Get back on the road to retirement
The economy has damaged many retirement accounts leaving boomers wondering how and when they will be able to retire. However, you still have a chance to get back on track. First, evaluate your cash flow and save 30% of your gross income each month for investing. Make sure you are enrolled in your company’s 401(k)…
How to Recover from Bankruptcy
It’s not unusual to file for bankruptcy in today’s economic state. The important thing is getting back on your feet and doing it right. Read the following tips on how to recover: 1. Figure out what caused you to go into bankruptcy in the first place. Change what you use to do so it doesn’t…
Make This Estate Planning Move Now
Many plan their finances for the years ahead, but don’t remember to update their estate plan. This mistake can greatly affect the future of loved ones and cause big problems. Remember to check the beneficiary designations of your bank accounts, brokerage firm accounts, tax-favored retirement accounts, company benefit plans, life insurance policies, annuities and 529…
How to Tap Your Nest Egg In a Wild Market
With today’s volatile market, your nest egg is vulnerable and the rules have changed. Traditionally, the income withdrawal rate of a retirement account was at 4 percent. It is now recommended that a person takes out as little as possible or about 2-3 percent. Some even recommend taking out nothing during these tough times, and…
Ways to Accelerate Retirement Savings
If you realize it’s time to beef up the retirement savings account and you have used your limit on IRAs and your 401(k), don’t worry – you have options. First, set a goal. Figure out how much retirement savings you will end up needing by looking at your expenses and social security or pensions. It…
A Financial Comeback: Real life lessons from a financial planner
Jude Boudreaux has experienced financial ruin and financial triumph. The following are some strategies he recommends that helped him turn his life around and take control. First, find your financial opposite. Jude and his wife balance each other out – she is very conservative with money and he likes to spend. But this type of…
Get a Jump-Start on Your 2011 Tax Bill
The summer is a great time to start thinking about taxes and how you can limit the amount you will contribute. The first thing you can do is check the bottom line of your 2010 return and see if you should change your tax withholding or revise estimated payments. Consider increasing your withholding if you…
5 Financial Moves to Make at Fifty
At age 50, you will have to begin to think about protecting your assets and future income, along with continuing to grow your assets. It is also a great time to find out what could take you off you retirement planning path, and measures to prevent and protect. Here are some financial moves to make…