Jun 24, 2021 10:36 AM EDT By Ernest Hamilton, UniversityHerald Reporter

If you are excited about finally being able to walk away from your career and begin retirement but are also concerned about how to make sure you've built up enough nest egg, don't worry as you are definitely not alone. There are many people who are unsure how they will be able to pay for their lifestyle once they are retired. Here are tips on how to fund your golden years. Keep in mind that it is always better to start sooner rather than later.

Think Real Estate

This method requires a bit of money upfront to make the initial purchase but once you start selling, it can be quite lucrative. This isn't buying old homes and fixing them up yourself nor is it becoming a landlord, both of which can be quite a pain. This is simply buying homes wholesale and reselling them to people that need help finding homes for them to fix up. Think of it as being a housing middleman. You simply purchase a few homes at a time and flip to the flippers, so to speak.

Safe Investing

If you start early enough in life, you may want to start putting money into safe investments such as CDs. They offer favorable interest rates compared to simple savings accounts and help avoid some of the risk that comes with investment. While you can put funds into more aggressive investments, especially at a young age, it's nice having CDs as part of your diversified portfolio as well.

Ditch the Insurance

We're not talking about ditching your health or auto insurance, but if you are approaching middle-age and don't children or they are grown and on their own, you may want to consider selling your life insurance policy. Don't simply cancel it or cash out, though. There are third-party investors who will buy your life insurance policy at a price that is above the cash-out value but below the full policy amount. This is known as a life settlement. All responsibilities and benefits transfer to the purchaser, so you are completely washing your hands of the policy. This is a quick and easy way to fund your retirement and avoid costly premiums going forward.

Match Your Employer

As soon as you take on a career that offers employer-matched 401(k) plans, start taking advantage of them. Failing to do so is essentially leaving free income on the table. The money you put into your plan should, at the very least, match your employer's contribution but should go above that in the maximum amount you can afford.

Become Budget Minded

If you learn to live on a comfortable budget while you are young, it is much easier to put money away toward your future. You don't have to live on a shoestring, but it is always wise to cut corners where you can. Your future self will definitely appreciate the effort you put into retiring comfortably in your golden years. Avoid multiple subscription services as they can add up over time and you probably very rarely use some of them.

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