Baby Boomer – Babies No More

0a3.jpgAll I can hear the voices, and everything seems to go too fast. You slowly see a bright light, you feel a light tap on your butt, and you cry out loud. Your mother is there waiting for you. And as she carefully held you in his arms, you feel all the love and comfort that the world has to offer.
Babies is a wonderful gift that every woman can get. And if such a baby born during 1946-1964, it is called a baby boomer. At present, these baby boomers born in midlife, and others their age have already retired. Baby boomers looking for a meaningful life, and the purpose, and this is the reason why they have quite an interesting group.
You may be familiar with the different generations, and this makes it even worse. Many people want to have a separate generations, or simply want to belong. But it’s not this way. No matter what your generation you are, you have to get the most out of your life that you’re a baby boomer or not, because that’s what life is all about.
Baby boomers are aging, so now you know the lessons in life.
If you’re one of the baby boom in midlife, then you’re probably thinking of ways to make an impact on society, it belongs to.

Related Coverage

Baby Boomer Health – Advice About Baby Boomers And Retirement

The topic of baby boomer health is popular these days as more and more people from this age group are becoming senior citizens and approaching retirement age. There are many issues that directly affect the baby boomer generation that need to be considered, especially with today’s economy being the way it is. Read on to learn more …. Baby Boomers – Getting the Recognition You Deserve

Most of us don’t get anywhere nearly the recognition we believe we want and deserve. And, it’s so easy to fall into the pattern of saying things – like THEY don’t appreciate me… OR – No one recognizes me. Are you getting all the recognition you deserve? Jewellery For the Baby Boomer Generation

But now, as we have grown older, wiser and more sophisticated, we prefer more elegant jewellery styles. And over the years our jewellery collections have grown, including those special gold and silver pieces that were gifts from loved ones, or bought on that special vacation… Baby Boomers – Made In America Today

America proud country and Americans are proud people. The United States is a country that is made up of different cultures and different races. This is where people seek the American dream. In fact, more and more people from different countries think the United States is the country of choice for a better life, and for their children.And you will be able to this, the following steps:
1. aware of the passion
2. identify all the advanced skills and rich experience can be used to help others
3. I know the good things that you enjoy doing
4. choose an organization because there is such a charitable organization or a religious group
5. connection, and offers the service, you can also volunteer to help them out
6. have fun while you do your best to help others
Trying to make a impact in this world that does not mean that the names paraded across the globe.
Help your own little way to improve the quality of life of vulnerable people that you feel good. And although the effort is small, you can be proud of, because it has already made a significant difference.
Not all baby boomers, like this one. There are those who mess up their lives indulging in dangerous vices, or those things which are meaningless in the money or investments. But it is never too late, there is always change, if you really want to do it.
In a certain age, you can enjoy life to its fullest. Establishes a successful career and gives importance to the family and herself.
We expect the older generation of baby boomers? Most of the older generation of baby boomers who will soon retire you still want to continue their lives looking for second careers, but focus more on the things that you want to enjoy this. Some of them want to make an income, while others are satisfied with what they have. They want to spend the remaining years of their lives make sense as possible. Volunteer work for the non-profit organizations are usually in places and often pass their time.
Although they want to keep themselves busy, there are certain factors that prevent them from doing so. This is a true and sad fact that the older generations are also prone to certain health problems, one of which is hearing loss. 2030, it is estimated that more than 50 million Americans suffer from this problem soon.
As people age, it’s only natural that they are increasingly prone to health problems. The best thing is that the “baby boom” we can do is prevention. Do not let yourself be exposed to continuous loud noise, because it can lead to hearing impairment.
Now, you probably know how important a healthy lifestyle. Baby boomers want to live longer, in order to make sense of their lives in this world. But since you can not tell how long it will live as a baby boomer, you should try your best to live a normal life, and the always- -good-guy-next-door.

