Security for Retirement: Powers Of Attorney

Security for Retirement: Powers Of Attorney

Are you sure you are ready to retire? Retirement needs preparation and there are a lot of things that need to be considered. Financial stability is number one. You can’t retire without sufficient funds, and you have to work to earn those funds. You have to make sure that your savings is enough to provide for your needs for the rest of your life. With that, you have to secure yourself a pension plan, retirement funds, long term care insurance and other items. Preparation for retirement is not all about money. You also need to prepare yourself emotionally. This is because your life will be a whole lot different than it used to be. And without a job to go to, you might feel that you are useless. These things are essential factors of retirement. But did you know that even though you may be wealthy and you may have secured all of your retirement funds, there are still certain other things that you have to prepare for your retirement? Yes, there are. And two of them are securing your finances and assets. Are you prepared for the time when you are no longer capable of making your own decisions or doing things all by yourself? Are your finances secured? Do you have asset protection? These are the questions you…

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When is the Right Time to Start Saving for Retirement?

When is the Right Time to Start Saving for Retirement?

When Do You Plan To Retire? Prepare For Retirement When do you plan to retire? Today? Tomorrow? 30 years from now? Or do you even think about it? I know when it comes to retirement, people tend to not want to think about it too early and usually wait to think about it until it’s too late. Do not wait until it’s too late. Start when you still have the power to retire early and comfortably. So again the question is “when do you plan to retire?” It is essential that you have your time frame because that’s where you will start to calculate how much you are going to save each year to accomplish the amount you set for your retirement. How do you prepare for retirement? One of the preparations for retirement is saving. Now, if you don’t know how to save, you must seek advice from an expert financial advisor. Saving alone is not enough and saving isn’t easy, especially when there are other unexpected expenses that come along the way. To help you with that, here are some retirement tips on how to save for retirement. Prepare for the unexpected As stated above, one of the reasons it’s hard to save is because of unexpected expenses. Let us start with accidents. You never know when an…

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10 Retirement Things to Know

10 Retirement Things to Know

It’s impossible to know what tomorrow may bring. Another Boston. A sequester surprise. Or disasters both natural and man-made. Life is different in Retirement Land. Here, there is certainty in sniffing out the major issues that will confront retirees and people getting ready to retire. Regularly, a common group of core issues is studied, reported, blogged, and tweeted about – day in and day out, week in and week out, year in and, well, you get the picture. Here are 10 of the most commonly aired retirement issues. Beyond getting a jump on tomorrow’s news, it can be to your advantage to consider these issues in your own retirement plans. Regardless of whether you’re 20 years into retirement or 20 years away from it, being on the right side of these long-term concerns is the best place to be. 1. Boomers turn 65 unprepared for retirement. Hope springs eternal and so do our best wishes for aging baby boomers. Every year, the Employee Benefit Research Institute and other think tanks issue research documenting how poorly Americans are prepared for retirement. We haven’t saved enough money. We don’t do a good job of investing the meager retirement funds we have scraped together. We don’t know how much it will cost us to live in retirement. There is much moaning and gnashing…

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The Five Tips of Financial Success!

The Five Tips of Financial Success!

1. Save at least 10% of your income Saving 10% of your total income is paramount to your financial health. By saving at least 10% of your income, you are effectively living within your means.  Many of the financial struggles that individuals and families face can be attributed to living beyond their means (spending more than they earn). This is one of the most important aspects of a successful financial life.  Saving 10% of your total income is a great method to take you to the next stage in your financial life cycle. 2. Have sufficient liquidity Just as a building set upon a weak foundation will collapse under stress, a financial plan without sufficient liquidity is vulnerable to failure under economic hardship.  We all face difficult financial times in our lives, and proper liquidity will help us weather a financial storm without irreparable damage.  Having the right amount of emergency funds is the keystone of your financial foundation! Once the proper amount of liquidity is determined, the money should be held in the most tax efficient manner possible.  These emergency funds will strengthen your financial foundation and serve as a defense against a true emergency.  We define an emergency as a situation that would result in a drop of your tax bracket. 3. Fully Fund Retirement Plans (can be…

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5 Steps to Ensure Your Retirement Financing Until Age 100

5 Steps to Ensure Your Retirement Financing Until Age 100

No one knows how long he or she will live. Death is a mystery. The hardest part of retirement planning is calculating how many years we are going to live after we retire. As human beings, we don’t know when we are going to die. It might be tomorrow or it might be more than 100 years. Still, we want to ensure that we will have enough money to last throughout our retirement. Most people who plan their retirement assume that they were going to live until they are 100 years old. So when you plan to retire at the retirement age of 65, you must raise enough money to provide for your needs for 35 years. Some Americans between the ages of 45 to 70 are preparing for their retirement period, but many of them haven’t thought about the circumstances when their savings run out and they are still alive. Or more simply said: they don’t have a plan B. This is according to an online survey of the Society of Actuaries. Though, it is not easy to save and to raise money that will provide your needs all throughout your life, there are ways to make your finances last. One way to ensure that you can have finances for your lifetime is through Social Security. The Social Security…

