retirement

8 ways to accelerate retirement savings

Cut back to save more
Next
6 of 8
Back
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."


 

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
MORTGAGE HOME EQUITY AUTO CDs CREDIT CARDS
Product Rate Change Last week
30 year fixed 4.08%  0.04 4.12%
15 year fixed 3.23%  0.02 3.21%
5/1 ARM 3.46%  0.16 3.30%
 
View Rates in your area Next
Product Rate Change Last week
30K FICO-based HELOC 4.30%  0.01 4.29%
50K FICO-based HELOC 4.06%  0.02 4.04%
100K FICO-based HELOC 3.91%  0.02 3.89%
 
View Rates in your area Next
Product Rate Change Last week
60 month used car loan 2.82%  0.03 2.79%
48 month used car loan 3.01%  0.02 2.99%
60 month new car loan 3.25%  0.01 3.24%
 
View Rates in your area Next
Product Rate Change Last week
1 Year CD 0.97% --0.00 0.97%
2 Year CD 1.18%  0.01 1.17%
5 Year CD 1.81%  0.05 1.76%
 
View Rates in your area Next
Product Rate Change Last week
Balance Transfer Cards 15.75% --0.00 15.75%
Cash Back Cards 16.45% --0.00 16.45%
Low Interest Cards 10.96% --0.00 10.96%
 
Next
advertisement
CD & INVESTING NEWSLETTER

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

Blog

Jennie Phipps

2015 COLA looks chintzy

It looks like the 2015 COLA will be about 1.7 percent -- bad news for Social Security recipients hoping for more.  ... Read more

advertisement
Partner Center
advertisement

Connect with us