Smart Actions to Maximize Retirement Income

No matter if you are a recent college grad and are looking to begin your career, or if you have been in the working world for a decade, retirement may be the last thing on your mind as you are more focused on making money and starting a family, but the fact is it actually is not that far away, and the longer you wait to build up your retirement account, the less you will have to live off of when you need it most.

Maximize 401(k) Contributions

If you are not contributing at all, well then stop now and make the necessary changes to ensure you are funding your future.  How much to contribute will depend on your available money, but if your company offers any matching contributions, then you should at least be using that as a starting point, otherwise that will be leaving free money on the table.  From there you can look to increase your contributions every year, and anytime you get a raise or pay off debt, you can use the savings to increase your contribution percentage as well.  Every year you wait could decrease your balance significantly by the time you retire.

Create a Budget

We all could use a little extra money, but creating a budget may be a way to lower expenses and increase the cash on hand in order to add funding for retirement.  If you can allocate funds for monthly bills, plus setting aside to use for spending on food, gas, and entertainment, and can stick to that amount, it may eliminate unnecessary purchase and free up quite a bit of money.  You can even take it a step further and make sure you go over last month’s statement and review each purchase line by line, see what could have been avoided and add it up.

Build Up an Emergency Fund

You never know what life may throw at you, so it is good to be prepared in any aspect.  If you are making significant progress in funding your future and living on a strict budget, what is something happens like a car repair, or even worse, a job loss?  If you can have a few months’ worth of expenses sitting in a savings account for quick cash if needed, it will avoid putting on a credit card and making you go into debt if a huge unexpected charge hits you.

Stay Out of Debt

This may be common sense, but it is still worth nothing that if you are planning on getting ahead financially, you can’t keep taking steps back by getting in debt, so do your best to avoid carrying over a credit card balance and getting out of hand, wasting money on interest when you could be using that money for your future.  If you have more money going out versus coming in over the course of the month, then something is wrong and adjustments need to be made.  It’s tough, and those that are secure financially sure didn’t get that way easily.

Credit Can Affect These Monthly Bills

Credit is the primary factor in proving your borrowing worth to lenders, so to speak.  While income and current debt liabilities do factor in, credit score can give an overall picture as to whether or not you will not only be approved, but what interest rate you will secured, or even have the application turned down.  While there are some obvious monthly bills that are affected by your credit score, there are others that may come as a surprise just how much your credit affects other payment obligations as well, so it is important to get your score as high …

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Tips to Maximize Your Nest Egg

No matter where you are at in your career, whether you are just out of college, or are even nearing retirement, it is good to ask yourself how much you need in retirement and track to see your progress.  If you are like most that unfortunately do not seem to be adequately saving for retirement, now is as good of time as any to get the ball rolling to be in control of your financial future.

The Earlier You Start the Better

Just going by simple math, if you have decades left until you retire, you can contribute very …

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Customizing Your Term Life Policy

 

Have you already decided that term life is your preferred option over whole life? If so, it would be a mistake to think that your life insurance selection process is already complete.

If you were to ask the question, “Are there different types of term life insurance?,” the answer would be a resounding “Yes!” There are two basic types to consider, but about a half-dozen types when you get to a more detailed level.

Two Basic Kinds of Term Life Insurance

What are the two major classes of term life insurance mentioned above? Annual renewable term and …

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Stay Ahead of Your Financial Future

According to a recent study by Country Financial, two-thirds of Americans are worried about their financial future, worried that they will not be able to retire at all.  In fact, The Economic Policy Institute reports that half of Americans do not have any retirement savings, and even half admit that they do not factor saving for retirement into their financial goals.  That is a scary thought that in the upcoming decades there will be less and less people with anything to live off during retirement, other than Social Security, which isn’t much, if it is even there at all …

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Renewable energy: pros and cons

When the world broke out with the promising talks about the renewable sources of energy, some critics of modern progress entered the conversation. In this article we are going to discuss the most popular statements that put the reputation of renewable energy under attack.

The hottest news: who we do trust

With the upcoming plans of New York State Energy Research and Development Authority (NYSERDA) the offshore wind offtake is likely to be used in some American states. The director of NYSERDA Doreen Harris claims to be providing new opportunities for usage of offshore wind energy in June this year.…

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Tips on Saving Money With a Newborn

Having a baby can be (and is, for that matter), stressful.  The crying baby in the picture was my first thought to start off this article as that what it seems to consume my life with now, having a newborn a few weeks ago.  So, while we adjust to our new family member, it is another mouth to feed and more expenses that will occur that will need to be accounted for.  Much like everything else in life, we try to save money the best we can, so same goes with having a newborn.

Clip Coupons!

It is suggested to …

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You Must Have Auto Insurance – How To Save

Several Different Ways To Save

The best way to save on auto insurance is to be a female veteran with an absolutely clean driving record, a sound vehicle with only one owner, and good credit. But as you may have ascertained, this represents only one portion of the actual demographic buying auto insurance. If you’re not in this category, you’ll have to be creative.

First, you don’t want to take the first quote you get from the first agency you call. Geico and Progressive want to dominate the market, but the truth is you can get much cheaper rates from …

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Smart Ways to Save on the Summer Cooling Bill to Start Now

Rejoice, the summer months are almost here, and we have even flirted with August temperatures in the Midwest for a while now, enough that the air conditioning has been kicking on quite a bit.  This could be a great time to check your home for efficiency to ensure that you do not have any outside heat coming in, causing the air to kick on more than it should.

Use a Programmable Thermostat

It’s hard to imagine any homes out there without a programmable thermostat, especially considering most out there now are even Wi-Fi that you can program on your phone, …

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Money Mistakes You Could Regret Later in Life

There comes a time in your life when you reach a certain age or stage in your career when you can look back and reflect upon where you are at.  You don’t have to necessarily be old to do this; you could be in your thirties, ten years into working and still have wished you had done things differently, driving further motivation to ensure you are doing what is right by your financial life.  Before it is too late, ensure you can avoid making money mistakes now so you will not have to regret later.

Renting vs. Buying

I was …

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