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Retirement Savings Ideas For Late Starters:
How to Maximize Savings and Minimize Debt

© 2003 by Mark Carney,  First American Debt Consolidation and Loans

When it comes to a retirement savings strategy the sooner you start the better off you will be. This allows more time to install a systematic investment strategy and also allows the balance more time to grow. However, if circumstances have prevented you from beginning a savings strategy don't despair. It's never too late to start your retirement preparations. Let's examine some suggestions to help you maximize your savings while keeping your debts to a minimum.

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Retirement Savings Tips for Late Starters

  • Set Goals. Figure out when you are planning to retire and how much money you will need to live the lifestyle that you envision.
  • Work longer. Although this is not always a pleasant alternative it is possible that an individual in this position may have to work for a couple of additional years.
  • Create a budget and scale back spending. Cut out some of the unnecessary purchases that you may not have given much thought to in the past.
  • Consider downsizing your home. This would create smaller mortgage payments. The difference could be applied towards savings. If the home is owned debt free then chances are you have quite a bit of equity which could go towards retirement savings. (1)
  • Look into a reverse mortgage. This option allows an individual to borrow money against his home that will not have to be repaid during his lifetime. The home is transferred to the lender at the time of death.
  • Take advantage of 401K plans. These plans offer tax advantages and often times employers will match a percentage of money up to a predetermined limit.
  • Take advantage of IRA plans. These investment vehicles allow you to defer taxes on earnings until the funds are withdrawn at retirement
  • Consider a second job. Yes this takes a lot of extra effort but it could pay off nicely when you retire.

Never give up when it comes to saving for your retirement. Just remember that the longer you wait to begin saving the more difficult it will be to reach your goals. The end result could be less financial freedom and a higher accumulation of debts. However, through planning and careful execution you can make a tremendous impact on your retirement years.

(1)http://moneycentral.msn.com/content/Retirementandwills/Playingcatchup/P34622.asp

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About the author:

Mark Carney is a professional consultant with First American Debt Consolidation and Loans, a debt consolidation service specializing in financial education, credit counseling, and debt management services nationwide.


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