Nest-Egg

Nest EggA large portion of your day-to-day routine probably includes managing budgets and costs. But, how much time do you spend planning for your future expenses?

From the looks of recent surveys, it appears that more people are worried about having enough money to retire. Fifty-seven percent of U.S. workers surveyed reported less than $25,000 in total household savings and investments excluding their homes, according to a report by the Employee Benefit Research Institute.

And with people living longer, don’t expect to see a change in these numbers anytime soon: 28 percent of Americans have “no confidence” they will have enough money to retire comfortably — the highest level that figure has reached in the study’s 23-year history.

So, what can you do to prevent pushing your retirement date back?

1. Financial planning: You plan ahead with your business, so your retirement fund should be no different. Figure out your net worth and how much you’ll need to retire (standard of living, what you want to do after retiring, etc.). You can start by looking at what your costs are currently and subtract about 20 percent since you won’t have the gas and transportation costs associated with working. If you retire before 65, you probably won’t be eligible for Medicare (there are other factors, other than age), so you’ll have to account for supplemental insurance. See when you can retire with AARP’s or CNN Money’s retirement calculator.

2. Invest: Putting your money in stocks may seem a little scary. But, basically, you’re betting your money on the success of the country. So either the country (and your money) thrive, or we are all in financial trouble. “The best thing you can do right now to ensure an early retirement is to invest as much of your earnings as possible in safe, long-term investments and tax-deferrable retirement savings accounts,” reports Dave Roos from HowStuffWorks.com.

3. Live within your means: We’ve all learned this as a country during the recent recession, and it’s important to follow a budget closely. A few simple words that will save you in the long run.

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