Get Your Savings on Track

22 10 2012

Get started and set goals.  Fidelity Investments recently put together an age-based savings guideline.

Here are the guideposts:

  • At age 35, you should have saved an amount equal to your annual salary.
  • At age 45, you should have saved three times your annual salary.
  • At 55, you should have five times your salary.
  • When you retire at age 67, you should have eight times your annual pay.

Sounds easier said than done, right?  Fidelity provides some shorter term goals to meet along the way which is helpful because having short-term goals can make a daunting task more achievable.  One example is to begin saving in a workplace retirement plan, such as a 401(k), at age 25. Save continuously and without interruption until age 67.  Fidelity recommends starting out by saving 6% of your salary and increasing by 1% per year until reaching 12%.

Unfortunately, almost no one is saving money in their early twenties, and if they are, it’s not 6% of their pay! These guideposts above could help you to reach retirement security, however it is imperative to get started as early as possible.  Regardless of your age, are your savings on track for retirement?





Spruce up that Cover Letter

25 04 2012

I think it’s safe to say that the difficult economic environment has not left anyone untouched.  Folks feel it at the grocery store, with prices in goods increasing, and they certainly feel it at the gas pump every week.  Most recently I have noticed amongst my circle of friends an increase of those searching for jobs.  I know this is not new for many; however I found this article that was helpful in giving tips on how to make a cover letter really stand out by not committing these outdated pieces of advice. Read the rest of this entry »





Spring is in the Air

5 04 2012

Jean Chatzky is one of my favorite people to turn to for practical financial advice.  Her philosophy about money is simple and matter-of-fact.  She encourages you to spend less than you earn (which can be difficult), to save, then invest and to protect what you have worked hard for.

Read the rest of this entry »





Helpful Investment Advice for Young Investors

18 03 2012

Recently, CNN Money ran an article with great advice for young investors. I think it is timely given that the last few years have caused such havoc on portfolios of investors of all ages. Hearing about those who were just about to get ready to retire, lose so much was heartbreaking and unnerving to say the least. The article was encouraging in that it provided sound advice for young investors, still wary about whether or not to invest.  Read the rest of this entry »





Never too early to plan for Retirement

20 12 2011

The economy as of late has really opened my eyes. It causes me concern to think of those in their retirement that have been severely impacted by the rapid shrinking of their retirement portfolios. What if that was me? What am I doing about my retirement? I currently have a small percentage of my paycheck automatically invested before taxes into a 401-K. Is that enough? What else can I be doing? Read the rest of this entry »





Alternate Retirement Options

30 10 2011

The main options to save for retirement at this time are through a 401(k) of up to $17,000 a year or an IRA of up to $5,000. A recent article from CNN Money brings up some excellent suggestions for retirement savings. Read the rest of this entry »





Are we in the clear?

28 09 2011

As we prepare to begin the United State’s new fiscal year Oct. 1st, the question remains. Are we in the clear? We have been through a lot financially in recent years. We’ve had a recession, bailouts, and the United States Government nearly closed down. Public employees and military families’ livelihoods have continued to hag in the balance as policy makers debate budgetary reform. The dust seems to have settled, but it is better to be safe than sorry. Here are a few tips from USAA’s article Another Government Shutdown Still in the Cards.  Read the rest of this entry »