Save Fuel: Safe Driving Tip for the Road to Retirement
The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.
By Richard Schmitt
NEW YORK ( TheStreet) -- "You can't get there from here." Although not normally the response -- except when driving in New England -- you might hear someone say that when asked for directions for the way to retirement.
When you consider that two of the three pillars underlying retirement, income security -- Social Security and employer-sponsored retirement plans -- has fallen into some disrepair; personal savings takes on significantly more importance. For that reason, safe driving tip no. 1 on the road to retirement is:
Save fuelIf fuel (gas or electricity, your choice) is the lifeblood of your car, cash is what drives your retirement savings. Rather than gunning your consumption engine while working your way along the road to retirement, just set your saving on cruise control at a decent speed and avoid braking to further your chances for a smooth ride. Only after dutiful saving (and investing) during your working journey can you consider coasting into retirement.
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