The 10 Things You Need To Overcome To Be Successful

By Preston Waters

Everyone wants to be successful. Everyone dreams of it, and no one wants to get stuck in the average lifestyle that this country flaunts as the American dream. The truth about success is that it is something that only a small group of privileged people manages to experience. The 1% as this country calls it.

Being successful in life and living a life worthy of the name includes hardships and challenges that the average person can’t handle — which is why they end up average. The peasant mindset makes people believe that when you become successful and make lots of money that all your issues are solved and you are living an easy-breezy life. Unfortunately life isn’t a movie, and when success comes, things get hard.

But until then, to even attain any type of success in life, there is a journey that people must embark on. Some take that road and keep going, others get afraid and run back to the safety of lifestyle that keeps them feeling comfortable. There are hardships you need to overcome if you ever want to be successful and it is better to know about them beforehand so you know what to expect rather than to get blindsided by them on your journey.

Here are the 10 things you are going to have to overcome if you ever want to be successful. Best of luck to you, the odds are stacked against you, but the only one who can change that is you.

10. Procrastination

We live in a world where we love to procrastinate. It seems as if ADD has clawed its nimble fingers into all of us and we will do anything to delay something that we need to get done. Stop wasting your time with nonsense. We procrastinate because we are lazy or we fear a specific task because we are unsure of its outcome.

If you fear it, it is something that you need to get done for yourself and for your journey. It is essential for your growth to throw away the procrastination pigment, which is inside of you, and discipline yourself to get what you need done.

9. Limiting beliefs

When you venture out to do something or have any kind of dream, there will always be some internalized limitations. You are going to have some self doubt and feel like things are getting too hard or that they might not work, but if you succumb to these weak thoughts, they will actually become your reality.

Remember, if everyone listened to the negative advice of others, no one and nothing would really progress in this world. Block out all of the negativity that is around you and make the only limits there are in the world are the ones you set for yourself.

8. Bad environment

As the good old saying goes, you are who you surround yourself with. As Jim Rohn once said “You are the average of the five people you spend the most time with.” Don’t be hesitant to limit time to or to cut off those who continually drag you down. Surround yourself with people who will push you and help you rather than those who will hold you down.

7. Lack of Motivation

If money is your end game, and that is all you are basing your journey around, you will fail because it’s not good enough motivation for you to get through. There has to be more than that, there has to be a meaning, a purpose and a sort of passion that will keep you up at night thinking about work.

Motivation is everything, and pushing yourself to achieve what you once thought was impossible is what makes it all worth it. And no money can ever buy that feeling.

6. Part-time dedication

Many people mistakenly believe that you can be successful by just half-assing it or by working on something in your free time. Unfortunately it’s not that simple and it doesn’t work that way. To be successful you have to constantly be working toward your goals. And not when it’s convenient for you, but all the time, 24 hours a day and 7 days a week. It’s not a job, it’s a lifestyle.

5. Time is limited

You don’t have all the time in the world and opportunity rarely strikes twice. Every minute wasted is another missed chance to move closer to your dream. Time is not on your side and it is always working against you. Take advantage of every second you have because you will never get it back. Manage yourself and manage your time and you will be successful.

4. Lack of specific goals

The funny thing about life is that there really are no lazy people out there, there are just people who are lacking goals, and we decide to call them lazy. A goal, a dream, a future is what gives you a purpose to work toward something and get off your ass.

When you love what you do, and you progress with it, even through baby steps, that is when you begin exceling. Life is about fulfillment and progression, but with no goals you can’t have any of those. Have specific goals and know exactly what you want out of them. Have short-term goals and long-term ones too.

3. Settling for less

People love to be content, they love settling for what is in front of them and feeling somewhat accomplished. Why do you think you don’t deserve the best and the most out of life? You do. And to get it, you just need to want it.

How much is enough? It’s never enough. Never settle; there will always be a new bar to set, a higher bar and once you have gotten there — keep going. Life is too short to take a break or to think that you are accomplished; there is always something else to conquer.

2. Lack of persistence

The most successful people are the ones that never give up and persist in reaching their goals and dreams. It’s about knocking on 7 doors, getting rejected, but not giving up and succeeding at the 8th door. It’s about constantly trying and never stopping. Some of the most successful people in the world are the greatest failures, but what separated them is that they never stopped trying.

