Category Archives: IRA

Saving for Retirement: 40 Years to Go

Posted on May 12, 2012 by admin

If you have just graduated from college or are in your twenties, saving for retirement can seem like an almost ridiculous proposition. After all, that’s decades away, and right now there are so many other financial needs that seem so pressing, such as paying off student loans and credit card debt, saving for a house and trading in the clunker that you drove while you were in school for a better ride. But this is absolutely, positively the most critical time in your life to save for retirement as well. The great thing at your age is you don’t have to save a fortune in order to get a good head start on your nest egg; the important thing is just to start somewhere as soon as you can. Time to Grow The most important retirement planning asset that you have in your twenties by far is time. When you have decades to let your savings grow, then you don’t have to save a fortune now in order to get where you need to be by the time you stop working. If you can sock $10,000 away in a retirement plan or account of some sort by the time you’re 27, then you have 40 years for that to grow before you reach your normal retirement age. If that money were to grow at an average rate of 6% until then, then you would retire with almost $103,000. If you were to earn 8% a year on that money, you would have over $217,000 and 10% growth per year would leave you with over $452,000 by age 67.  And that’s assuming that no further contributions are ever made! So How Do I Get Started? Retirement planning for you at this age is very simple. Start by opening either a Roth IRA or participating in the qualified retirement plan offered by your employer (and make Roth contributions if possible). Roth IRAs and plans are superior to traditional retirement accounts because the money that you take out of them at retirement is tax-free, instead of taxed as ordinary income as with the previous plans. Contributions to Roth plans and accounts are nondeductible, but not having to pay tax on your distributions will more than make up for this the vast majority of the time. At your age, you should be focused exclusively on long-term growth, because you have time to ride out the ups and downs in the markets . Don’t be afraid to put your money into some aggressive investments such as technology or healthcare funds, because over time they are likely to appreciate substantially in price. For more information on saving for retirement, consult your financial advisor. Continue reading →

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Saving for Retirement – 30 Years to Go

Posted on May 9, 2012 by admin

If you still have three decades to go before you stop working, then it may be tempting to put off saving for retirement for a while yet, especially since you have so many other expenses in your life right now, like a mortgage payment, car payments, childcare expenses and college education funding for your kids. And how you save for retirement at this point will depend to some extent on how much you were able to save in your twenties . If you were fortunate (or disciplined) enough to pack away $20,000 or more into your retirement savings, then you may be able to get away with easing off on your retirement contributions for a while in order to concentrate on other things. But if you have not yet started to save for retirement, then now is the time to do so. However, saving money in IRAs and employer plans may not be all you can do to prepare for your nonworking years. Start with Your Employer If your employer offers a retirement plan of any kind like a 401(k) plan or 403(b) plan, then this is probably a good place to start your retirement plan if you haven’t already, especially if they offer any kind of matching contributions. Be sure to contribute to the Roth portion of the plan if this is available, because it will allow you to take tax-free distributions from your account at retirement (although any matching contributions will still be taxable because they can only be made on a pretax basis). Otherwise you should open a Roth IRA with a mutual fund company or investment firm that will allow you to invest in stocks or stock mutual funds (a much better alternative if you’re not a sophisticated investor). But your money needs to be growing faster than inflation over time, and equities and real estate are the only two asset classes that have consistently outpaced inflation over the decades. You may want to allocate a small portion of your portfolio into bonds or cash just for the sake of diversification, but your primary focus in your retirement savings at this point should still be growth. Look at Your Debt Retirees who don’t have to make a mortgage payment can live on a great deal less than those who do , especially if they have their mortgages completely paid off before they stop working. It may be wise to refinance to a 15 year mortgage, especially if interest rates are low, as this will save you thousands of dollars in interest payments that you can use instead to pay for education or retirement expenses. For example, if you refinance a $150,000 mortgage from a 30-year loan at 6% to a 15-year loan at 4%, then you have just saved yourself nearly $125,000 in interest over the full life of the loan (obviously, the amount saved will probably be somewhat less depending upon the amount of your mortgage that you have already paid off). If you can’t afford the payment for a shorter loan, consider refinancing for the same term and then do a biweekly mortgage, where you make 26 half-payments per year. This will shave about 8 years off of a 30-year note and about 3 ½ years off of a 15-year note. Those who do this now may even be able to pay off their home loans by the time their kids get to college. Retirement of other debt such as student loan payments and car loans can also be wise moves, because this will free up cash flow for you in the future with no investment risk. For more information on saving for retirement in your 30s, consult your financial advisor. Continue reading →

