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Think you might be ready for retirement? Think again. A new report has found that nearly half of boomers ages 56 to 62 are still at a risk of not having income to say goodbye to work and settle down in retirement, with not enough money to pay for even basic expenses. So what to do? This AARP piece gives you some suggestions on how to build your nest egg. The first tip:
Reduce spending. Most of us spend too much. By taking the time to examine your spending habits, you can find ways to cut costs on everything, particularly big-ticket items like cars and vacations. Once you reduce your spending, have those savings automatically deducted from your paycheck or checking account and transferred into a retirement, savings or investment account.
Every little bit helps, not only during your working years, but also after you retire. If you can get accustomed to a more modest lifestyle during your remaining working years, the better able you’ll be to enjoy a long retirement without fear of having to make major late-life cutbacks.
Check out the rest of this guide to see what you need to do to retire comfortably.