A revolutionary approach to socking away your nest egg

By Suze Orman

Bet that got your attention, eh? Let me explain.

I know that many of you are downright terrified by the financial challenge of affording retirement. An innocent-looking online retirement calculator can put you face to face with a "magic number" far scarier for you than anything the Hollywood shock pros could ever dream up for a horror movie. And when we get scared, we get paralyzed and do nothing. Which is just about the worst move (or lack of a move) you could make when it comes to securing your future.

So today we're not going to get bogged down with calculators and scary predictions of how you aren't saving up enough for retirement.

Instead, I want to show you one simple move that can put you on pace to be able to afford retirement. And it has nothing to do with saving. It's all about spending.

Okay, let me slow down and state the obvious here: Yes, of course you need to sock money away in your 401(k)-especially if your employer offers a matching contribution-and yes, you are nuts to pass up a Roth IRA if you are eligible. But one of the best ways to afford retirement is to reduce the amount of money you'll need once you hit retirement. And that's why my favorite retirement "investment" strategy is to speed up your mortgage payments today.

What I am talking about is spending your 40s and 50s-your prime earning years-paying off the mortgage so that when you stop working you no longer have this big monthly bill to pay. (If you rent, obviously the first goal is to buy a home so you can set up an accelerated mortgage payment plan of your own. You don't want to be paying rent in your golden years any more than you want to be saddled with an unpaid mortgage.) Of course you'll always have property tax, insurance, and maintenance costs to cover, but by eliminating your basic mortgage you will have bought yourself a whole lot of security. more...

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Suze Orman has been called “a force in the world of personal finance” and a “one-woman financial advice powerhouse” by USA Today. She is the author of four consecutive New York Times bestsellers, including The Road to Wealth. Suze Orman, a Certified Financial Planner Professional®, directed the Suze Orman Financial Group from 1987-1997, served as Vice President of Investments for Prudential Bache Securities from 1983-87, and from 1980-83, was an Account Executive at Merrill Lynch.

Watch Suze every Saturday night on CNBC. Check www.suzeorman.com for TV listings.