A Sample Financial Planning Notebook And Diary

1a2.jpgA Sample Financial Planning Notebook and Diary

I Goals:
Short-term Goals (1 year or less)
1) To make it through the school year with a minimal amount of loans.
2) Minimize excessive spending.
3) Finance a car or truck after researching.Medium-term Goals (2-10 years)
1) Pay off college debt.
2) Save for a down payment on a house.
3) Start solid retirement and college funds.Long-term Goals (10-80 years)
1) Completely purchase a home.
2) To live modestly and comfortably. I do not need to own the fastest cars, but I do not want to have any serious financial burdens.
3) To retire happily.
Are your goals detailed? Specific? Complete?
My goals are somewhat vague because there is a lot of grey area in my financial status. Right now I need to manage my debts to the best of my ability, and make sure to finish college. Currently I am changing my status from dependent to independent, so my financial aide from Texas Tech should improve immensely for the spring semester.II Personal Financial Statements and Budget
Develop and provide explanations on, your:Balance SheetsInc/Exp Statements (track for 2 months or more).
Need more time to accurately prepare balance sheet, inc/exp statements, and calculate my ratios.Financial Ratios? (solvency, liquidity, savings).Solvency- Net Worth/Total AssetsLiquidity- Current Assets/Current LiabilitiesSavings- Cash Surplus/Net Income
What can you do to improve these in short/long term?Short term: I would like to find a good paying job in the summertime that could really help with expenses.Long term: Make sure to pay off college loans before making other large purchases.
Create a budget based on your inc/exp statement:
Random Spending
$395
Apartment Rent
$350
Food and Groceries
$50
Cellular Phone Plan
$40
Gas Money for Friends
$300
TOTAL
$1135Forecast, Actual, and Differences with explanations.
My actual is always more expensive than my forecast. I need to allocate more money for random purchases/emergencies. Often I do not take into consideration that I will need to buy an ink cartridge soon, buy new light bulbs, or purchase specific tools for classes. Sometimes trying to calculate all of the tedious and infrequent expenses takes too much time, and can be exhausting.What can you do to follow the budget (better) now/future?
Take budgets more seriously. If I am going to take the time out of my day to make a budget, I need to follow it. I should post the budget on the walls in my room.III Cash ManagementWhat is your current cash management framework?
I revolve my cash management around a few important things to me, and try to exclude everything else. I take money out of my checking account for items such as apartment rent, food, tuition payments, continuing hobbies (lifting weights, guitar, sports), and of course having fun with friends and family. I like to estimate what monies allocated for hobbies and random fun will be, however the estimate is always less than the actual for me.
Create a chart to show your financial institution’s:Current interest rate on savings:
I do not have a savings account with any bank. I plan on obtaining a savings account next semester.Current interest rate on checking. Costs?
The current interest rate (APY) for my amount balance is 0.10%. Monthly service charges are waived because of my relationship with the bank.Current rates on other cash management tools. Costs?
I keep my cash management tools simple, and I do not have to write checks often. I purchase one new order of checks per year, but normally because my address has changed from the previous year.What cash management vehicles do you plan to use at future stages of your life?
In future stages of my life I plan on having a little bit of every cash management vehicle. I would like to have a checking account linked with my savings account to have overdraft protection. I would also like to have other liquid assets such as money market mutual funds and/or money market deposit accounts.In all of this, explain where your emergency fund is.
I do not currently have an emergency fund. I suppose my Uncle Dave would co-sign on a loan if I desperately needed money. I plan on fitting an emergency in my financial budget for next semester.IV Auto and Housing Decisions
On separate pages for Auto and Housing, identify and discuss your short/med/log term car and home plans in terms of lease/rent/purchase. Identify and discuss what/how your current auto/housing influence or support future goals, budget, and credit.Short term plans: I would like to continue renting housing throughout college. Right now I am renting at University Trails. I would like to finance a car or truck sometime this year.Medium term plans: Possibly rent a home instead of apartments in my last year or two of college. Hopefully by this time I will have a car or truck entirely purchased. At the end of my medium term plans I want to have enough saved for a down payment on a home.Long term plans: Purchase a home, purchase cars for my wife and I, and provide automobiles for my kids as long as their grades are good. I would like to own a Lake House or Beach House as a weekend getaway from my first home.Current Conditions: I do not own a car or home at this time. The lack of bills allows me to build my credit, and hopefully save for a car in the future. Right now, not owning a car or home fits within my budget which will allow owning cars and homes in the future a possibility.V Credit and Debt ManagementType of user: I try not to use credit cards excessively; however I do make a couple purchases on credit each month to establish a good credit score.
