Being a small business owner myself, I keep meaning to start a SEP (Simplified Employee Pension) but I never get around to it. In fact several years have gone by and I keep saying to myself that this is the year that I start the SEP. Let's hope that in 2006, I actually get around to it. I'm wasting valuable years of interest.
Retirement Planning for Small-Business Owners: "Among the options small businesses commonly use are SIMPLE IRAs, SEP IRAs, profit-sharing plans, SIMPLE 401(k) plans, and single-participant 401(k) plans..." - Fool.com
Thursday, June 29, 2006
Wednesday, June 21, 2006
5 Retirement Facts
The Retirement Center section of The Motley Fool has a great article about 5 things you need to know about your retirement.:
"1. This isn't your parents' retirement.
Your retirement will be very different. You will live longer, and you'll have a more active (read: expensive) lifestyle. Your parents may have survived on 70% of their pre-retirement income (perhaps you've heard this common rule of thumb?). But that's probably not enough for you."
And once again we see someone mention that our retirements are going to be much different than our parents. I think this is the most important thing that people need to know about retirement planning. We're going to live longer and have better health (hopefully) and that means we'll need more money.
Retirement for a lot of people may not mean completely stopping working. If you're in good shape financially, then it's really a great time to start a new career or business on a part time basis or give back to your community by doing charity work.
Take for example, my father. He bought 3 acres in the country and is growing grapes and making wine. I don't know if he plans on ever starting a wine company and selling the products of his labor but he's definitely enjoying the labor. He said to me recentely that now that he's retired, he's never worked this hard in his life.
These ideas are detailed futher in the book The New Retirement: The Ultimate Guide to the Rest of Your Life.
If you can prepare yourself mentally and financially years before retirement age, then when you do quit your 9-5, your golden years can really begin.
"1. This isn't your parents' retirement.
Your retirement will be very different. You will live longer, and you'll have a more active (read: expensive) lifestyle. Your parents may have survived on 70% of their pre-retirement income (perhaps you've heard this common rule of thumb?). But that's probably not enough for you."
And once again we see someone mention that our retirements are going to be much different than our parents. I think this is the most important thing that people need to know about retirement planning. We're going to live longer and have better health (hopefully) and that means we'll need more money.
Retirement for a lot of people may not mean completely stopping working. If you're in good shape financially, then it's really a great time to start a new career or business on a part time basis or give back to your community by doing charity work.
Take for example, my father. He bought 3 acres in the country and is growing grapes and making wine. I don't know if he plans on ever starting a wine company and selling the products of his labor but he's definitely enjoying the labor. He said to me recentely that now that he's retired, he's never worked this hard in his life.
These ideas are detailed futher in the book The New Retirement: The Ultimate Guide to the Rest of Your Life.
If you can prepare yourself mentally and financially years before retirement age, then when you do quit your 9-5, your golden years can really begin.
Monday, June 05, 2006
Find Cheap Gas
The high price of gas is changing the way we live. Spending less of your money on gas is a great way to stay on budget. Here's 10 ways to find cheap gas.
"With gas prices stuck in the stratosphere, you can save hundreds of dollars a year by using these tips and tricks to buy your gas for less..." - MSN Money
"With gas prices stuck in the stratosphere, you can save hundreds of dollars a year by using these tips and tricks to buy your gas for less..." - MSN Money
Saturday, June 03, 2006
Getting Term Life Insurance
A big part of financial planning is making sure that your loved ones will be provided for when you're gone. Buying a life insurance policy is a great way to start. The last thing on a 20 or 30 something's mind is life insurance but that's the best time to buy it. Don't wait until you're in your 40ies or 50ies.
When I was being screened on the phone for my life insurance policy, the simple questions, "How tall are you?" and "How much do you weigh?" were enough to raise the premium. Doesn't matter how fit you are or even if you just completed the New York Marathon. The chart that the telephone operator looks at said that 5'10" and 220 pounds requires MORE MONEY.
Term life insurance has never cost less: "But rates for plain-vanilla term life insurance policies are the lowest they've ever been. Premiums -- the annual fee you pay for a policy -- have fallen by about 50 percent since 1995, according to AccuQuote, the insurance-shopping Web site..."
When I was being screened on the phone for my life insurance policy, the simple questions, "How tall are you?" and "How much do you weigh?" were enough to raise the premium. Doesn't matter how fit you are or even if you just completed the New York Marathon. The chart that the telephone operator looks at said that 5'10" and 220 pounds requires MORE MONEY.
Term life insurance has never cost less: "But rates for plain-vanilla term life insurance policies are the lowest they've ever been. Premiums -- the annual fee you pay for a policy -- have fallen by about 50 percent since 1995, according to AccuQuote, the insurance-shopping Web site..."
Friday, June 02, 2006
When To Start Receiving Social Security Benefits
When To Start Receiving Social Security Benefits?: "Conventional wisdom and many financial planners say that you should start taking Social Security benefits as soon as you are eligible. For many, that is at age 62. This is another time that conventional wisdom may be wrong..."
Whether it's 62 or later, I still have a long way to go.
Whether it's 62 or later, I still have a long way to go.
Thursday, June 01, 2006
Retirement Income
Working during your retirement is becoming more of a reality for Baby Boomers. Although it's not always to provide additional retirement income, some people are doing it to keep their minds active and to avoid boredom. Leave it to the Boomers to spend their golden years at work.
Subscribe to:
Posts (Atom)
