, On Thursday January 27, 2011, 2:44 pm ESTFor millions of baby boomers, the financial gap between today and a successful retirement is deep and wide. When confronted with this reality, many folks simply give up, lamenting that they will never be able to retire or will continue working until age 75. But it may not have to be that way, if you are willing to adopt radical strategies to accelerate your retirement plan and close that financial gap. Here are a few ideas to consider:
[See 10 Winter Wonderlands for Retirement.]
1. Work a second job. You need more income now so you can save more for retirement. If you are healthy and the nest is empty, fill some spare time with more work. I am friends with a couple who each work full-time in conventional 9-to-5 office jobs. One spouse also works evenings and weekends selling ladies shoes in a mall department store on commission. She makes more money from that part-time job than she does at her regular job.
2. Become a single car family. Most married couples are two car families, even if the kids are gone and one spouse is not working. Operating costs including gas, insurance, maintenance, and repairs and carrying costs such as depreciation, taxes, and interest for a car or SUV can easily average $6,000 to $10,000 per year and even more for luxury vehicles. (Check Edmunds.com or ConsumerReports.org for data for your vehicle.) Gas prices are on the rise. Getting rid of the second vehicle can save you thousands of dollars for retirement. Commute with others, take public transit, share a ride with your spouse, or ride a bike instead. It can be done with careful planning.
4 Radical Strategies to Retire Sooner
