Creating a Financial Plan Yourself Isn’t Difficult
You don’t have to spend a lot of money to learn how to create a personal 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.
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