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Understanding Non-Qualified vs Qualified Retirement Plans

Posted on May 8, 2012 by admin

In the investment world there are some terms that apply to the investments themselves, and other terms that only apply to the vehicles chosen to hold those investments.  The easiest way to understand a qualified retirement plan is to think of it in terms of “qualified for tax benefits.” These rules are set by the IRS and when an account meets the specifications, it is deemed to be qualified.  Many people already have a qualified plan without even knowing it.  If you have any money in a 401(k), a traditional IRA, or a Roth IRA, you have money invested in qualified retirement plans. When money is put into most qualified plans, a person will see their taxable income reduced by the amount put into the plan (the exception of course being the Roth IRA, learn more here ).  Until the money is taken out of the qualified plan it will not be taxed.  So a person can buy and sell funds, often at substantial gains, and until they actually withdraw the money they will not be liable to pay any taxes.  The downside of these plans is the money is assessed at least a 10% penalty ( 25% in some instances ) if it is withdrawn before the age of 59.5, unless it qualifies for some of the early distribution rules .  The reason behind this rule is simply to encourage people to save for their retirement, instead of pulling the money out whenever they feel the urge. The opposite, a plan that is “non-qualified for tax benefits,” is a plan that does not meet the rules set by the IRS.  These accounts are designed for those who earn too much to put money into an individual qualified account, have maxed out their contributions, or they are accumulating money for a big purchase that will happen before they reach retirement age.  A non-qualified account can be set up as an individual account, a joint account (with a husband and wife team most often being the joint owners), or an entity account (often a trust, or an estate owning the account).  Regardless of who or why the account is set up there are some pros and cons to any non-qualified account. The biggest downfall to this type of account is that all the realized gains are taxable.  This means if a stock or fund is bought at a certain price, all the gains will be “realized” when the stock or fund is sold and those gains are locked in.  At this point they are counted as income (if it was held under one year) or long-term capital gains (if it was held over one year) and the investor will receive tax documentation to report the gains the following tax season.  All dividends and capital gains are taxed, even if they are reinvested and not taken as cash. Even though gains are added to a person’s taxes, losses are subtracted from them.  If a person has unrealized losses in their account, they can sell their holdings and get a deduction on their taxes.  More can be learned about this process here . Since these accounts are taxed as they go along, the IRS does not assess a penalty if the money is taken out before age 59 ½.  At any point a person can add to, or withdraw from the account.  There is no limit set on contributions or distributions. Finding the right investment account is important for anyone who wants to store money for the long run.  A non-qualified account might hit them with a tax burden before they want it, and a qualified account may tie up their money for too long before they need it.  However, most people who are just getting started investing can benefit from the forced discipline a qualified account will offer.  In the next article we will explore the various types of qualified retirement plans and what they can do for those planning their retirement. Continue reading →

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Saving for Retirement Using 401Ks, Traditional IRAs and Roth IRAs.

