| |
| |
|
Investing Information |
|
|
|
Retirement - Its Sooner Than You Think!! (Honestly)
Many people hear "retirement" and think- what? 401K? Roth vs. Traditional IRA? Stocks, bonds, mutual funds? Do they? Or do many people put money away according to the suggested amount and then simply hope that when retirement comes all will work out? One report I read estimated that 66 million Americans have put away a Whopping $0 towards retirement. Many people are still thinking there might be a thing called Social Security around when they retire. Social Security: as of 2004, the average annual Social Security retirement benefit is approximately $11,000. That is not a lot to live on folks. Plus, we all hear the news periodically that there might not be any Social Security around when we get older and need it. And as a further WAKE UP call, I found a calculator which estimated (without Social Security):
would need to save an additional $2,690,000.00 ( yes 2 million +) in order to retire at 65-- OR - plan on working an additional 29 years!! Now before you get overwhelmed and click over to another article-lets put our heads together and simply cover a few very very basic start up basics. 1) Standard Of Living: You need to know at what standard of living you will want to live during retirement. 2) Basic Living Expenses: You will need to calculate the cost of basic living expenses (at that level) i.e. electric bill now of $200 = what in 2030? 3) Hobbies and Leisure Activities: Know what type of hobbies, and leisure activities you will keep busy with and what their cost might be then. 4) Family Visiting / Travel: Realize that more and more children move away when grown. So while they work out of state-YOU may need to do the traveling to see them. Plan for these costs. 5) Convalescent Care (nursing home costs) provincially run about $100/day median. You will need to multiply that times the same 4% inflation rate. Then multiply that times the number of years before you may need it-to approximate how much you may need to afford for your housing when you need assistance. Truth be known-WE need to plan to handle that cost ourselves, rather than think our children will be able to take on that kind of additional cost. You will need to total yearly amounts. You will need the approximate yearly cost to live (at your desired level) during regular healthy retirement. And, you will need the total yearly amount of costs to live in assisted or full care living facilities ( for each - you and mate). Multiply each yearly amount by the number of years you might be living in that circumstance. Example: Retire at 65. Live healthy retirement- 15 years (so 15 x yearly cost of healthy living) . Live assisted - 8 years ( so 8 x yearly cost of living in care). You now have two totals that when added together equal your estimation of the total dollar amount you will need to draw from in order to live after retiring. NOW you are ready to begin planning your investments in such a way that you can achieve that TOTAL number by the time you retire. Here are some tools to help you now that you are ready to take that first step: USA Today retirement cost calculator: http://www.calcbuilder.com/cgi-bin/calcs/RET2.cgi/usatoday Motley Fool's retirement area: http://www.fool.com/retirement.htm?source=PFinAg Metlife's retirement area:http://www.metlife.com/Applications/Corporate/WPS/CDA/PageGenerator/0,1674,P1946,00.html About.com's HUGE retirement resource area: http://www.retireplan.about.com/ Until next time-all the best, Kate About The Author Kate Hufstetler is a well established Personal Life Coach. Her clients come from both the United States and overseas. She offers coaching services via email and phone consultations. For more information and current highlights please visit: http://www.comedreamwithme.com/start_today.html
MORE RESOURCES:
Google News |
|
|
|
RELATED ARTICLES
Have You Ever Seen A Map of the World Turned Upside Down? For those accustomed to viewing things a certain way, it is quite disconcerting. One almost expects the ocean to pour out. Franchise Opportunity Sellers Beware; franchise buyers lie on forms? It seems completely absurd that franchise buyers lie about their financial position, available cash and abilities in order to buy a franchise. After spending 8 years setting up franchises around the nation and fielding inquiries I am appalled at the lack of integrity of the average business buyer. Risk and Reward If you are doing your own investing in the stock market, what would be the first question you would ask yourself before you make any trade or investment? If your answer is how fundamentally sound the stock is, or whether the stock just broke out of a trading range on a chart, or the fact that the stock has gone down 50% in the last 6 months, or whether the volatility is low now so it is a good time to buy or sell, then you are probably on the road to ruin. These strategies have nothing in common with each other and there are all kinds of different criteria that I did not mention that have nothing in common with each other. July 2005: Hurricane Forecasts for Weather Traders Tropical Storm Arlene formed as a tropical depression on June 8, 2005 near 83 West Longitude and 17 North Latitude. Although Dr. Investing in Car Dealerships: How to Do It Right The financial characteristics of the automobile dealership are attractive:". . Everybody Wants to Know How to Invest Those unfamiliar with the process of making and managing investments often have more than a few trepidations about investing in general. They figure that, since they do not know how to invest, they will never learn. Credit Scores = ROI Profits for Real Estate Investors Strong credit saves real estate investors money on mortgage finance costs. A good credit score, along with the other credit and mortgage qualifications, means that investors can pay lower fees for financing, such as points and interest charges. Exchange Traded Funds They call 'em ETFs.There are hundreds of them. Approaches to Investing Here is a small summary of the three major approaches to investing:1. Fundamental AnalysisTruly superior companies exist, are sometimes undervalued by markets, and can be identified by mostly financial research. Well Managed Investing Risks Bring Rewards! "Risk comes from not knowing what you're doing!" Warren Buffett (1930 - )We often listen to people who hesitate to invest in the stock market because they fear risk. There are older people who fear that a stock crash could leave them destitute. Annuity Help Many people today are looking for annuity help. The biggest challenge seems to be that most of the help is biased. Using Divergences to Keep Out of Bad Trades The American Football season just came to an end with my team getting close to the championship but falling short again. I am a big fan of the Indianapolis Colts and we keep having a groundhog day season year after year but it is still fun to watch. Do You Need A Financial Planner? No matter how much money you make, it pays to keep on top of money coming in and going out. Even if you do a good job of that, there are important times in your life when talking with a professional adviser makes sense. Preparing to Invest: How to get started Investments can be a source of great potential earnings. The two most common reasons that a person does not invest are either they do not have the money or they do not know how to get started. Trading Baskets Part I Q. What is a basket?A basket is a group of up to 50 stocks that you can trade, manage and track as one entity. Is Offshore Banking for You? You've probably heard about people who keep their money offshore. Most likely you assume they're all wealthy businessmen; millionaires, who have so much money they somehow 'qualify' to move it out of the country, right? Wrong! Offshore banking can be a benefit for anybody regardless of income. Five Sure Fire Way to Secure Your Financial Future "You can be poor when you're young, but you can't be poor when you're old." That was the tag line used some years ago in a financial services television commercial. Investing Offshore for Retirement As an expatriate you are in a privileged savings and investing position. Make the most of the options available to you while you can, consider investing offshore for your retirement. Investing and Asset Allocation Sometimes you spend sleepless nights worrying about which stocks to buy and which to sell, which funds to own and which to dump and whether to get into bonds.All of these are legitimate concerns, but the greatest determinant of your success as an investor will not be your sagacity in selecting specific stocks, bonds or funds for your portfolio. Options Made Easy and Investor Education - Simple Enough for a 10 yr Old Kid How many of you out there think that the market is performing well?How many think the market is performing poorly?And how many feel the markets performance is neutral?Actually none of these answers is correct. You see, learning and reading our options made easy articles, you will realize that the market does not perform, you do.
|
| Article List | Index | Site Map |
|
All logos, trademarks and articles on this site are property and copyright of their respective owner(s).
The comments are property of their posters, all the rest is Copyright © 2006 CanadaSEEK.com - All Rights Reserved. |
