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[H1575]How To Save Money For House

by Marilyn Pokorney, Mar

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.

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Eating out doesn't have to empty your pocketbook. Reports show that more than 75% of adults age 55 and older clip coupons to save money. So there is no reason why you cannot eat well and save money, too! The next time you get tired of eating in, there are all kinds of ways for active seniors to save dollars when eating out.
1. Dine out at restaurants that which frequently offer coupons or regular discounts for seniors. Be advised, though, that many restaurants offer senior discounts only on specific nights of the week.
2. Ask about unadvertised senior discounts or menus. Most times you have to request it in order to receive the senior discount.
3. Order the daily special, or better yet, order breakfast, which tends to be cheaper than buying lunch or dinner.
4. Eat out Monday through Thursday. Restaurants usually are less busy and crowded on these days, so you can save even more on the daily specials.
5. Scan Sunday newspaper inserts each week for restaurant and fast food coupons.
6. Check on the back of restaurant receipts for free food offers in return for completing a survey.
7. Pick up the free magazines usually available at local tourist bureaus. You might overlook this source for coupons if you are a native to the area. However, tourist magazines typically are full of discounts offered at local restaurants.
8. Inquire whether a favorite restaurant offers early-bird discounts or two-for-one menu specials to seniors.

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Both Marilyn Pokorney & Katie George are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Marilyn Pokorney has sinced written about articles on various topics from Blood Pressure, Gardening and High Cholesterol. . Marilyn Pokorney's top article generates over 27100 views. to your Favourites.

Katie George has sinced written about articles on various topics from Credit Cards, Loans for Home Improvement and Banking. . Katie George's top article generates over 110000 views. to your Favourites.