Posted on May 2, 2012 by admin

Most people will investment to help them save for retirement.  For much of the population retirement is still a long ways away.  For many people retirement may be further away than previously thought .  With a little planning now, and understanding which type of account to use, a person can make headway toward retiring when they want, with the lifestyle they desire. The most popular way to save for retirement is in a 401(k) plan.  These plans are offered by nearly all the major companies, and most people have the opportunity to invest in their company’s 401(k).  The setup process is quick and easy.  Many companies have even switched to automatic enrollment when a person starts working or becomes eligible (some companies require a minimum amount of service before allowing a person to enroll).  The employee can select how much they want to come out of each paycheck, either a dollar amount or a percentage (for 2012 a person can put in up to $17,000 with some special rules for those over 50 years old ).  The employer will often match a certain portion of what the employee decides to contribute.  The money to be invested will come out of the employee’s paycheck before taxes.  It will then grow in the plan only to be taxed when it is finally withdrawn.  As long as a person waits until after the age of 59.5 the withdrawals will only be subject to taxation at the participant’s current tax bracket.  These plans are subject to the required minimum distribution rules. While most companies will offer a 401(k) plan, there are some that offer different types of employer sponsored plans.  For those who are self-employed with no employees, the Simplified Employee Pension (SEP) IRA could be an option.  With this plan a person can put up to $50,000 (or 25% whichever is less) in 2012.  The rules are basically the same as a traditional IRA, with the catch that if there are any employees, the employer must put in the same percentage to each of the employees as he or she puts into his or her own plan.  For those with employees, a Savings Incentive Match Plan for Employees (SIMPLE) IRA may be a better choice.  With a SIMPLE IRA the employer must follow some rules for matching contributions , but otherwise the employee decides how much he or she wants to contribute, up to 100% of their salary or $11,500 whichever is less.  There are a few other more complicated employer sponsored plans out there (ESOPS, Profit Sharing Plans, Pensions, and Deferred Compensations) that are fundamentally the same: they will provide assets to be used in retirement. After a person has reached the contribution limits for their employer sponsored plan they can still set up an Individual Retirement Account (IRA).  The Roth IRA and the Traditional IRA both provide a great platform for investing money for retirement, and allow the investor tax benefits along the way. The downside of many of the retirement savings vehicles is that there are income limits or contribution limits.  For example: a married couple whose adjusted gross income is over $173,000 will not be eligible to contribute to a Roth IRA in 2012.  There are still options however.  An annuity can be utilized as a great place to store up money for retirement.  There are no income limits to open and fund an annuity, nor are there limits as to how much can be invested into one each year.  The gains in an annuity are tax deferred, and the account can either be taken in lump sums or it can be annuitized into an income stream later in life.  An annuity does not offer quite the tax benefits a qualified account offers, and the company issuing the annuity may place higher than usual fees on the investments, so any annuity contract should be entered into with caution. When it comes to saving for retirement a person will generally have either a 401k or an IRA plan, if not both, they can utilize.  But many people do not take advantage of the plans that are offered to them, and often it boils down to the fact that they simply do not understand them.  By taking just a few minutes to learn how a plan works, and realizing it is really quite simple to invest, anybody can take advantage of investing now in order to have the retirement of their dreams.  In the next article we will look at what accounts, how much, and how often a person should invest. Continue reading →

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Saving for Retirement – 10 Years to Go

