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11 ways to save after retirement

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6. Shop your money. A typical safe haven for ready cash -- bank CDs -- won't give you much of a return on your investment. So shop around.

"Sometimes little-known institutions pay a much higher rate," Howard says.'s highest yield search will show who's offering the best deals.

7. Be on the lookout for frauds. Unfortunately, con artists target retirees. Keep active, stay social and be wary of anything that sounds too good to be true. It probably is.

8. Re-evaluate your life insurance needs. Typically, you buy life insurance to replace income that your family would have to do without if you or your spouse died. But if you're not drawing income, do you still need life insurance?

Sit down and crunch the numbers. If you're working part-time, would your spouse's lifestyle suffer if that income disappeared? Or if your Social Security or pension was reduced or eliminated? Is your estate large enough that your family would be left with a tax burden when you died? Would your spouse or family have trouble coming up with the money to cover funeral expenses?

If so, you may still need a policy. If not, and especially if you and your spouse are living off investment money that would continue coming in, life insurance may be an extra you no longer need.

9. Keep putting money in your company's retirement plan. Working part-time in your golden years? Sock some of your paycheck into a 401(k) or IRA.

Because employers want to attract retirees, "more and more employers are not requiring you to work full-time to be eligible for 401(k) benefits," Bogosian says.

Not only are you saving extra money for your golden years, but also you're reducing your taxable income.

10. Plan tax-efficient investing. Look for investments that will give you steady growth with a minimum of taxable income. For example, "because of the tax implications, it's [often] better to have your bonds inside your 401(k) or IRA and your stocks outside," Howard says.

And never make assumptions about the tax consequences of your investments -- read the fine print.

"Don't just assume that all mutual funds are tax efficient," Bogosian says.

11. Evaluate long-term-care insurance. Even the experts are divided on this one. Some claim that in an age of unlimited medical advances and limited time and funds, it's a necessity. Others contend that retirees are better off banking the money they'd spend in premiums and making their own plans.

"Unfortunately, most people do nothing," Bogosian says.

Do something. Force yourself to weigh the options. Does it seem likely, given your medical and family history, that you might need long-term care? Do you have family who could manage to take you in and take care of you if anything happened? (And before you automatically say "yes," be sure to talk it over with them.)

Do some checking, and find out what a policy would cost and what it would cover. Then you can take action and make a choice that's comfortable for you.'s corrections policy -- Updated: Oct. 1, 2007
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