1. Failure

Last but not least, one of the biggest things you are going to have to overcome is failure and this is where most people let go of their dreams. Most people will fail once, get discouraged and walk away, whereas others will treat it as a stepping stone and view it as a lesson to keep building upon — and that is what separates those who make it from those who don’t.

If you ever thought being successful is something easy, then you have another thing coming to you. Treat all failures as lessons, they are just stepping stones you must pass on your journey toward success!

Preston Waters | Elite.

Al Gore: From Common Man To A $200 Million Net Worth

By Robert Gordon

From his time as Vice President, to his run against George W. Bush during the 2000 presidential election, Al Gore has always been looked at as the underdog and a common man’s hero. So how the hell did he amass such a fortune?

When he was running for President, Gore wasn’t even a multi-millionaire. According to Bloomberg, he has since garnered a net worth that “may exceed $200 million.”

Gore is said to have netted about $70 million in Current TV’s sale to Al Jazeera in January, which is slightly less than the $100 million earning that was initially reported from the controversial deal.

Also in January, Gore exercised options on 59,000 shares of Apple Stock because of his service as a board member since 2003. Receiving them at $7.48 per share, he was able to make approximately $30 million on the deal.

Now, Gore’s wealth is comparable to that of Mitt Romney, whose net worth and snobbish attitude were a turnoff to many voters during the 2012 Presidential election.

So what separates former Vice President Gore from the other mega-millionaires in Washington?

For one, Gore’s track record as VP speaks for itself. Serving as a part of one of the most beloved Presidential terms of all-time, Gore and President Clinton united a normally divided country.

Beyond that, his work after losing the controversial 2000 Presidetnial election on raising global warming awareness earned Gore the Nobel Peace Prize in 2007.

Gore’s success and accumulated wealth are results of his hard work, luck and timing; and not from anything malicious.

Despite this, Gore says democracy has been “hacked” by the influence of money in politics.

“That is what has been happening to American democracy,” Gore said. “They have not been able to regulate these phony baloney financial derivatives that caused the financial crisis. They voted to invade Iraq even though Iraq had nothing to do with 9/11. Unfortunately there are a lot of examples. They can’t pass a budget. I can’t keep the country from facing financial danger and the main reason is simple, the influence of the money is at un-healthy levels.”

Philippines Beats Indonesia in Gaining S&P Investment Grade

By Karl Yap

Philippine stocks rose to a record after it beat Indonesia to win an investment grade from Standard & Poor’s, as President Benigno Aquino outshines Susilo Bambang Yudhoyono in improving government finances and spurring growth.

The rating on the Philippines’ long-term foreign-currency- denominated debt was raised one level to BBB- from BB+, with a stable outlook, S&P said in a statement yesterday. In contrast, the assessor revised its outlook on Indonesia’s BB+ rating to stable from positive.

May 3 (Bloomberg) — Philippine Finance Secretary Cesar Purisima talks about the nation’s investment grade rating by Standard & Poor’s, and the outlook for the domestic economy. The Philippines beat Indonesia to win an investment grade from S&P’s, as President Benigno Aquino outshines Susilo Bambang Yudhoyono in improving government finances and spurring growth. Purisima speaks with Susan Li on Bloomberg Television’s “First Up.” (Source: Bloomberg)

President Benigno Aquino has increased state spending and narrowed the budget deficit while stepping up its fight against corruption. Photographer: Julian Abram Wainwright/Bloomberg

“We’re continuing to address constraints to growth,” Philippine Finance Secretary Cesar Purisima said in a Bloomberg Television interview with Susan Li today. “We’re fast tracking our infrastructure projects. We’re looking at areas we can open up to foreign investors.”

Aquino’s drive to transform the nation into one of the region’s fastest-growing economies is gaining strength, with the government forecasting record investment pledges this year as companies including Murata Manufacturing Co. expand. In Indonesia, President Yudhoyono has delayed cutting fuel subsidies that have drained government finances even as he tries to allocate more funds to infrastructure spending.

“For the Philippines, this is yet another confirmation that Aquino’s reforms have borne fruit, which would help in attracting not just short-term flows, but long-term direct investments,” said Santitarn Sathirathai, a Singapore-based economist at Credit Suisse Group AG. “The rating momentum for Indonesia is moving in the wrong direction.”

Capital Inflows

The Philippine Stock Exchange Index (PCOMP) rose as much as 1.9 percent today to a record. Indonesia’s benchmark Jakarta Composite Index (JCI) slid a second day.

