Who Can You Trust With Your Money?
Recently my wife and I went to pay a visit to our Financial Planner. We scheduled the meeting to in order to get a detailed picture of our financial situation. We went into the meeting with our financial records and excitement. After he asked a number of questions about our assests, our professions, salaries, plans, etc. he found that we could combine our debts into a nice Mortage Equity Loan. Then he crunched the numbers and spun off some facts and figures.
Saving For Retirement
Did you think you have done your part in saving for retirement? If you worry that you don?t have enough money saved for retirement, you are not alone. But, that doesn?t mean you don?t have to worry anymore. About 77 percent of baby boomers are setting aside too little for their retirement, which is not a good sign, if you might ask.
Thousands Now Survive Financial Hardship Who Never Thought They Could With A Solo 401k !
Financial Emergency!
It is unpredictable yet it happens to all of us. Whether it?s college tuition for your daughter, unexpected medical bills from an accident in the yard, covering the higher than expected closing costs on your new home or avoiding foreclosure or eviction because spending got out of hand; you?re going to need money fast.
As one of the requirements for the tax exempt status of your Solo 401k, distributions of funds from your Solo 401k are limited to termination of employment, retirement, disability, death, plan termination or inservice distributions after age 59.5. Severe options for those needing a temporary cash infusion.
It’s A Booming Time For Business
The first wave of Baby Boomers turned 60 this year and as many approach the traditional retirement age of 65 they are finding that (a) they are still vibrant and don’ t want to stop working; and/or (b) their life expectancy has been extended and they will be dead broke long before they are dead and gone.
As a result Baby Boomers are not slowing down now that they’re approaching what once would have been considered their golden years. If you were a man you expected to retire at 65 and die at 75; and if you were smart you banked enough dough to see you comfortably through that stretch. We figured we’d get at least 10 good leisurely years before the grim reaper shows up without having to worry about money. Turns out, we were wrong.
Make Or Break Your Retirement!
The Prudential has dubbed those who refuse to leave home as kippers or kids in parents’ pockets eroding retirement savings. Recent research concludes 6.8m over-18s live with their parents. Less than half pay rent, and many parents provide cash to spend.
Does this scenario sound familiar?
‘As a parent you’ve spent over 20 years diligently caring for and raising your children. Financially supporting them and ensuring they receive the best education possible. They’ve attended University, graduated with a respectable degree and are ready to set up their own home. You’re now looking forward to more free time with less financial obligations. BUT, due to no fault of yours, your well educated, talented, highly motivated offspring cannot afford to leave home for possibly another 5, 10 or even 15 years.’
The New Roth 401(k): A Roth IRA On Steroids
Beginning on January 1, 2006, the new Roth 401(k) plan becomes available. It will be an exciting development because it will allow millions of Americans to not only have tax-free savings and investments while working, but tax-free income during retirement.
Of course, we already have Roth IRA’s that give us those tax advantages. But think of the Roth 401(k) as like the Roth IRA on steroids. The new plan has the same appeal of a regular Roth IRA — tax-free investments and retirement income — but with much larger annual maximum contributions allowed and no income ceiling.
Getting Things Settled Before Retirement
There are many things you should do before retirement. Of course you will need to work yourself hard for years and years, but in addition, you will need to get everything squared away first. When you retire, you likely will be getting some type of funds from your job. You may get a pension check or a 401K check. However, these payments are often much less than what you are accustomed to bringing home. In some cases they are so little that those who retire find themselves getting part time jobs just to pay for medical bills and prescriptions.
War Is Peace Good Is Bad Credit Is Wealth
George Orwell?s ?doublespeak?, though more evident today on one hand, passes more often as truth, on the other. War is peace? Good is bad? Reality is manipulated in an attempt to control perception. ?Credit is wealth? is the same sort of lie but believed by millions.
Credit and wealth are as opposite as night and day. But because of successful marketing, they have become one and the same in the minds of millions. When credit is considered wealth, quality of life and personal freedom gradually slip away and are replaced by doing whatever it takes to meet the ferocious demands of mounting debt service.
Financial Planning For Good Financial Health
Financial planning is a critical aspect of good financial health. If you don?t plan ahead while you are living in the present, you may not reach your goals of the future, whether they include asset management or retirement funds. A financial planner looks at the big picture: your future.
He or she has many years of experience in assisting people reach their goals. You can always perform these services for yourself, but if you don?t have extensive financial management training, you may not be doing the best things for yourself in the long run. Sometimes you cannot find the best way on your own and a financial advisor can present many options from which to choose.
Retirement Withdrawal
If retirement is at hand, you might probably be worrying on questions such as, will my money last throughout my retirement? How much retirement withdrawal of cash can I make from my portfolio every year? How should my money be allocated? How will inflation affect my purchasing power? All these questions sometimes make it a little challenging for people to look at retirement positively, however you can feel a lot better if you plan your retirement withdrawal, which can give respond to those questions running through your mind.