Posted on April 28, 2012 by admin

If you’re only ten years from retirement, then it’s high time for you to figure out how much you will need to be saving for retirement and focus on accumulating that amount if you haven’t already done so. Time is running out on your opportunity to get any matching contributions that your employer offers for your retirement plan deferrals and to reap long-term growth in your portfolio. But there are several other issues to consider at this point as well, such as debt and college expenses for children. Fuel Your Contributions If you’ve been slacking off on your retirement contributions because of other expenses, then you should start taking advantage of the extra contributions that are allowed for those over age 50 . You can contribute an extra thousand dollars per year to a traditional or Roth IRA and also an extra $5,500 into your employer-sponsored qualified plan (in 2012). Use these concessions to beef up your retirement portfolio while you can. Evaluate Your Portfolio If you haven’t checked the performance of your retirement portfolio in a while, this is the time to take a careful look at how your money is growing. If your assets are on track to do what you want them to, then you may be wise to leave things as they are. But for many people, it is probably time to start shifting their assets out of equities and into more conservative holdings such as bonds, mortgage-backed securities and cash. Of course, you will not want to eliminate stocks from your savings completely, because you still need to have a hedge against inflation in your portfolio for some time to come. But at least half of your assets should probably be in something other than equities by the time you stop working unless you are an experienced investor who is comfortable taking more risk. Managing Debt If you still have decades to go on your mortgage, it may be wise for you to refinance to a shorter term loan if you plan on remaining in your current residence after you retire. Interest rates are at historic lows, so changing to a 15-year note may be a good idea right now , because the lower rate may offset the shorter time frame. And if you have any high-interest debt, such as credit cards or car loans that are outstanding, you should also concentrate on eliminating those before you stop working. It is much easier-and simpler-to retire when you have no debt; if you have to keep making payments on your debt after you stop working, you may be forced to live low for a long time to come. For more information on saving for retirement, visit the following links or consult your financial advisor. Continue reading →

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Which Credit Card is the Best for You?

Posted on April 25, 2012 by admin

Ask five different people to name which credit card is the best available and you’ll probably get five different answers. The best credit card often depends on what you’re looking for or need in a credit card company. There’s a lot to consider when applying for a new credit card account, and with so many types of cards on the market, finding the best card requires patience and research. Here are a few questions to help narrow down your search for the best credit card. Do you have a good credit score? Your credit history directly affects the type of credit card that you’re able to get. It’s no surprise that people with a long credit history and an excellent credit score have more credit card options. They can apply with just about any bank or financial institution and get approved. But if you have no credit history or a low credit score, a secured credit card might be the best credit card for you. You can get a low-rate credit card and use the card to rebuild or establish your credit history.  Make timely payments for several months and the bank that issues your secured credit card may refund your deposit and switch your account to an unsecured credit card. Do you have existing credit card debt? If you’re already carrying a balance on your current credit cards, you can apply for a balance transfer credit card and consolidate your balances at a lower interest rate. You’ll pay less interest each month, and with 0% introductory rates, you can eliminate the credit card balance faster. Some credit card companies limit introductory rates to balance transfers only, in which you’ll pay a higher interest rate on purchases. When selecting a balance transfer credit card, research and pick a card with the lowest balance transfer fee. The fee to transfer a balance is around 5% of the balance, but many cards offer fees as low as 3%. Are you looking for a credit card with perks? If you’re a frequent traveler or a frequent credit card user, you might find which credit card is the best depends on how many points you earn on every dollar spent. Credit cards, such as the Capital One VentureOne and the Citi Thank You card lets you earn points on everyday purchases like groceries, gas and meals. You can redeem these points for cash, merchandise, hotel stays and airline tickets. Rewards credit cards vary, with some charging an annual fee. You may also deal with blackout dates on travel and reward points with expiration dates. Research different rewards credit cards and compare program requirements before submitting an application. How often do you use credit cards? If you’re not a big credit card spender and you only pull out the card for emergencies or as a last resort, then you probably don’t need a card with a lot of perks or rewards. You may decide which credit card is the best is a basic, no rewards credit card, such as the Slate by Chase or Citi’s Simplicity credit card. Annual fees are less common with basic credit cards and some cards offer low interest rates. Continue reading →

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Should You Pay Off Your Mortgage?

