Retirement saving for late bloomers

Effort achieves our wishes. burgershoes.com

Pay down debts

Eliminating debt is good formen andwomenofallages,butespecially soforthosenearingretirement.Substantial debt may delay your retirement andcan greatly reduce your quality of life during retirement. If you stillhavesubstantial debt,eliminate that debtbeforeyou start saving additional money for retirement. Once your debt slate hasbeenwiped clean, you canthen increase your retirementcontributions.

Eliminate unnecessary expenses

If your retirementsavings are low (manyfinancial advisors now advise menand women that they will needatleast 60 percent of their pre-retirement income each year theyare retired), start cutting backonunnecessaryexpenses andreallocate thatmoney towardretirement saving. Cutting out luxury items,such as vacations to exoticlocalesorcountry club memberships,isone way to save money. Butdon’t overlook the simpler ways to save, such as canceling your cable subscription or dining at homemoreoften.

Downsize your home

Many empty nesters downsize their homes as retirement nears, and doing so can help you save asubstantial amount ofmoney.Ifthekidsnolongerliveathomeorifyousimply have more space than you will need after retirement, downsizetoasmaller,lessexpensivehome.Monitortherealestate market before you decide to downsize so you can be sure to getthebestdealonyourcurrenthome.Downsizingsaveson monthly utility bills, property taxes and ahostofadditional expenses. Downsizing also means less maintenance, which gives you more time to pursue your hobbies upon retiring.

Take on some additional work

Whileyoumayhavelongfeltyouwouldslowlywinddown in the years immediately preceding retirement, taking on someadditionalworkoutside of your current jobisa great waytosavemorefor retirementand perhaps even laythe foundation for apost-retirement career. Workers over theage of 50 can be invaluable resources to startups or otherbusinesses lookingfor executives whohave been there, donethat.Lookfor part-time jobsthatseeksuch experience. Even if theinitial jobs don’t bowl you over financially, part-time consultant work in retirementcan makeup for lostretirementsavings and mayevenmake your retirementyears more fulfilling.

Menand women on the verge of retirement can take many steps to grow their retirement savings and make their golden years that much more enjoyable.