Posts Tagged ‘retirement free from financial worries’
Thursday, July 19th, 2012
For many people, retirement seems a thing of the inconceivable future, as distant and unreachable as the most faraway and remote destinations in the world. Twenty- and thirty-somethings in particular, for whom retirement has not yet become an all too looming reality, can quickly turn into negligent savers, putting planning for the future on hold and getting back on the line only when old age factors into the equation.
But planning for retirement is like training a puppy: the sooner you start, the better, and the more long-term rewards you’ll have down the road, even if it’s a difficult process in the beginning.
More and more, young people are forgoing 401(k)s and IRAs in favor of spending their money elsewhere: maybe they have student loans to pay off or feel like they’re struggling to make the rent from month to month. The problem is, it’s easy to get caught in a cycle of making excuses about putting money away, and the reality is that it might never seem like you have a dispensable income, free to be subjected to your whims of saving and spending at any given time.
That’s why it’s important to make saving for retirement a habit, and one that’s developed as early on as possible. When you’re still young, you can invest a relatively small amount for a short time annually and still produce impressive savings, whereas someone older with more money who invests over a longer period will produce less in the long run.
Starting the saving process can seem a bit daunting, though, and understanding the best investment plan for your lifestyle can be tricky, which is why Safe Retirement Solutions has a team of experienced professionals who will consult with you and help you devise a course of action.
Don’t let your youth hold you back: starting early is your best bet for peace of mind as you mature in years. To schedule a complementary consultation with one of our expert advisers, please click here and visit our website, or call us at 877-268-4086. Remember: Safe Retirement Solution’s financial advisers are here to help you along any step of the way in planning for your future.
You can also follow Safe Retirement Solutions on Facebook and Twitter.
Sources:
Retirement planning for 20-somethings
Tags: 401 (k) retirement plan, financial advice, financial adviser, investing for retirement, Planning for retirement, Professional Financial Planner, retirement free from financial worries, retirement income planning, Roth IRA, twenty-somethings
Posted in Planning for Retirement | Comments Off
Tuesday, January 24th, 2012
In a U.S. Government Accountability Office (GAO) report, Ensuring Income Throughout Retirement Requires Difficult Choices, financial experts recommend buying an immediate annuity to supplement your retirement income. While Social Security continues to be the primary source of fixed income in retirement, it fails to meet all of the financial needs of retirees. Other contributing factors in the growing importance of income annuities include:
- The shift from employer-sponsored defined benefit pension plans to defined contribution plans
- Increasing life expectancies
- Retirees are being forced to assume more responsibility for managing their savings to ensure that they have sufficient income throughout retirement
An income annuity is a wonderful alternative to self-managing savings, offering a steady source of income that retirees will not outlive. Other benefits of income annuities include:
- Help protect retirees against the risk of underperforming investments
- Help protect retirees against the risk of outliving their savings (longevity risk)
- Help relieve retirees of the task of managing their investments at older ages when their capacity to do so may be diminished, and
- Provide a base of guaranteed income that may serve as a dependable “cushion” for retirees
Still, income annuities are not for everyone. Consult a financial adviser to find out if an immediate annuity makes sense for you.
If you have any questions about what you have just read, or if you would like to know more about annuities and retirement planning, consult the financial advisors at Safe Retirement Solutions by calling 877-268-4086 or visit our website today!
We help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.
You can also follow Safe Retirement Solutions on Facebook and Twitter.
Sources:
GAO Report Suggests Annuities as Retirement Income Option
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Posted in Annuity Planning, Financial Advice, Financial Planning, Immediate Annuities, Income Annuities, Planning for Retirement, Retirement Advice, Retirement Income Planning | 1 Comment »
Friday, January 6th, 2012
If you ask any financial adviser, they are sure to tell you that life insurance is the foundation of any sound financial plan. It is also an important financial tool for all of the following reasons, as well.
Pay Final Expenses: Without life insurance, your final expenses represent a tremendous financial burden for your loved ones. With life insurance, your funeral, burial, probate, debts, and medical expenses are covered.
Create an Inheritance: Even if you have no other assets to pass on to your loved ones, you can create an inheritance by purchasing a life insurance policy and naming them as beneficiaries.
Replace Income for Dependents: Does your family rely on you as its primary source of income? If so, what happens if you pass away suddenly? Life insurance can help replace that income if you die.
Pay Federal and State “Death” Taxes: Life insurance benefits will cover estate taxes.
Create a Source of Savings: Purchasing a cash-value life insurance policy can create a type of “forced” savings plan. And the interest credited is tax deferred (tax exempt if the money us paid as a death claim).
So why haven’t you purchased a Life Insurance Policy yet?
To ensure that you are making wise retirement decisions, consult a financial adviser, like Safe Retirement Solutions. Safe Retirement Solutions is your full service, independent financial advisory firm dedicated to providing you with the very best in retirement income planning.
If you have any questions about what you have just read, or if you would like to know more about retirement planning, consult a financial advisor like Safe Retirement Solutions by calling 877-268-4086 or visit our website today!
We help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.
You can also follow Safe Retirement Solutions on Facebook and Twitter.
Sources:
Why should I buy life insurance? Insurance Information Institute
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Posted in Financial Advice, Financial Planning, Life Insurance Maryland, Planning for Retirement, Retirement Advice, Retirement Income Planning | Comments Off
Friday, December 30th, 2011
A revocable living trust is a legal device that can be utilized to manage an estate during one’s lifetime and then distribute assets after their death. Such a trust appoints a trustee to oversee the property transferred to the trust. Usually longer and much more complicated than a will, a revocable living trust provides detailed instructions on how the estate is to be handled and eventually distributed.
