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You are here: Home / Archives for Organization & Planning / Plan for the Future / Retirement Planning

Your Financial Health

November 2, 2020 By Jill Russo Foster

Do you ever wonder how your financial pictures stacks up?  Are you on track to meet your goals?  What do you need to still do?  These and other questions are always on the many people’s minds.

I have discussed the importance of having an emergency savings, a budget to know where your money is going, great credit /score to have the best interest rates when you need to borrow and minimal high interest debt.  Check out some of my past emails for more information on these topics.

This is a great article Six Numbers Reveal the State of Your Financial Health. How well do your finances compare to these six areas?  All are important areas that should be goals for you to accomplish with your finances.

Filed Under: Credit Management, Family Finances, Financial Goals, Personal Finance, Retirement Planning

Are You Nearing Retirement?

September 25, 2018 By Jill Russo Foster

No (or minimal) retirement savings!  If you are getting up there closer to retirement, this can be a scary thing.

Suze Orman wrote this great article, that there can be hope and it’s not too late to start or catch up on retirement savings.  Help! I’m 55 and Have No Nest Egg

You can do anything you set a goal to do.

Filed Under: Plan for the Future, Retirement Planning

Have You Checked This Lately?

August 6, 2018 By Jill Russo Foster

Every year around my birthday is the time I check my social security.

No, I am not ready to apply.  But it’s something I do annually to make sure all is correct.  Every year social security posts your income to your account (the same income you file on your federal tax return).  I like to double check to make sure mine is correct.  It’s much easier for me to check now, then to figure it out when I apply for social security down the road.  My records are easily accessible and easy to review to double check.

When was the last time you looked at your social security account?

Filed Under: Retirement Planning

Investing In Your Future

February 20, 2018 By Jill Russo Foster

It’s never too late to invest in your future.  Whether you are starting out now or picking up where you left off, make a plan.

Real Simple Magazine has information on investing from $5.00 to $50,000.  A new year and it’s time to invest in your future.

Filed Under: Plan for the Future, Retirement Planning

Thinking about retirement

January 22, 2018 By Jill Russo Foster

As we get older one of the things that is always on my mind is retirement.  What does it look like for me?  Where do I want to live – stay where I am or move?  Stay in my current house or downsize (maybe condo)? The list of questions goes on and on for me.

Wallet Hub has come out with a list of 2018 Best and Worst States to Retire To.  Where is your state?  This might be something to take into consideration in your planning.

Filed Under: Retirement Planning

Saving For Retirement

March 25, 2016 By Jill Russo Foster

We all want to save for retirement, but there never seems to be enough money left over to save.  Does this sound familiar?

The first rule of saving for retirement is, if you are offered free money take it. If your employer sponsored retirement plan offers you matching funds, take it. Contributing to a retirement plan through your paycheck is a great way to get started on the path of regular automatic saving. The earlier you start this habit the better off you will become. On the other side if you haven’t done this, it’s never too late to start now. In this case, free money is a good thing

Next you want to manage your debt. Debt is the enemy to your budget, so you want to avoid it at all cost. I am not saying don’t borrow or use credit, what I am saying is to use it wisely. Don’t become a slave to your debt and that you live paycheck to paycheck trying to keep up with your debt payments.

Charge wisely and only amounts that you can pay off easily. If you find yourself with an emergency and you have to borrow money, evaluate your options and make the choice that is best for you and your budget. Pay back the debt as quickly as possible to avoid as much of the finance / interest charges as possible.

Lastly, gratification – are you someone who needs instant gratification? Do you buy without a payback plan? Look at the food cost (groceries, dining out, take out etc.), shopping, memberships, entertainment etc. These are the expenses, that where the instant gratification that can harm your budget. These are the first defense against the leaks in your budget. Plug those holes to have more money for your retirement.

Think about your finances then make a plan to implement these strategies one by one.  Once you master one, start the next.  Remember that your finances will not change overnight, be patient and remember it takes time.

Filed Under: Budget Planning, Every Day Finances, Personal Finance, Plan for the Future, Reducing Expenses, Retirement Planning, Uncategorized

What will your retirement income be?

April 24, 2015 By Jill Russo Foster

Remember these?

20150424-socialsecurity

You used to receive one in the mail around your birthday. If you are younger than 50, you probably threw it directly into the trash. (It’s much more interesting the closer you get to retirement.)

Now you can just go online

To see your Social Security statement, go to www.SSA.gov (If you have trouble remembering it, just think “ass backwards” then “gov”). You’ll need to set up an account with the typical personal details plus security questions to verify your identity. If you want added security, you can take it a step further and use information from a prior year’s W-2.

Why do you want to see it?

