The economic downturn created a very scary environment for workers who had been diligently saving for their retirements, as suddenly the value of portfolios came crashing down and the amount of money they could siphon off to retirement savings grew smaller. However, with the stock market recovering, now is as good a time as ever to jump back onto the saddle of saving for retirement.
While you may have been cautious about putting money into your 401(k) plan at the depths of the recession, you should now try to return to investing your maximum annual contribution to your retirement accounts. You …read more

If you took a look at your 401(k) at the depth of the most devastating financial downturn since the Great Depression, you might have been quite depressed to discover how much value your investments lost as a result of the stock market’s rapid decline. However, you may be surprised to learn that the average 401(k) account is up 7 percent in value from two years ago.
This is because the stock market has rebounded very smoothly, with the Dow Jones industrial average rising above 10,000 recently. If you have a healthy mix of stocks and bonds and you continue to make …read more

Outliving retirement assets is an issue that a vast majority of retirees have to consider. With many individuals ill prepared for retirement combined with people living longer than ever, the future will bring millions of retirees who outlive their assets in retirement. A new book, entitled “Investing for Income: The Retirement Dilemma”, tackles this very issue.
Written by Curtis R. Bryant, a retired financial advisor, the book talks about how to make sure that your retirement money will last a lifetime. It also offers tips and information about maximizing income.
Writes Bryant: “I can’t tell you how many times I have had …read more

Whether your are saving for retirement or whether you are on a fixed income and are looking to trim your budget, one of the areas you can really make a difference is on your home utility bills. Here are ten easy ways to save on your utility bills:
Turn it off
When you aren’t using something, such as a television or a computer, turn it off.
Insulate
Insulation can save thousands of dollars of year. Hire a pro to take a look.
Fix leaks
Even if a leak looks minor, each drop is a certain amount of money going away.
Home phone
Check on home phone alternatives. You’d …read more

When thinking about retirement savings, cash isn’t usually thought to be in the equation. Usually you think about a 401(k) or a mutual fund. However, cash can help you save money for retirement.
An important aspect when constructing a savings plan is a monthly budget. Your budget tells you how much money is going out and how much money is coming in. But if you use debit cards (or even credit cards), it’s easy to go over budget without any warning.
That’s where cash comes in.
Instead of relying on plastic, a smart idea is to withdraw the amount of money you want …read more

One of the most difficult aspects for parents when saving is how to juggle the need to save for their children’s college education and their retirement. A new study by Opinion Research Corporation, which was conducted on behalf of Edward Jones, shed some light on the habits of American parents.

29% of parents save equally for retirement and college

31% of parents favor one over the other

26% of parents aren’t saving for retirement or college

22% of parents save only for retirement

9% of parents save only for college

27% of women are saving equally

29% of women aren’t saving …read more

Vinyl-Mark Products, a defunct corporation that was headquartered in Alabama, is being sued by the United States Department of Labor for misusing the retirement savings of its employees. Instead of using the savings for their intended purpose, the corporation allegedly used the money to aid the company.
Phyllis C. Borzi of the Employee Benefits Security Administration of the U.S. Labor Department said that this sort of misuse is unacceptable.
Said Borzi: “The department will not tolerate the misuse of workers’ retirement savings to subsidize corporate expenses. Our legal action is designed to ensure these workers are made whole and prevent the trustees …read more

In these rough economic times, it’s quite common for people to spend money they’ve saved up for retirement just to stay afloat. If the choice is losing your home or dipping into your retirement funds, that’s not a difficult choice for most people.
However, if you’ve found yourself needing to start over your retirement savings, there are definitely a few steps you can take to get the ball rolling in the right direction again:
1. Assess your budget
Before even planning on saving for retirement, you need to put your budget on paper. List all your expenditures and all incoming money you can …read more

Self-employment offers a variety of special retirement plans that are suited for many different financial goals. One of these retirement plans is the Keogh plan, a retirement plan directed exclusively towards self-employed individuals and employees of unincorporated businesses.
A Keogh plan allows you to contribute up to 100% of your income or up to $49,000 in 2009, which is up from the previous maximum of $46,000 in 2008. Keogh plans are similar to other retirement plans in that your investments grow tax-deferred until you withdraw the money and there are tax penalties for an early withdrawal. Precious metals and collectibles excepting, …read more

With the risks of the fluctuating stock market, many people are looking for safer alternative forms of investment. Though the government is spending a lot of money on bailouts and other initiatives, treasury bonds are still a secure choice.
I Savings Bonds are non-marketable securities that can be purchases electronically or at your financial institution. You can purchase them directly from treasurydirect.gov in amounts to the penny beginning at just $25. You can also redeem, convert and replace I Bonds online.
The maximum you can invest in I Bonds is $5,000 per social security number per calendar year. Financial institutions generally offer …read more