Time to start paring down your spending. Presented by brighthousefin
Second homes, student loans, and expensive indulgences like luxury cars all divert money from retirement savings.
Avoiding something doesn't make it go away, though, and if retirement within the decade is your goal, you may need to start making some serious changes right now. Here are three places to start:If you've always envisioned sitting on the porch at your vacation lake house as the sun sets during the summer, Bera says to proceed cautiously."Owning a second home is usually a financial mistake, and could set you off track in being able to retire when you want to," she said.
At the end of the day, the most important thing for anyone to do if they want to retire in 10 years — or at all! — is to start saving now."Set up a Roth IRA and max it out," said Bera."Increase your 401 contributions today and cut your biggest expenses first. If you're feeling house poor, it's time to take a serious look at selling your home and renting a more affordable apartment or moving to a smaller house.
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