Reaching middle age and realizing you are nowhere near prepared for retirement can be frightening. Rather than staying scared and frustrated, start today. Each day that you put it off is another day of continuing to work. Investing late in life for retirement is completely possible with these helpful tips.
Downsize
As your nest becomes empty, consider downsizing. Even if you’ve paid off your house, the upkeep on a large home can often drain savings. Townhomes and condos can be a great fit with a much lower home maintenance cost.
Real Estate Investment
If you can pay cash or close to it, now may be a good time to invest in real estate and produce rental properties. However, one downside of rental properties is the upkeep. You’ll probably want help managing the property, which means paying someone. But if you do everything you can to keep energy costs down and the property well-maintained, investing in real estate is a feasible retirement option.
No Debt
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Maximize 401k
If your company offers a 401k, now is the time to contribute the maximum amount that you can and allow it to build.
A Balanced Portfolio
Young investors can take greater risks because they can make up losses over the next several years. If you’re hoping to retire in about ten years, you can’t afford to lose money in risky stocks and trades. It can be tempting to try and increase your retirement fund quickly. But it’s a gamble, and later in life, it’s best to play it safe.
Just because you’re investing late in life for retirement doesn’t mean you won’t be able to retire when you want to. Start now with these ideas and look forward to the future.
