It’s Not Too Late to Catch Up on Saving for Your Central Florida Retirement

Davis Legacy Ventures



You may have suddenly realized that you aren’t saving enough to sustain you through your retirement in Tampa, Lakeland, or any other city in the region for that matter.  Panic may have already set in, and you have begun to live the life of a miser.

Your self-imposed austerity measures may seem like the only choice you have, but they will end up causing you trouble. You need to be able to buy things you require and have a little money to enjoy once in a while. Being too miserly is not a sustainable strategy.  Here are some ideas that can help you get ready for retirement without making you feel the pinch.

Contribute More to Your Retirement Saving Plan

This action is a simple way to build security for future retirement. If you are not at the maximum contribution for your 401(k), be sure not to increase your contribution amount so much that you cannot pay for other expenses. It must be increased incrementally over time. You could increase it by 2% or 3% each year, or you could have the dollar amount of raises you receive added to the total contribution you make. There may be additional savings plans available through your employer such as stock purchase plans or have a portion of your paycheck automatically sent to a savings account or mutual fund. If you are self-employed, use a similar strategy with an IRA.

Increase Your Income

This point may seem obvious, but earning more money lets you save for retirement. Strive to be promoted to positions at your company that have a higher salary and continue to seek advancement and raises from year to year. This plan will require hard work and creativity on your part, but it is far from impossible. Many books have been written on being an entrapreneur at work that can help you to reach that goal.  Some Central Florida companies offer profit-sharing plans to their employees; this can be an excellent way to increase your income.

If you are a business owner, look for a way to decrease costs without damaging your company while seeking to acquire new customers.  Try and expand your business into new areas that complement your existing products or services.


If you are able, getting a part-time job and then placing between 50% and 75% into savings, IRA, or mutual fund can have a significant positive effect on your retirement saving.

Tighten Your Belt

This may seem another obvious choice when saving for retirement, but it is one that takes discipline. Look for ways to reduce expenses that are creative and won’t impact your quality of life. Finding ways to lower power bills, take fewer vacations, don’t eat out as much are just a few of the things you can do to reduce expenses. When it comes to mortgages, you may be able to refinance and reduce your monthly payments. If your employer allows telecommuting, you could save money on transportation and fuel costs, not to mention the cost of buying lunch.

Take Care of Your Home

Most people in Central Florida derive their net worth from their homes. It makes sense that you should protect the source of your net worth. Insure your home against damage and make sure that it includes flood insurance if you live along Tampa Bay or have sinkhole coverage if you live in an area like Plant City or Bartow.

There is no need to panic over saving for retirement, just follow the suggestions above, and you will be on your way to a secure future.

If you have any questions about mortgages and real estate markets in the greater Tampa Bay Area, call me at 813-915-6649 or email [email protected]. I’d be happy to discuss them with you.

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