The economy has damaged many retirement accounts leaving boomers wondering how and when they will be able to retire. However, you still have a chance to get back on track. First, evaluate your cash flow and save 30% of your gross income each month for investing. Make sure you are enrolled in your company’s 401(k)…
It’s not unusual to file for bankruptcy in today’s economic state. The important thing is getting back on your feet and doing it right. Read the following tips on how to recover: 1. Figure out what caused you to go into bankruptcy in the first place. Change what you use to do so it doesn’t…
Many plan their finances for the years ahead, but don’t remember to update their estate plan. This mistake can greatly affect the future of loved ones and cause big problems. Remember to check the beneficiary designations of your bank accounts, brokerage firm accounts, tax-favored retirement accounts, company benefit plans, life insurance policies, annuities and 529…
With today’s volatile market, your nest egg is vulnerable and the rules have changed. Traditionally, the income withdrawal rate of a retirement account was at 4 percent. It is now recommended that a person takes out as little as possible or about 2-3 percent. Some even recommend taking out nothing during these tough times, and…
If you realize it’s time to beef up the retirement savings account and you have used your limit on IRAs and your 401(k), don’t worry – you have options. First, set a goal. Figure out how much retirement savings you will end up needing by looking at your expenses and social security or pensions. It…
Jude Boudreaux has experienced financial ruin and financial triumph. The following are some strategies he recommends that helped him turn his life around and take control. First, find your financial opposite. Jude and his wife balance each other out – she is very conservative with money and he likes to spend. But this type of…
The summer is a great time to start thinking about taxes and how you can limit the amount you will contribute. The first thing you can do is check the bottom line of your 2010 return and see if you should change your tax withholding or revise estimated payments. Consider increasing your withholding if you…
At age 50, you will have to begin to think about protecting your assets and future income, along with continuing to grow your assets. It is also a great time to find out what could take you off you retirement planning path, and measures to prevent and protect. Here are some financial moves to make…
A 2006 law designed to increase retirement savings is allowing companies to auto-enroll employees in 401(k) plans at a lower contribution rate than they would normally contribute on their own. Did the law result in more negative effects than positive? Here are the pros and cons: Pros of Auto-Enrollment 18% more people Since more people…
Many Americans don’t realize that Social Security provides medical, disability and dependent coverage for parents, spouses, children and themselves. Do not lose hope for social security. While there are funding problems, these problems can be fixed by Congress. The Social Security System gives the below benefits to the average person for his or her 10…