The peso climbed to a four-week high, rising 0.3 percent to 40.93 per dollar, according to Tullett Prebon Plc. In the past 12 months, it is the biggest gainer after the Thai baht among 11 Asian currencies tracked by Bloomberg.

“The upgrade on the Philippines reflects a strengthening external profile, moderating inflation, and the government’s declining reliance on foreign currency debt,” S&P said. “In our assessment, the stalling of the reform momentum in Indonesia and a weaker external profile have diminished the potential for an upgrade over the next 12 months,” it said separately.

Higher ratings may boost capital inflows into the Philippines and prompt the central bank to add to measures to curb asset-bubble risks. Bangko Sentral ng Pilipinas last month cut the rate it pays on special deposit accounts for a third time this year, while keeping the rate it pays lenders for overnight deposits at a record-low 3.5 percent.

Continued Strength

“The Philippine central bank has done a good job in managing inflows,” S&P credit analyst Agost Benard said in a teleconference today. Still, the peso will likely have to appreciate as inflows continue to rise, he said.

Moody’s Investors Service, which rates the Philippines one step below investment grade, is keeping a close eye on developments on the ground, Singapore-based sovereign analyst Christian de Guzman said in an interview today.

“Much of the momentum has continued in terms of growth, as well as the health of external payments position, as evidenced by the continued strength of remittance inflows and stability of foreign exchange reserves,” he said. “However, revenue performance is starting to slow and begs the question if efforts to increase tax efficiency have already been maximized.”

Philippine revenue collection fell a second month in March, a report showed yesterday, even after the implementation of a “sin tax” on alcohol and tobacco products. Indonesia’s rating of Baa3 above the Philippines is still justified, de Guzman said, citing a longer track record of growth and fiscal management.

Infrastructure Investment

Aquino has increased state spending and narrowed the budget deficit while seeking more than $17 billion of infrastructure investments to spur growth to as much as 7 percent this year. The Philippine economy, which was more than twice the size of Malaysia and 10 times bigger than Singapore’s in 1960, expanded 6.8 percent in the fourth quarter.

The president has taken on the Catholic Church with a bill to provide free contraceptives to the poor, arrested his predecessor on graft charges, and ousted the country’s top judge for illegally concealing his wealth. Transparency International raised the country’s ranking on its annual corruption index last year to 105, versus Indonesia’s 118.

Fitch Ratings was the first to upgrade the Philippines to investment grade in March. Moody’s Investors Service rates the nation one step below.

Fuel Prices

Ratings changes aren’t always followed by investors. French bonds and U.S. Treasuries both made gains after the nations were stripped of their AAA credit ratings, in a sign that downgrades may have little bearing on borrowing costs. Almost half the time, government bond yields fall when an action suggests they should climb, or they increase even as a change signals a decline, according to 38 years of data compiled by Bloomberg.

Yudhoyono said this week he will only increase fuel prices after Parliament approves compensation programs for the poor, a move that could delay efforts to contain a budget deficit that may be more than twice as much as estimated without subsidy cuts.

Fuel Prices

Failure to reduce subsidies last year drained government finances and led to a record current-account shortfall, hurting the rupiah as foreign investors lost confidence. Indonesia’s economy probably expanded near the slowest pace in more than two years last quarter as a decline in commodity prices hurt exports.

Indonesia may implement incremental measures such as a moderate increase in fuel prices, S&P’s Benard said, while stopping short of bold measures given the stage of the electoral cycle the country is in, he said.

S&P said yesterday it may raise the country’s rating if the fuel reforms are finalized, the state budget is improved, or if structural reforms boost economic growth. The assessment may be lowered if renewed fiscal or external pressures are not met with “timely and adequate policy responses,” it said.

“Policy and exchange-rate management need to be more focused on sending the right signals to the market so as not to induce portfolio outflows,” Benard said.

Understanding Accounting Methods

By www.dummies.com

Officially, there are two types of accounting methods, which dictate how the company’s transactions are recorded in the company’s financial books: cash-basis accounting and accrual accounting. The key difference between the two types is how the company records cash coming into and going out of the business. Within that simple difference lies a lot of room for error — or manipulation. In fact, many of the major corporations involved in financial scandals have gotten in trouble because they played games with the nuts and bolts of their accounting method.

Cash-basis accounting

In cash-basis accounting, companies record expenses in financial accounts when the cash is actually laid out, and they book revenue when they actually hold the cash in their hot little hands or, more likely, in a bank account. For example, if a painter completed a project on December 30, 2003, but doesn’t get paid for it until the owner inspects it on January 10, 2004, the painter reports those cash earnings on her 2004 tax report. In cash-basis accounting, cash earnings include checks, credit-card receipts, or any other form of revenue from customers.