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PAYTECH

PAYTECH

Expand Your Outlook on Financial Planning Imagine living a life of financial independence. Imagine having no money worries, knowing you have an income stream you can’t outlive. Think that’s impossible and just a daydream? Think again. When you implement some key financial strategies, anyone can have financial independence now and in their retirement years. (* See footnote at the end of this article.) Know Where Your Money Currently Is Chances are you have a 401(k) or IRA to which you contribute. They’re great vehicles to start your retirement plan. If you don’t have one, start one right away. If you do have one, don’t let it be your only option for financial planning. While a 401(k) or IRA is the perfect starting point for most people, if it’s the only place you’re putting your money, you may not be financially independent one day. Realize that most 401(k)s and IRAs are invested in the stock market. But the stock market is a risky place to put your money. You’ve likely heard “market experts” say that stocks, on average, provide a return of about 10% annually. But that “10% return” number is averaged over more than 100 years and no longer applies in the 21st century. Today, your typical annual return from investing in the stock market is closer to 5%. Be…

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Why you’ll want to get ready for Retirement with PREtirement

Why you’ll want to get ready for Retirement with PREtirement

Planning for your financial and medical future can be scary, daunting and time-consuming. It’s a task that many people delay, often until it’s too late. So planning early can be the difference between panic, stress and worry and a comfortable, carefree retirement. The good news: it’s never too early to start! No matter what your age, no matter what your career stage, you’ll want to get ready NOW. Make the word “PREtirement” part of your goals and daily experiences; to be sure your money is where you need it, when you need it. Don’t put your nest-egg at risk! Remember that Retirement Planning is NOT just for seniors anymore. Let’s First Define PREtirement: It is: The act of preparing early for retirement. Planning ahead to avoid probate, Long Term Care and the (next) Great Recession, and making sure your money lasts as long as you do. P – Plan, R- Retirement, E- Early. PRE-plan before you are tired. My recommended PREtirement plan provides the following benefits: Protects your assets from catastrophic illness and nursing home costs Earns more interest on your money with depression-proof safety Lowers or eliminates taxes on social security and interest income Moves your 401(k) or IRA without cost so you can afford to retire Facts, Myths, Do’s and Don’ts of Retirement Planning How can decisions made…

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How Do You Start Preparing for Your Financial Independence?

How Do You Start Preparing for Your Financial Independence?

Everyone dreams about financial independence —having enough personal wealth to be able to live comfortably and have all basic necessities covered without having to work actively for it. Financial independence lets you have more personal time while still being able to earn substantial income. It pays (no pun intended) to start preparing to be free from the worries of debt and financial trouble—a very important move for retirees or people who are just beginning to earn their keep. So many things could be said on how to prepare yourself for financial independence, but here are 3 important ones to keep in mind. Start Frugal The financially-independent life is inextricably tied at the roots to the frugal one. Spending less than what you make, reducing expenses where you can, and setting aside a portion of your earnings to pool into a fund or savings plan like a 401k is a good way to start. Starting on such financial measures early in your career can go a long way in letting you retire early and live comfortably. Invest Wisely Aside from maintaining a 401k account, investing your money into assets like stocks, bonds and other investments that create profits is also a big help to realizing financial freedom. Keep in mind that a financially independent person’s assets generate income that is higher…

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It’s an Odd Time to Be a Tax Professional

It’s an Odd Time to Be a Tax Professional

We like concrete rules. We look at the absolutes and tell you what the tax implications are for purchases, investments and major financial decisions. In 2014, however, we are entering uncharted territory with Obamacare and all the tax implications it leaves in its wake. It’s a weird feeling when I find myself talking to someone over 65, telling them that if they need to get their knee replaced that they really should do it now. Your doctor is supposed to tell you when to get your knee replaced, but I know that if you do it now you will achieve significant tax savings. In practice, the Affordable Care Act has proved to be anything but affordable. You can prepare for the continuing roll out of Obamacare in three steps: Step one: Go talk with your tax professional. Several parts of Obamacare have a direct impact on investors over 65, most importantly the 3.8 percent Medicare surtax on net investment income, if your adjusted gross income is over a certain threshold. Older Americans typically have bigger investment accounts, because they’ve spent their whole lives working and saving. Starting in 2013, Obamacare takes 3.8 percent off the top of the investments and dividends working Americans planned to live on in retirement. For example, your IRA will be taxed on net investment income,…

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Do As the President Says, Not As He Does

Do As the President Says, Not As He Does

In his recent State of the Union address, President Obama unveiled a plan to allow more workers to save money. This MyRA savings plan will be a U.S. Treasury Bond-style product, allowing for individuals to contribute up to $15,000 per year, gain modest returns and enjoy a guarantee that they won’t lose principal. The MyRA plan opts for a small, safe investment return —bonds currently offer under 3 percent annual returns. With inflation running around 1.7 percent, that’s barely any gain at all. There are better options than MyRA available to ensure a safe future through responsible saving. First, if you have an employer-run 401(k) program, take advantage of it, especially if your employer offers matching. Corporate matching is basically free money. If I told you I could offer you a 100 percent return on your investment, you’d think I was an investment genius. With corporate matching you take, as an example, a $3,000 contribution and your employer instantly provides you with a 100 percent return by giving you an account balance of $6,000. Take every pop you can get through employer plans. Only a small percentage of American workers max out their 401(k) contributions. Next, stock away money in a Roth IRA. This retirement plan uses after-tax dollars, but all the growth you make in the future will be…

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