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While most people will simply tell you that you need to plan your retirement to be around 80% of your present income, it is never quite that simple. The truth is every person will have different needs with regards to what is involved. Depending on what goals each person has for their post retirement life, their plans for their income can vary greatly. The first step for planning your retirement income to take a look at how long you believe you will live once you enter into retirement. One hundred years is a good estimate to take, because even if you do not live that long, your heirs will be able to collect something.
Next, you should take a look at what your expenses will look like once you retire. Inflation is also a concern so try have your post retirement income at least 3% above what your expenses are to compensate. Your expenses will be based upon what you will need once you retire as well as what you want. You have to make sure that your retirement income will be able to support these expenses. After tallying up all your pensions, savings, and other sources of retirement income you also should look into social security. Social security is never something to be relied upon as a main source of income however. Each year a copy of your estimated benefits from social security will be sent to you. Do your best to ensure there are no errors before you add this to your previously tallied incomes.
Next, you should go to your benefits administrator within your company and determine just how much cash flow will come from the retirement account you hold with the company. A majority of companies now have moved pensions into contribution plans, so it is vital that you take the time to see just how much your plan will pay out once you decide to retire. It is becoming more and more difficult to reach that ideal retirement according to many studies. The trick to beating the odds is to start carefully monitoring your spending now. Even deciding to buy generic products over brand products can make a huge impact on your retirement as the years go on.
As a final point, you need to invest sure you wisely invest your funds. Always research before diverting any funds to an investment and always keep a watch on them and make changes as necessary.
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Tags: Finance, financial planning, personal finance, Retirement, retirement income
Posted in Retirement · July 18th, 2010 · Comments (0)
For one reason or another, most people change banks at least once in their life and therefore have to go through the process of closing their old bank account. Whilst this is a bit of a pain to do, by knowing exactly what steps you need to take you can take away a lot of the hassle involved. The first thing you need to do is stop using the account. This means not withdrawing from or adding to your account balance. You may check online and see if there are any outstanding transactions. Obviously, you will need some banking services, so you should open your new account before you close your old one. Do not rush the decision of who to open your new bank account with, as you need to make a good decision.
Different banks have different cancellation policies, so you will need to contact yours to find out what exactly theirs is. Some banks will charge you a fee to close your account. When you familiarize yourself with their policies, it is time to pay a visit to the bank and close your account. You may consider going before 3pm so that the bank processes your request on the same day. It is possible to write a letter rather than paying a visit in person, but the cancellation process will take longer if you do this. You will probably need to provide at least two forms of indentification. If the bank does not have it as a requirement, you may opt for a letter. Provide as much detail as possible in your letter, to reduce the chance of having to write more than one. Do not forget to request that the bank sends the remaining balance to the address you specified. Request that they send you a letter confirming that your bank account is closed.
Do not forget to also close any accounts that are tied in with your main bank account. For example, you do not want to have lines of credit that were tied to this account. Leaving an unused account open makes it easier for someone to steal your identity. In the same line of thought, you have to stop all automatic withdrawals, transfers, and direct deposits. This has to be done one month prior to closing your account so that you do not miss any of them. These include bill and insurance payments, membership fees, etc. Destroy / shred your bank cards and cheques as soon as you have your ones from your new bank. You do not want to use those by mistake and get in trouble with your bank. Once your receive the confirmation letter from the bank stating that your account has been closed then you do not have to have any more dealings with them. It is advisable to hold to that letter for a few years just in case any problems arise at a later date. You might also want to periodically examine your credit report, making sure everything is in order with that account.
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Tags: Banking, banks, Finance, money, personal finance
Posted in Banking · April 13th, 2010 · Comments (0)