Pick Up a Side Gig to Put Extra Money in Your Savings

A great way to boost your retirement savings is to pick up a side hustle. “Side hustles are obviously a great way to earn extra money, but they also provide an opportunity to turn a passion or hobby into something more than that,” said Bankrate.com analyst Amanda Dixon. “Technology has leveled the entrepreneurial playing field, so there’s no limit to what a good idea and hard work can produce.”

According to a new report from Bankrate.com, around forty-five percent of American workers have a side gig that helps them earn extra income.

“Though the economy is strong, many Americans are finding it necessary to work on the side in order to make ends meet,” added Dixon. “The good news is, whether you need to put in extra hours to pay the bills or pad your savings account, finding a side gig has never been easier.”

You can use your extra money to open a Roth IRA and make annual contributions. If you are single and your modified adjusted gross income is less than $118,000, you can contribute up to $5,500 a year. If you are married, your modified adjusted income should be less than $186,000 in order to be allowed to contribute to a Roth IRA. The good news is that you can take money out in retirement without having to pay any taxes.