10 Retirement Saving Tips
Save As Much As');
document.write(' You Can As Early As You Can.
Though it\'s never too late to start, the sooner you begin saving, the more time you');
document.write('r money has to grow. Gains each year build on the prior year\'s -- that\'s the power of compounding, and the best way to a');
document.write('ccumulate wealth.
Set Realistic Goals.
Project your retirement expenses based on your needs, ');
document.write('not rules of thumb. Be honest about how you want to live in retirement and how much it will cost. Then calculate how muc');
document.write('h you must save to supplement Social Security and other sources of retirement income.
A 401(k) Is On');
document.write('e Of The Easiest And Best Ways To Save For Retirement.
Contributing money to a 401(k) gives you an immediate tax ');
document.write('deduction, tax-deferred growth on your savings, and -- usually -- a matching contribution from your company.
An IRA Can Also Give Your Savings A Tax-Advantaged Boost.
Like a 401(k), IRAs offer huge tax breaks. The');
document.write('re are two types: a traditional IRA offers tax-deferred growth, meaning you pay taxes on your investment gains only when');
document.write(' you make withdrawals, and, if you qualify, your contributions may be deductible; a Roth IRA, by contrast, doesn\'t allow');
document.write(' for deductible contributions but offers tax-free growth, meaning you owe no tax when you make withdrawals, but contribu');
document.write('tions are not deductible.
Focus On Your Asset Allocation More Than On Individual Picks.
How y');
document.write('ou divide your portfolio between stocks and bonds will have a big impact on your long-term returns.
');
document.write('Stocks Are Best For Long-Term Growth.
Stocks have the best chance of achieving high returns over long periods. A ');
document.write('healthy dose will help ensure that your savings grows faster than inflation, increasing the purchasing power of your nes');
document.write('t egg.
Don\'t Move Too Heavily Into Bonds, Even In Retirement.
Many retirees stash most of the');
document.write('ir portfolio in bonds for the income. Unfortunately, over 10 to 15 years, inflation easily can erode the purchasing powe');
document.write('r of bonds\' interest payments.
Making Tax-Efficient Withdrawals Can Stretch The Life Of Your Nest Eg');
document.write('g.
Once you\'re retired, your assets can last several more years if you draw on money from taxable accounts first ');
document.write('and let tax-advantaged accounts compound for as long as possible.
Working Part-Time In Retirement Ca');
document.write('n Help In More Ways Than One.
Working keeps you socially engaged and reduces the amount of your nest egg you must');
document.write(' withdraw annually once you retire.
There Are Other Creative Ways To Get More Mileage Out Of Retirem');
document.write('ent Assets.
You might consider relocating to an area with lower living expenses, or transforming the equity in yo');
document.write('ur home into income by taking out a reverse mortgage.