Creating a Financial Plan Yourself Isn’t Difficult
You don’t have to spend a lot of money to learn how to create a financial plan. Our tips will show how to do it for free.
A 2019 survey by a respected financial firm, revealed some interesting statistics. The survey pointed out that about 75% of individuals who had a financial plan in place paid their bills on time.
In contrast, about 35% without a plan paid their bills on time. In addition, about 65% who had a financial plan, set up an emergency fund to cover unexpected expenses. About 25% of those who had no plan, created an emergency fund for future unforeseen expenses.
Retirement planning is usually difficult for a variety of reasons. Some say its equivalent to rolling the dice because retirement may be decades away and you’re forced to make spending assumptions now.
What makes it worse is that if your guess is too far off, it can make a happy and comfortable retirement into one that is a nightmare.
Once you’re already in retirement, it can be very difficult to recover financially if some unforeseen large expense occurs. Some retirees try to find a job to supplement their income, but many others cannot. Either they’re not able physically, or the job market may be cold.
The following categories where un-planned spending generally occurs creates problems for some and blows their budget out the window. View full post…
Posted: July 30, 2018 Under: Retirement By: Gust Lenglet
If you’re employed by a firm that has a 401(k) plan, you know how to save for retirement…it’s a no brainer. But suppose you’re an entrepreneur who just started a new business?
More often than not, saving for retirement isn’t a priority at this time. The new business isn’t making a profit and cash flow is very limited due to the high start-up costs. As a matter of fact, some entrepreneurs use current retirement accounts to fund the new business, which is not a good idea.
Retirement Savings – Issues That Worry Millennials
Just when you thought that retirement savings meant putting away as much money as you needed for your lifestyle…now, making plans for unknown factors creeps in. For the millennial generation, unfortunately, much is unknown. There are four primary concerns that we will list here and then elaborate later on:
1. Will social security and Medicare survive? 2. Will they have to take care of their elderly parents? 3. What will future health care costs be? 4. Are their retirement funds being managed properly?
How Much To Save for Retirement – What’s Your Magic Number?
This question has been asked so many times and there is no one simple answer. Well maybe there is if you say “as much as you can”. How much to save for retirement has so many variables it will make your head spin.
You can read opinions from many financial planners citing actuarial tables and formulas, but the bottom line is start saving for retirement as early as you can and save as much as you can.
According to statistics and studies made, Americans aren’t the best at socking away money for their retirement years. They go on to say that in excess of 80% of us have no idea on how much to save for retirement.
Co-signing a Student Loan Could Ruin Your Retirement
This is one aspect of parenting that has many opinions and heated discussions. Let’s say that your child or grandchild just finished high school and has been accepted by their favorite college. Unfortunately, some part of their borrowing will require co-signing a student loan with a private lender.
Like many other students who apply for financial aid, the federal government will approve loans directly to the student. This is done without as much as a credit check. But, many times the federal government approval doesn’t cover all of the costs and the student must apply to theprivate student loan lenders.
These loans do require a credit history check, and the young student usually View full post…
If you think getting married is a tremendous emotional step, you would be correct. But, it’s also a major financial one too. Each one has their own individual goals and ways to handle money. We offer these money management tips in an attempt to get both spouses on the same page and frame of mind.
It’s best to discuss money management before marriage and decide on the method of handling the finances. Both long term and short term goals should be discussed. A lot of stress can be avoided later in marriage if these financial issues are taken care of early by View full post…
How Much Money Do You Need To Retire? A Simple Calculation.
Some retirement planners suggest that an individual needs $1 million to be able to retire and for a married couple, $2 million. Using another retirement calculator, some say the amount needed is 10 to 12 times your current annual salary. Do you agree? How much money do you need to retire?
So, to answer the question, how much money do you need to retire, you’ll find there are many ways to figure that out. One of the methods that I prefer isn’t very hard, and only requires some simple math.
The title of this article says it all and is really the bottom line you need to strive for. Your goal is to find any unnecessary spending and cut back. We all have daily expenses that can be trimmed and added to our retirement savings which should be one of our top priorities.
One of the reasons that the “B” word or budget is so terrifying is that it’s associated with sacrifice. This simply isn’t true…a budget is, and should be, a matter of choice.
Two primary choices to begin with – do you want to live it up today and not care about tomorrow? Or do you want to exercise good judgment and cut back a little today so that you will have a more comfortable retirement? I’d like to have both, but I’m not aware of any wealthy relatives that would sponsor me.
6 Ways to Protect Yourself from Financial Abuse in Retirement
Many of us are familiar with seniors who have been/are victims of financial abuse. Unfortunately, so many of them go unnoticed and the abuse isn’t discovered until they pass away.
There are millions of elderly American citizens that have health issues and some diminished level of intellectual competency that places them at risk for financial abuse. There are steps that you can take to reduce your chances of being one of these victims.
In our modern society, telemarketers and other individuals looking for a fast buck are a fact of life. Government agencies that tried to place some level of control on the telemarketing industry were an absolute failure. There are increasing numbers of our elderly citizens who are falling for the hype of these scammers and losing many dollars as a result.
Our firm provides the information in this website for general guidance only, and it does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with a competent professional tax, accounting, legal, or other professional advisers. For information on how to use this data, you are advised to read our Legal Disclaimer page and our Circular 230 page.