AARP Retirement Calculator: Are You Saving Enough?

Are you looking for a fun, free, and easy method to try estimating your retirement? We discovered the AARP Retirement Calculator, a neat online device that can make thinking about your future and retirement a little more enjoyable. Using the calculator can be a great way to check if the plan you currently have for your financial future should allow you to retire when and how you want. Discover all your options and how the choices you make today and in the near future could ultimately affect your retirement finances!

Before using the calculator, we encourage you to read our list of “Pros and Cons of Using the AARP Retirement Calculator”:

PROS:

• Using this calculator can be a good starting checkpoint to see if you are currently on track for retirement, currently way off track for retirement, or somewhere in between.
• After inputting your information, click on “Options” to see what changes you can make in retirement to help you have more income available if needed or desired.
• At any point, you can also go back to the “About You” section and change answers, allowing you to see how different choices starting now could possibly affect how much income will be available to you in retirement. This can be a helpful tool if you are able to actually implement some of these changes in your life, such as how much of your income you and your partner save for retirement each year.
• When deciding your lifestyle in retirement, click on “Learn more about Retirement Lifestyle Assumptions” and you can manually input what percentage of your current lifestyle expenses you plan to have in retirement.

CONS:

• The calculator does take into consideration the multitude of creative ways you can collect more Social Security income (to be discussed in next week’s blog!)
• The calculator cannot substitute for the valuable knowledge and experience of a financial advisor. This tool should only be used for fun to see where you are at now and how different decisions could affect your future outcome, but make sure you discuss any officially changes in your retirement plans with your financial advisor.

Think you’re ready to give it a try? Click here to Get Started.

Make Getting into Financial Shape Your New Year's Resolution

By Olivia Maragna

 

One of the most popular New Year's resolutions is to get into shape with an exercise program.  So, why not also apply this to your financial health?  We found these six steps to be motivational toward getting your financial fitness looking better than ever in 2014.  Click here to read the full blog posted on brisbanetimes.com.au

1.  Follow a program - Set yourself a budget and stick to it.

2.  Trimming down - Minimize your debts.

3.  Bulking up - Contribute into retirement funds.

4.  Cross training - Invest in multiple types of retirement accounts.

5.  Injury prevention - Adequately insure yourself.

6.  Endurance training - Prepare your estate to ensure your loved ones are taken care of in the future.

10 Tips for a Fresh Financial Start

By Suze Orman

With the start of a new year just around the corner, those with current financial burdens may be seeking advice on a fresh start.  Luckily we found a helpful article published by O Magazine and written by internationally acclaimed personal financial expert Suze Orman titled "10 Tips for a Fresh Financial Start".

Whether you are currently or soon-to-be in need of a financial clean slate, this article provides advice about how to get back on track.  Listed below are the 10 tips provided in the article, but you can click here if you would like to read the article in its entirety.

1. No blame, no shame
2. Take a snapshot of your finances
3. Adopt a fool-proof credit card strategy
4. Try harder to save
5. Separate savings from investments
6. Know your credit score
7. Evaluate your retirement plan
8. Diversify your assets
9. Don't obsess over your home's value
10. Protect your family and your nest egg

Click here if you would like to visit Suze Orman's website.

HOW-TO: Keep Spending Under Control During the Holidays

The Southeast Missourian daily newspaper published a time-relevant online article entitled “Holiday Budgeting: Some Ways to Keep Your Holiday Spending Under Control.” We have included the article in this post, or you can click here to read the article in its original form. Comment below to let us know if you found any of these suggestions helpful!

Holiday Budgeting: Some Ways to Keep Your Holiday Spending Under Control

By Robyn Gautschy

A little budgeting before and during the holiday season wouldn’t do you any harm. On the contrary, if you are searching for a way to get out of debt, getting appropriate financial advice before the gift-giving season begins is the best thing that you can do. Most people spend a lot of money on travel, entertaining and presents during the holidays. A significant part of expenditure is done on credit, at huge interest rates. This brings along a lot of debt, which usually destroys people’s cheer after the holiday. If you wish to avoid this, you should check the following 10 tips, which explain how you can have a great holiday without risking some unpleasant financial consequences:

1. Make a List:   Writing down the items that you want to purchase can help you to avoid spending money on unnecessary things. Additionally, the list will remind you to buy everything that you need in order to spend a wonderful holiday with your family.

2. Always Stick to Your Budget:  Another great financial tip that can help you to avoid holiday overspending is to stay within your budget. If you are tempted to spend more money than you should, you can shop together with one of your friends, who can provide a voice of reason whenever you need it.

3. Look Out for Bargains:  Although you cannot find some really good deals during the holiday season, there are major price variations among the same products provided by different stores. To benefit from these variations, you should take the time to compare certain offers. Another great idea would be to look for presents before prices go up for the official shopping season.

4. Check Return Policies:  It is very important to verify the return policies of various stores prior to buying gifts. This is because these policies indicate the terms that all customers who intend to return goods must comply with. These terms mainly relate to time frames and condition of goods.

5. Record Your Purchases:  This is another useful financial tip for the holiday season. Keeping track of your purchases can help you to understand whether you will exceed the limit of your budget or not.

6. Choose the Right Payment Methods:  If you wish to lower your debt, it is very important to leave the credit card at home. The best payment methods include debit cards, checks and cash.

7. Transfer Your Credit Card Balance to a Low-Interest Credit Card:  If you possess a low-interest card, you should transfer the balance of the high-interest cards to it. This can be a very lucrative financial practice because paying off $1,000 at 6% instead of 18% interest will save you a lot of money.

8. Use Stores’ Point Structure:  Numerous stores are involved in cash-back reward programs, which offer rebates on particular purchases. Although most programs only offer small discounts, these can add up to a substantial savings over one year.

9. Get Gift Cards: Using gift cards in order to keep your budget under control is a truly beneficial idea. Occasionally, this type of deal helps people to get two gifts for the price of one.

10. Use Coupons:  A large number of websites offer coupons that can bring you significant discounts, especially during the gift-giving season.

The time to look for financial advice is before the official holiday shopping season starts. Although shopping might not be as much fun as you expect, the tips presented above can help you to get through the holidays without increasing your debt.