retirement

8 ways to accelerate retirement savings

Set a goal
Next
2 of 8
Back
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."


advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
advertisement

Blog

Jill Cornfield

The Republican health care plan is out. Should you worry?

After years of hating on the Affordable Care Act and vowing to repeal it, the Republicans are finally getting their wish. House Republicans released long-awaited legislation to replace it on Monday, and now the bills head to committees so they can have a field day marking them up. Keep in mind, this is all still  ... Read more

advertisement

Connect with us