Visa Platinum with $1700 Available Credit: Annual percentage rate of 13.74%, fee structure of
Kohl’s Credit Card with $1000 Available Credit:Improving Credit Card Usage: I want to continue using my credit card as I have in the past.Type and Number of Cards: Currently I have two forms of credit, a visa platinum card and Kohl’s credit card. Right now my credit cards are suitable for my lifestyle, but I am sure I will not be shopping at Kohl’s my entire life. I do not want to exceed two credit cards at a time. Copy of Credit Report from Experian is attachedDouble Check: I made sure to check my name, addresses, number and type of accounts, payment history, and credit score.Maintaining my Score: I will keep using my Gold Check Card for the majority of my purchases; however I will make a few purchases on credit monthly to maintain solid credit.Current Consumer/Student Loans outstanding: $0Debt Reduction Strategy (short term): I will consolidate loans if I need to, and reduce spending to match my current financial situation.Debt Reduction Strategy (long term): I will keep savings and retirement a priority and vacations second, I will constantly update budgets and statements, and I will hire a personal financial planner.Family Goals: I have spoken with my uncle who is helping maintain my financial security, and he wants me to have the smallest amount of loans possible. The lifestyle is frustrating, because family members’ help as little as possible, which means you, have to live as cheaply as possible. However, I understand my family’s position, and I support the route of continuing education with small credit and loan balances.VI Insurance PlanningA. Life Insurance- Since I am 21 years old with no dependents or expensive assets, I have no need for life insurance. With my limited income, life insurance would actually hurt my income. Later in life when I have a family and expensive assets, life insurance will be needed. I will want my family to live comfortably if I should die. With a term period of 20 years, and a coverage amount of $150, 000; my monthly premium is estimated at $42.30.B. Health Insurance- Unfortunately, I do not currently have health insurance. Since I will soon be independent from my father, and my income is too low, I currently am not insured. I would like to be under a managed care plan which allows users to contract with and make monthly payments directly to the organization that provides the healthcare service. Eventually if I live in a big city, I will more than likely take advantage of the Health Maintenance Organization (HMO) which is an organization of hospitals, physicians, and other providers who provide comprehensive coverage. Previously I was under HMO and the plan enabled us to have quality doctors for a low price. Under UniCare’s FIT 500 Plan I will have $30 patient visits, 20% in-network in-patient hospitals, maternity leave not covered, and a deductible of $500, my monthly premium is estimated to be $279 dollars.C. Disability Insurance- I will not buy disability insurance now, but I will consider buying a small policy now with a rider that will let you buy more later. Key information to consider when purchasing disability insurance includes 1) the definition of disability, 2) benefit amount and duration, 3) probationary period, 4) waiting period, 5) renew ability, and 6) other provisions. With monthly income $300, monthly expenses $1, 250, 12 months of disability, and 6 months of coverage, my current shortfall is $875 each month.D. Auto Insurance- I do not have a car, and probably will not in the near future, so I do not need auto insurance.E. Renter’s Insurance- I need to consider obtaining a policy under Renter’ Form HO-4 that covers furniture, carpets, appliances, clothing, and most personal items. For only about $200-$250 a year, I could obtain abut $15, 000 in coverage.F. Long Term Care Insurance- All the odds are in favor of me opting out of long term care insurance until I reach a very old age. First, I am not even sure if I will be wealthy enough to need to preserve assets for dependents, premiums can be as much as 5-7 percent of annual income, I have no history of disabling disease, and I am a male who typically does not need long term care as much as women.VII Investment PlanningObjectives: To be a smart investor by maintaining a variety of investments such as common stock, bonds, mutual funds, and real estate.Constraints: I am a college student, so I literally have no money to invest.Asset allocation: Since I do not have any investments, asset allocation does not apply to me.Current Investments: $0Re-Balance Plans: UndeterminedFuture Investments: 5-10% of my yearly income will be distributed among different investment vehicles.Future Allocation Plans: Besides any real estate plans in the future, I will distribute my money equally among common stock, bonds, and mutual funds to ensure a stable but increasing savings.In the Future: After paying major bills such as mortgage and college tuitions, I will heavily increase my investments.Emergency Fund: I would like to allocate an amount equal to 6 months of my salary.Broad Market Index: Covers 26 Developed World countries and 26 Emerging Markets countries. It includes all listed shares of companies with available market capitalization of at least the local equivalent of US$100 million.
