How to get Retirement Ready When You are in a Time Crunch

All our lives, we’re told to plan for retirement…even though retirement seems like something way, way in the future. Some of us heed this advice and do start planning for retirement early on. Others, however, don’t plan quite as well and then find that, amazingly, they’ve reached retirement age or close to it and aren’t even close to being fully prepared.   

If that second scenario describes you, then don’t worry. Even if you only have a few years left until retirement, there are things you can do to quickly get ready for it. They may not be as effective as a lifetime of planning, which is always the best strategy, but they’re certainly better than nothing!  

Start Living Super Cheaply

Living cheaply may not sound like fun, but if you’re in a serious time crunch, it’s the only way! Sit down and take a look at your finances and where your money goes, and then, cut corners in every possible way.

Stop going out to dinner. Say good-bye to cable television and shipping sprees. Whatever it takes, cut back as much as you possibly can in every way possible and stash that extra money in savings. It may not be a lot of fun, but it will pay off come retirement time.

Make More Money

We know, we know- this one is easier said than done, right? Well, believe it or not, it’s not that hard to start lining your pockets with extra cash- cash that you can stash in your retirement fund. It just takes a little creativity.

Maybe you’re a gifted artist who can start selling her paintings for some extra money. Or, maybe you could walk the neighbor’s dogs or baby-sit in the evenings. There are tons of opportunities out there for making a little extra cash quickly, and the more of them you seek out and take advantage of, the better you’ll fare in retirement.

If you can follow these tips and get a little emergency help from a financial professional, you can end up doing quite well in the “retirement game,” even though you got started a little late.

The Truth About the Retirement Crisis

Many people believe that America is in a “retirement crisis.” They feel that, with so many baby boomers reaching retirement age and so few of them actually read for retirement, we’re in for trouble.

 

Of course, not everyone agrees with this fear. Take liberal Kevin Drum, for example. The researcher and financial guru says that there’s no evidence for a retirement crisis. In fact, he even went so far as to suggest that, thanks to the use of 401(k) accounts and other retirement accounts instead of traditional pensions, people who are soon to retire will fare better, financially speaking, than usual.

Despite the claims of Drum and the many who agreed with his logic, the facts just don’t fall in his favor. Research shows that, while effective in some ways, 401(k) plans and individual retirement accounts aren’t as beneficial as traditional pensions, and sadly, these non-pension plans are what a lot of soon-to-be-retirees are banking on.

Another problem is that for most of the 65 and over crowd, a huge part of their income comes from working, so when you take working out of the equation in retirement, these people are often faced with a drastically reduced standard of living during retirement.

Other concerns for retirees include the following:

- Recent cuts to social security income allotments

-  Low interest rates, which equals low investment returns

- A decrease in the availability of defined-benefit pensions

-  Longer lifespans, meaning a need for more funding during retirement

It’s easy to see that there are some serious concerns about retirement and what it will be like for the generations to come. Right now, people just have to plan as carefully as they possibly can and save as much as they can. While many hope that, one day, there will be more and better plans in place to provide for retirees, without them having to do all the work of scrimping and saving, that hasn’t quite happened yet, so the responsibility, fair or not, does fall on the individual.

Illinois Named One of the Worst States for Retirement

USA Today recently released a list of the ten worst states for retirement, and unfortunately, Illinois was on that list. The magazine considered a number of factors when determining which states belonged on the list. Among those factors were the overall cost of living, the average property tax cost, the average tax cost for social security and/or pension income, and the average amount of estate and inheritance taxes.

Illinois didn’t fare so well because of its super high property taxes (the second highest in the nation!), its

estate tax, and its gas tax (the fifth highest in the nation). However, the magazine did praise its average cost of living and its exemption from pension and social security income taxation.

So, does this bad news mean that Illinois residents should just throw in the towel when it comes to retirement planning? No! In fact, it means quite the opposite. When a state obviously has a few things working against it as they relate to retirement, the answer is to combat those things with even more effective retirement planning.

Don’t move; just get smart with planning your retirement! Contact a friendly financial expert at Platinum Financial Associates for assistance.

