How to "pump up" retirement savings with a very late start

In his column "Ask Encore" Wall Street Journal columnist Glenn Ruffenach answers a reader's questions with the following advice: 1. Keep working 2. Slash debt 3. Get ruthless with expenses 4. Downsize Lots more advice on this topic in this blog.

Not enough to retire? Work longer or save more?

"A new study has practical implications for baby boomers in urgent need of improving their retirement finances: working a few additional years carries a lot more financial punch than a last-ditch effort to save some extra money in a 401(k)."
"This point is made dramatically in a simple example in the study: if a head of household who is 10 years away from retiring increases his 401(k) contributions from 6 percent to 7 percent of pay (with a 3 percent employer match) for the next decade, he would get no more benefit than if he instead had decided to work just one additional month before retiring."
Check out the details at The Squared Away Blog: http://squaredawayblog.bc.edu/squared-away/work-v-save-options-quantified/
While it is still a good idea to pay down debt and increase retirement investing after the kids leave home as retirement approaches... working longer will ensure a more secure retirement. also plan to wait until 70 to collect Social security retirement benefits.