Mutual Funds information attachedVIII Tax Planning
2006 1040EZ form is unavailable because the form was necessary for my dependency override. West Hall at Texas Tech University currently has my form, and I will be receiving the statement back shortly.
Marginal tax rate is 10% because my income was between $1-$7300.
Average tax rate is 0%, because I had zero taxable income.Strategies:
1) Maximize my 401(K)
2) Contribute to an IRA
3) Defer bonuses
4) Accelerate capital losses and defer capital gains
5) Use the gift-tax exclusion to shift income
6) Invest in treasury securities
7) Consider tax-exempt municipals
8) Give appreciated assets to charity
9) Keep track of mileage driven for business, medical or charitable purposes
10) Take out a home-equity loan
11) Bunch my itemized deductionsIX Retirement PlanningLifestyle: I want to travel with my spouse on a yearly basis, and maintain a comfortable living environment. I want to have excess money to purchase gifts for grandchildren and family.Retirement Planning Strategy: Social security benefits will probably not exist when I retire, so I am not considering this as an option for planning. However, I do want to begin my retirement savings immediately after finishing college. I realize that having kids is a huge financial burden, so saving for retirement before having children is important. My retirement income will probably be based from social security [highly unlikely], earned income, income-producing assets, and pension plans.Retirement Importance: Having enough money to relax and enjoy life after work is crucial. Starting early and remembering to save for retirement despite other financial burdens is key.Social Security: Most are eligible for social security benefits between 65-67, and can receive benefits by 1) taking the full benefits to which each is entitled from his or her account or 2) take the husband and wife benefits of the higher-paid spouse. The benefits of each route must be accurately measured to determine the correct course of action. If I am a retired worker and have a spouse and we are both 66, the payment amount for an average worker is roughly $2, 072.Contributory pension plan: I will probably work for a company where I bear part of the cost of benefits. I hope to have a plan where I pay half the annual contribution and my employer pays the other half. I would like my portion to be taken under a payroll deduction plan.401(k) Plan: I want a 401(k) in order to maintain a company-sponsored tax-sheltered savings account.
Roth IRA: I want to eventually fill a Roth IRA to its maximum each year to take advantage of tax-free withdrawals.Social Security Statement: I filled the form out online, but my statement has not arrived in the mail.Investment Strategies: Develop a sound 401K, and maintain a Roth IRA fund to make up for the lack of social security benefits. I believe picking a quality home is also essential in hopes the value of the home will increase over its life.X Estate Planning & WillsStrategy:
1) Make a financial power of attorney
2) Protect my children’s property
3) Consider life insurance
4) Name pay-on-death beneficiaries
5) Avoid estate taxes
6)Cover funeral expenses
7)Store my documents in a safe and secure placeWill importance: A will is crucial to ensure the people I love inherit my property after I die.Will elements: Elements needed to prepare a will include personal data, property, life insurance, health insurance, business interest, employee benefits, family income, family finances, listing of liabilities, and an authorization for information.My Will: If I were to die today, I would give make my brother the executor and beneficiary of half my estate, and the Waltons the beneficiary of my other half. (Please keep in mind my entire estate would probably not exceed $5, 000.Estate Tax: The Federal estate tax is imposed “on the transfer of the taxable estate of every decedent who is citizen or resident of the United States.” There is no telling what the estate tax will be when I am old, but I need to worry about the subject when I am nearing the end of my retirement.Using a trust: A grantor transfers property to a 2n d party, called a trustee. The trustee holds the property for a 3rd party, called the beneficiaries. The trustee is charged with keeping the property until the grantor indicates that the property be moved to the 3rd party beneficiaries. This could be used in order to avoid paying taxes in a higher bracket. This would also be used if an heir is a minor. In that case, the grantor might not want his heir to take immediate control of the assets.

