“Other” Ways Homeowners Can Prepare For Retirement

Today, many homeowners aren’t fully prepared for retirement. Many have jobs that don’t contribute to a retirement fund, leaving them in the dark when it comes to figuring out their finances in the future. However, even if that’s the case, there are still other ways that you can fund your retirement and still live comfortable.

Take On Another Job

Although the likelihood for many individuals to go this route is somewhat slim, it’s still an option that can prove to help you later on in life. If your schedule allows it, you can take on a second job and place your earnings from that job into an account that’s designated for retirement purposes.

Spousal IRA

A spousal IRA is great for nonworking spouses in that it allows them to contribute to an account that compounds over time. In addition it gives you and your spouse peace of mind when it comes to your retirement as funds can be added up to $5,500 annually, and up to $6,500 for those over the age of 50.

Keep Spending To A Minimum

In order to keep your finances stable, you’re going to have to cut out some expenses that can afford to be out of your life. The one example that always comes to mind is the everyday coffee purchase. Although some people believe that they can’t live without it, instead of going to your local coffee shop every morning, save those $5 and make your own instead. You’ll essentially be saving $25 a week and almost $100 per month just by cutting out the coffee shop purchase. Find other ways that you can cut back on your expenditures to even further increase your savings.

Bio: Kuba Jewgieniew is the head of Realty ONE Group, a real estate firm brokerage that is one of the fastest growing companies in America.