Retirement Saving and the Golden Years

Even the most disciplined people can still find it hard to save for retirement.  It always seems so far off and other things seem more important. Then one day you wake up and realize that in a few short years you are to be entering in to what we can your golden years. What do you do to make up for the years you slacked off on saving for your retirement? What if you have done well following your savings plan, but realize too late that inflation has risen faster than you anticipated?

There are several solutions to this problem some will be easier to implement than others, but all have their own merit. The first thing you should do is sit down and take a realistic look at your current budget. Are there any luxuries that can be cut out without seriously altering your way of life? Maybe cut back on eating out by one time a week, reduce the number of cable channels you subscribe to, or remove a few cell phone features that you do not really need. Just these three things can save you between 100 and 200 dollars a month.

Once you have gone through your budget and cut the fat so to speak, the next place to look at is insurance cost. If you have been with the same insurance agent forever you may want to give them a call and have them go over your policies to see if you can get a better deal or if you have unnecessary coverage.

You can save a big chunk of money towards retirement if you drive your vehicle an extra year after it is paid off. Take the money you would have paid in car payments and put it into your retirement savings.

Taking shorter, less expensive vacations will help you increase your retirement savings also. By cutting one or two days off of a week-long vacation will save you several hundred dollars and you will still get to relax and get away from it all.

If you have tried cutting your budget and saving money where you can on vehicles and vacations and you still won’t have enough to make up for the amount you are short, you may want to look into getting a part time job. I know it sounds kind of crazy getting a part time job so you have enough for retirement, but it boils down to you can work extra now or continue working into your retirement years.

The thing to stay away from is get rich quick schemes that will put the money you do have at risk. If you choose to invest your retirement nest egg, pick solid low risk investments, like CD’s or interest funds. Don’t take chances with any part of your retirement savings that you cannot afford to lose.

It is always smart to consult an investment professional that you know and trust to find out the best way to increase your savings. They will know the best ways to help you reach your goal. Just remember if it sounds to good to be true it probably is.