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Have Less Than $25K in Your Retirement Account? Make These 6 Moves


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Do you have less than $25,000 saved for retirement right now? The sad fact is, you’re not alone. Many Americans are tracking behind on their retirement savings.

Don’t panic just yet, though. Here are some simple strategies to help boost your account balance. Heck, you can even do most of these things today.

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1. Collect Every Single Penny From Your Employer

If your employer offers a 401(k) plan, you should absolutely, definitely, 100% take full advantage of its matching contribution.

If your company will match 3%, then contribute at least 3%. If it’ll match 6%, then contribute at least 6%. It’s basically free money.

If you’re already at the full company match and feel like you can afford to save even more, consider increasing your contributions even more.

If your employer doesn’t have a 401(k) package or you’re self-employed, consider stashing retirement savings in a tax-free IRA. Set up automatic contributions, so you don’t even have to think about it.

2. Leave Your Family up to $1 Million in Life Insurance (Rates Start at $5/Month)

Even if your retirement account isn’t quite where you’d like it to be, you can still protect your family. Chances are, you’ve wondered how your spouse and/or kids would manage if something happened to you. How would they pay the bills? Afford the mortgage? Send the kids to school?

That’s why now’s a good time to start thinking about a life insurance policy.

You’re probably thinking: I don’t have the time or money for that. But your application shouldn’t take more than about five minutes — and you could leave your family up to $1 million in life insurance with Bestow. Policies start at just $5 a month.

You can change or cancel your plan at any time. Plus, the security 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, pushy sales calls or even getting up from the couch, get a free quote from Bestow.

3. Cancel Your Homeowner’s Insurance

For many homeowners, your insurance might not be something you actively worry about — you just know you’ve got to pay it. But, the truth is, you’re probably paying too much.

To find out, check with an insurance company called Lemonade. If its free quote shows you a better deal, Lemonade could switch you over in just 10 minutes. Policies start at $25 a month.

Even better? No phone calls. No lengthy sign-up process. Nothing. 

And just because you’re saving money doesn’t mean you’re skimping on coverage. In fact, Lemonade pays out 30% of its claims instantly.

Just answer a few questions about your home to get started.

Lemonade is available in Arkansas, Arizona, California, Colorado, Connecticut Georgia, Illinois, Indiana, Iowa, Massachusetts, Maryland, Michigan, Missouri, Nevada, New Jersey, New Mexico, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, Tennessee, Texas, Virginia, Washington, D.C. and Wisconsin.

4. Ask This Website to Pay Your Credit Card Bills This Month

If you have credit card debt, it can be difficult to focus on your retirement savings. After all, that credit card interest just keeps accumulating, and your balance just keeps ticking up.

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 (AmOne rates start at 3.99% APR), 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. See if You Can Get Extra Money From This Company

Here’s the deal: If you’re not using Aspiration’s debit card, you’re missing out on extra money. And who doesn’t want free money? 

Yep. Aspiration gives you up to  5% cash back every time you swipe.

Need to buy groceries? Extra Cash.

Need to fill up the tank? Bam. Extra cash.

You were going to buy these things anyway — why not get extra money in the process and put it toward your retirement?

It takes just five minutes to sign up for a new debit card and see how much extra money you could earn with the Aspiration Spend and Save account.

6. Invest Like a Tycoon (Even If You’re Not Rich)

Maybe you’ve thought about investing your extra cash, but you’re not sure where to start. We found a company that helps you become a real estate investor — and you don’t have to be a millionaire. You can get started with a minimum investment of just $500.

Through the Fundrise Starter Portfolio, your money will be invested in portfolios of real estate around the United States. You can see exactly which properties are included in your portfolios — like a set of townhomes in Snoqualmie, Washington, or an apartment building in Charlotte, North Carolina.

And you don’t have to be the landlord. Fundrise does all the heavy lifting.

As tenants pay their rent, you can earn money through quarterly dividend payments and potential appreciation of the property. It’s a great way to get started in the world of investing now that you’ve built up a bit of savings.

Woman’s World has partnered with The Penny Hoarder to bring you expert money saving tips like these.

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