Deeper financing

I Want To Catch Up on My Retirement Planning What Should I Do

Good question and even better, you’re thinking in the right direction about your future which is someday retiring. If you’re one of those people who haven’t saved any or very much money for your retirement, it’s never too late for you to start now! It’s important that you do start and soon. It doesn’t take long for age to slip up on you fast if you know what I mean! So, just get started on your retirement planning now while you’re thinking about it. You may want to consider some of these tips and information to get you started:

1) If the employer you are working for offers a 401K plan wherein you contribute a percentage of your earnings towards retirement, consider signing up for this plan! In most instances, the employer may match a percentage of the contributions you make to your 401K account. Your contributions can be made on a pre-tax basis which will help your money grow faster in your account.

2) You may want to consider taking a second job to add more income for your retirement. This will assist you in increasing the amount of money for your retirement fund. If you’re able to fit a second job into your schedule, make sure this would be feasible for you and your family without causing problems.

3) Save more of your money by cutting back on some of your expenses. You may want to reduce the number of times you eat out, go to the movies, shop, and any other areas you can cut back on to save towards your retirement.

4) Consider saving your change! That’s right, save your change. You would be surprised at the amount of money you can accumulate in a small amount of time by saving your change. Your change could be set aside for your retirement fund. So, start putting your coins away for your future!

5) Reduce or eliminate your spending on your credit cards. The less you pay on your credit cards, the more money you’ll have to save towards your retirement. So, if you can pay cash for that item you need to purchase, do that instead of charging it to your credit card. You’ll not only save yourself interest charges, but, you’ll have extra money to put away for your retirement.

6) If you have a home and are using it as a cash machine or atm by taking out your home equity via loans or a credit line, stop what you’re doing! Your home is one of your largest investments and will most likely be a retirement vehicle for you. You’ll either want to have your home paid off prior to retirement or be in a position to sell your home to obtain the equity to use as retirement income. If you have your home equity tapped out, then you will not be in the position during your golden years to enjoy your retirement. You’ll probably be still paying a mortgage that you may not be able to afford and will not have much money in your retirement fund.

It’s better late than never when it comes to starting your retirement planning. So, go ahead, start working on catching up with your retirement planning today, you’ll be glad you did!

Neither a borrower nor a lender be

Neither a borrower nor a lender be

Shakespeare said, in Hamlet:-

Neither a borrower nor a lender be;

For loan oft loses both itself and friend,

And borrowing dulls the edge of husbandry.

This above all: to thine ownself be true,

When an idea has been around as long as this one you must wonder if there is some truth in it but times have changed a lot since then so should we take any notice of it now?

It goes completely against the modern way of thinking. Few people still live by it's mantra but the moral of what Shakespeare said is just as true today when related to loans from and to individuals. There are thousands of reputable companies to whom you will be safe to lend money to and you will be able to get your money back when you wish. Subject to the small print Terms & Conditions, of course.

Debt doesn't just dull the edge of husbandry, it can destroy people's lives. Perhaps only one in 100 but if you turn out to be that one then you'll agree it's one too many. In that 100 people there will be several who are severely affected by their debts, several more who struggle with their debts and quite a few who are uncomfortable with their debts who's lives are changed because of their debts.. Very few will breeze through life without suffering from debt.

If you allow debts to become a significant part of your financial life you are leaving yourself wide open if you should suffer a change in circumstances. If there were a sudden interest rate rise, your additional income from overtime was reduced or a part time job disappeared. The greatest risk for most people is that of redundancy or ill health causing them to lose their job or having medical bills to pay. Could you still keep up the payments without your monthly income? Most people couldn't.

We all live like nothing is going to change but change is inevitable. It's one of nature's irrefutable laws. You may never get sick and I hope your job will continue as long as you want it to but it is risky planning your life based on these assumptions. By living on continuous credit you are quite literally, betting the house that you will always be able to afford your debt. I hope it proves to be a safe bet but it would be wise to reduce your debts so that you could survive any difficult periods in your life.