Retirement Plans Types

f_0rp5.jpgThe problem is that most of us have no idea where to begin when it comes to financial retirement planning or investing. The sad news is that for most of our lives retirement was something that was taken care of if we put in an honest lifetime of work. However, the climate has changed and the retirement funds that many of us have labored to pay for the vast majority of our lives are slipping away.

The good news is that this need has not gone unnoticed by the powers that be and while they aren’t offering solutions for the funds we’ve already invested or in salvaging what is left of the failing system, they are empowering people to take some control for their personal retirements by offering investment options and strategies that provide tax benefits along the way in order to reward you for your efforts.
The four common types of retirement plans include 401(K) plans, Keough Plans, IRAs (individual retirement accounts), and qualifying pension or profit sharing plans offered by corporations.
 In most retirement plans, the contributions to those plans are tax deductible and taxes aren’t paid on these plans until the funds are received and retirement payment begins. You should be careful of your investments and guard them well as there are often hefty penalties involved when you take funds out of your retirement funds before you actually retire.
These of course are not the only types of investments you can make for your golden years and it never hurts to have more eggs in many baskets. The more the merrier in most cases. My personal preference for investing is real estate.
This is an investment that you can actually see and reach out and touch. It is also an investment that often gets overlooked when planning for retirement, though when you consider it is an excellent choice. Property values are much lower today than they will be ten, twenty, or fifty years from now. This means the sooner you buy the property the more it will be worth (in theory) when you retire.
The thing to remember is that property investing, like other types of investing, requires some degree of risk. You need to learn as much as you can about the process and discuss your interest with a financial advisor before you make any major decisions concerning your retirement investments.
There are more traditional investment methods you may want to consider as well. Mutual funds and the stock market are great ways to invest your money, build a decent portfolio, and increase your net worth. This type of investing also carries some degree of risk and isn’t always considered financial retirement planning but more along the lines of simple financial planning.
The thing to remember is that it is always good to have a plan. For this reason, I strongly encourage you to engage the services of a good financial planner. He or she can help you navigate the tricky language that is involved in many transactions, set realistic and obtainable retirement goals according to your needs as well as your means, and offer excellent advice and guidance on other investment ventures you may wish to pursue. In other words, a good financial planner can help you plan for your retirement.
When it comes to the world of finance, many of us are far from experts. We seek legal advice from attorneys, tax advice from accountants, and medical advice from doctors yet very few of us go to financial planners when planning our financial retirement. In many ways it makes little sense to approach our futures so carelessly and yet this is not something that our parents and grandparents would have done so there is no precedence for doing so.
 The problem is that money is such a limited commodity in this world, we are living longer than ever before, and we are enjoying much more mobility in our golden years than in times long past. We now need expert advice and guidance in order to insure that we are in the best possible position when the time comes to face our own retirements.

Retirement Planning For Where TO Live

0a5.jpgIn the process, however, many people neglect to plan for where they wish to live upon retirement.

 We are seeing a growing trend of retirees moving to certain communities. This is all well and good. It’s nice to be around people of similar ages and interests and live in communities that cater to those interests. However, one thing is often overlooked during the process. The prices in these communities, and the average cost of living are quite likely to be different than the cost of living where you are. This is true unless you plan to retire where you live.
The fact is that there is a growing trend among retirees to migrate to certain population centers. The entire coastal region of Florida would almost qualify though not all communities in this area are equal when it comes to being retiree friendly.
The problem is that most people who retire live on limited budgets and can’t afford the high dollar real estate that is part and parcel for these areas. One solution to that is to decide where you’d like to retire and buy real estate in that area early.
There are all kinds of housing communities being built around the nation as we speak. In addition to these communities high rise towers and condominiums are being built to cater not only to time-share renters but also retiring baby boomers that are moving into these areas.
The earlier you buy the better, as property values do tend to increase gradually over time. There are trends and twists and turns but for the most part, property will gain in value given enough time in which to do so. The good news in these ‘time share’ and popular destination areas is that you can own the property and rent it out for a little extra income while you are biding your time waiting for retirement.
Once you’ve purchased a property in the area you can make the rounds and get a good comparison for the value of goods and services in the area compared with what you are accustomed to. You can add the difference in your calculations for what you will need when making your retirement plans.
 Failing to do this can result in some very sad situations many retired people find themselves in. These could include living in sub standard and unsafe housing and not having enough money left after paying the rent to cover the cost of food and medication much less other needs that may be encountered.
You should also make sure that you add the little cushion of money into your planning so that you can occasionally through caution to the wind and do something fun. After all, what good is it to be retired if you can never afford to live it up a little? Make sure you have enough money set aside to take that cruise every spring or fly up to see the grandkids two or three times a year.
 You want to make sure that you can enjoy your retirement or you will find endless days of staring at the television. What fun is that?
The costs of living in this country from one region to the next can be significantly different. If you do not consider where you will be living upon retirement when calculating the numbers you are doing yourself a great disservice.
 This is definitely something you will want to discuss with your financial planner before it is too late to make the changes that will affect your future and retirement needs. It is good to have dreams of where you’d like to retire but it is even better to take the steps necessary to make your retirement dreams a reality.

