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How To Save For Retirement If You're Running Out Of Time

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by: No more debt !
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Word Count: 583
Date: Fri, 26 Mar 2010 Time: 12:27 AM

In this article today I'd like to discuss several tips, tricks, and tactics that almost anybody can use to start saving for their retirement if you've been putting it off and are now running out of time.

Back in the good old days the company you worked for took care of you after you retired with a nice pension that covered all your needs. That sort of thing no longer exists because people don't spend their entire careers with one company and even if they did, companies still wouldn't offer this option for a number of different reasons that are unimportant for this article. The point is, we are all responsible for saving for our own retirements and most of us never quite get around to doing it.

If you've been putting off saving for retirement only to suddenly realize that you're closer to retirement than you realized, this article is for you because I'm going to give you several tips you can use to help save for retirement quickly.

The first tip obviously is to cut back on any expense that you can afford to cut back on and use the extra money to add to your savings. You might scale down to a cheaper house, buy a used car, or stop taking vacations. Any little thing that you can do to lower your expenses and add to your savings is important.

The next thing you should do is max out any retirement savings plan that you may have such as a 401(k) or IRA. Investing in these plans alone is not going to be enough for your retirement and many of them come with limits on how much you can put in to them in a given year so be sure to put in as much as you can as quickly as you can, however you can.

Next you should seriously consider moonlighting. Hey, time is running out and you may not have enough time left to fund your retirement out of your day job earnings. The only option is to get another job possibly at nights or on the weekends. Many part time jobs are also great because you can often hold onto them after you retire from your main job. It's nice to have a small but steady income that you can rely on from only a few hours of work each week on into your retirement years.

Finally, consider starting up your own business if you have any experience in this sort of thing yourself. Building a business this late in a game is definitely not for everybody but it could be for you if you have the right experience. The trick is not investing all of your savings into your new enterprise in case things go poorly; but there are a number of businesses you can start up for little to no money and I suggest you focus on these types of businesses. Maybe you can start selling things on eBay that you find at local yard sales or maybe you can consult for other companies in the area of your own particular expertise.

So there you have several very simple tips that anybody can use to stock up on their retirement even if time is quickly running out. It's never too late to start, you just have to get your mind set firmly on the goal and take positive action.

About the Author

Tim Breundle runs a mens wool coat web site where he also reviews the best via spiga coats for the ladies. He has been an article writer online for well over 8 years and also enjoys fishing and soccer.

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