Partial Reprint from Money Magazine

Get serious about saving for retirement

Sure, it's tempting to reward all your diaper changing and soccer shouting with a 105-inch plasma TV. You've earned it. But rather than put your newfound extra disposable income into lifestyle improvements, you'll be better off using the bulk of it to kick your retirement savings into high gear.

Studies show that people between the ages of 45 and 54 have saved, on average, less than $50,000. Yet it takes a cool $1 million or so to generate $40,000 to $50,000 a year in retirement income without having to worry about depleting your assets.

Although the Jordans have almost no debt (they paid off their mortgage this summer) and have saved steadily for retirement (even while the kids were in college), they don't have enough set aside yet to maintain their lifestyle once they stop working. So they're now determined to max out every retirement account available to them, including taking advantage of catch-up provisions that allow folks over 50 to make extra contributions. This year you can put an additional $5,000 into a 401(k), for a total of $20,000, and an extra $1,000 into an IRA, for a total of $5,000.

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