{"id":6870,"date":"2013-08-26T11:34:19","date_gmt":"2013-08-26T18:34:19","guid":{"rendered":"http:\/\/www.marketriders.com\/investing\/?p=6870"},"modified":"2016-12-21T07:28:27","modified_gmt":"2016-12-21T15:28:27","slug":"how-to-give-retirement-savings-a-major-boost","status":"publish","type":"post","link":"https:\/\/www.marketriders.com\/investing\/how-to-give-retirement-savings-a-major-boost\/","title":{"rendered":"How To Give Retirement Savings A Major Boost"},"content":{"rendered":"

Worried about your\u00a0retirement savings<\/a>? If so, well, that’s normal. Few people worry early enough, so the fact that you’re even thinking about it now is a good sign.<\/p>\n

What can you do about it? The simple answer is “save more.” But there are good strategies, ideas retirees often put into place well after the time to act has passed.<\/p>\n

\"retirement<\/p>\n

Rather than being forced into decisions, it’s wise to make proactive choices in a timely manner, putting the power of those decisions squarely in favor of increasing your retirement savings.<\/p>\n

Here’s a short list of tactical savings ideas to consider:<\/p>\n

1. Work part-time in retirement<\/strong><\/p>\n

You’re looking forward to retirement, but are you looking forward to free time? Lots of retirees head back to work part-time within a year or two out of sheer boredom. There’s only so much golf to play, and they miss the social aspects of their careers. If this sounds like you, why not plan ahead for a\u00a0retirement career<\/a>\u00a0you might enjoy?<\/p>\n

2. Build a larger cash reserve<\/strong><\/p>\n

You can make much better\u00a0long-term investment plans<\/a>\u00a0if you aren’t forced to cash out of stocks and bonds today to pay living expenses. Some advisers say to target 24 months of living costs, but be sure to overestimate if possible. You won’t know until you’re in retirement what things really cost month-to-month.<\/p>\n

3. Retire one year later<\/strong><\/p>\n

If you don’t face imminent downsizing, it can be a very good idea to focus on cutting costs in the home stretch and then living on your\u00a0retirement budget<\/a>\u00a0while earning your current salary. Bank every cent you can and invest it as if you were 20 again. You’ll be happier with the long-term outcome.<\/p>\n

4. Downsize early<\/strong><\/p>\n

As mentioned in No. 3, don’t wait until you are handed a gold watch to figure out your\u00a0retirement expenses<\/a>. If you expect to move to a smaller, cheaper place, go ahead and put your current home on the market. If you have car loans, pay them off. Obviously, extinguish any and all credit card debt. This will create an updraft of free cash flow in your last few years of work that you can put aside as\u00a0cash reserves<\/a>\u00a0or invest.<\/p>\n

5. Save automatically<\/strong><\/p>\n

Not anywhere near 60? Start now, today, and up your savings rate dramatically. Every dollar you can set aside rather than spend today is $2 to you a decade down the line. A decade more and your $2 is suddenly $4, then it turns into $8. \u00a0The\u00a0magic of compounding<\/a>\u00a0is an important wealth-building tool.<\/p>\n

You can and you will retire. Whether your\u00a0retirement savings<\/a>\u00a0will match up to your needs is another matter entirely. Taking charge of the situation is the better answer by far.<\/p>\n","protected":false},"excerpt":{"rendered":"