Posted on April 24, 2012 by admin

For many Americans, there is no greater financial security than having their homes completely paid for. And while this is obviously a worthwhile financial goal in a general sense, there are times when paying off your mortgage may not be a wise move . There are several factors that will determine whether or not you should do this. Taxes Mortgage interest is one of the major deductions listed on Schedule A of the 1040. This expense is often what allows taxpayers to itemize deductions on their returns, and thus claim a litany of other deductions as well, such as charitable contributions, property taxes and other miscellaneous expenses. If you itemize your deductions now, consult your tax advisor to see what impact paying off your mortgage will have on your taxes. Also be certain not to take a distribution from a traditional retirement plan or IRA to pay off your mortgage, because the withdrawal will be counted as a taxable distribution. This will either greatly diminish or completely eliminate the benefit of paying off your loan. Liquidity If you have little in liquid savings, then you’re probably smarter to put your cash into a money market fund than to pay off your home. Everyone should ideally have at least three to six months’ worth of cash on hand in the bank for emergencies, so it’s not usually a good idea to forfeit that just to retire your mortgage a little sooner. Investment Return Paying off your mortgage is never a good idea if the value of your house has declined in recent years and you don’t plan on staying there for a long time to come. If you’re going to sell your house in the next few years, then you’ll need your cash to facilitate the purchase of your new home. However, when you pay off your mortgage, you are essentially “earning” the rate of interest that they are charging you on the loan, because you’re guaranteed not to have to pay that rate of interest anymore . This can improve your cash flow substantially, especially if you are earning much less on your savings that you’re paying on your mortgage. If your home loan is charging 6% and you’re getting 1% at the bank, then paying off your home loan will allow you to escape the spread on your respective rates. And paying off your loan can be a good idea in general if the value of your home is rising.  For more information on whether you should pay off your mortgage, consult your financial advisor. Continue reading →

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No-Frills Credit Cards: No Rewards, But Lower Rates

Posted on April 18, 2012 by admin

No-frills credit cards are making a comeback.  In fact, no-frills — also called plain-vanilla — credit cards accounted for approximately “30 percent of credit card offers” mailed to consumers last year. But why the attraction? No-frills credit cards are simple and straightforward. They do not feature a rewards program or other perks, which are highly coveted by some cardholders. Rewards credit cards let consumers earn points on every dollar that they spend. And once they accumulate enough points, they can redeem their points for gifts or cash. Unfortunately, everyone doesn’t meet the qualifications for such programs. Reward programs target a specific group of people — those who pay their balances in full each month and those with good credit. If you don’t meet the criteria for a rewards card, apply for a no-frills credit card. You won’t get cash back or earn free vacations, however, no-frills credit cards are attractive in their own way. Lower Interest Rates Credit card interest rates can range as high as 25%. The higher your interest, the harder it is to pay down your balance. If applying for a no-frills credit card, do not assume that you’ll get hit with an enormous rate. In fact, some simple, no perks credit cards have rates that are lower than rewards credit cards. It all depends on the credit card company. For example, Barclay’s no-frills MasterCard carries an interest rate of about 8% on purchases, whereas HSBC ’s no-frills credit card carries an interest rate of 17.99% on purchases. Low or No Annual Fee Annual fees are typical with reward programs. This is the price that you pay for perks and bonuses. Because no-frills credit cards do not have a rewards or cash back bonus, you can apply for a credit card and never pay an annual fee or pay a very small fee. The annual fee for a rewards credit card varies, but it is not uncommon to pay a hundred dollars or more a year just to own the card. Ditch your rewards card for a no-frills card and you’ll save money each year. Simplicity It you apply for a rewards credit card with the sole intent of racking up bonus points for a prize, there’s the risk of overspending. With a no-frills credit card, the temptation to spend can drop because you’re not working toward a prize. The simplicity of the card makes it easy to manage your credit. You do not have to keep track of points, expiration dates or blackout dates. Simply buy what you need, pay your balance and enjoy a lower rate and fees. No-Frills Equal Easier Approvals You practically have to jump through hoops to get approved for a rewards credit card. Because of the perks associated with these cards, credit card companies scrutinize each application and applicants need an excellent credit score. This is great if you have little credit card debt and an excellent history, but not so great if you’re rebuilding or establishing credit. Fortunately, there are plenty of no-frills credit cards for people with no credit history, a fair credit history or a bad credit history. Continue reading →

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Creating a Retirement Budget

