retirement

8 ways to accelerate retirement savings

Set a goal
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Set a goal

Determine how much retirement income you need, taking into account your living expenses, tax situation and estate plans. Then figure out how much income can be generated by Social Security or pensions. The difference has to come from your retirement savings.

"Put a goal out there and have a number that you want to hit," says Ernesto Sampson, a Certified Financial Planner with Ameriprise Financial Services in Glen Allen, Va., who advocates targeting a dollar amount that is large but "not too outrageous."

Adds Cramer: "People who are just socking money away in hopes that they will be able to accumulate enough money may not be planning as well as the people who know what they need to do."


 

 

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