Posts Tagged ‘retirement plan’
Get Rich Slowly
I was reading this article in English at Get Rich Slowly talks like the New York Times published an article on the internet of how a man of Puerto Rican origin spent about $ 500 each week in order to win the lottery, but ultimately gained only a few thousands of dollars. This made me think of a similar story happened to a lady I know. Dona Lina is 65 years old and lives in New York City. She, of Hispanic origin, has worked as a cook in the U.S. since 1982 and since then she plays around $ 50 a week on the lottery. Now she is retired and not having fulfilled her dream so longed to take off the jackpot.
There are many people who like these two individuals, seeking the dream of wealth through the lottery game without taking into account that it is easier (and more likely) to save money and retire with the savings that have raised over the interest paid. We will be the mathematics of Dona Lina to have a numeric value.
If she had saved $ 50 weekly for 25 years, and they have not won any rate, she had $ 65,000 right now for her to spend on what she wanted. Now you say that’s not nothing compared to a jackpot or win $ 1 million dollars, but this money would have been safe.
Planner for Safe Harbor 401K
Are you familiar with a 401k planner or Safe Harbor planner? This is a profession, who gives advisor plan for employers to provide 401K. Small employers are able to hire this planner in order to manage and handle their program to give the retirement plan to their employees.
A planner for Safe Harbor 401K is an expert in both Simple IRA features and 401K, because safe harbor is actually the combination from both of them. The planner must able to give good advisor to employer related to vesting, required contribution or matching contribution, rules of withdrawal restriction and making the annual notice that informed about the employees rights under the plan.
Some employers will need planner for their providing 401K Plan. The plan is actually an investment in form of contribution in the company. Employees are able to purchase company’s stocks and bonds or other financial products such as mutual funds. All these items are under the 401K. The expenses of administration in this plan are expensive because it must satisfy the nondiscrimination tests. Many employees prefer more the safe harbor than 401K, because they can obtain more advantages from safe harbor plan. It is important for you if you are employer to know the exact consequences of which plan that you will decide. The planner can give you detail explanation for that.
Women and Retirement Savings
The Department of Labor United States published this report on women and retirement savings / retirement:
Planning and saving for retirement may seem far into the future goals. However, the savings, special mind for retirement should start early and go to 10 over a lifetime. Here are four reasons why saving is important for women – And especially for you!
Did You Know?
* Which of the 60 million women who received wages in the United States to June 2002, only 47 percent participated in a retirement plan. Remember, even small amounts can earn interest and accumulate over time.
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Tips to Achieve Your Financial Goals
We all have dreams and goals to accomplish in our lives. By definition, a goal is the “end to lead the actions or desires of someone” (RAE). Financial goals do not help to improve ourselves economically by means of dedication and commitment. Here are some tips to create more concrete and achievable goals.
Your goal should be Specific
Your goal should be more than one word. Instead of saying you want to save, try to find a specific reason to do so. If you define your financial goals can increase the desire and motivation to achieve them. When you think about your financial goals, take the time to define the following: The purpose, amount and time in which you want to accomplish.
Financial Goals in Your Twenty Years
You just start your career, finishing college, newly married, you moved to a new apartment, and not live with your parents, etc.. Twenty years (say from 20 to 39 for many people) is when you have the opportunity to take the necessary decisions to ensure a prosperous financial life. These tips are for you to start your financial life with all the necessary tools.
Live with your income, not your cards
The most important concept is that we must learn to live with the income we have. Create a personal budget to help you spend less than you earn and make the most of your life savings. While your budget will help you identify how much you can spend on travel, parties, entertainment, etc.
Save now …. Then spent
It is very important to save a percentage of your income and it is better that you learn now you earn little, so that when you increase your income your savings will too. The concept of saving is not for you to take the money to the grave, is to accumulate wealth and can buy the / a [insert financial goal] of your dreams.
Study
And I missed. What the study has to do with the money? Do not watch the study as an academic approach to end your life, you have to study about your career, news, read blog, read news, learn a language. This is the time to learn a little of everything and to acquire knowledge in different things. The more you know and more advanced than your studies, the more likely you make money, simple.
Financial Rules Should Know
In all lines of life there is always a set of rules, tips, etc. to help us cope with the task ahead. In finance we have many of these but I think there are some that are amazingly simple to be tools for your planning. Here are some of these rules:
Investment: The Rule of 72
This rule is very interesting, will tell you approximately how long it will take to double your investment. For example, if you invested $ 1,000 at 8% annual interest, will take 9 years (8 / 72) to make your money grow. If you stopped those earning $ 1,000 this rate for 27 years, you’d have $ 8,000 in the bank.
Therefore it is said that the best friend of the money is invested the time this, so drink investing as early as you can for your retirement.
Savings: The rule of 10
You should always save at least 10% of your income. This rule is not only essential for you to save, but because it attacks many basic principles of a healthy financial life. If you save constantly are learning to live on a budget, you are saving for an emergency, you are saving to invest and are creating financial security that will help you progress. This is so important that even the Bible speaks of tithing.