or debit card, Acorns automatically rounds up the price to the nearest dollar and places the excess — the coins that would wind up in your pocket if you were paying cash — into a smart investment portfolio.
Let’s say you purchase a doughnut for $2.30. Before you’re done licking the sugar off your fingers, Acorns will round the amount to $3.00 and invest the 70-cent difference for you. Look at this math: $2.50 worth of daily round-ups add up to $900 per year — and that’s before your savings earn money in the market.
Plus, if you sign up now, you can get a $20 bonus investment.
Maximize your current savings
57% of Americans put their money in traditional savings accounts, which have an average percentage yield of only 0.41%, according to the Federal Deposit Insurance Corporation (FDIC).
You can easily get a rate of return over ten times higher by putting your savings in a certificate of deposit (CD). A CD is a low-risk savings account that offers a fixed interest rate for a specified period. You get a higher interest rate as a reward for that commitment.
With SavingsAccounts.com, you can shop and compare top certificates of deposit rates from various banks nationwide.
Their extensive database shows the most competitive rates without bias, with daily rate updates and earnings calculators which give you an array of free tools to help you find the right CD to meet your retirement savings goals.
Find additional sources of capital
With home values higher than ever, you can make your home work harder for you by making the most of your equity. The average homeowner sits on roughly $311,000 in equity as of the third quarter of 2024, according to CoreLogic.
Having access to your home equity could help to cover unexpected expenses, fund a major purchase like a home renovation or supplement income from your retirement nest egg.
Rates on HELOCs and home equity loans are typically lower than APRs on credit cards and personal loans, making it an appealing option for homeowners with substantial equity.
Unlock great low rates in minutes by shopping around. You can compare real loan rates offered by different lenders side-by-side through LendingTree.
Just answer a few simple questions, and LendingTree will match you with up to 5 lenders¹ with low rates today.
Supercharge your retirement contributions
Take advantage of your employer’s 401(k) matching program if that’s an option. Work toward increasing contributions whenever you receive a raise or bonus.
If you’re looking for other options to fund your retirement, consider investing directly in precious metals. Gold, for example, typically offers more stable returns than stocks – allowing you to safeguard your retirement from economic volatility.
One way to invest in gold that also provides significant tax advantages is to open a gold IRA with the help of American Hartford Gold.
Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, thereby combining the tax advantages of an IRA with the protective benefits of investing in gold, making it an attractive option for those seeking to ensure their retirement funds are well-shielded against economic uncertainties.
You can get up to $15,000 in free silver on qualifying purchases, and a free information guide when you sign up with American Hartford Gold.
Consider a reverse mortgage
Getting a reverse mortgage is essentially cashing out the equity you’ve built up over the years in your house. If you’ve been paying your mortgage consistently for the past 15 to 20 years, chances are you’ve paid off a significant portion of the loan and have built sizable home equity.
For the third quarter of 2024, the average U.S. homeowner gained approximately $5,700 in equity over the past year.
A reverse mortgage lets you tap into your home equity to supplement your income, pay off substantial debt or fund renovations. You can choose to borrow the funds as a lump sum or fixed monthly payment and can spend it however you want.
The reverse mortgage becomes due once the borrower passes away, stops using the home as their primary residence or sells the property.
You can check out the Moneywise list of industry-leading companies offering reverse mortgages here.
Compare offers instantly and request a free information guide to help you understand how to get started.
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