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Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

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Sunday, September 1, 2013

5 Strategies to Boost Your Retirement Savings

Fatpig

Here are five savings ideas you should consider to boost your retirement savings:

  1. Work part-time.  If you think you may be bored a year or two into retirement, consider planning for a retirement career.
  2. Build larger cash reserves.  Target 24 months of living costs and overestimate, if possible.
  3. Budget during the home stretch.  Bank every cent you can right before retirement for a happier long-term outcome.
  4. Get rid of debt now.  Consider putting your home on the market earlier than you planned, paying off car loans, and extinguishing credit card debt.
  5. Save now.  Take advantage of the magic of compounding.

See Mitch Tuchman, How to Give Retirement Savings a Major Boost, Forbes, Aug. 27, 2013.

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