The benefits of a revocable living trust include:
Avoiding Probate: Your revocable living trust can help you avoid expensive multiple probate proceedings and the publication of the private financial details of your estate.
Confidentiality: Your revocable trust is completely confidential, with only your named beneficiaries and trustee having full access to the information.
Avoiding Conservatorship: Your revocable trust can help you avoid conservatorship in the event of your incapacity.
Efficient Distribution of Assets: Your revocable trust can help expedite the distribution of your property after you die.
Continuity: Your revocable trust can help provide a certain level of continuity with the management of your estate.
If you believe a revocable living is right for you, you will need a written agreement/declaration of trust and you must legally transfer all trust assets to your appointed trustee. Deeds, stock transfers, new bank accounts and other legal documents may be necessary.
To ensure that you are making wise retirement decisions, consult a financial adviser, like Safe Retirement Solutions. Safe Retirement Solutions is your full service, independent financial advisory firm dedicated to providing you with the very best in retirement income planning.
If you have any questions about what you have just read, or if you would like to know more about retirement planning, consult a financial advisor like Safe Retirement Solutions by calling 877-268-4086 or visit our website today!
We help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.
You can also follow Safe Retirement Solutions on Facebook and Twitter.
Sources:
Revocable Living Trusts
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Posted in Financial Advice, Financial Planning, Planning for Retirement, Retirement Advice, Retirement Income Planning, Revocable Living Trust | Comments Off
Thursday, December 22nd, 2011
If you have not already begun to plan for your retirement, one of the simplest ways to do this is to utilize your company’s 401 (k) retirement plan. If you have already started paying into a 401 (k), you need to make sure you are not committing any of the following major 401 (k) mistakes.
1. Too Much Company Stock: Having too much company stock is a huge risk. Not only have you bet your retirement savings on the success of a single company in less than stable economic times, but too much company stock can actually hurt your returns. In fact, portfolios with more than 1/5 in company stock can expect to accumulate 18% less retirement wealth over 20 years than a portfolio with less than 10% in company stock.
Diversify your retirement funds beyond the company you work for.
2. Inappropriate Risk: While older workers put too much stock in stocks, younger workers tend to have too much money in bonds. This is a big problem with workers earning $25k or less. These individuals tend to have portfolios with inappropriate risk or diversification. Undiversified portfolios with inappropriate risk may have 22 percent less projected retirement wealth over a 20 year period.
3. Not Contributing: A third of active 401 (k) participants fail to contribute enough money to get the full company match, while sixty percent did get the full employer match but are saving below the limits allowed by the IRS or the plan.
Only 7 percent of active 401(k) participants came within $500 of the IRS or plan maximum and thus received the full tax break.
To ensure that you are making wise retirement decisions, consult a financial adviser, like Safe Retirement Solutions. Safe Retirement Solutions is your full service, independent financial advisory firm dedicated to providing you with the very best in retirement income planning.
If you have any questions about what you have just read, or if you would like to know more about retirement planning, consult a financial advisor like Safe Retirement Solutions by calling 877-268-4086 or visit our website today!
We help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.
You can also follow Safe Retirement Solutions on Facebook and Twitter.
Sources:
3 Mistakes to Avoid With Your 401 (k)
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Posted in 401(K) Plans, Financial Advice, Financial Planning, Planning for Retirement, Retirement Advice, Retirement Income Planning | 1 Comment »
Wednesday, December 7th, 2011
While there are only two main types of IRAs – the Roth and the traditional IRA – choosing the right one for you and your financial needs can still be a daunting task. Fortunately for you, we are here to help. Following the three below steps can help you determine the right type of IRA for you.
1. Know the Basics
The first step in choosing the right IRA is to understand the differences between the two. So let’s dive in…
Traditional IRA: The biggest advantage to this type of IRA is tax-deferred compounding. You won’t have to pay taxes on your IRA’s investment earnings until you start taking distributions for it after you retire.
Roth IRA: Unlike traditional IRAs, this type of IRA has no restrictions governing when you are allowed to start taking distributions. Furthermore, qualified distributions from a Roth IRA are tax-free, not just tax-deferred.
2. Determine Your Eligibility
There are certain eligibility requirements associated with both Traditional IRAs and Roth IRAs. Do you know what they are?
For starters, you can’t make a deductible contribution to a traditional IRA is your income is above a certain level. Furthermore, if you make over a certain amount of money, you may not even be eligible for a Roth IRA. And that is just the beginning. It gets pretty complicated. To help simplify the task, I suggest you check out the TurboTax IRA Calculator.
3. Weigh Your Options
This is where a Safe Retirement Solutions and some in-depth financial planning can work wonders.
Safe Retirement Solutions is your full service, independent financial advisory firm dedicated to providing you with the very best in retirement income planning.
We help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.
If you have any questions or want to know more about what we can do for you, please contact Safe Retirement Solutions by calling 877-268-4086 or visit our website today!
You can also follow Safe Retirement Solutions on Facebook and Twitter.
Solutions:
Finding the Right IRA in Three Easy Steps
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Posted in Financial Advice, Financial Planning, Retirement Advice, Retirement Income Planning, Roth IRA, Traditional IRA | Comments Off
