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Saving for your retirement years is as important as planning your finances for the here and now. With more and more seniors finding themselves without enough money to live out their retirement years, take the time now to make sure you’re following the top ten rules for saving for your retirement. Plan The first rule of retirement savings is to create a written plan. Financial plans include your income and expenses now and how you should invest your money today in order to grow it enough to cover future living expenses. Budget Create a budget that plots your income and expenses and use the budget to keep track of your spending. This ensures you don’t overspend so you can reach your retirement goals. Continue to Work Part-time Working a second part-time job during the years leading up to your retirement gives you an additional source of savings income. You can take on a part-time job during retirement to earn extra money or to keep your mind busy. Review Bills Carefully Don’t give away your money for free. Review monthly bills for accuracy so that you only pay creditors what is due to them. Discounts Clip coupons and take advantage of discounts where and when you can. Deposit the money you save savings into your retirement account. If you do this each time you eat out or buy an item, it will quickly add up over the years. Comparison Shop Never pay more than you have to for an item, especially a big-ticket one. Shop and compare at least three places before making a major purchase. Start Now It’s never too late to start saving for retirement. So, even if you’re only a few years away from retiring, put away money, invest your money and start planning today for your tomorrow. Be Conservative Invest your retirement money more conservatively than you would other funds. It’s as important to grow your money as it is to preserve the principal balance and protect it against inflation. Professional Advice Most individuals are not equipped to make investing and estate planning decisions. Seek the advice of a Certified Financial Planner (CFP) to help you review your situation, create a plan and set you on the path to reaching your retirement goals. Consider Time The number of years you have left until retirement plays a starring role in your investment options. Invest in a way that gives you the highest possible return for the time you have left until retirement. About the Author Kristie Lorette is a freelance writer and marketing consultant that specializes in personal finance. She is also the editor of The Mortgage & Credit Diva, a blog devoted to mortgage and personal finance tips, tricks, and advice for consumers. You can read Kristie’s blog at www.mortgageandcreditdiva.blogspot.com or learn more about her writing and marketing services at www.studiokwriting.com
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