What if I can't save enough?
- When should I start saving for retirement?
- Where should I save my retirement money?
- How should I invest the money?
- How should my strategy change as I get older?
- How much money will I need in retirement?
- Will pensions and Social Security be enough?
- How much should I save?
- What if I can't save enough?
- How can I reduce the amount I'll need?
- What if I'm running out of time?
- I'm saving a lot but will still fall short - what now?
- When can I retire?
Try to divert as much of your earnings into savings as you can. If you don't have a budget, create one. If you do have a budget, revise it to reflect your newly urgent commitment to saving, as well as any changes in your spending since your last outbreak of budget fever. Chip away at wasteful habits - that might mean ditching expensive dinners or unused gym memberships.
If you're still young and you can't save enough right now, don't be discouraged. Your income will probably grow as you progress in your career, allowing you to save more. You might also have other opportunities to boost your savings rate; for example, a bonus or inheritance can make a big difference in your long-term prospects if you invest some of the money in retirement accounts.