Smaller companies that haven’t formally incorporated and most sole proprietors use cash-basis accounting because the system is easier for them to use on their own, meaning they don’t have to hire a large accounting staff.

Accrual accounting

If a company uses accrual accounting, it records revenue when the actual transaction is completed (such as the completion of work specified in a contract agreement between the company and its customer), not when it receives the cash. That is, the company records revenue when it earns it, even if the customer hasn’t paid yet. For example, a carpentry contractor who uses accrual accounting records the revenue earned when he completes the job, even if the customer hasn’t paid the final bill yet.

Expenses are handled in the same way. The company records any expenses when they’re incurred, even if it hasn’t paid for the supplies yet. For example, when a carpenter buys lumber for a job, he may very likely do so on account and not actually lay out the cash for the lumber until a month or so later when he gets the bill.

Remember: All incorporated companies must use accrual accounting according to the generally accepted accounting principles (GAAP). If you’re reading a corporation’s financial reports, what you see is based on accrual accounting.

Why method matters

The accounting method a business uses can have a major impact on the total revenue the business reports as well as on the expenses that it subtracts from the revenue to get the bottom line. Here’s how:

• Cash-basis accounting: Expenses and revenues aren’t carefully matched on a month-to-month basis. Expenses aren’t recognized until the money is actually paid out, even if the expenses are incurred in previous months, and revenues earned in previous months aren’t recognized until the cash is actually received. However, cash-basis accounting excels in tracking the actual cash available.

• Accrual accounting: Expenses and revenue are matched, providing a company with a better idea of how much it’s spending to operate each month and how much profit it’s making. Expenses are recorded (or accrued) in the month incurred, even if the cash isn’t paid out until the next month. Revenues are recorded in the month the project is complete or the product is shipped, even if the company hasn’t yet received the cash from the customer.

The way a company records payment of payroll taxes, for example, differs with these two methods. In accrual accounting, each month a company sets aside the amount it expects to pay toward its quarterly tax bills for employee taxes using an accrual (paper transaction in which no money changes hands, which is called an accrual). The entry goes into a tax liability account (an account for tracking tax payments that have been made or must still be made). If the company incurs $1,000 of tax liabilities in March, that amount is entered in the tax liability account even if it hasn’t yet paid out the cash. That way, the expense is matched to the month it is incurred.

In cash accounting, the company doesn’t record the liability until it actually pays the government the cash. Although the company incurs tax expenses each month, the company using cash accounting shows a higher profit during two months every quarter and possibly even shows a loss in the third month when the taxes are paid.

To see how these two methods can result in totally different financial statements, imagine that a carpenter contracts a job with a total cost to the customer of $2,000. The carpenter’s expected expenses for the supplies, labor, and other necessities are $1,200, so his expected profit is $800. He contracts the work on December 23, 2004, and completes the job on December 31, 2004. But he isn’t paid until January 3, 2005. The contractor takes no cash upfront and instead agrees to be paid in full at completion.

If he uses the cash-basis accounting method, because no cash changes hands, the carpenter doesn’t have to report any revenues from this transaction in 2004. But say he lays out the cash for his expenses in 2004. In this case, his bottom line is $1,200 less with no revenue to offset it, and his net profit (the amount of money the company earned, minus its expenses) for the business in 2004 is lower. This scenario may not necessarily be a bad thing if he’s trying to reduce his tax hit for 2004.

Tip: If you’re a small-business owner looking to manage your tax bill and you use cash-basis accounting, you can ask vendors to hold off payments until the beginning of the next year to reduce your net income, if you want to lower your tax payments for the year.

If the same carpenter uses accrual accounting, his bottom line is different. In this case, he books his expenses when they’re actually incurred. He also records the income when he completes the job on December 31, 2004, even though he doesn’t get the cash payment until 2005. His net income is increased by this job, and so is his tax hit.

How to Save One Million Dollars

By Jocelyn Black Hodes

The elusive million dollar milestone…is it reachable? Well, in short, yes. But not without some careful planning and discipline. Time is a key factor, of course. It all depends on your age, when you plan to retire, what kinds of accounts you use, your investment costs, and your risk tolerance. The more you are able to save on a regular basis, the less risk you need to take and the less time it should take to hit that first million.

