Читать книгу Personal Finance After 50 For Dummies - Eric Tyson - Страница 73

After you crunch the numbers, you may discover you need to save at a rate that isn’t doable. Don’t despair. You have the following options to lessen the depressingly high savings you apparently need:

 Boost your investment returns. Reduce your taxes while investing: While you’re still working, be sure to take advantage of retirement savings accounts, especially when you can gain free matching money from your employer or you’re eligible for the special tax credit from the government. When investing money outside of retirement accounts, take care to minimize taxes. For more on investing strategies, see Chapter 7.

 Work (a little) more. Extend the number of years you’re willing to work or consider working part time for a few years past the age you were expecting to stop working. Refer to Chapter 18 for more information regarding working during retirement.

 Reduce your spending. The more you spend today, the more years you’ll have to work in order to meet your savings goal. See Chapter 6 to find out how to manage your spending in retirement.

 Use your home’s equity. If you didn’t factor using some of your home’s equity into your retirement nest egg, consider doing so. Some people are willing to trade down into a less costly property in retirement. You also can take a reverse mortgage to tap some of your current home’s equity. We talk more about home equity and reverse mortgages in the earlier section “Your home’s equity.”