Articles Tagged ‘retirement’
Save For Retirement When You Are Young
Friday, March 26th, 2010
If you're in your 20s or 30s, retirement is probably the last thing on your mind. After all, how can you save money for a date far in the future when you have other pressing priorities, such as getting out of debt and maybe saving for the down payment on a house?
But if you had any idea how lucky you are to have so much time on your side, you'd take the retirement issue more seriously. Consider this: Let's say you want to retire at age 65 with a million dollars. If you start saving at age 20,...
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Tags: retirement, retirement advice, retirement savings
Posted in Planning | 3 Comments »
Retirement Strategies
Tuesday, March 9th, 2010
The current financial environment has many people nearing retirement age wondering if they’ll even be able to retire. They wonder if it might be best to continue working to make and save as much as they can until the economy improves. The following are strategies and advice for retiring in bad times you may want to consider.
Be aware that the first five years of retirement are the most important. The first five years may very well determine how much money a retiree has available to them, especially when economic times are questionable.
Get help. If you don’t already have a...Read More »
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Tags: retirement, retirement advice, retirement strategies
Posted in Featured Article | No Comments »
Retirement Financial Considerations
Sunday, March 7th, 2010
Financial independence is just as important as physical independence. While you need to take steps to ensure that you are able to take care of your physical needs, the same goes for your money. Here is some advice to staying financially independent during your retirement years.
There are many things that can happen in life that can rock our financial world. Even if you have a cushion built up, nothing is for certain. Just ask those who invested with the stock market or other investors before the financial crisis erupted. What you can protect is your good name and financial...
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Tags: retirement, retirement advice, retirement financial considerations
Posted in Planning | No Comments »
Retirement and Long Term Care
Thursday, August 27th, 2009
Long-term care isn't a subject that we generally enjoy talking about. It's difficult to even think about the possibility that we and the ones we love might need someone to look after us in our golden years. But as life expectancy continues to rise, so do the chances that we will require long-term care one day.
Long-term care takes a number of different forms. It's not limited to stays in nursing homes (although that's a significant component). Sometimes the elderly can do most things for themselves, but need help with certain activities such as bathing, housekeeping or medical needs. These needs...
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Tags: Annuities, long term care, retirement, retirement planning
Posted in Planning | 1 Comment »
A Retirement Check-up
Wednesday, June 24th, 2009
As the economy has worsened, not only have retirement funds dropped in value with the market, but also many people have been tempted to tap savings as a way to cut debt or otherwise shore up their finances after a job loss. Still more have found that employers have dropped matching contributions to shore up their own finances.
Worry about retirement seems to be widespread. A January survey by the National Institute on Retirement Security noted that 83 percent of Americans are concerned about their ability to retire.
Yet the worst thing you can do is tap or give up...
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Tags: 401K, retirement, retirement advice, retirement planning
Posted in Planning | 3 Comments »
Can You Afford to Retire Now?
Tuesday, May 19th, 2009
This is a question plaguing many baby boomers today. For those on the cusp of retiring, statistics show they plan on working longer. For those who have decided to retire, the decision may carry long-term consequences.
If you have a 401K plan, the maximum annual contribution you can make in 2009 is $16,500. However, if you are over the age of 50 you can contribute a total of $22,000.
If you have an IRA, you can contribute up to $5,000, and for individuals 50 years or older, another $1,000 can be added.
The problem with retiring now...
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Tags: retirement, retirement advice
Posted in Planning | No Comments »
Get Your Retirement Plan on Track
Tuesday, April 21st, 2009
With the future of Social Security unclear, fewer and fewer workers having a company sponsored pension plan and health care costs continuing to increase, being financially prepared for retirement looms as a significant challenge for many. With the significant fluctuations of the stock market as well as the potential for a long-term economic down turn there are many things that need to be considered as you plan for retirement.
Here are some basic strategies to consider:
Investors in their peak earning years should take full advantage of employer-sponsored retirement plans, individual retirement accounts and potentially annuities.
Asset allocation should be age appropriate...Read More »
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Tags: retirement, retirement advice, retirement planning
Posted in Planning | 2 Comments »
Withdrawing Money From Your Retirement Accounts
Wednesday, March 18th, 2009
There are many rules of thumb about how much money you should withdraw from your retirement accounts every year. One of the more popular ones is that you should withdraw 4 percent of your retirement funds each year. Another one is you will need approximately 70 to 80 percent of your last year’s working income to carry you through retirement.
These are good generalities however you need to evaluate your specific situation and circumstance to come up with a plan that works for you. The reality is that everyone’s retirement goals are different and should be planned based on specific needs,...
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Tags: retirement, retirement advice, retirement planning, withdraw retirement money
Posted in Planning | 1 Comment »
Convert your Traditional IRA to a Roth IRA?
Thursday, March 5th, 2009
Given the significant market downturn it may not be a bad time to convert your traditional IRA to a Roth IRA. Right now, anyone with modified adjusted gross income of less than $100,000 a year (individual or joint income) can convert a traditional IRA account to a Roth IRA. Higher-income Americans are scheduled to get the same break in 2010.
Remember that when you do a conversion, you must pay income tax on the amount you are converting, which can be all of the funds in the traditional IRA or just a portion of those assets. But, subject to...
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Tags: IRA, ira conversion, retirement, retirement advice, retirement planning, Roth IRA
Posted in IRA and Roth IRA | 2 Comments »
Continue Contributing to your 401K?
Saturday, February 7th, 2009
Simply put the answer is yes - absolutely. Here are the reasons why. Let’s assume you took a substantial hit to your 401K plan when the stock market plummeted approximately 40%.
The amount of stocks, bonds, mutual funds, and other holdings that your 401K provider continues to purchase at the currently lower prices will eventually increase in price once the stock market rebounds. If you do not contribute, you will be losing out on the potential increase your overall portfolio will obtain.
The basic rule of investing is to buy low and sell high. Now is therefore a great time to make...
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Tags: 401K, retirement, retirement advice, retirement planning
Posted in 401K | 1 Comment »
Withdraw Funds from a 401K?
Friday, February 6th, 2009
With the current economic crisis on everyone’s mind, you may be wondering if you should withdraw money from your 401K. My recommendation is that you do not. Rather your contributions should continue based on the “buy low-sell high” theory.
What does this mean for you? Simply stated, right now most individuals may have incurred a severe loss in their 401K plans. But, considering that the stock market has dropped approximately 40% since the economic decline, your portfolio will likely increase with stocks, bonds, and mutual funds that can now be purchased at lower prices. See my...
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Tags: 401K, 401K Withdrawal, retirement, retirement advice
Posted in 401K | No Comments »
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