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A golden egg in a nest.If you think it's too late to
start saving for retirement, think again. By setting
some realistic goals and creating a plan, even for a
few years, you can create a nest egg that can help
you live a more comfortable retirement.
* Start Saving Now!
* Implement Cost-Cutting Strategies
* Make Some Lifestyle Changes
* Redefine Retirement
* Other Resources
* E-mail this Information to A Friend
* Other Topics in the Consumer Focus Archive
Start Saving Now!
"Time is money" may be a trite expression, but when
it comes to saving, it's still very true. Just
remember the compound interest lesson calculations
you learned in math class. That lesson still
applies. In a few years, you can make a significant
contribution to your nest egg with a disciplined
savings strategy.
Put every possible dollar into tax-advantageous
retirement savings plans. If your employer offers to
match your contribution to a 401(k), take advantage
of that important retirement savings vehicle. Your
savings will grow even faster. Don't leave money on
the table! Look for other tax deductible savings
plans if you still have a little extra to save. Your
employer may offer additional pre-tax saving plans
or you could open your own IRA. In addition, special
provisions in federal retirement savings law allow
employees 50 and older to save even more due to
special catch-up provisions.
Implement Cost-Cutting Strategies
Remember, a little cost-cutting now will help ensure
that you enjoy a more comfortable retirement later.
If you were planning to treat yourself to a new car,
consider making due with your current vehicle for a
few more years. Reallocate the money from the money
you'd use for the down payment toward your savings
strategy. Also, take a look at your auto insurance
coverage. If you're paying for collision coverage
for an older vehicle, consider dropping it. Take a
look at your deductible, too. If you have a low
deductible, perhaps $250, consider raising it to at
least $500 or even $100. These two strategies could
significantly reduce your auto insurance premium.
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Make Some Lifestyle Changes
If you were considering taking an out-of-town
vacation, vacation at home. You might be surprised
by the interesting activities you have in town or a
short drive away. Downsizing into a smaller home,
hopefully with a smaller mortgage or none at all,
may be an option. Even small changes like skipping
the daily $4.00 cup of boutique coffee or packing
your own lunch for work it can save you hundreds of
dollars each year.
Redefine Retirement
Consider working longer. Postponing retirement by
just a year or two can help you save thousands
toward your goal and also allow more time for
investment strategies to pay off. Also give thought
to what your definition of retirement is. Many
people who fully retire find themselves looking for
a part-time job because they're bored. Instead of
leaving your employer entirely, consider a phased
retirement and continue to working part time for
several years.
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Topics covered in this article included; retirement savings, iras, 401ks, savings accounts, money markets, mutual
funds, stocks, investing for retitement, scottrade, vanguard, janus,
fidelity, fun
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