Worried about your\u00a0retirement savings? If so, well, that’s normal. Few people worry early enough, so the fact that you’re even thinking about it now is a good sign. What can … Read more →<\/span><\/a><\/p>\n","protected":false},"author":8,"featured_media":6871,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_wp_rev_ctl_limit":""},"categories":[8],"tags":[],"yoast_head":"\nHow To Give Retirement Savings A Major Boost | MarketRiders.com<\/title>\n<meta name=\"description\" content=\"Worried about your retirement savings? If so, well, that's normal. Few people worry early enough, so the fact that you're even thinking about it now is a good sign.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketriders.com\/investing\/how-to-give-retirement-savings-a-major-boost\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"How To Give Retirement Savings A Major Boost | MarketRiders.com\" \/>\n<meta name=\"twitter:description\" content=\"Worried about your retirement savings? If so, well, that's normal. Few people worry early enough, so the fact that you're even thinking about it now is a good sign.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.marketriders.com\/investing\/wp-content\/uploads\/2013\/08\/512px-Golf.balls_.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@marketriders\" \/>\n<meta name=\"twitter:site\" content=\"@marketriders\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"MarketRiders\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.marketriders.com\/investing\/how-to-give-retirement-savings-a-major-boost\/\",\"url\":\"https:\/\/www.marketriders.com\/investing\/how-to-give-retirement-savings-a-major-boost\/\",\"name\":\"How To Give Retirement Savings A Major Boost | MarketRiders.com\",\"isPartOf\":{\"@id\":\"https:\/\/www.marketriders.com\/investing\/#website\"},\"datePublished\":\"2013-08-26T18:34:19+00:00\",\"dateModified\":\"2016-12-21T15:28:27+00:00\",\"author\":{\"@id\":\"https:\/\/www.marketriders.com\/investing\/#\/schema\/person\/f2be262f5c0f3ed5ad50d6c40640ba8c\"},\"description\":\"Worried about your retirement savings? If so, well, that's normal. Few people worry early enough, so the fact that you're even thinking about it now is a good sign.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.marketriders.com\/investing\/how-to-give-retirement-savings-a-major-boost\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.marketriders.com\/investing\/how-to-give-retirement-savings-a-major-boost\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.marketriders.com\/investing\/how-to-give-retirement-savings-a-major-boost\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.marketriders.com\/investing\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"How To Give Retirement Savings A Major Boost\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.marketriders.com\/investing\/#website\",\"url\":\"https:\/\/www.marketriders.com\/investing\/\",\"name\":\"MarketRiders.com\",\"description\":\"How To Become A Better Investor\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.marketriders.com\/investing\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.marketriders.com\/investing\/#\/schema\/person\/f2be262f5c0f3ed5ad50d6c40640ba8c\",\"name\":\"MarketRiders\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.marketriders.com\/investing\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/8e06113f594828daaf313d283544d566?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/8e06113f594828daaf313d283544d566?s=96&d=mm&r=g\",\"caption\":\"MarketRiders\"},\"sameAs\":[\"https:\/\/www.marketriders.com\"],\"url\":\"https:\/\/www.marketriders.com\/investing\/author\/support\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"How To Give Retirement Savings A Major Boost | MarketRiders.com","description":"Worried about your retirement savings? If so, well, that's normal. Few people worry early enough, so the fact that you're even thinking about it now is a good sign.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketriders.com\/investing\/how-to-give-retirement-savings-a-major-boost\/","twitter_card":"summary_large_image","twitter_title":"How To Give Retirement Savings A Major Boost | MarketRiders.com","twitter_description":"Worried about your retirement savings? If so, well, that's normal. Few people worry early enough, so the fact that you're even thinking about it now is a good sign.","twitter_image":"https:\/\/www.marketriders.com\/investing\/wp-content\/uploads\/2013\/08\/512px-Golf.balls_.jpg","twitter_creator":"@marketriders","twitter_site":"@marketriders","twitter_misc":{"Written by":"MarketRiders","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.marketriders.com\/investing\/how-to-give-retirement-savings-a-major-boost\/","url":"https:\/\/www.marketriders.com\/investing\/how-to-give-retirement-savings-a-major-boost\/","name":"How To Give Retirement Savings A Major Boost | MarketRiders.com","isPartOf":{"@id":"https:\/\/www.marketriders.com\/investing\/#website"},"datePublished":"2013-08-26T18:34:19+00:00","dateModified":"2016-12-21T15:28:27+00:00","author":{"@id":"https:\/\/www.marketriders.com\/investing\/#\/schema\/person\/f2be262f5c0f3ed5ad50d6c40640ba8c"},"description":"Worried about your retirement savings? If so, well, that's normal. Few people worry early enough, so the fact that you're even thinking about it now is a good sign.","breadcrumb":{"@id":"https:\/\/www.marketriders.com\/investing\/how-to-give-retirement-savings-a-major-boost\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.marketriders.com\/investing\/how-to-give-retirement-savings-a-major-boost\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.marketriders.com\/investing\/how-to-give-retirement-savings-a-major-boost\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.marketriders.com\/investing\/"},{"@type":"ListItem","position":2,"name":"How To Give Retirement Savings A Major Boost"}]},{"@type":"WebSite","@id":"https:\/\/www.marketriders.com\/investing\/#website","url":"https:\/\/www.marketriders.com\/investing\/","name":"MarketRiders.com","description":"How To Become A Better Investor","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.marketriders.com\/investing\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.marketriders.com\/investing\/#\/schema\/person\/f2be262f5c0f3ed5ad50d6c40640ba8c","name":"MarketRiders","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.marketriders.com\/investing\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/8e06113f594828daaf313d283544d566?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8e06113f594828daaf313d283544d566?s=96&d=mm&r=g","caption":"MarketRiders"},"sameAs":["https:\/\/www.marketriders.com"],"url":"https:\/\/www.marketriders.com\/investing\/author\/support\/"}]}},"_links":{"self":[{"href":"https:\/\/www.marketriders.com\/investing\/wp-json\/wp\/v2\/posts\/6870"}],"collection":[{"href":"https:\/\/www.marketriders.com\/investing\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.marketriders.com\/investing\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.marketriders.com\/investing\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.marketriders.com\/investing\/wp-json\/wp\/v2\/comments?post=6870"}],"version-history":[{"count":5,"href":"https:\/\/www.marketriders.com\/investing\/wp-json\/wp\/v2\/posts\/6870\/revisions"}],"predecessor-version":[{"id":6897,"href":"https:\/\/www.marketriders.com\/investing\/wp-json\/wp\/v2\/posts\/6870\/revisions\/6897"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.marketriders.com\/investing\/wp-json\/wp\/v2\/media\/6871"}],"wp:attachment":[{"href":"https:\/\/www.marketriders.com\/investing\/wp-json\/wp\/v2\/media?parent=6870"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.marketriders.com\/investing\/wp-json\/wp\/v2\/categories?post=6870"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.marketriders.com\/investing\/wp-json\/wp\/v2\/tags?post=6870"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}