One of the great mysteries of personal finance is: How are social security retirement benefits calculated? The computation itself is something of a mystery. It’s so complex that I’m not sure who could have dreamed it up. I am sure that most in Congress don’t understand it. In this article
Saving for Retirement in the New Economy
Lets face it. Most of the financial advice out there says something like this, If you make on average $60,000 per year Most of the advice is designed for baby boomers about to retire. The young generation 35 years-old and under are not going to relate when their incomes range from $25,000 to $40,000. True their income may rise someday but there is a good chance it could decrease with the onslaught of lay-offs, downsizing and cost cutting. The wages their parents earned who worked at companies like GM making a combined income of benefits and wages in the $65 per hour range are not likely to be around in the future. Many of these companies have two-tier wage systems that hire new workers somewhere around $24 per hour (benefits and wages combined). Not only are low wages going to be a problem but also lack of employment opportunities, high interest mortgages, expensive college education, lack of social security income and major cut backs in all federal spending. So what strategies should a young person making his/her way in a tough times economy to do?
Start Investing Early in Your Career
The time to start investing is when you are young. If you have a college degree and you start investing immediately after you graduate and get your first job, it is possible to retire as a millionaire. Find an employer that will match your 401K contribution.
What You Should Know About A 401k
A 401k is a good place to start in planning for your future retirement, no matter how far away you may be from the actual time. A 401k account is a special type of savings account that is funded directly through your paycheck each pay period. How it works is that you and your employer determine the amount that is to be deducted from each paycheck you receive, then the employer determines your pre-tax earnings and deducts your 401k funds from the paycheck prior to taxes.
On…
Some Retirement Strategies For All Ages: A “To-Do” List
It doesnt matter what point of your career you are in, it is not too late to save for your retirement.
Planning For My Retirement
It is never too early to plan for one’s retirement. I am about two years away from and here is my strategy.
Knowing Your 401k Plan.
Taking full advantage of your 401k plan today can help you achieve financial goals sooner, and provide enough income for a comfortable retirement. For most working people, Social Security checks alone will not be enough to maintain the standard of living they are used to, once they are no longer working. If you are lucky, your employer offers a 401k plan which, if used wisely and to the fullest advantage, can provide you with additional income for your golden years.
401k …
Free Money for Your Retirement?
Trying to figure out how to save more for your retirement? At least make sure you getting all the free money you’re entitled to. Quicken for Dummies author and CPA Stephen L. Nelson explains.
Concerned You Will Not Retire In Comfort?
Traditionally people have considered their retirement 401Ks and IRAs to be like safety nets rather than wealth builders. However, with the self directed IRA, you need not be satisfied with growth rates in the single digits. It is possible to realize phenomenal growth potential…
15 Startling Reasons Why Your 401(k) May Be Your Riskiest Investment
Contrary to what is taught in popular financial media, 401(k)s and other qualified retirement plans are one of the riskiest investments for most people. Increase your wealth by learning 15 secrets that the media and conventional retirement planners don’t want you to know.
401(k)
A 401(k) plan is an employer sponsored plan. The employer makes direct contributions to the account that are deducted from the employee’s paycheck.
How save and make money
The problem with most peoples finances today is that they are not getting enough income to satisfy their needs and wants.