Use a retirement formula. The retirement planning resource New Retirement says that the basic formula for retirement is to accumulate 25 times your annual expenses and then plan to draw down no more than 4 percent of that value every year. For example, if you spend $50,000 per year, then you need to have $1,250,000 in savings to be able to retire. Budget to realize that savings goal. For those who have trouble calculating retirement figures, utilize this planner: www.newretirement.com/retirement/planner-signup/, which offers various retirement strategies.
Trim extra expenses. Reduce your spending to put more cash toward your future. Comb through credit card statements and look at various bills to see where you can save.