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How Long Will You Wait to Start Saving?

3 May

Check out this article on retirement planning from the Pittsburgh Post Gazette that I’m quoted in.

A few of my thoughts on what to do if you’ve waited to start seriously saving money for retirement.

Piggy Bank with savings message

By Tim Grant / Pittsburgh Post-Gazette
Many people have surrendered to the idea that they will “work until they drop,” especially if they haven’t saved enough money to retire. The problem with that strategy is that a high percentage of people who are retired today had to leave the workforce before they planned due to failing health, layoffs and family issues.
Government data show by age 70 most workers have been pushed out of jobs they may have wanted to keep. The U.S. Bureau of Labor Statistics reported in 2011 only 32.3 percent of men and 18.7 percent of women age 70 or older were still listed on employer payrolls.

Postponing retirement planning isn’t a wise idea, but it is common, says Jane Bryant Quinn, a bestselling author and columnist for AARP Bulletin.

Besides paying bills and putting children through school, “some people genuinely can’t save because their incomes are low, which means they will depend on Social Security when they retire,” she said.

“If you ask retirees what they would have done different, if they had a chance, they say ‘save more money.’ ”
Ms. Quinn, author of “Making the Most of Your Money,” said workers should look at their savings in terms of how much lifetime income it will produce when their working days are done.

“If you saved $100,000 and invested in a balanced stock and bond mutual fund, you can probably take $4,000 a year [4 percent] for 30 years,” she said. “Add that to Social Security and a pension, if you have one, and that’s your retirement income. If you saved $200,000, you can take $8,000 from the nest egg every year.”
Even if someone starts saving for retirement at a late age, it is still possible to accumulate a sizable nest egg, although it will require more heavy lifting.

Rob Wilson, vice president of South Side-based Blazer Capital Management, said a worker age 50 starting at zero can still retire at age 65 with $1 million — as long as he or she put away $3,100 a month with an annual appreciation rate of 7 percent each year.

“By waiting that long to get started, you put yourself behind the eight ball a little bit, but this is something that is achievable if you put your mind to it,” he said, adding that someone in that situation may need to work an extra job, do freelance work or start a side business to accumulate the extra savings.

“At some point, folks wake up and realize they will need to retire at some point and they really need to do something radical or dramatic to get ready for it,” Mr. Wilson said.

Check out the entire article here: http://www.post-gazette.com/stories/business/news/retirement-happens-even-without-a-plan-685753/#ixzz2SF8U12vF

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MoneyMonday – What Do You Get the Person that WANTS Everything…A Financial Plan!

20 Nov

The holiday season is here again and it’s time to figure out what to get for those important people on your list.  I know it can be difficult to come up with gift ideas for the person that has everything.  It’s even harder to come up with ideas for the person that WANTS everything (that won’t break the bank of course).  This year, get them something that they both desperately need, but probably won’t buy for themselves….a financial plan!

To help those financially challenged people on your list, I’ve developed a new wealth building membership program called Financial Personal Training. It’s like working with a personal trainer at your gym, but for your financial health. A P90X workout program for your wallet, so-to-speak.

Think about it: Do you know anyone (including yourself) that has been trying to get any of the to-do items below done, but needs some quality advice and guidance to finally do so?

If so, then Financial Personal Training is for them (or you)!

“What do you get for the person that wants everything?…A financial plan!” – Rob Wilson

As a member in the program, you’ll receive access to exclusive monthly training webinars where we’ll discuss important financial topics with ample time for Q&A.  Each member receives a private monthly coaching session where I’ll work with you on your specific financial goals and aspirations, such as those listed above.  That’s only the beginning!  For a complete list of benefits, check out the program website at http://www.financialpersonaltraining.com.

Normally, the monthly investment for a life changing program like this would be fairly expensive.  But because I appreciate you guys so much for joining me on this wealth building journey, I’ve set the normal price at the level of $97/month.

But wait there’s more!

Since it’s the holiday season, and I know how much you love those Black Friday deals, I’m offering the first three months of the program at an astonishingly low  $49/month! And, so that no one get’s hurt rushing through the virtual doors, I’m giving you until the end of Cyber Monday to secure your spot in the program at this discount.  However, just like the $99 televisions at Wal-Mart, there are only a limited number of spots available, so don’t treat this like homework and wait until the last minute.

Video

MoneyMonday – How to Create Your Own Financial Independence Day

3 Jul

I know that you will enjoy the time off on the 4th of July. But, think of all of the days that you would enjoy if you were financially independent. Check out this edition of MoneyMonday for my thoughts an what financial independence really is and how to get it.

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Mega Millions winners choose to stay anonymous

11 Apr

The three anonymous winners of the Maryland portion of the record Mega Millions jackpot pose for a photo in Baltimore on Apr. 9.

The winners of the record-breaking Mega Millions jackpot are turning up one-by-one, but the guessing game over just who the new multimillionaires are goes on.

  • The three anonymous winners of the Maryland portion of the record Mega Millions jackpot pose for a photo in Baltimore on Apr. 9.

They were photographed with their faces covered by a large check for $218.6 million, their portion of the $656 million jackpot. Their hands and arms were covered by gloves and long sleeves.

Read the full story here.

For more tips for lottery winners watch: What to Do If You Hit the Mega Millions Jackpot!

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I’m Taking You to School!

31 Aug

Even if you’ve been out of school for quite some time, it’s good to hit the books every now and again. Here are a few timeless personal finance tips along with good books to drive those points home.

Advice for Recent Grads

5 Jul

You’ve got your degree, now what?  Here’s what to do next.