Posts Tagged ‘retirement fund’

Do I Still Need a 401k?

Posted February 13, 2011 by Bernz

After hearing about the severe financial hit many people have taken with the recent financial turn, and with stories of people losing all their investment in their 401k many people wonder if a 401k is still a sound financial instrument.  From the start let’s point out what a 401k is, an investment strategy designed to help you supplement your income during retirement.  A 401k is not guaranteed, just as stocks are not guaranteed, but this in and of itself does not mean that a 401k is really a risky place to invest your money.

The presumed tax benefits of a 401k are one of the major reasons why people continue to invest at least part of their money in a qualified retirement account.  The amount that you divert into the 401k is not taxed, and over the course of the 30 years or so that a 401k is designed to hold your money you can accrue a relatively large savings on your income tax.

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Posted in 401k, Investing Strategies, Retirement Planning | No Comments »

3 Step Retirement Planning

Posted October 11, 2008 by Bernz

Better retirement planning begins with understanding the basics. Now that you’re aware of a few things you can do to start saving and generating more income. Here are 3 easy steps to determine how big your retirement fund will need to be.

1. Determine how much money you will need to maintain your current lifestyle. It helps to also consider what luxury items and activities you will be willing to part with in case your nest egg comes up short.

2. Project your income. Include social security, pensions, annuities, other personal investments as well as any potential earnings from a part time job, consultant fees, or other miscellaneous income streams. Find out the amount you can expect to receive in Social Security income here.

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Are you a late saver? Try these 4 tips to rev up your retirement fund

Posted October 10, 2008 by Bernz

1) Sum it all up.

Calculate your spending for all of your major monthly expenses. The easiest way to do this is through online banking. Just go through the past 3 months of your online statements and total expenses for food, medications, mortgage and housing expenses, transportation, and credit card payments. Estimate how much “walking around money” you can get by on and then cut that amount 25%.

If you don’t bank online consider doing so—even if you use a credit union—this way you have a quick and easy way to track and calculate spending.

2) Create additional income sources.

If you already work full-time, find out if over-time pay is an option. Also think about what skills in your current job you can use to start an online business. Jobs like virtual assistants, editing, and tutoring have very little overhead and are easy to start up.

Perhaps you have a hobby that can bring in additional earnings. Are there books, tools, or vintage clothing that you can sell online through eBay, Amazon, or other online auctions? You could also make anywhere from $50 to $200 just by participating in focus groups. Find these opportunities on Craigslist or a keyword search “focus group companies”.

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Posted in Retirement Planning | 8 Comments »


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