Have Less Than $25K in Your Retirement Account? Make These 7 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 seven 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. Spend $5 to Own a Piece of Amazon, Google or Other Companies
Take a look at the Forbes Richest People list, and you’ll notice almost all the billionaires have one thing in common — they own another company.
But if you work for a living and don’t happen to have millions of dollars lying around, that can sound totally out of reach.
That’s why a lot of people use the app Stash. It lets you be a part of something that’s normally exclusive to the richest of the rich — buying pieces of other companies for as little as $1. That’s right — you can invest in pieces of well-known companies, such as Amazon, Google or Apple, for as little as $1.
The best part? When these companies profit, so can you. Some companies even send you a check every quarter for your share of the profits, called dividends.
It takes two minutes to sign up, plus Stash will give you a $5 sign-up bonus once you deposit $5 into your account.
2. Secure Up to $1 Million in Life Insurance; Rates Start at Just $8/Month
Have you thought about how your family would manage without your income after you’re gone? How they’ll pay the bills? Send the kids through school? Now’s a good time to start planning for the future by looking into a term life insurance policy.
You’re probably thinking: I don’t have the time or money for that. But your application can take minutes — and you could leave your family up to $1 million with a company called Bestow.
Rates start at just $8 a month, and you can change or cancel your plan at any time. Plus, the peace of mind of knowing your family is taken care of is priceless.
If you’re under the age of 54 and want to get a fast life insurance quote without a medical exam or even getting up from the couch, get a free quote from Bestow.
3. Invest in Real Estate (Even if You’re Not a Millionaire)
The stock market can be a scary place. Stock prices shoot up and down like a roller coaster ride, and who knows when the whole thing might crash?
It would be nice to diversify and invest some of your money in real estate, but don’t you have to be wealthy to do that?
Now you can invest like the 1% does, and all you need to get started is $500. A company called DiversyFund will invest your money in commercial real estate — specifically, in apartment complexes that it owns — and you only need $500.
Real estate can potentially earn you more money than the stock market. Over the long term, investing in the stock market will earn you an average annual return of 7%, adjusted for inflation, according to a number of studies. DiversyFund can’t guarantee how its investments will perform in the future — no one can — but historically, it has earned an annual return of 17% to 18%.
So you don’t need a fortune to invest in real estate. All you need to get started is $500.
4. 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 website called AmOne wants to help.
If you owe your credit card companies $50,000 or less, AmOne will match you with a low-interest loan you can use to pay off every single one of your balances.
The benefit? You’ll be left with one bill to pay each month. And because personal loans have lower interest rates, you’ll get out of debt that much faster. Plus: No credit card payment this month.
AmOne won’t make you stand in line or call your bank, either. And if you’re worried you won’t qualify, it’s free to check online. It takes just two minutes, and it could help you pay off your debt years faster — allowing you to focus your efforts on your retirement savings.
5. Get Paid $225/Month to Watch The News
It’s been a historic year in news, and we’re all constantly refreshing for the latest updates. You probably know more than one news-junkie who fancies themselves an expert in respiratory illness or a political mastermind.
And research companies want to pay you to keep watching.You could add up to $225 a month to your retirement account by signing up for a free account with InboxDollars.
They’ll present you with short news clips to choose from every day, then ask you a few questions about them.
You just have to answer honestly, and InboxDollars will continue to pay you every month. This might sound too good to be true, but it’s already paid its users more than $59 million.
We talked to one user in Pennsylvania, 52-year-old Carolinda Hendrickson, who earned $1,200 in a year.
It takes about one minute to sign up, and start getting paid to watch the news.
6. Get a Free 401(K) Check up
More than ever, people are feeling the need to be prepared. If you have a 401(k), you’re already on the right track to secure your future. But it’s equally important to make sure it’s braced for anything — and now is the perfect time to make sure your 401(k) is properly balanced.
Luckily, an SEC-registered advisory firm called Blooom will give you a free analysis. Are you taking on too much risk in the current market? Too little? Are you actually on track to retire?
It just takes a few minutes to find out. Plus, Blooom will show you if you’re paying hidden investment fees and even show you just how much more money your account could earn by the time you want to retire.
7. Cancel Your Car Insurance
If you really want to get the best price on car insurance, experts say you should be shopping twice a year.
OK, we can hear you laughing from here. Who has time to do all that?
But seriously, insurance companies take a lot of factors into consideration, and they change all the time. Ipso facto — you’re paying too much.
Thankfully, a free website called The Zebra will do the shopping for you — in just two minutes.
All you have to do is enter basic information about your car and driving history, then The Zebra compares prices from more than 100 companies to find you the best price.
The Zebra says it saves its users up to $670 a year.
If you find a policy you like, you can sign up online instantly.
*The Penny Hoarder is a Paid Affiliate/partner of Stash. This material is not intended as investment advice and is not meant to suggest that any securities are suitable investments for any particular investor. Investment advice is only provided to Stash customers.
**You’ll also bear the standard fees and expenses reflected in the pricing of the ETFs in your account, plus fees for various ancillary services charged by Stash.