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Retirement - How Many Years Do You Have Left Until You'Re 65?November 22, 2008Home Financial Tips Retirement Planning Tags: retirement, roth ira, wealth building, roth ira ru,
Reality Check - How many years do you have left until you're 65?
Whether retirement is just around the corner or have many more years to go, setting yourself up for retirement is key and must start now. Do the math. If you want $10,000 and you’re investing at 5 percent, you need $3,765. If you invest at 10 percent, you’ll need $1,400. It’s great if you have a savings account (you’re ahead of most folks), but if that’s the highest form of investing you’re doing—we have a lot of work to do. It’s not Magic—Compounded Interest In my 30s, I started saving $50 each month. As I earned more, I saved more. If you invest in a Roth/IRA, your money grows tax-free. Example: If you invest $1 for 40 years at… 1 percent = $1.49 10 percent = $45.26 20 percent = $1,470 Make your money work for you. Get a plan down for saving and stick to it. I was trained in trading commodities. To do so, you have to eliminate/minimize your emotion. You go in with a plan and stick with the plan, meaning you invest only under certain circumstances and if it goes down more than a certain amount, you take your loss and drop out. If your trading system loses 80 percent of the time, is this a good system? Perhaps. If you only lose $0.01 (when you lose), and you make $0.05 when you win—this is a good trading system because the winnings outweigh the losses. You can make 20 percent on some investments that are 100 percent secured (by the United States government, such as tax deeds). Article Source: http://www.tips.com.my About the Author: B.S. with Honors Hofstra University Long Island, New York, 1984. I finished my four-year undergraduate program in 3 years and graduated Cum laude as well as a member of Phi Beta Kappa Fraternity. I majored in Political Science with a minor in Sociology and completed my first legal internship. Hofstra University School of Law, Long Island, New York, 1987. During my three years of law school, I completed an internship with a New York Supreme Court Justice and second legal internship with a law firm and also began investing in real estate. Business: Immediately upon graduating law school and passing the bar exam, I opened my own law practice. From 1988 to 2001, I practiced with my partner under the name Miles and Gillard, where I concentrated in the area of real estate and business law. During that time, I had the privilege of working with thousands of clients in various aspects of their business and investing life. Find Out More: http://www.irabusinesssystem.com/ Are you considering long term care insurance but are balking because you don't think you will ever need it? Here is an approach that does not require annual premiums and provides a tax-free benefit to your heirs if long term care is never needed. Tags: long term care, LTCI, LTC, Do you have your own business? Do you have a 401(k) at work and have self-employment income on the side? If so, the SEP IRA may be one alternative to building a bigger retirement nest egg. Tags: SEP IRA, SEP, save more for retirement, SEP IRA rules, SEP IRA benefits, If you retire early and roll your 401(k) into an IRA, what is the best way to take out income to live on? What are the rules? What are the penalties for taking money out before the magic age of 59 1/2? What are the exceptions? What are the work-arounds? Tags: early retirement, retiring early, IRA, early IRA distributions, IRA early withdrawals, Whether or not to sell their home is one of the biggest sources of consternation to seniors. Here are reasons to stay put and ways to remain in the home and get the equity out. Tags: senior stay in home, senior sell home, home in trust, sell home to children, home gift leaseback, Why is making the proper beneficiary election for your IRA important? Does your election follow the rules? Is it the best one for your family circumstances? Is there a better one? Find out by taking a look a few common beneficiary elections and their results. Tags: IRA beneficiary, IRA, Roth IRA, IRA probate, Your IRA could be one of your biggest assets. Do you know the IRA distribution rules at death? Do you have your IRA set up so your desires match the rules? Here’s a quick primer that could help you avert costly mistakes. Tags: IRA, IRA distribution rules, IRA beneficiary, Your IRA may represent the bulk of your estate. Care must be taken to assure that your wishes for the distribution at your death follow the rules. Here are the rules and several common mistakes to avoid. Tags: Roth IRA, IRA, IRA distributions, IRA distributions death, required minimum distributions, Roth IRAs are popular, but the rules are complicated. Take this quick 5 question quiz and see if you are up to speed on the Roth IRA. Tags: Roth IRA, IRA, IRA contribution limit, IRA rollover, IRA qualified distribution, Are you searching for another income tax deduction and wonder whether you qualify for an IRA? If so, here are the new contribution rules--some brand new as the result of the Pension Protection Act of 2006. Tags: income tax deduction, IRA, IRA contribution rules, IRA eligibility, IRA maximum contribution limits, If you are serious with your objectives in life, then it is now time for you to start thinking where and how to start with your retirement planning. There are essentially top ten useful moves to take when preparing for retirement. These steps must, however, be considered as they can help you obtain a comfortable life in the end after you quit from the work force. Tags: retirement, planning, retirement planning, financial planning, insurance, | |||||
