Tips to Maximize Your Retirement Portfolio
When you start saving early, you’ll need to contribute less money per month or year to reach your retirement goals. If that ship has already sailed, consider these strategies to accelerate the value of your retirement portfolio:
Take advantage of employer offers. Many employers offer to mirror or match any contributions you make to your retirement plan. If such an offer is available to you, jump at it as you’ll find it far easier to reach your savings goals. Many personal finance experts even rank saving for retirement ahead of paying down debt if employer match offers are at play.
Avoid taking risks to make up for lost time. If you’ve waited until later in life to start saving for retirement, don’t be tempted to make risky investments. Sure, the prospect of a major windfall might be alluring, but you could wipe yourself out if things don’t go your way. Slow and steady wins the race when it comes to retirement savings.
Consider real estate as a powerful retirement investment. If you’re looking beyond institution-based retirement savings plans for investment ideas, consider real estate. Purchase an investment property, have renters pay down your mortgage over time, and you’ll likely own the property free and clear by the time you retire. Then, the rental income becomes money in your pocket.
You can find other ideas and investment opportunities that match your financial situation and risk profile by speaking to a licensed financial adviser.