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Tips to save an extra $50,000 for retirement

07/21/11

People may have more opportunities than they think to save up for their retirement. According to Steve Orr, president and owner of Orr Financial Group, there are 10 simple steps you can take to save $50,000 or more for retirement.

"When you wean yourself off the little impulse buys and put those funds back into your retirement account, not only will you lose a few pounds and get off the caffeine - you'll wind up a little more comfortable when you retire as well," Orr says. "I did financial plans for people, I would see what little bits of money could do over a time period because of returns and the compound-interest miracle."

Refraining from coffee shop visits and brewing your own java, or cutting out coffee altogether, is one of the best ways to begin save money. If you spend around $4 on a cup "Every day of the week for about 40 weeks out of the year for the typical 35-year employment span… it would cost you about $27,650," says Orr.

Packing your own lunch, cutting out unnecessary snacks, quitting smoking, paying off high-interest loans and fully funding your 401(k) plan are all good ways to add money to your retirement fund. Some people may see life insurance rates as an unnecessary cost that could be cut, but nearly all experts stress the importance of a good policy.

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