How To Quickly Boost Your Retirement Fund If You Are A Homeowner In Massachusetts

A retirement fund is an important thing to have. When you are old enough to retire, you want to make sure you have enough money to live comfortably without having to work much at all. Hopefully, you will be able to save up enough during your working years to do this, but it’s never too late to start. Here are ways to quickly boost your retirement fund if you are a homeowner in Massachusetts.

401k and Roth IRA

You may already have a 401k set up with your employer, but are you taking full advantage of the employer match program if it’s available? You definitely want to put as much as you can in your 401k to get the full benefit of free money! Some employers match 50% of contributions up to a certain amount, and some may match 100% or make deposits even if you don’t! This will also save you additional paycheck taxes since the 401k funds are taken out of your check before taxes.

In addition to the 401k, you can have a Roth IRA account. Your money will be taxed now, but not later in retirement when it matters most. Make sure to max out your Roth IRA contributions to take advantage of this saving opportunity! Contributing the maximum allowed amount will quickly boost your retirement fund. If you are over 50, you are allowed to contribute a little more into your accounts, also referred to as “catch up” savings.

Pay Off Debt

Paying off outstanding debt is a great way to boost your retirement fund. Don’t make the mistake of only making the minimum payments on accounts. This will surely be eaten up by interest and fees and will slowly be applied to your principal balances. Making large lump payments to bring down your overall balance will save you thousands in the long run, and leave you more money to contribute to your retirement fund. Once you have your balances paid off, commit to paying off the entire balance every month. Not only will this save you money, but this will also surely improve your credit score!

Take on a Second Job

Another way to quickly boost your retirement fund is to take on a second job. Since your current job can cover all of the necessities now, your second job income can go straight to your retirement fund. You may lose some of your spare time, but just think of your retirement! You will have plenty of money and free time when you are older to take those vacations and travel. If you save up enough, you might even get to retire early!

Use Home Equity Through a HELOC or Reverse Mortgage

If you’re not quite ready to sell your home but need access to cash, tapping into your home equity can be another strategic move. A Home Equity Line of Credit (HELOC) lets you borrow against your home’s value while still living in it, often with flexible repayment terms and lower interest than credit cards. For older homeowners, a reverse mortgage can be a way to receive monthly payments or a lump sum without selling—though it’s important to understand the long-term implications. The Consumer Financial Protection Bureau (CFPB) has a helpful guide for evaluating whether a reverse mortgage aligns with your retirement goals.

Rent Out a Portion of Your Home

Another way to generate income without selling your property is by turning unused space into rental opportunity. Whether it’s a basement apartment, in-law suite, or even a spare bedroom, short- or long-term rentals can provide ongoing income to supplement your retirement savings. Massachusetts cities like Boston, Revere, and Chelsea have seen growing demand for affordable housing and room rentals. Just make sure you comply with local zoning laws and short-term rental regulations, which you can verify through your city or town’s official website has a helpful guide for evaluating whether a reverse mortgage aligns with your retirement goals.

Downsize and Relocate Strategically

Many homeowners discover that moving to a smaller, more efficient home—either within Massachusetts or to another state—can dramatically lower monthly expenses. Downsizing reduces taxes, maintenance costs, and utility bills, while freeing up equity that can be reinvested for your future. Places like Worcester County, the South Shore, or even parts of Western Massachusetts may offer a lower cost of living while keeping you close to family and familiar communities. Use tools like Massachusetts Housing Partnership’s ONE Mortgage Program to explore options for affordable housing if you’re looking to buy again on a tighter retirement budget.

Sell Your House

If you are a homeowner in Massachusetts, the easiest and quickest way to boost your retirement fund with a big chunk of money is to sell your house! You may even be able to negotiate the buyer paying a majority of the fees to have more money to put aside. Take into consideration downsizing now to save for the future. You can also take advantage of the low-interest rates when you are looking for a loan for your new home. You can put thousands of dollars away to start earning interest now and find a different house to live in, and save extra money with the lower interest rates. You will also save in some unexpected places, like the electric and water bill and the actual time it takes to clean your house. You might be able to find a smaller, more energy-efficient home closer to your work and save you time and gas money every day!

At Ephesus LLC, we’ve recently helped families in Boston, Revere, Malden, Everett, Chelsea, Lynn, and surrounding communities unlock the value in their homes to move toward a better financial future. Whether it was through a full sale, creative financing, or downsizing, our goal has always been the same: to offer a clear, stress-free path forward. We understand that your house isn’t just a structure—it’s a key part of your life’s next chapter. Call us today for a free, private consultation with no pressure or obligation. We’re here to help you move forward with confidence and peace of mind.