Dreams Can Come True, it Can Happen to You, if You Make Your Dreams Your Retirement Goals

f_2rp4.jpgMost of us set our life and career goals while we’re still teens or in our early  twenties. By thirty, we’re well on our way to achieving those goals, and by fifty, we’re contemplating retirement. Most of us will have had an opportunity to participate in retirement plans that aim to provide retirement funds that should cover our living expenses during our retirement, that will allow us to live the lifestyle we have achieved during our working years, perhaps with some slight reduction in income that may require us to live more frugally than we did when we worked. Among our retirement goals, this is the most important and the least we should attain. For many of us, the least of retirement goals will be enough, but for others, retirement will be more than idling in the lifestyle they have achieved during their working years. For some, retirement will be an opportunity to realize possibilities that their lives before retirement could not accommodate, to realize hidden wishes and desires they didn’t have as teenagers, that came to them in the midst of pursuing careers, raising family, and establishing themselves in the world. For some, retirement will be a time to fulfill wishes and dreams.

During our working years, even if our careers are satisfying and our personal lives fulfilling, we often develop new interests, find new talents we did not know we had, discover new pleasures, new challenges that neither our careers nor our personal lives could accommodate at the time we discovered them. Between working a job, raising our family, and participating in our communities, we simply don’t have the time to take on new projects, new ventures and adventures, to fulfill our wishes and dreams. If it’s not time that prevents us, it’s the lack of funds. For those who think life before retirement age is their only chance to realize these desires, then these desires will be only wishful thinking, impossibilities. For those who recognize that there is a lot of life to live after retirement age, these desires may be deferred until then; our wishes and dreams may become retirement goals.
Take the doctor who discovered she enjoyed cooking and others enjoyed what she cooked. With a hefty mortgage and children to put through college, she knew she couldn’t drop her practice to indulge her new found joy. She wished she had the time to open her own restaurant, to do the cooking herself, to reveal in the praise of those who would eat her dishes. Instead of sighing and resigning herself to her fate, she set that hope as a retirement goal. Or consider the executive who discovered his talent for drawing. He would draw the faces of people at meetings while listening, and when those he drew saw and praised his art, he realized he was a natural artist and wished he had studied art. Rather than lament his late discovery and only imagine what life might have been had he gone to art school instead of business school, he made going to art school one of his major retirement goals. And then there was the salesman who found himself enchanted by Japan when he went on a sales mission to that land, and set his heart on living in Japan when he would retire, until then learning the language, customs, and history of his hidden love. All these examples and many others show that dreams and wishes that come upon us while we’re wholly engaged in our pre-retirement years are not doomed to being mere fantasies; they may come to life if we set them among our retirement goals.
Not all our wishes and dreams can be realized, but neither are they all to be consigned to futility. If we recognize them early enough, we can make them retirement goals and plan for them. Not all of our retirement dreams will require funding, but for those that will, your retirement plan should account for them as early as possible. In retirement, dreams can indeed come true.

I’m Too Young, I’m Too Old, I’m Almost Old Enough, Should I Have A Retirement Plan?

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Yes retirement planning is important for all of us. This is not an easy subject for any of us to talk about, but, we must discuss it sooner rather later! We want to be able to enjoy our golden years comfortably without having to worry about our finances. Planning your retirement is a crucial key to making this happen.

So, what do I need to do to plan for my retirement? You can start by asking and answering some or all of these questions: How long will it be before I retire? Do I have money already saved for retirement and if so, will it be enough for me to retire on? How much money should I put away for my retirement? How should I invest my money in order to achieve the amount of money I want to retire on? How much money will I need to live on to maintain my present and future lifestyle?

All of these retirement planning questions are important for you to think about in order to have solid retirement planning. Once you have answers to these questions, then proceed to start your retirement savings now!

What are some of the areas I can invest my money in for retirement? Stocks, bonds, certificate of deposits, mutual funds, 401K, IRA, Roth IRA, annuities and many other miscellaneous investment vehicles.

Where can I expect to withdraw money for my retirement? Social Security, savings, pension plans, and your investments from 401K plans, certificate of deposits and other investments.

How much money will I need for retirement? It is estimated that you will need approximately 60-80% of your current income at the time of your retirement. This will allow you to live the lifestyle you are accustomed to having by the time you retire.

When should I start saving for retirement? Now! It’s never too early or late to start saving for your retirement. The sooner you start the more money you will have for your golden years to live on.

