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Chris Senecaut
Chris Senecaut is a Financial Representative for Modern Woodmen Fraternal Financial. As a company they will be lowering their rates effective December 27, 2011. All transfers must be made by that date to get their 3% guarantee and we will still have their guaranteed return of principal. Chris looks forward to helping you get through this economic downturn and prosper in the future. If you would like to learn more please call 620-724-0833.
Banking & Finance
2011-06-01 12:22:00
Retirement mistakes
Answer: If you want to reach your retirement savings goals, avoid these common mistakes. Guess your retirement needs: Make a retirement needs estimate. Seventy to 80 percent of your current income (or projected income at retirement) is a good amount for most people, but you may want to save more or less, depending on the lifestyle you’d like to maintain. Rely entirely on Social Security: Social Security benefits only replace about 40 percent of preretirement income for the average earner. Save too little: Contact a financial planning adviser for help determining if you’re saving enough money each month to reach your retirement savings goal. Forget about IRAs and Roth IRAs: Consider these solid retirement savings vehicles in addition to your employer-sponsored plans. Pass up your 401(k) plan: If you have an employer-sponsored retirement plan, it should be the heart of your retirement planning. Take full advantage of your employer match, if you don’t, you’re giving away free money. Cash in your 401(k) plan: View the money in your 401(k) as money already spent. If you’re changing jobs, transfer it to another tax-deferred savings vehicle or leave it alone so it can continue to accumulate funds for your retirement. Give up: The sooner you start saving, the easier it will be to accomplish your retirement goals. Even if you can only save a small amount right now, it will add up over time - start now! Avoid these retirement planning pitfalls, and you’re on your way to reaching your retirement goals!
 
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