Study Results – Only 51% of Americans Are Contributing to a Retirement Plan |
May 11, 2012 |
Retirement Planning
Findings from a recent survey show that almost half of Americans are not contributing to their retirement. This survey was hosted by LIMRA in April. It was based on a nationally representative survey of 2,697 Americans who are the primary financial decision makers or share responsibility for making financial decisions. Although the overall percentage was troubling, the results for ages 18-34 showed that a majority (56%) were not setting aside funds for their retirement. “The findings from this survey were disturbing, given that people will...
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Long Term Care Costs In Your Area |
May 7, 2012 |
Retirement Planning, Your Retirement
One key item in retirement planning which is difficult to assess is the expected costs of long term care. Fortunately, statistics are available for us to use as a guide in our personal planning. The statistical guide that I would like to highlight in this blog came from Northwester Mutual. They put together this fantastic table which breaks down the average cost of long term care by each state and even many major cities. Further, they broke down long term care into these three segments:...
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Smart Money Moves to Make by Age 50 |
May 3, 2012 |
Retirement Planning, Your Retirement
Many individuals find out how unprepared they are for retirement when it is too late to get back on track by simply making slight adjustments. In order to decrease the odds that you will be one of those unfortunate many, I would recommend that you read the following article which gives some sound advice in ensuring that you have key items addressed by at least the age of 50. Lynnette Khalfani-Cox did a fantastic job in highlighting the following key actions that you need to...
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10 Things You Should Know About Social Security |
May 2, 2012 |
Annuity Basics, Retirement Planning
For most Americans, Social Security plays a significant role in the formation of a plan for retirement. A majority of us know the generalities of what it is and what it provides, but many are unaware of some important intricacies which can boost your overall return if planned for properly. I just came across an educational article posted by Kelly Miller called 10 Things You Should Know About Social Security. It provides insightful answers to some common asked questions. If you find yourself asking any...
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Where to Retire if You Love the Outdoors |
April 27, 2012 |
Retirement Planning, Your Retirement
If you passions include swimming, hiking, skiing, golfing, fishing, or simply soaking in the scenery, then you will find the following locations very appealing when considering a move upon retirement. In an article by Michael DeYoung with the above title, a list of 10 cities is provided that were chosen due to their abundant offerings of nature while also having a great mix of affordability, climate, amenities, and heath resources. Here are the cities that ranked highest: 1. Boulder, Colorado 2. Santa Cruz, California 3....
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Most Common and Costly Retirement Surprises |
April 26, 2012 |
Retirement Planning, Your Retirement
The thought of retirement often brings happy feelings to those still in their working years who simply focus on how nice it will be to not have to clock in 5 days a week. Unfortunately, the daily expenses do not magically vanish once you plan to retire so careful planning is required to ensure a long and financially stress free retirement. An article was recently posted by Rachel Sheedy, titled 5 Costly Retirement Surprises, which highlights the most common items that individuals have found to...
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Beat Bad Financial Habits to Boost Savings |
April 25, 2012 |
Retirement Planning, Your Retirement
As we all have surely faced at various times in our lives, bad habits are tough to beat. “Breaking bad habits successfully depends on your readiness to act,” says Heidi Beckman, clinical health psychologist at the University of Wisconsin Hospital and Clinics. She also states that habits are most likely to be broken once you go past the “preparation stages” and into the action or realization stage. Unfortunately, this is most often too late. If we apply this thinking to our retirement savings, it is...
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Stern Advice: Countdown to Retirement |
April 23, 2012 |
Retirement Planning, Your Retirement
Known as both “the red zone” and “the transitional phase”, the 5 years prior to retirement is an important time in an individual’s life. This phase can be tedious and cause anxiety, but an article posted by Linda Stern highlights some important things to consider early in your planning phase to ensure that the stress and strain is kept at a minimum. Here are the titles of the guidelines that she presents. Get Specific about life planning Become a Social Security savant Do a health-care...
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Can Annuities be Used to Pay for Long-Term Care? |
April 18, 2012 |
Annuity Basics, Life Insurance, Retirement Planning
Yes, you can transfer money from an annuity to pay long-term-care premiums without owing taxes. This was the result of a tax break that was included in the Pension Protection Act of 2006. Kimberly Lankford posted an article called ‘Use Annuities to Pay for Long-Term Care’ which gives great insight into the advantages that this tax break creates. She gives some powerful examples on how this can be used to both provide themselves with long-term-care while decreasing their taxable gains. For the specifics, please read...
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5 Questions Every IRA Owner Should Ask |
April 17, 2012 |
401k and IRA Blogs, Retirement Planning
Faced with a $1 trillion budget deficit in 2013, the government may be forced to raise taxes on items such as dividend income, capital gains, and even some individual retirement account (IRA) contributions. Each of these items has been proposed in budget planning. However, we have no control over which ones will actually make it through congress. What we at least can control is how well our IRAs are meeting our particular needs. Fortunately, Robert Cirrotti posted an article which describes 5 questions that every...
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