No matter what tips you follow for your personal finances, the end goal is to retire in the most comfortable way possible. At a minimum, we all want to retire without having to depend solely on Social Security. Here are a few tips to help you do just that.
The issue many of us will face is that we will live longer than we expect. Most people assume that they will only live about ten years after retirement. While that will place you around 75 when you pass, it is a bit unrealistic. Many Americans are living into their 80s. You do not want to be the one living ten years past your savings. To combat that, you must save more in this era of low yield investments and increasing inflation.
Invest with an eye on the fees charged. The fees charged to you on mutual funds and other investments are measured in tenths of a percent. With such minute percentages, some people do not realize that a single tenth of a percent can cost you tens of thousands of dollars over the thirty years or more that you are saving for retirement.
Plan to live smaller when you retire. A smaller home, fewer personal items, fewer cars, etc. You will find that you will want fewer things to clean and maintain during your retirement. As you sell these things off, put the money into savings. It is also a good time to give your loved ones a gift of something that you want them to have to remember you by. The last thing you want to do is finding yourself working with a debt consolidation company in Chattanooga, TN, when you should be retiring!
These tips are a bit less detailed than you may have liked. Here is a link to a popular method of saving more for your retirement: http://www.chicagobooth.edu/capideas/summer02/savemoretomorrow.html