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  • Archive for February, 2011

    Saving in your 60’s, 70’s and beyond: Strategizing for the future

    Friday, February 25th, 2011

    America Saves Week 2011: Financial To-Dos for the Decades

    February 20th marks the beginning of America Saves Week—a great opportunity to examine your finances and see where you can pinch a couple more pennies to really make it count. But savings is not a “one size fits all” activity. Your savings and financial plans are different depending on your what stage you are at in life.

    This week WISER will break down how to save for the different decades of your life, so that you can track what you should be doing now and in the future. Follow our blog this week to see how you can save throughout the decades!

    Saving in your 60’s, 70’s and beyond:

    Retirement planning isn’t just about saving for the future, it’s also about how you will eventually spend your money once you are in retirement. Many American use their retirement assets too quickly and later find out they have to cut back on necessities because they cannot afford a decent standard of living. But even if you have stayed the course and feel confident in the amount of money you have put towards your retirement over the years, it is still important to plot out what your retirement financing strategy will be. How much money will you need every month? Will you have additional income in the form of Social Security or pensions in addition to your savings? Even in retirement, it is still important to maintain a savings mentality so that you maintain your finances well into the future.

    At this point in life, you should continue to invest your retirement assets, living off a small percentage each year, and consider annuitizing all or a portion of your retirement assets, or a little bit of both. Selecting an annuity can be an overwhelming process for some, but there are a lot of great resources to help you figure it out.  And it’s worth taking the time to learn more, because keep in mind, by buying an annuity, you will be providing yourself with guaranteed income payments for the rest of your life.

    We’ve pulled together some helpful information to explain annuities and how to select the right one for you:

    Saving in your 40’s and 50’s: Staying the course and caregiving

    Monday, February 21st, 2011

    America Saves Week 2011: Financial To-Dos for the Decades

    February 20th marks the beginning of America Saves Week—a great opportunity to once again examine your finances and see where you can pinch a couple more pennies to really make it count. Savings, however, is not a one size fits all activity. While important for everyone, your savings and financial plans are different depending on what stage of life you are in.

    This week WISER will break down how to save for the different decades of your life, so that you can track what you should be doing now and in the future. Follow our blog this week to see how you can save throughout the decades!

    Saving in your 40’s and 50’s:

    At this stage of your life, you may have built up a nice savings or retirement fund through your 401(k), IRA, or other savings vehicle, but are you still on course for what you’ll need when you retire?  Whether you have built up your savings or not, use a retirement calculator to see how much you should be saving at this point in order to meet your future retirement goals. And don’t be afraid to ask for help from a financial planning professional if you feel you have fallen off course or need help getting more organized.

    During your 40’s and 50’s situations can crop up that might also throw you off the savings track. Maybe one of your parent’s becomes ill or has to be moved into a nursing home, or maybe even into your home. How do you save while also acting as a primary caregiver?

    Caregiving can have serious financial consequences. It is important, especially for women who tend to take the majority of caregiving responsibilities, to understand the consequences and to take steps to protect their retirement security. Try not to let this deter you from continuing to save as much as you can though. As long as you know the facts and plan out your course of action, you can avoid the major pitfalls that may result from becoming a caregiver.

    Here are some helpful links to keep you saving and on the road to retirement:

    Saving in your 20’s and 30’s: The perfect time to create savvy and sustainable habits

    Sunday, February 20th, 2011

    America Saves Week 2011: Financial To-Dos for the Decades

    February 20th marks the beginning of America Saves Week is a great opportunity to once again examine your finances and see where you can pinch a couple more pennies to really make it count. Savings, however, is not a one size fits all activity. While important for everyone, your savings and financial plans are different depending on what stage of life you are in.

    This week WISER will break down how to save for the different decades of your life, so that you can track what you should be doing now and in the future. Follow our blog this week to see how you can save throughout the decades!

    Saving in your 20’s and 30’s:

    For some of you this may be a relatively new concept and that’s okay. Try to make this America Saves Week all about trying something new when it comes to saving. The savings habits you develop in your 20’s and 30’s can set a precedent for how you will save throughout your life. Get into the habit of saving now, so that by the time you reach your 40’s and 50’s, this concept is truly a no brainer.

    Start by depositing about five percent of your salary into a savings account each pay period. Do this right when you get your paycheck, so that the money doesn’t start to burn a hole in your pocket. You won’t even think about that money as something you’re missing and it will quickly become a habit. Additionally, you should start an emergency savings fund in your 20’s and 30’s. You should have about three to six months of your income saved up in case you run into financial surprises; a job loss or expensive car repairs, for example. Even if you can’t save quite that much, having even a small fund to fall back on can be a life saver one day.

    You may feel at this age that you are too young to start thinking about retirement, but the truth is, the sooner you start, the better off you will be. Sign up for your company’s 401(k) plan if they have one, and contribute at least enough to get the full match if offered. If you don’t have a 401(k) option, then open an IRA. Set up automatic monthly contributions from your checking account and you won’t even realize that the money is gone by the time you receive your pay check. By starting down a savings path now and staying the course, you will put yourself on the road towards a bright financial future.

    Here is some more important information to help you start creating these saving patterns and habits now:

    WISER

    About Us

    WISER is a nonprofit organization that works to help women, educators and policymakers understand the important issues surrounding women's retirement income. WISER creates a variety of consumer publications including fact sheets, booklets and a quarterly newsletter that explain in easy-to-understand language the complex issues surrounding Social Security, divorce, pay equity, pensions, savings and investments, banking, home-ownership, long-term care and disability insurance.

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