Personal Finance Retirement Plan Pay Yourself First – Business

2a1.jpgRetirement is probably the number #1 reason that people invest and there are a variety of retirement plan choices. Whether you are an employer trying to provide the best benefit package options for your employees, or you want to make sure you have a good handle on the plan that is offered to you at work: Here is a brief look at the different plans and what they have to offer.The SIMPLE IRA. This popular option like a SIMPLE 401(k) – a small business retirement plan with mandatory employer and optional employee contributions and a $11,500 annual contribution limit. In this plan the one big difference for the business owner is, if the business is not doing well, the owner can temporarily reduce plan contributions. The employer contributions are still 100% vested from the beginning, and $2,500 catch-up contributions are currently allowed for employees 50 and older.It’s never too late to begin financial retirement planning, but begin as early as you can. You will have a better chance of reaching financial security in your retirement if you begin at age 30 rather than age 60. Creating a financial retirement plan helps you recognize what you need to do in the present to secure a successful future. If you don’t have a plan, future issues can become bewildering when you have to confront them and you won’t have a clear-cut course to take.Given the total absence of social security in India, is the vast majority aware of the importance of retirement planning?Talking about Indians is wrong because there is a huge section of the population that leads a hand-to-mouth existence. But the educated and the upper middle class have earned more than what they would have expected, thanks to the booming economy. But most of their money is parked here and there. They never sat down to plan their retirement. In our culture, we are conditioned to think of life with our children forever, accepting the joint family, and pretending that everything is fine. It suits the government because people invest their money in products that offer around 8 per cent returns. There is no public debate happening on retirement planning.ERISA or the Employee Retirement Income Security Act of the United States does not call for this retirement account to be technically recognized as a “qualified” plan or an account that is governed or directed by the tax code of the US, though it has the same facade like qualified plans. On October 2005, the Bankruptcy Abuse Prevention and Consumer Protection Act has delineated extended protection and security for account holders of 403b retirement account.The specialist makes the most money and has the least complicated life. A retirement benefit specialist can hone his skills by concentrating on a very narrow aspect of the financial services industry, thereby differentiating himself and minimizing concerns.Competitive Edge: During a brokerage firm’s annual meeting in a big conference hall, someone from Harley Davidson rides down the aisle in a motorcycle towards the podium. He parks the bike, steps up to the podium, looks at the audience of surprised advisors and says, “What’s your sound?” Harley’s have a special sound but how many brokers do you know have their own “sound?” No one can distinguish the sound between a Honda, Suzuki, BMW or other bike–except a Harley. This is why the company has trademarked their sound.One major reason which lets many people to withdraw their money or discontinue their investments is because of the financial emergency, which suddenly comes in life. Your disciplined financial life will require that every time you are confronted by a financial emergency you should not rush to withdraw from investments that are earmarked for retirement. Of course, if there is no way out, then you can withdraw from your retirement kitty, but make sure you make good that withdrawal by putting an equal amount at the next opportunity. Regardless of your age, where you work or your life situation, you need to start planning for your retirement as quickly as you can, immediately if feasible. Retirement planning can be argueably more vital than saving for a childs college tuititon. They can borrow for university, you can’t borrow for retirement expenses. By starting to plan now, you can take steps toward the retirement earnings you need and possibly need.

Tips to Saving for Retirement

01313016768_globe-saving-money.jpgIf you are over 40 just like many other Americans and you feel like you do not have a retirement nest egg that is substantial enough, don’t worry. It will never be too late when it comes to saving a little money.

Estimate the amount of money you will be able to live comfortably on throughout retirement. You should also be sure you have a good credit rating. There is no way to block out advice to calculate this amount. This calculation is just a rough figure. After you have the figure, you will need to make a list of your outside funds and investments excluding savings. This would include any type of pension or Social Security or even a retirement plan. Use an unprogressive rate to escape a disappointment.

Setting reasonable expectations can help you achieve them. You need a plan to reach the amount you have determined if there is a conflict in the total after adding up your different sources that will be coming to you when you retire. If you work for a company that has a 401k or 403b or any other type of voluntary contribution program for retirement it would be a wise investment to take advantage of it. A really good deal is if your place of employment matches your contribution because that all becomes free money and you should never turn your back on free money.

You should never be too conservative. Even as you hit your late forties to fifties you still have several decades before you’re going to have to take advantage of retirement earnings. So start now and let them grow. You could also consider relocating or downsizing your home. You shouldn’t need a huge 3000 square foot home if it is only you and your spouse. There are many places to go to ask questions when it comes to retirement and making a solid investment.