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Imagine Your Retirement

No matter how much you love your job, you probably look forward to that day in the future when you can retire. Maybe you’ve even imagined your retirement. If you have, then you’ve probably dreamed of things like long days spent relaxing, exciting vacations, and spending plenty of quality time with the people who mean the most to you. Maybe you even have big dreams for your retirement, such as moving somewhere new or buying an item you’ve always wanted. It’s important for you to realize, however, that the day you’re imagining—the day when you retire—will be here sooner than you think, and unless you’ve planned for it properly, it might not be at all like what you imagined!

Without proper retirement planning, people often find retirement to be a time of stress and worry, the exact opposite of what they’ve always hoped for and the exact opposite of what retirement should be. Don’t let your retirement be a nightmare; make it your dream come true with retirement planning help from Platinum Financial Associates of Naperville.

What Should Retirement Planning Look Like?

All too often, people have unrealistic goals and expectations when it comes to their retirement. The average person, for example, believes that he or she will spend less money in retirement than he or she does in daily life. The truth is, however, that retirement is rarely as far away as it seems, and, as a result, people haven’t always paid off their homes, paid off their children’s educations, or saved as much as they thought.

In fact, according to recent studies, the average adult will need as much as 70 to 80% of his or her pre-retirement income in order to live comfortably during retirement. With those figures in mind, it’s quite obvious that retirement planning is important.

So, what’s the right way to approach retirement planning? Well, to put it simply, it’s to save as much as you possibly can for the future while still making sure you live comfortably now. Fortunately, you don’t have to figure out how to do that on your own. The friendly folks at Platinum Financial Services of Naperville are there to assist you, and the sooner you seek help, the better!

Are You Ready for Retirement?

Are you ready for retirement? According to a recent report from USA Today , there are quite a few Americans who aren’t. In fact, the report says that there are around 38 million households in the United States without any retirement savings or assets, and there are still more without adequate retirement funds. In fact, those who are within ten years of retiring typically only have around $12,000 saved, which really isn’t very much at all.

If you’re still a long way away from retirement, then there’s no reason you can’t start getting serious about retirement planning right now. You can visit a professional financial planner to help you start saving and making smart investments. If retirement is fast approaching, however, you might need to take some more drastic measures to make it through. You financial advisor can tell you the best course of action for your situation, but many who haven’t planned for retirement will do things like sell their homes, delay retirement, start saving, and more.

Regardless of where you are in terms of your retirement planning, know that a financial planner at Platinum Financial Associates can help you to get on the right track and to be as prepared as possible for your retirement.

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Italians in Uproar at Finance Ministry

The Finance Ministry of Rome recently made an announcement that it was planning to make cuts to countrywide welfare programs. This announcement, coupled with the fact that Rome does not have enough low-income housing available to meet the great need of the people, caused approximately 25,000 people to gather in protest outside the Finance Ministry. Eleven people were ultimately arrested in the debacle, and there were reports that some protestors went so far as to throw eggs, smoke bombs, bottles, and firecrackers at the Ministry.

While it’s certainly understandable that the people of Rome would be upset about these problems and about the recent decisions made by the Finance Ministry, worry of this level doesn’t have to exist, not if people exercise proper retirement planning. With the right retirement planning in place, a person can retire comfortably no matter what decisions the government may make.

For those in Naperville, retirement can be planned easily and thoroughly by visiting Platinum Financial Associates.

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• Italy: anti-austerity protesters throw eggs, firecrackers outside Finance Ministry (foxnews.com)

Start Planning for Retirement Early!

When you think of retiring, you probably picture yourself lounging on a beach somewhere or playing endless rounds of golf with your pals. Maybe you even want to see the world or just spend time doing the things you love, like gardening or reading. Whatever your dream retirement looks like, you should know that the best way to make that dream come true is with the assistance of a Naperville retirement planning firm.

You may think that you’re too young to start thinking about retirement, but the truth is that it’s never too early to start planning! No matter what your age or your retirement-related goals, a Naperville retirement planning service can help to get you on a savings schedule that is realistic for your budget and that will help you to one day have the retirement you’ve always wanted.

When you start planning for your retirement well in advance, you have much longer to save up the money you need. Plus, you’ll likely be able to save more money and have a nicer retirement than you would if you wait until your later years to start planning.