November 9, 2010
Protecting your nest egg during the golden years really comes down to careful planning. The main goal is to leave the money you have in your retirement account
untouched as long as possible so that it can grow tax deferred for as
long as possible. Here are some costs you should get rid off and secrets you should know right now to have an easier life later. 1) Payoff Your Mortgage - The relief that comes with not having a mortgage when your paycheck shrinks because your retiring gives you room to breathe. If you're refinancing don't take out a new 30 year loan, take out a loan that will bridge you to retirement, take out a 10 to 15 year loan.2) Limit Yourself To One Car - If you're both retiring at the same time and you've been getting around with 2 cars, getting rid of one limits the cost of a car, maintenance, parking, and insurance. It's a lot of savings, you can also use zipcar service as an alternative.3) Drop Unnecessary Phones And Other Connections - Everyone can do this, if you have a lan line, cell phone, cable and internet chances are you have a lot of services that are overlapping. Why pay for both? go through the bills and do an audit. Use services like BillShrink.com to help you audit. Many people have dropped cable for internet to watch TV.4) Get Rid Of Credit Card Debt - Get rid of the high interest credit card debt. If you're overwhelmed see a credit counselor 3 or 4 years before you retire so they can put you on a 4 year plan to clear the deck so you can understand what you have going forward.5) Plan For Big Expenses - If you know your roof only has 2 more years of life left, plan ahead by saving extra money just for that so when it comes time to redo your roof you will not have to dip into your retirement funds. Any major expenses that cannot be avoided, set aside money to pay for them. 6) Dot It Yourself - Most of us delegate or hire others to do jobs like lawn care, fixing the computer, or painting the house as most of us work full time and can't take care of these things. However, you can barter these jobs and tasks with friends. Find something that you like to do and do that job for a friend or neighbor, then have that person do the same for you, so there is no payment involved. 7) Lower Investment Fees - You're going to be rolling your 401K into an IRA, you may take a lump sum and put it into an annuity, it is important to watch the fees in any case. Even 1% in investment fees are eat into your returns significantly if you're only earning 5 to 6 % a year, so read the fine print.
Posted by Tony Edward.
November 4, 2010
If you're looking to save money, a great place to start is with your biggest expenses first. For millions of Americans that means taking a closer look at your car, and more specifically how much your paying to insure that car. Here are five simple steps for lowering your car insurance bill.1) Pay All Your Bills On Time - Paying your bills on time makes perfect sense but it also includes paying things such as your library fines. Everyone is looking for money and often times if you have Library... Continue reading...
Posted by Tony Edward.
October 24, 2010
After a frightening drop in Halloween purchases last year, according to the National Retail Federation, this year Americans will spend $66 each for costumes, decorations and candy. But if you're scared to spend an arm and a leg, that's okay, because this is one holiday where you can use your head instead of your wallet. First, find out which costumes are popular this year. Some experts say the most popular costumes will be Avatar, Alice in Wonderland, and Lady Gaga. Now start thinking how you... Continue reading...
Posted by Tony Edward.
October 17, 2010
By now we all know that the U.S is in a recession or economic downturn. But the reality of what is going on has not hit many Americans, life as we know it will not be the same as in previous years. The things we would be able to buy, own, or afford are simply not possible anymore. Not to be negative or pessimistic, but the U.S will no longer be the same. That is not to say that we are not still a wealthy or privileged nation.The reality of the situation is, the rich are getting richer, the po... Continue reading...
Posted by Tony Edward.
October 6, 2010
A new survey shows people's relationship to the economy and their personal finances are deteriorating. Some of the people who were surveyed say that money makes them feel crazy, nervous, scared, complicated and confused. This is no surprise as many have been and are still going through tough times due to the recession. But having a good outlook and a positive attitude toward your finances will help you make better financial decisions. When we harbor negative feelings with money and about mone... Continue reading...
Posted by Tony Edward.
September 27, 2010
Some simple changes to your 401k can double, Yes Double! your prospective nest egg. We are talking about doubling your 401k for the average 45 year old worker making about $50,000 a year. We have put together some easy ways to secure your retirement.Step 1 Start to Save more - The typical worker saves about 6% of their salary, if you could eventually boost that to 10% along with an employer match, you will be well on your way to a comfortable retirement.Step 2Boosting Asset Allocation - Try t... Continue reading...
Posted by Tony Edward.
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