Preparing For Retirement: 6 Great Tips

11313016791_money.jpgNo matter what the economic times are, you need to constantly consider how your going to live during retirement.  This article will give you advice on how to prepare for, and enjoy your upcoming retirement.
1. Keep Your Retirement Expenses Down:  If you want a satisfying retirement, one of the best advices given to retirees was to learn to live modestly.  This is not the time to spend beyond your means.  Learn to create a budget and live by it.  Budgets are easily created by many free online services or by buying inexpensive budget software.  Many of these programs will help the retirees track their spending and savings goals. 
2. Max Out Your Retirement Savings:  As you approach your retirement age, maximizing your retirement accounts such as 401(k)’s, 403(b)’s, IRA’s or other investments are imperative.  If you have reached the age of 50, you can begin to put away as much as $22,000 a year into any of those tax deferred retirement plans.
3. Payoff Your Debt Before Retirement:  Last thing you want over your head is a large debt when you retire.  For greater peace of mind, begin paying off your debts before you retire.  This includes a mortgage as well.  A mortgage, even if the rate is low, can still be a burden.  This is especially true if that retiree’s other expenses, such as medical bills, rise.  If you have not retired yet, consider accelerating payments on your mortgage to pay it off sooner.  The advantages are more so than most other investments currently in the market. 
4. Invest Moderately in Retirement:  This is not the time to be too conservative in your investments.  A moderate risk will eventually pay off when done correctly.  It is not important to go out on a limb to get your best returns.  Learn to diversify your investments so that you can reduce your risks.  Many who have retired found that a more middle of the road approach to investing paid off better than those with a more conservative investment approach.  However, remember, the middle of the road investments tend to reap a better risk and reward than an aggressive approach to investing.
5. Plan for Several Retirement Options:  As you approach those golden years of retirement make sure that you have given yourself a plan B option in case you need to retire earlier.  An alternative plan may require you to scale back your budget and expenses if you retire earlier.  You may need to reassess where you live, find another job, or extend your coverage’s in healthcare in case you do not qualify for Medicare.
6. Enjoy Retirement:  Many retirees found that they were affected by stress when in retirement.  Many of those stresses were not related to money.  Family relationships, poor health, boredom and a loss of their identity are common issues that haunt retirees.  Before retirement, make sure to develop a hobby, volunteer, find a part-time job.  Making outside connections with others are an important part of maintaining a retiree’s mental health.

Start Saving for Retirement…Now!

21313016792_616474-suitcase-full-of-money.jpgIt’s very tough for many families to set money aside but if they can figure out a way, it is worth in in the long run! The sooner you can put some money away, the sooner that money will start growing! If you can consistently contribute to your retirement account(s), you might just have a nice nest egg when you need it. Start small….say 5% of your income. Then, gradually bump it up if possible.

Fortunately, there are several resources to help with growing your contributions beyond Social Security.

A Traditional IRA offers an amazing tax advantage. The money that you put into a Traditional IRA, whether it be earnings and deductible contributions, is tax-deferred, meaning you do not get taxed on that money right away. Once you start withdrawing money from the IRA, you will be taxed. However, by the time you are ready to withdraw, you may be retired and on a lower tax bracket. There is an annual maximum contribution on a Traditional IRA which is $5,000 or less.

A Roth IRA works differently, whereby you do pay taxes on your income that you put into your Roth IRA but when it comes time to withdraw, there are no taxes. You can withdraw at any time without penalty and there are no tax consequences.

One resource is a 401(k) Plan. If your employer offers a Traditional 401(k) Plan that you are eligible for, you can choose an amount to contribute out of each pay check. This amount is not considered income so it is not taxed. Some employers even offer their own contributions as well which is a nice bonus. To be eligible, you must be 21 years or older, have worked for the company at least one year and have logged over 1,000 hours. Ask your employer about their 401(k) Plan and if they offer any other retirement plans such as a pension plan or Safe Harbor 401(k).

Mutual Fund investments allow you to access a large amount of stocks or bonds by pooling your money with other investors. The investment companies benefit because they can use the assets to buy securities to meet the company’s goals. There are literally thousands of investment companies and some are riskier than others. You might choose to, for instance, invest in a large, stable company that consistently makes a proft or invest in a smaller company that offers less expensive stock in hopes that they will grow positively.

Lastly, a good old-fashioned savings account is an option but it is likely your money will not grow as rapidly as some of the other options.

The bottom line is that saving for retirement right away is a great move. Do your research and talk to your employer, your financial planner and experienced friends & family members! Determine the best fit for you so that you’ll be able to retire in style.