Pensions are safer than 401(k)s

If you have a 401(k) you assume the risk when the markets take a downturn. It you have a pension and are fully vested, by law your company is required to pay you what you’ve earned. However you do have to wait until you are 55 to 65 years old to collect it.

While you do what you can to minimize the risk to your retirement savings here are some ways you can save almost $9,000 per year to put towards your retirement.

Engage in strategic shopping. Potential savings: $5,000. Track deals at your local store, online, and direct from the manufacturers of items that you buy. Taking the time to do this before you go shopping will save you a lot of money.

Avoid what author David Bach calls the “latte factor”. Buy enough from the grocery store to make you meals at home. Bring your meals to work. Cutting back on this wasteful spending can save you almost $2,500. Paying atm fees would fit into this category.

Upgrade your appliances and potentially save $150 dollars per year. By upgrading a refrigerator to one that is more energy efficient saves you money and is a small step in living “green”.

Go generic and potentially save $170. Buying generic brands from the grocery store and other local stores like CVS or Target keeps money in your pocket. Don’t be afraid of store brands.

Pay an extra $1 on your credit cards and potentially save over $200. Try increasing what you typically pay per month on your credit cards to one dollar a day. If you add $30 to what you normally pay, you will pay down the credit card debt sooner and save on interest payments.

Pool together and share a babysitter. This can give you a potential savings of over $700. Even though providers may pro-rate their fees based on the number of children, pooling with neighbors or friends can bring a savings of 20% to 50%.