retirement

8 ways to accelerate retirement savings

Cut back to save more
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Cut back to save more

Take a hard look at your current expenses. You may need to skip that annual $10,000 family vacation for a year or two, or put off buying a new car.

"Sometimes people just have to tighten their belt and give up some short-term amenities to have long-term security," Cramer says.

Don't just look at the big-ticket purchases for opportunities to trim your budget. Even savings on everyday expenses can accumulate into significant additions to your retirement fund.

"Every time I take my wallet out, I'm thinking, 'Where is my opportunity to save in this transaction?'" Kiernan says. "You can find savings for retirement multiple times a day."


 

 

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