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2018 study by Northwestern Mutual found that nearly two-thirds of Americans who have a plan to save money for retirement are certain they’ll outlive their savings. Moreover, one in five Americans (21 percent) have no retirement savings at all, and another 78 percent are concerned about not having enough money saved for the future. Here is how you can save money for retirement.
These statistics are worrying and something needs to be done. Saving for retirement means doing more than enrolling in a
company 401k to ensure financial security during your golden years. It also means finding the freedom to enjoy your retirement, which is what actually makes those years golden.
If you haven’t considered saving for life after work, now might be the best time to get started.
However, if you’re already retired, proactive financial planning can help you save money right now. You don’t have to spend the next three decades stressing out or worrying about running out of money at any moment. Here are eight ways to help you save money for retirement and guarantee it lasts as long as you do after retirement.
Minimize Your Fixed Expenses
One of the many ways you can save money for retirement is by minimizing essential expenses like shelter, transportation, insurance,
debt payments and food. Owning two or three cars might have been necessary for your family before retirement. But, since you’re no longer commuting to work, sell one of your cars.
