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Saving strategies for the over-50 crowd

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"After you max out your tax-favored accounts," says Geiger, whose book "Get Your Assets in Gear! Smart Money Strategies" is coming out later in 2007, "I am a huge fan of a well-diversified, well-allocated portfolio of mutual funds. But be sure you're practicing good asset allocation across the board."

O'Neill recommends paying down your debts as quickly as possible. For example, by making higher than required payments on credit cards, you can save significant interest fees. Another way to pick up extra dollars, she says, is to work a second job and allocate all the money earned from it for retirement.

Delaying retirement by a few years is another option. As Rosenberg points out, the old standard of retirement at 65 is disappearing. "Those born in 1960 and later are going to have to wait until 67 to receive full (Social Security) benefits," he says.

Many retirees supplement their income with a part-time job or free-lance work, says O'Neill. Every dollar earned means that much less that has to be withdrawn from pensions and savings accounts.

She suggests giving some thought to decreasing living expenses during retirement years, "perhaps by moving to a smaller house or a less expensive area of the country."

The simplest strategy is using common sense: Spend less in your remaining working years. Unfortunately, that's a step many people in their 50s are not yet willing to take, Rosenberg says. "Even something as simple as driving a less-expensive car can be seen as a problem. But by budgeting well now and stowing enough dollars away, you can avoid having to change your lifestyle severely when you're older."'s corrections policy -- Posted: May 1, 2007
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