Late Start on Retirementby Debbie Vasen | More from this Blogger 20 May 2008 09:26 AM Are you getting a late start on saving for your retirement? While this is not ideal, it is not impossible to catch up quickly - if you take the aggressive approach. People are living longer these days, so even if you thought you would have enough... as you near retirement, you might discover you don't. If this is you, then consider some of these following options. Start learning to live with less. Change your lifestyle before you retire. This provides you two bonuses - you can learn to live on less income and you can use this reduction in your current expenses to start putting more money into your investments. Make sure you are contributing the max to your retirement accounts. This amount will change depending on the IRS requirements each year and your age. Currently in 2008, you can contribute up to $15,500 towards a 401k and an additional $5,000 if you are over 50 years old. Invest any extra money, instead of spending it. If you get a great bonus at work or an inheritance, invest it all in a retirement account or if you have any debt - pay that off too. Consider working longer than normal retirement. You can plan to retire at an older age or consider a semi-retirement. If you semi-retire, you either cut back on your work hours, or take a different job that you might enjoy more, but pays less. Some companies even offer specialized phase in to retirement programs. Be cautious with your investments. If you don't have much time left, don't invest aggressively in high risk stocks or funds. You don't have to be completely safe either, but make sure your portfolio mix is heavier on stable funds. If you are too safe, you won't be able to adequately build up your nest egg before retirement. Talk to a good financial advisor to find the best mix for your situation. Related Articles: Learn more about Debbie Vasen  Debbie Vasen is a published web content editor and writer, as well as a freelance writer for various print publications. In addition to blogging at Families. Relevantmoney tags User Comments lynnsevans (5) 14 Jul 2008 02:42 PMLet's consider one other option: go to work doing something you love! If in the past you used your life to make money, consider using your money to make a life. Why not work at the gourmet food store since you love to cook and learn new ways to make a fabulous meal? Why not work at the outdoor sports store to teach novices how to tie a fly for fly fishing? Do what you love and help your retirement nest egg breathe a little. By keeping active you can add years to your life. Golfing every day and visiting the grandkids will grow old. You need to replace that with something meaningful and fun in your life. Take a good look today at what you love and find a way to make money at it. You don't need to be a millionaire at it but any amount will help your financial picture improve. Community Tags agressive investing, Retirement Planning, Retirement Accounts Discuss this article
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