  • To verify your earnings. It’s a lot easier to correct errors when they are new.
  • To help you plan how and where you will live at retirement. You can see how much you will earn when it’s your time to collect. Is it enough to cover your mortgage payment? Is it enough to continue with your hobbies or cover basic expenses?
  • To help you decide when to retire. You will be able to determine your Full Retirement Age (based on year of birth). Currently, you can take your social security benefits early at age 62 with a lower monthly payout or wait as late as 70 to receive a greater payout.

Protecting your account

You can add extra security by having them text you a unique code every time you want to sign in online. In a surprise twist, setting this up initially involves them sending you a letter in the mail. It’s a process that takes 5-10 business days, but once it’s done, you can rest a little easier. I recommend taking this extra step, since everyone’s had their information compromised at least once or twice in the last few years.

I would suggest that you check your Social Security statement annually – either a month or so after you file your income tax or around your birthday. The important thing to do is to check it.

Filed Under: Retirement Planning

Social Security: When and How Much?

June 21, 2013 By Jill Russo Foster

…. retirement-ss

You may not be thinking about Social Security for yourself yet, but if you, or someone you know, has reached age 50 or beyond, there are some things that you might want to consider before making your choices.

When can you receive your full social security benefits?

It used to be that everyone was eligible at age 65. Now, anyone born between 1938-1959 has to use the Social Security retirement age chart to find their exact retirement age. Why? Because in the early 1980’s they decided to increase the age to 67 but didn’t want to hold out on those close to retirement. Instead, they gradually increased the retirement age by tacking on an extra 2 months for each year by birth year.

Based on our birth years, my husband Dave can retire at age 66, but I need to wait until I’m 66 and 10 months. It finally evens out for those born after 1960 – they’re currently holding at age 67.

Of course, to qualify for Social Security you have to meet the required credits. If you work and pay taxes, you will earn social security credits (typically 4 credits per year worked).  You need to work at least 10 years (40 credits) to receive your own retirement benefits.  Other types of benefits are available depending on your circumstances.

What happens if you start early and take partial benefits?

During the holidays, a group of us were talking about social security and what age we planned to start taking benefits.  The group consensus was to start with partial benefits at age 62.  Yes, for some that makes sense, but not for everyone.

Consider this: If you take your benefits before your full retirement age, you’ll receive reduced benefits for life (by as much as 25% less).  In addition, if you’re still working and collecting social security, you’ll have income limitations each year.

On the other hand, if you delay your benefits past your full retirement age, your benefits will increase both for delaying and by annual cost of living.

The bottom line: What your family and friends do may not be what is right for you.  Our family conversation brought up some interesting questions. We decided to speak with one of our investment advisors to understand what was best for us. He had a novel option that worked really well for our situation. You see, the best choice for us wasn’t to take the benefits at 62… or to wait. When Dave turns 62, we’ll be using that advice to start our golden years in the best way possible.

Do your research and make a plan that is right for you and your family.

P.S. This important advice came courtesy of our readers. Thank you, Betsy!

Jill,

Another bit of information is that a wife can collect on her husband (or visa versa) at age 62 and then collect on themselves at full retirement age and not have the reduced benefits for life.  

Betsy Thomas

Filed Under: Retirement Planning

Transfer to Savings Automatically

April 27, 2013 By Jill Russo Foster

savings-automatic

Have you struggled to save money because there never seems to be anything left over?  Big surprise! We tend to spend the money we have in front of us. Getting a raise never seems to help, because that money disappears, too. There’s always something we think we need right now.

The best way to grow the money in your savings account is by setting up an automatic deposit from your paycheck. That way you never see it to spend it. If your company doesn’t offer this, that’s not a problem. Have an amount set up to be transferred automatically from your checking account to savings on a regular basis. The benefits here are that you are saving without any effort on your part and the money isn’t in your checking account to tempt you.

You could win free financial coaching. Learn more here!

Filed Under: Financial Goals, Financial Literacy Month, Retirement Planning

Make Payments towards Your Retirement

April 26, 2013 By Jill Russo Foster

retirement-fund-1

Making payments towards retirement doesn’t have to be difficult. Remember what you’re saving money for. You want to retire some day, so you can enjoy some golf and vacations when you get older without having to work.

There are few ways to fund your accounts. If you receive large bonuses, you could simply deposit them into your IRA or 401K and just live within your regular paycheck. That won’t be possible for everyone. Most of us calculate the amount to pay by dividing our maximum contribution amount by the number of pay periods per year. Basically, we’re taking the money out of our paychecks.

The key is to act like it’s not yours to spend. This is your fun money, so you can take the grandkids to Disneyworld and finally take the European cruise, without having to worry about where you’re going to live or how.

You could win free financial coaching. Learn more here!

Filed Under: Financial Goals, Financial Literacy Month, Retirement Planning

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