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Copyright: 2005 Marilyn Pokorney

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Saving money for retirement can be easy or difficult
depending on your current salary. If you are like 75
percent of the American population, earning just enough
money in your current job to meet your monthly bills, then
it's time to do some serious thinking on how you are going
to live when you retire.

Social Security isn't going to meet all your monthly
payments. That is, if Social Security, or some revised form
of it, still exists when your day of retirement arrives.

Here are some tips on how to save today for your future. No
matter how little, or how much, you earn today.

Estimate how much you must save to give you the income you
know is necessary for you to retire in comfort.

Experts suggest that you will need an income equaling about
75 percent of your current take home pay. Be sure to
estimate a rise in inflation which has historically been
about 5.3 percent per year.

Figure out how much of your current salary will need have to
save each year to achieve your retirement goal by counting
backward from the year you plan to retire to see how many
years you have before retirement. Include the possibility
of being on a fixed income for as long as 20 or 30 years.
Depending on how many years you have until retirement a U.S.
Treasury bond that guarantees six percent interest might be
considered, while stocks might have the potential for a
much higher return, but has a much higher risk of loss.

A financial planner, stockbroker, or an accountant, can
offer guidance, expertise and access to knowledge about
almost any type of investment or retirement planning
concerns.

Spread your money out over a variety of investments. Some
will prosper while others may fail.

Set up an automatic draft from your bank account from your
paycheck so that a portion of your income goes directly into
your retirement funds.
Pay off major debts, such as home mortgages, college loans
and other significant cash-flow drains, as quickly as you
can.

For more information visit:

http://www.apluswriting.net/finance/retire.htm

About the Author

Author: Marilyn Pokorney
Freelance writer of science, nature, animals and the
environment.
Also loves crafts, gardening, and reading.
Website: http://www.apluswriting.net