Six Ways to Find Money to Save for Retirement

America's largest generation ever appears to be headed for a financial crisis, as Baby Boomers have saved, on average, only 12 percent of what they say they will need to meet basic living expenses during retirement, according to the recent Allstate Financial "Retirement Reality Check" survey. Fortunately, you can avoid that problem.

"I just don't have the extra money to begin planning for a secure retirement." Most people have felt that way, but you may be surprised at just how easy it is to find money to save for retirement. Take a look at these six easy ways to start saving:

1. Tie it to a raise. Before you get used to living on a higher salary, set aside some of your raise for your long-term financial objectives. For example, if you receive a five percent annual increase, direct half of it to your savings program.

2. Do it yourself. Do you pay for a housekeeper or gardener to help out? Dividing the work between you and your family can save you hundreds of dollars a year that you could invest for retirement.

3. Redirect monthly payments when an obligation is paid off. Have you finished paying for the car, for a teenager's braces or for private school tuition? Now's the time to take that same monthly amount and redirect it to your savings plan.

4. Drink to your health. Try substituting tap water for those expensive lattes, juices or sodas. It may improve both your financial and physical well-being.

5. Cut back on the little luxuries. Too often, we mistake wants for needs. Call waiting? Cable TV? Cable modems? Little luxuries add up. Doing without can simplify not only your life but your finances at the same time.

6. Follow the one percent plan. Whether you get a raise or not, plan on increasing the money you set aside for future goals by one percent each year. It may simply mean giving up a movie or one dinner out each month.

Every little bit counts! Saving a few dollars a day can significantly influence your long-term retirement savings goals over time.

The Allstate Financial Group, a business unit of the Allstate Corporation, provides solutions to help you plan for a secure financial retirement. To learn more about saving for your future, call an Allstate agency or log on to Allstate Financial may provide solutions that can assist in securing the retirement you envision.

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