Posted on April 18, 2012 by admin

For those who are still in the thick of their working years, creating a post-retirement budget can seem like peering into a fuzzy crystal ball that contains too much uncertainty to even worry about at this point. But your budget during retirement may not be as complicated as you think it will be, and as long as you apply common sense and make some reasonable assumptions, you can probably come up with at least a viable initial estimate of your income and expenses after you stop working. Use these simple steps to make your first estimate of your future cash flow: Income Obviously, the earnings from your current job will cease after you retire, to be replaced by (hopefully) several different sources of retirement income. These can include Social Security or a railroad or military pension; income from IRAs and/or employer-sponsored retirement plans such as 401(k) or 403(b) plans, income from taxable investments such as interest and dividends or the sale of stock or other securities, annuity income and earnings from a job that you work after you retire from your primary career. If you have no idea what your income from these sources will be, then it’s time to make some reasonable estimates about how much your retirement plans will grow before and during your retirement and also get an estimate of your Social Security benefits from the Social Security Administration . See if your HR department can give you an estimate of your retirement benefits as well if necessary. When you have added up all of your future estimated sources of income, then your projected budget is half finished. Expenses Your expenses will likely change at least as much as your income when you retire. Instead of saving for retirement and your kids’ college educations, you may be facing long-term care insurance premiums, increased health care expenses and a higher cost of living. But other expenses may decrease or disappear. Your car insurance premiums may drop and you will be eligible for senior citizen discounts, and the day may finally come when you make the last mortgage payment to your lender. But many financial experts warn that your living expenses during retirement may be just as much as they are now, so you may want to project your expenses out the number of years until your retirement and factor in a realistic rate of inflation, so that you have a sensible projection of your future living expenses. And, of course, don’t forget to include the cost of all those fun things that you want to do after you stop working, such as traveling, hobbies and other activities. Other factors such as taxes and longevity can also play substantial roles in determining the quality of your retirement.   Consumer Reports suggests a simple way to create a retirement budget .  And there are many more.  Try one out to see what works for you and your style of money management. Of course, this is just a brief summary of the issues that must be considered when budgeting for retirement. For more information on retirement budgets, visit the links above or consult your financial advisor. Continue reading →

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Talk, Don’t Balk – What to do If You Can’t Make Your Credit Card Payments

Posted on April 17, 2012 by admin

Most of us have been there one time or another – an emergency cleans out your bank account, or you encounter a brief period of financial stress or maybe you just spent too much one month. If this temporary setback prevents you from making your monthly credit card payments, the last thing you should do is simply let the bill go unpaid. The credit card company can take any of a number of actions; they can charge you a late fee, they can raise your interest rate and they can report these actions to credit bureaus that could negatively affect your credit score. What you do is call the financial institution or store that issued your credit card and explain to them that this is a single occurrence and tell them when you will be making your payment. Frequently, companies will change your due date, waive the late fee and report you as “current” to the credit bureaus. Not every creditor will be helpful. If this occurs, see if you squeeze the minimum payment from somewhere else in your budget – perhaps you can spend less on entertainment or clothing. If not, maybe a family member or friend can help or you can get a small advance on from work against your next paycheck. Caution is the watchword if you put off paying other monthly bills, as there can be very unpleasant consequences. If you fail to pay the electric bill, your service could be turned off. Do not get a payday loan – usually they lead to an ever-increasing spiral of debt at extraordinarily high interest rates. If you find that each month you have difficulty paying more than your minimum payments, you may want to see a credit counselor. Together you can figure out a new budget or work with your creditors to lower your monthly payments. To avoid late fees and other penalties you must either pay your credit card’s minimum balance due or contact them to make other arrangements. A partial payment is not good enough to protect you from fees and interest rate hikes. Keeping your creditors advised of why your payment will be late and when you will make it often receives a sympathetic ear, and additional fees and negative actions are prevented. However, the creditor is under no obligation to do this and usually only extends this type of courtesy once. Do everything in your power to pay your bills on time in order to preserve a good credit rating. Continue reading →

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