Getting Ready For Retirement

We are always hearing about how Social Security will not be enough for us to sustain the lifestyle we are used to once we retire. The outlook is indeed bleak, but if you are proactive and get into the habit of saving and investing, you will be on your way to financial security in no time. It is, of course, best to start saving as early as possible, but no matter your age, it's never too late to start. Even if all you can afford to put away is $10 or $20 a month, you are at least establishing a financial plan. Probably the easiest way to save is to have a certain amount of money automatically deducted from your paycheck every week and put into a money market savings, 401K, or IRA account. Be sure to check out the ways in which each of these accounts work. Each has their own advantages but your comfort level will determine what is right for you.

A good way to increase the amount that you can afford to save each month is to shop smart. Avoid charging purchases on high interest credit cards and pay cash instead. If you do decide to use a credit card, consider applying for cards that offer cash back on purchases or even offer savings plans that set a percentage of the dollars spent into a savings account.

Try not to get caught up in "having to have" the latest gadgets or newest trends. Stick to buying what you need and if you are going to splurge, shop around. It really does pay to compare prices and if you use the internet, price comparison a snap. Remember, you're not cheap if you look for a bargain, you are frugal. When you go to the store, bring a list, and only purchase what is on that list. "Impulse buys" are usually what puts the biggest dent in your wallet.

--L. Morse