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Last Minute Strategies to Save for Retirement

by Jeremy Holcombe

Has retirement crept up on you faster than you thought? Are you excited about it, but feel you may be a little bit behind when it comes to where you stand financially? If so, then you are in the same boat as millions of other soon-to-be retirees, and you are probably looking for a few last minute ways to save for retirement.

According to the Huffington Post, the key to lasting financial change is to keep spending in areas that mean the most, and cut back in areas that are less crucial, says Stuart Ritter, a senior financial planner with the T. Rowe Price investment services firm in Maryland.

“If the family vacations are what you view as the glue that holds your family together and you don’t want to give those up and you’d rather drive an older car, that’s the right decision for you,” he says. “…What’s important is you have to go through that prioritization process and you have to make some decisions.”

You may be wondering if there are any steps you can take to help save for retirement, especially last minute saving. Have no fear — there are some things you can do that will allow you to save some last minute cash and put it toward a brighter retirement.

Here are five of the more popular things that soon-to-be retirees are doing:

  • Keep Working
  • Trade Up Your Home
  • Delay Social Security
  • Tap Life Insurance
  • Evaluate Your Priorities

Some of these may seem like no-brainers, others may seem like a stretch. But they are options that will allow you to pull money in an effort to make some last minute retirement saving moves.

Article Sources: Huffington Post | USA News Money

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