Start Saving Now

If you are 35 and starting from scratch, for example, you need to save around $735 per month to have $1 million by age 65, assuming an 8% average annual return. If you are 40, you need to save around $1,135 per month. If you were willing to take on more risk with your investments and managed to average a 10% annual return, you would only have to save around $506 per month from age 35, or around $850 each month from age 40. If you were more conservative, you would need to save more. You get the idea. (You can use the SEC’s calculator to plug in your age and determine monthly contributions.)

Keep in mind that these numbers do not take potential investment costs into account like management fees and fund expense ratios, which could decrease your annual returns by more than 2%. This means that you will likely need to contribute more and/or take on more risk to meet your goal. They also don’t take into account inflation and taxes (we’ll get to that in a minute).

Max Out Your Retirement Accounts

So, where is the best place to save this money for retirement? In tax-advantaged retirement accounts, of course! We’re talking about your 401(k), 403(b), traditional IRA and/or Roth IRA. These kinds of accounts allow you to avoid paying taxes on market growth (capital gains), which really makes a big difference in how much you can accumulate over the long run.

If your company has a plan available, the easiest thing to do is to save there through automatic payroll deductions. These types of plans have a 2013 contribution limit of $17,500 or $23,000 if you are over 50. If your company offers a matching contribution (a.k.a free money), you definitely want to put in at least as much as they will match.

If you have maxed out contributions to your company plan and still want to save more, you can put an additional total of $5,500 (or $6,500 if you are over 50) for 2013 in a traditional or Roth IRA. Remember that Roth IRAs — unlike their traditional counterparts — allow you to grow post-tax money that you can potentially pull out totally tax-free in retirement. Some companies even offer a Roth IRA option as well as a 401(k) within their company plan, which means that you could potentially save $23,000 per year of tax-free money (or more, if you’re over 50).

If you do not have a company plan available and are an entrepreneur, or even if you do have a company plan but also freelance part-time, you may be able to open a SEP IRA or Individual 401(k), two other types of traditional IRAs. These plans allow you to save as much as $51,000 (or $56,500 if you are over 50) on a tax-deferred basis, including any other potential savings in other retirement accounts.

Don’t Forget About Taxes and Inflation

It’s also important to remember that, while hitting that 7-figure mark is still a major milestone, $1 million today won’t be worth that much in 25 years. Assuming an average inflation rate of 3%, it would only be worth around $475,000 in 25 years. (Over the last decade, the average annual inflation rate was less than 2.5%, but over the last quarter-century, the average annual inflation rate has been a little over 3%.)

If you want an inflation and tax-adjusted balance of $1 million by age 65, you may need to save upwards of $2,600 per month from age 35, or $3,200 per month from age 40, assuming an 8% return, and not including investment fees or state taxes. (We know: GULP.) Of course, that’s also assuming that you’re starting from scratch and accounting for 3% annual inflation. (You can do your own calculations with Bankrate’s inflation calculator tool.)

We know that may seem daunting; most people aren’t in a position to save $2,600 or more per month. But it does highlight the importance of starting early, or retiring a little later, in order to reach your retirement savings goal. Hopefully, you don’t have to start from scratch and you can build upon some base savings. You will help yourself a lot by saving extra cash (e.g. bonuses, tax refunds, inheritances) in tax-advantaged retirement accounts whenever possible, opening no or low-fee IRAs at a discount brokerage firm, and choosing lower-cost investments like indexed mutual funds and exchange-traded funds. Whatever your goal, the most important step you can take is to start saving anything you can now so your money can start growing and you’ll be that much closer to reaching $1 million, or whatever your personal retirement savings goal may be.

Act Your Age: A Decade-by-Decade Guide to Saving

By the DailyWorth Team

Do you have any regrets about how you’ve prepared for your retirement so far? Noooo, not you, right?

But maybe you’ve heard from friends that they’d be in better shape if only they had remembered to set up that 401k their 20s…or continued to save after the baby was born…or hadn’t pulled out of the market in 2008…or…

Relax. For every regret you (or your, ahem, friends) might feel, there’s an opportunity to boost your retirement savings by avoiding classic mistakes and anticipating age-specific roadblocks.

“It’s inevitable that people have to make adjustments to their plans,” says Jane Bennett Clark, a senior editor with Kiplinger. The trick is knowing what fixes to make, and when.

