Life has a way of throwing unexpected financial roadblocks, detours and potholes in our path and they sure don't stop with our retirement. These might be large medical bills for retirees, car or home repairs, a death in the family, loss of a job, or expensive legal problems. Such financial emergencies can derail your efforts to save for retirement and living the retired lifestyle you have envisioned. Here are some strategies for managing financial crises.
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If you don't already have one and are near retirement it not too late to open an IRA. You can put up to $4,000 a year into an individual retirement account on a tax-deductible basis if your spouse isn't covered by a retirement plan at work, or as long as your combined incomes aren't too high. This amount remains the same through 2007 and will increase in 2008 to $5,000. Persons who are 50 or older can contribute an additional $500 for 2005 and an additional $1,000 for 2006 and subsequent years. You also can put the same amount tax-deferred into an IRA for a nonworking spouse if you file your income tax return jointly. (By the way, you don’t have to put in the full amount; you can put in less.) With a traditional IRA, you delay income taxes on what you put in and on the earnings until you withdraw the money. With a Roth IRA, the money you put in is already taxed, but you won’t ever pay income taxes on the earnings as long as the account is open at least 5 years.
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Studies show that most retiees pension plans do not make up the difference between what you really need and what Social Security provides. The key is to build a solid financial plan for retirement. You need about 70% of your income before retirement to live up to the lifestyle that you now have. Here's how to make sure your retirement funds last as long as you do:
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The federal government regulates and monitors company retirement plans. The vast majority of employers does an excellent job incomplying with federal law. Unfortunately, a small fraction doesn’t. For 10 warning signs and other information on protecting your pension rights, call EBSA’s toll-free number at 1-866-444-3272 and request the booklet What You Should Know About Your Retirement Plan.
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Savings Accounts – Retire In Style
We all look forward to the day when we can give up work – but to ensure your retirement is comfortable you will need to prepare for it carefully.
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We all know that more Americans are living longer these days, and the 80-plus age group is the fastest growing segment of the US population. But for the first time, we can benefit from studies that tell us not only who is living longer, but why they are and what we can do to enrich and lengthen our lives.
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An excellent TV commercial shows a roomful of employees receiving from a manager the paperwork for their employer-sponsored retirement plan. The manager tells them to read the information, check off their investment choices, and return the forms. The workers have that deer-in-the-headlights stare. When the manager asks, "Are there any questions?" every hand goes up.
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