Sunday, September 1, 2013
Here are five savings ideas you should consider to boost your retirement savings:
- Work part-time. If you think you may be bored a year or two into retirement, consider planning for a retirement career.
- Build larger cash reserves. Target 24 months of living costs and overestimate, if possible.
- Budget during the home stretch. Bank every cent you can right before retirement for a happier long-term outcome.
- 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.
- Save now. Take advantage of the magic of compounding.
See Mitch Tuchman, How to Give Retirement Savings a Major Boost, Forbes, Aug. 27, 2013.