In your 20s…

At this age, even a little savings is like rocket fuel for your retirement. While studies show that single women in their 20s are earning more (and more than their male counterparts), the reality is that it’s hard for most young people to save energetically for a life that won’t unfold for decades. (We know. We’ve been there.)

The standard to aim for is 10% of your salary. But if you really want to set yourself up, says Clark, “aim for 15% now, because you’re almost certainly going to hit certain roadblocks later in life.” Fifteen percent may sound like a lot, but you can (and should) ease into it—here’s how.

Meaning: It’s likely that your savings will nosedive for a few years if you decide to get your law degree or M.F.A., if you buy a house, if you splurge on a big wedding, or have a child. So frontload your savings while you’re relatively carefree—and you’ll stress less about the health of your nest egg when life takes over in years to come.

Your 20s are also a good time to set up a Roth IRA, Clark notes. The beauty of a Roth is that you put in after-tax money, so it not only grows tax-free, you withdraw it decades from now and won’t owe taxes on your principal or profit. “Starting early means you can really have the benefit of that tax-free growth.”

In your 30s…

It’s time to plan. “It’s too easy to fall into your 30s and 40s without figuring out your overall plan,” says Clark. Then you’re at the risk of life taking over, and slipping behind on your goals.

After all, you typically make some big decisions in your 30s: kids, career changes, investing in a “forever” home or maybe your own business. A plan can help you prioritize, make choices (or negotiate harder for a certain salary level)—so you don’t get off track.

If you don’t have a clear-cut plan that helps you hit savings benchmarks or important goals, meet with a financial planner (and be sure to follow these guidelines, and discuss their fee structure.

If you’re dealing with college savings, says Clark, “chances are you won’t be able to fully fund both college and retirement at the same time, so you’ll have to make choices.

“Since you can’t borrow for your retirement, you’re probably going to have to compromise on college savings.”

One thing that will help protect your plans: an emergency fund of (yes) three to six months of expenses, or an amount that makes sense in your life, which might be more or less. If you have a rainy day fund, you’ll be less likely to raid your 401k or IRA in a crisis.

In your 40s…

It’s time to check your asset allocation, especially if you haven’t given it much thought in, oh, five to 10 years. Unless your retirement money is in a target date fund, which adjusts the allocation of equities and fixed income to be less risky as you get older, your portfolio probably needs a tune-up.

You want to make sure you’re balancing the need for growth (retirement is still a good 20- to 25 years off, for you) with some security. Meaning, if your asset allocation is still pretty aggressive, i.e. weighted more toward stocks or stock mutual funds, you want to make sure you’ve got some hedge (protection) against risk, usually in the form of bonds and cash.

Another common mistake at this age: overcommitting to college bills, says Clark. Two things you can do to prevent filial love from sabotaging fiscal prudence:

1. Be honest with your college-bound or teenage kids about what you can afford, and what sorts of colleges they can apply to. Giving them a reality check will prevent them from being disappointed, and stop you from spending money you don’t have.

2. Avoid the debt trap. The last thing you need going into retirement is a heavier debt load, so don’t tap out your home equity for college tuition!

In your 50s…

As you get older, the likelihood of facing some sort of financial setback only grows. And unfortunately, the older you are, the higher the stakes are. Losing your job when you’re 25 is a bummer; losing it at 55 means you’re looking at an income loss, a dent in your savings, and a hit to your retirement.

Hopefully you’ve been proactive, because frontloading your savings is one of the best ways to tide you over in the event of a financial shock. But if you don’t have that peace of mind, do your best to maintain your retirement contributions, no matter what, says Mary Claire Allvine, an advisor with Brownson, Rhemus & Foxworth in Atlanta.

If you haven’t been able to keep a steady 10% or 15% savings rate, you may have to play catch-up. Fortunately, that’s why there are, literally, catch-up provisions for most retirement accounts for folks 50 and older. Up until age 49 you can only sock away $5,500 in your traditional or Roth IRA (starting in 2013), but it’s $6,500 from age 50 on up.

One idea, if you do need to bear down on savings, is to downsize before you retire, suggests Clark. If you move to a small home, that could save on monthly mortgage or rent payments, plus taxes, heat, utilities, maintenan e. Maybe you can even ditch one of the family cars. “You can save quite a bit by funneling that extra cash into your retirement during the last 10 or 15 years,” says Clark.

In your 50s, it’s also imperative to consolidate all your 401k and rollover accounts—if you haven’t yet. You need to know exactly what your assets are, and where they are, so you can make the most of them.

That’s what it’s about, at any age.