5 Innovative Strategies to Fund Your Retirement Accounts

The average American isn’t saving enough for retirement, leading to financial stress and even a scarcity mindset. With life expectancy rates increasing, many retirees find themselves running out of money because they under-saved. Fortunately, there are creative ways to fund your retirement account.

Even if retirement seems far off, it’s important to contribute to your financial future and aim to increase contributions each year. This can be challenging when you’re dealing with everyday expenses like housing, food, and debt payments.

Fortunately, you can fund your retirement account effectively without constantly worrying about it. I prefer to save for retirement automatically and let my account grow in the background. Here are some of the easiest and most creative ways to fund your retirement over the years without overworking or obsessing about it.

Increase Your 401(k) Contributions with Your Annual Raise

Contributing to a 401(k) through your job can be an excellent way to fund your retirement. Contributions are automatic and pre-tax, so you won’t even notice the money coming out. Plus, some employers offer matching contributions, which is extremely helpful.

If you start off contributing a small percentage of your income, try increasing that amount each year when you get a raise. Create a budget that allows you to live comfortably on your existing salary. Then, use the difference from your raise to increase your retirement contributions. For example, if you get a 5% raise, consider increasing your retirement savings by up to 5% of your paycheck. This way, you’re automatically saving more and won’t miss the money you didn’t have before.

Earn Cash Back on Your Spending with EvoShare

EvoShare is a program that helps you earn cashback for purchases at popular retailers, which can be automatically added to your retirement account or put toward another financial goal. By connecting your Visa or Mastercard, purchases are tracked, and cashback is earned from partnering retailers or hotels. This money goes directly toward your investments. Ask your employer to sign up for EvoShare so your entire team can benefit from an extra way to generate retirement income.

Invest the Change with Acorns

Acorns is a free app that invests your spare change. When you make a purchase, Acorns rounds up the amount to the nearest dollar and invests the difference. For example, if you spend $4.50 at Starbucks, Acorns will invest $0.50 for you. You can set Acorns to round up to the nearest $2 or $3 to save more aggressively and also make regular contributions.

I add an extra $5 per week to my Acorns account, but you can adjust this based on your preferences. The best part is that it’s small amounts of money that you likely won’t miss, and your balance can really add up over time.

Fund Your Retirement with Rebates

Rebates are like getting paid to spend money. You earn a percentage of your purchase back or a fixed amount. While rebates are often small, especially for everyday spending, the key is to keep multiple rebates coming in from different sources.

Rakuten is a great site for earning cash back on online purchases, sometimes up to $14 or more. They also help you find coupon codes while shopping. Rakuten pays members a ‘big fat check’ once every quarter if the balance is over $5, which can be added to your retirement account four times a year.

Another popular rebate app is Fetch Rewards, which lets you earn rewards for purchases at local grocery stores.

Sell Things Online and Invest the Profit

Do you have items lying around your house that you can sell? Try selling old stuff online. Decluttering regularly can help you find items to sell throughout the year. You can also create and sell crafts on Etsy or sell printables and e-books online. This could potentially become a passive income stream. Use the profits to fund your retirement savings account. If you earn $300/month by selling items online, that’s $3,600 per year that can go into an IRA or another retirement account.

These creative methods can help you build your retirement savings without having to think about it constantly. By integrating these strategies into your financial routine, you can work towards a more secure and comfortable retirement.

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