Book Review: Save Your Retirement

July 21st, 2010  |  Published in Retirement  |  Comments Off on Book Review: Save Your Retirement

Save your Retirement

This book is aimed at those who lost a lot of their investments in the recent bear market or who just haven’t saved enough for retirement. I have read a lot of retirement books lately and there are many similarities between most retirement books. This book did have some fresh perspective. They offered advice on various scenarios from 20 years away from retirement all the way to post retirement. The authors have solid financial credentials and offered reasonable investment advice based on their various scenarios. They offer information on the following subjects,where to move your savings, how to recalculate what you’ll really need to retire, how to assess when you can now afford to retire, how to change your approach to investing, how to use the federal tax system to save more, and what to expect from Social Security now.  This book offers good advice on retirement in general and would be especially helpful to those who are behind in saving for retirement.  If you want to find out more about the book just click on the affiliate link below.

Save Your Retirement: What to Do If You Haven’t Saved Enough or If Your Investments Were Devastated by the Market Meltdown

Catch-Up Retirement Savings Options for Late Starters

June 6th, 2010  |  Published in Retirement  |  1 Comment

If you have not saved enough money for retirement you have plenty of company.  I wrote a little while back noting that most Americans are unprepared for retirement.  Many people don’t get serious about starting their retirement savings until their in their late 40s or even their 50s.  Of course, it is better to start saving earlier but for those of you who have gotten a late start still have a chance to save enough for retirement.

In order to save enough for retirement you will have to save a large percentage of your income.  If you are aged 50 or older you can contribute an extra $1000 to your Traditional or Roth IRA.  If you are self-employed you can contribute even more to your retirement accounts.  If you have a Simple IRA you can contribute an extra $2500 under the catch-up provisions.  If you have a 401k you can contribute an extra $5500.  You can also make catch-up contributions to your Health Savings Account although that will be changing.  Visit irs.gov to verify the amount of catch-up contributions you can make.

In addition to boosting your savings rate up to 20% or more you need to cut your expenses as well.  This will allow you to live on a smaller nest egg.  Making these changes won’t be easy but it is better than running out of money in retirement.