Saving For Retirement

How to Work Less and Save More

Are you saving for retirement? It doesn't mean you must put in more hours on the job. You're probably already putting in too many as it is.

You spend an hour driving to work. Another 9 hours at your job and a final hour driving home. That leaves enough time to eat and flip through 200 channels before scurrying off to sleep. And tomorrow you'll repeat the process.

All to pay bills that keep increasing over time. Sound familiar? How many hours do you need to work to buy a new sofa? A new outfit?

This is not about food and shelter.

It's about the stuff that ends up in the back of your closet or in a garage sale.

What did it cost you in work time?

Be honest now. Realize this is time you can never get back. Once it’s gone, it’s gone.

How many times do you run to the store and come back with a bagful of items you really don't need?

Saving for retirement must become a part of your life.
It's about making choices to have control of your retirement. By learning to retire smart you decide when and where to retire.

Getting a Second Job to Make More Money
(not the answer to increasing capital)

The fact is as your income increases, so does your spending. A new refrigerator or big screen TV now gets slapped on your credit card. Heck, you're making more money, right? Why not?

Because when the monthly interest gets tacked on, you end up paying twice as much. You think you'll be able to manage spending. Some day. Just not right now.

And before you know it, there's a house full of things you paid on credit and nothing in the bank. It's called a spiral of debt. And it's easy to get into and takes some effort to get out of.

Instead of spending it on stuff, why not save it instead? Make it a way of life and guess what?...

You can even retire early. By speeding up the process with an
early retirement plan that will get you where you want to go sooner.

How to Start Saving For Retirement

Think you have less money to invest now? Actually, there are more ways than ever to make your money grow. You just have to know what your options are. And here are the basics...

Savings Accounts
These are convenient and pay the lowest interest. You can deposit and withdraw at your heart’s content. And that could be a problem. Ultimately, place your money where it’s not easily accessible.
Money Market Accounts
These pay more than a regular savings account and require a minimum amount of deposit. Shop around.
Certificates of Deposit
These compensate a bit more in interest. But there’s a catch. If you remove the money before its due date, you get hit with a penalty. And that’s a good thing. It’ll stop you from pulling out cash for that ski outfit. Store enough money in several Certificates of Deposit and you can live off the interest.
Types of Certificates of Deposit
There are Traditional, Liquid, and Bump-Up to name a few when saving for retirement. The interest paid varies by bank. Rates change weekly. Ask your bank associate for help.
Savings Bonds, Treasuries, Money Market Mutual Funds
These require larger balances and may give you a higher rate of return. The safest are Treasuries and CDs, since they’re backed by the federal government.
Employer's 401ks and IRAs
These remain the best bet when saving for retirement. Even with the crazy way the markets are behaving. But remember… you are in it for the long haul.These are pre-tax dollars that you are investing. And since it’s taken from the top of your salary, you really never had it to begin with. Therefore, you don’t miss it.

Retirement Planning Tips
Find out how you can still take control of your retirement. Even without an IRA or 401K. Use these easy-to-follow retirement planning tips to retire secure.

Return to Retirement Help

Create target retirement funds so you can decide when to retire This will reveal how much you need to retire comfortably.

Frugality and continuous investing is the key to manage spending and saving for retirement. Unless of course, Aunt Mary leaves you a million bucks in her will.

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