Ahh- those long-awaited words, “I’m about to retire!” does this conjure up visions of lying on the beach with an exotic drink, relaxing, and living your life in peace and tranquility? After all, you have worked for at least 30 years and look forward to retirement as a reward for all that hard work! Well, snap out of it! After a conversation with my millennial daughter, here are at least 6 things I found that […]
Retirement may seem years away especially when you are young, but neglecting the proper planning now could cost you hundreds of thousands in savings. If any of these describe your situation, it is time to kick your planning into high gear. Your normal savings account isn’t earning interest The national average interest rate for saving accounts is just 0.04 percent according to FDIC. Moving your money to an account with higher interest is one of […]
If you’re self-employed, your primary focus, especially in your entrepreneurial effort’s early years, likely is to just make sure your business survives. But once you’re on a stable business footing, it’s wise to look into tax-deferred retirement plan options for your small business. 1. Simplified Employee Pension (SEP): One reason that SEP plans are popular is that they are easy to set up and maintain. You can establish a SEP with a simple one-page form, […]
It is no longer a surprise that people are approaching their retirement age without much in their retirement savings account. Is there something you can do to salvage the situation? When you are on the other side of 40, time will seem like it’s flying but do not panic, this article will help you catch up. First of all, it is important that you understand that you are not alone. A study by the National […]
There are so many benefits that come with the Roth IRA conversion. Roth IRA today has become so incredibly popular and there is a reason for that. The contributions to the Roth IRA are usually made with the income that has already been taxed, which means two things; 1) there will be no initial tax benefit to the money, and 2) that money will grow tax-free. Another reason why the Roth conversions are popular today […]
