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Let’s assume you’re on your way to retirement. Needless to say, the road is shorter as each day passes. Therefore, one must think about the future without naively delaying it. Since you’re reading these words, we can say you’re a responsible person. You’re someone who wants to know how to increase their retirement savings.

If you agree with the last sentence, we’ve got something to talk about today. In the article that you’re about to read, we’ll show you some neat tips and tricks. They’re all closely associated with boosting your retirement savings in an effortless fashion. That being said, don’t go anywhere. Here are the 12 ways to increase your retirement savings or earn easy money online!

Table of Contents

#1 Act like a responsible human being

This isn’t a trick in its essential meaning. Also, we kind of already said this in the beginning. Still, it’s nevertheless important. One must think about the future without delaying the process for who knows how long. Especially when we consider the contemporary situation.

What contemporary situation? Well, back then, when your parents were starting out, nobody worried about retirement. It sounds like an overstatement, but give it some thought. Pensions were pretty common back in those days. Many working people were guaranteed a lifetime income once they retire.

Nowadays, things aren’t the way they were. Pensions are less common. Basically, you’re the one in charge of your own personal retirement. Therefore, you should take some proactive measures. Start thinking about your retirement right now!

PS. We’ll try to act less parent-ish in the following sections of this article.

#2 Deal with your debt ASAP

There’s something that can really put some pressure on your savings account. That’s right, we’re talking about DEBT. You should deal with it as soon as possible. It will keep you from generating wealth en général.

So, what’s there to be done? Well, we suggest you focus on dealing with high-cost debt first. We’re talking about cred card balances or student loans, for instance. Your next target should be to pay off any mortgages before you reach the golden years. That’s because such an action will make living on a fixed income trouble-free.

Here’s a suggestion: google the snowball method of paying off debt. You’ll thank us later!

#3 What about budget spending?

Yup, you’ll also need to think about how you spend the money you earn. If invested wisely and with care, even small sums can make a difference. Therefore, you’ll want to see if you can try to cut your spending whenever possible. Budget spending will help boost your savings fund.

All you have to do is make a monthly budget and stick to it. Record every single item or thing you spend funds on. There’s a good chance you’ll reveal some hidden spending patterns. Needless to say, see if you can eliminate some of them. For instance, maybe there are some subscriptions you’ve forgotten about.

#4 Automate your savings

That’s right, simply make your retirement contributions automatic every single month. You’ll save money without thinking too much about it. Okay, let’s see what else you can do to increase your retirement savings.

Speaking of savings, here’s how you can save money as a senior.

#5 Answer online surveys

Here’s another way to boost your retirement savings fund: take online surveys. Many folks around the world earn a side income with paid online surveys. Okay, but what exactly are these surveys? The concept is simple: companies depend on user opinion. Therefore, they have to inquire about their products just so they know how to make them better.

Anyway, all you need to do is sign-up on one of the survey platforms. Next, you’ll need to wait for survey invitations. For every survey you complete, you’ll get points that you can turn into real cash. You’ll get to the latter once you reach the payment threshold.

Lastly, this is how many retirees earn some pocket money. Surveys don’t take much of your time and the rewards are very nice. That being said, you can continue to answer surveys well into your retirement years.

A couple in retirement standing outside of their home.

#6 Stash some extra money away

So, you’ve earned some extra income? Well, it’s better to stash it away rather than spend it instantly. For instance, let’s say you got a raise at your job. Each time that happens, stash half of the extra money you’ve earned each month. If you’re earning $200 a month more, stash $100. 

Don’t just stash the money, dedicate it to your retirement plan account. It’s better to do that than to spend it on something that won’t benefit you in the long run. No matter how tempted you are to spend the money, stash it away.

#7 Save money by taking advantage of online offers

Here’s another way to save money: take advantage of various online discounts and sales. Luckily, you don’t have to browse the web all by yourself for these kinds of deals. Yup, there’s someone who’ll take care of that instead of you. To phrase it differently: there’s a little platform called Offers by Digiopinion.

The way the platform works is quite simple: you sign-up with your e-mail address. Once you did that, you’ll just have to wait for the best offers to arrive in your inbox and that’s all there’s to it! Now, that doesn’t sound so hard, right?

#8 Think about your health insurance strategy

As we’re sure you know, many people neglect to plan healthcare costs during their golden years. That’s because they’re usually taken care of by their employer’s plan. However, these costs during retirement aren’t to be taken lightly. Some studies suggest you set aside thousands of dollars for this.

Once again, there’s an easy way out of a messy situation. In other words, you can open an HSA (health savings account). These function almost the same as retirement accounts. However, there are differences:

  • you can withdraw the money tax-free. Whenever it’s time to pay for qualified medical costs, that is. 
  • once you reach 65, you’ll be able to withdraw for any reason. You’ll just have to pay taxes for non-medical withdrawals. Therefore, your HSA can serve as a second retirement account. 

Okay, now that we’ve taken care of that, let’s see what else have we got today!

#9 Increase your retirement savings by watching sports

We haven’t finished introducing some good money-making strategies. Did you know that you can boost your retirement savings by watching your favorite sports? Now that you do, here’s how it works!

Many e-betting platforms use various strategies to gain your attention. One of the most common ones is that they give you various rewards and bonuses. Here’s the thing: there’s another platform called Rewards by Digiopinion. Through it, you can find the best e-betting sites, rewards, and bonuses. 

Also, it’s not all about betting on sports. Most of these sites also have various casino games you can try out. If that’s more your thing, of course.

#10 Utilize your employer’s company match

Now here’s something experts consider “free money”. Did we catch your attention with that syntagm? Alright, so what’s the deal with the employer’s company match?

Many employers offer their employees the so-called company match. It’s when your employers offer to match 100% of your contributions. Those contributions can be as high as 3% of your salary. However, it doesn’t stop there. They also offer to match half of your contributions on an additional 2 percent.

#11 Open an IRA

IRA stands for an individual retirement account. You’ve got two options on your side:

  • A traditional IRA. With it, you might be eligible for a tax deduction in the year you make a contribution. However, you’ll pay taxes once you begin making withdrawals during the golden years.
  • A Roth IRA. This one shares many features with traditional IRAs. Still, it comes with certain tax benefits. Your contributions to Roth IRAs are made with after-tax dollars. Okay, so that means you don’t get a tax break upfront. However, you won’t have to pay taxes once retirement withdrawals start.

Also, here’s another thing about Roth IRAs. You can let the money grow longer. You can also pass it on to your heirs or donate it to charity.

#12 Think about postponing Social Security as you get closer to retirement

And we’ve almost come to the end of this guide on how to increase retirement savings. Each time you postpone receiving a Social Security payment before you reach 70, you increase the sum you’ll get in the future. The earliest moment you can receive these benefits is once you reach 62. Our suggestion is that you wait until 70, if possible. Also, it will boost the potential future survivor benefits for your partner.

If these tips weren’t enough, here’s another piece on ways to earn money as a retiree.

Closing thoughts on the subject of how to increase retirement savings

Okay, folks, so that’s about all that we’ve prepared for today. These were some of the tricks and tips on how to increase retirement savings. Hopefully, you’ve had fun browsing through them. By following most of these, you’ll have no trouble enjoying an income in the golden years. If you’re on the lookout for more tips on saving money or earning an income online, click here.