What if retirement is just around the corner and you haven’t saved enough? Here are some tips. Some are painful, but they’ll help you toward your goal.
• It’s never too late to start. It’s only too late if you don’t start at all.
• Sock it away. Pump everything you can into your tax-sheltered retirement plans and personal savings. Try to put away at least 20 percent of your income.
• Reduce expenses. Funnel the savings into your nest egg.
• Take a second job or work extra hours.
• Aim for higher returns. Don’t invest in anything you are uncomfortable with, but see if you can’t squeeze out better returns.
• Retire later. You may not need to work full time beyond your planned retirement age. Part time may be enough.
• Refine your goal. You may have to live a less expensive lifestyle in retirement.
• Delay taking Social Security. Benefits will be higher when you start taking them.
• Make use of your home. Rent out a room or move to a less expensive home and save the profits.
• Sell assets that are not producing much income or growth, such as undeveloped land or a vacation home, and invest in income-producing assets.
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Retirement is a state of mind as well as a financial issue. You are not so much retiring from work as you are moving into another stage of your life. Some people call retirement a "new career." What do you want to do in that stage? Travel? Relax? Move to a retirement community or to be near grandchildren? Pursue a favorite hobby? Go fishing or join a country club? Do you want to work part time or do volunteer work? Go back to school? What is the outlook for your health? Do you expect your family to take care of you if you are unable to care for yourself?
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Take a look at your current financial resources. This is important because, as you will learn later on this site, your financial resources affect not only your ability to reach your goals, but also your ability to protect those goals from potential financial crises. These are also the resources you will draw on to meet various life events. Calculate your net worth. This isn’t as difficult as it might sound. Your net worth is simply the total value of what you own (assets) minus what you owe (liabilities). It’s a snapshot of your financial health.
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Retiring comfortably starts with a dream, the dream of a secure retirement. Yet like many people you may wonder how you can achieve that dream when so many other financial issues have priority. Besides trying to pay for daily living expenses, you may need to buy a car, pay off debts, save for your children’s education, take a vacation, or buy a home. You may have aging parents to support. You may be going through a major event in your life such as starting a new job, getting married or divorced, raising children, or coping with a death in the family. How do you manage all these financial challenges and at the same time try to "buy" a secure retirement? How do you turn your dreams into reality?
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Retiring is a matter of saving to buy! As most of us know it is smart to save money for those big-ticket items we really want to buy like a new television or car or home. Yet you may not realize that probably the most expensive thing you will ever buy in your lifetime is your retirement. Maybe you’ve never thought of “buying” your retirement. Yet that is exactly what you do when you put money into a retirement nest egg. You are paying today for the cost of your retirement tomorrow.
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Is retirement a dire situation for you? Many retiring people get worried at the thought of retiring. Why might that be? The prominent factor is money. Here are a few things to consider regarding your retirement funds. It has been projected that the Social Security will be bankrupt by the year 2042. Therefore, it's important that you accept this reality and prepare before it's too late. Employees may only get a fraction of average earning unless the current policies of the Social Security system are reformed before that date. So, it's far better to plan and prevent the worse case scenario.
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Retirement doesn't necessarily mean the end of a dynamic lifestyle. Quite the opposite is true and it opens up new opportunities for many new activities. Some retirees substitute voluntary community work for their former job. This gives definition or meaning to their roles after retirement.
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Initially, safety features weren't needed in car design. Neither was it needed in a 401(k) account, but that is no longer true. For most people, retirement planning only comes to mind during their late fifties, when they no longer have financial obligations to worry about. Since there are many more financial responsibilities to think about, such as raising a family, paying for mortgages, and sending their children to college, retirement preparation usually takes the backseat. However, if you are dreaming of a worry-free and comfortable retirement, you need to ascertain the maximization of your retirement investments.

Here are some suggestions for improved savings and things to look out for:
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Time is money and money is time. The more you have of the one, the less you need of the other. In retirement you'll have more time to travel and save money, because costs at a resort vacation retreat are often less expensive than costs at home (especially if you're living in a metropolitan area). And costs beyond our borders are usually less than in the U.S. The longer you stay, the less it costs. And you can take advantage of low-cost, off-season travel bargains when you have the flexible travel schedule that retirement allows. Here are other reasons why you might want to travel in retirement:
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Recreation:
It's possible to "play your way to better health." The best exercises are those that are rhythmic, continuous and build you up to a steady level of exertion. Unfortunately, many games are not very good exercise because they are a series of starts and stops. Still, you can better exercise and enjoy your activities more if you walk instead of ride between golf shots, and switch from tennis singles (which is a series of starts and stops) to doubles, which is more a leisurely and sociable game and actually gives you better exercise. Cycling, swimming and skiing can all give you the exercise you need, too.

Education:
Someone once said, "It's a shame to waste education on the young." We have many practical reasons for continuing learning. First, the mind can't stagnate since it either moves forward or backward. Then, in this changing world, we need up-to-the-minute information to make or save money, participate in community affairs, find suitable housing, hobbies, activities.

It's never too late to learn. The one organ we can depend upon to last us into old age is the brain. Even at age 80 we can learn at the speed of a 13-year-old but only if we really want to. And we've got the wisdom, experience and time to learn and to apply what we learn for personal and practical reasons. This is the reason we keep saying that All Retirees Are Authorities and can use their knowledge to grow, help others and profit at the same time.

Shopping:
You really can spend money and save money at the same time. Almost every community has at least one drug store, clothing store, department store, even auto parts store, that offers discounts to senior citizens. Once again, all you have to do is ask. Remember your neighborhood merchants are really the biggest discounters you'll find. In fact, many metropolitan areas have associations or clubs of area merchants who offer senior discounts. Many cities have programs and towns have individual businessmen who'll be happy to have your business and offer you a special deal in return. So don't forget to ask for the Senior Discount!

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