TIP OF THE WEEK
You’re 10 years or less away from retirement. You can clearly see the next phase of your life down the road and it’s coming up fast. Are you ready for it? Do you have a comprehensive plan in place so you don’t outlive your savings?
If you’re not as prepared for retirement as you should be, you’re not alone. The Federal Reserve did a study and found that one-fourth of Americans have no retirement savings or pension. And a Money article reports 56 percent of Americans have less than $10,000 saved.
Here are the best tips, advice and tactics for retirement planning.
1. Make a list of retirement “needs” and “wants.” If you do not have enough savings for all of your “needs,” make a ten-year plan to increase your funds.
2. Take a hard look at any major debts you have and develop a plan to eliminate them.
3. Brainstorm any “big ticket” financial commitments (caretaking for a family member, etc.) for the next 10 years and consider how these items might affect your ability to save for retirement.
4. Continually monitor and analyze your asset allocation to make sure it is the right one for you. Understand whether you should move to a more conservative asset allocation or continue investing for growth.
5. Be tax efficient with your investments. For example, you should defer as much of your salary as you can to your defined contribution plans.
6. Save to an emergency fund and stay aware of your company’s financial situation. Companies are prone to reorganizations and layoffs, and older workers can be vulnerable.
7. Ask your HR department about the relationship between your current health insurance and Medicare, as well as what your options are when you reach age 65. Get information about any pension or defined contribution options and any other retiree benefits.
8. Research when stock-based compensation might expire and what stock awards you can retain after retirement.
9. Double check your reported Social Security earnings and resolve any discrepancies now. Explore your Social Security claiming options and make sure you understand the timing of applying for benefits.
10. Make sure that all of your estate documents are up-to-date. Verify that your named executors and proxies know your wishes and are willing to act on them if needed.
According to Forbes, the top 10 cars that should last for more than 200,000 miles are:
1. Toyota Sequoia
2. Ford Expedition
3. Chevrolet Suburban
4. Toyota 4Runner
5. GMC Yukon XL
6. Chevrolet Tahoe
7. GMC Yukon
8. Toyota Tacoma
9. Toyota Avalon
10. Honda Odyssey
NUMBER TO KNOW
$20 million: The FIFA World Cup trophy, designed by Italian artists Silvio Gazzaniga, is worth an estimated $20 million.
Augmented reality ads to appear in Facebook News feeds
Facebook recently announced that it is working with businesses to use augmented reality to market their products in a users news feed. Facebook had previously used the technology through its messenger app, but now the AR ads will begin appearing in a users’ feed. The ads appear like other ads, but include a “Tap to try it on” option, which opens the AR for users.
— More Content Now