Showing posts with label investing for retirement. Show all posts
Showing posts with label investing for retirement. Show all posts

Monday, March 23, 2015

5 Ways Veterans Can Optimize Their Personal Finances

Becoming a veteran proves that you've served your country. It puts you in a class of your own, but it does bring a few unique challenges with it as many of our veterans today become very poor and homeless due to a variety of circumstances.

Of those challenges, one of the most problematic tends to be personal finance. Obtaining loans, keeping your credit straight, and finding the right job to build a financially secure future are just a few of the challenges you might face.

Let's examine five ways you can optimize your personal finances as a veteran to ensure that you and your family both have bright futures.

1. Seek the Right Job

Hopping from active duty to civilian life can be a drastic change, though the largest difference that most veterans struggle with is acquiring the right job.

To acquire it, there are a few things you can do. Always present your leadership abilities and any technical skills you might have learned while on active duty. Join one of the many networks maintained by veterans to help other veterans acquire jobs and education.

Never settle for a job that's less than what you think you can handle. You're valuable, so never sell yourself or your skills short.

2. Reduce Your Debt

You may have some debt from before you entered the military. Other debts may have accrued while you were on active duty. You may even have taken out a few personal loans to help you get on your feet after returning to civilian life.

The point is that you should begin reducing your debt as soon as possible. Work with your creditors and they'll work with you. This will help you become financially viable in the long run. You might need consider working with a financial consultant to help resolve some of your outstanding debts.

3. Utilize VA Loans

Veterans have access to special VA loans. These typically have lower interest rates than traditional loans, which is why you should always seek to utilize them.

If you're new to VA loans or have questions about them, then utilizing an expert website like Low VA Rates is something you should try. They have 10 years of experience working with veterans seeking to make quality financial investments in real estate.

4. Start Saving for Tomorrow

Bonds, stocks and other methods of financial investment require you to spend some money today for significantly larger returns tomorrow. That's why investing a little at a time now will eventually pay off.

You may not be an expert in finances, but you can make use of stock brokers and mutual funds to help make your future secure when it comes to finances.

5. Save Every Penny

Frugality is the one thing that separates a person whom worries not about money from one whom barely has enough to pay the bills. That's why every penny maters when it comes to making a financially secure future.

The extra pennies you save by choosing to dine at home, opting for store brands over name brands, and buying in bulk can be used to invest in other things. These financial vehicles will pay off in the future, which greatly optimizes your personal finances at a future date.

Making the Most of Your Personal Finances as a Veteran

You may have limited funds now, but stretching them as far as you can while investing in the future will ultimately pay off.

Given the number of options available to you as a veteran, such as low-interest loans for a home and for college education, you need only take advantage of them to optimize your personal finances.

Monday, August 12, 2013

What Type of Retirement Account is Right for Me?

When starting their careers after school, new members of the “real world” are likely given some options to invest their money. This can be multiple different avenues, and many of them can help prepare for the future. If retirement is on a person's mind, they may want to look at a couple of choices to help strengthen their financial strategy.

We at World Financial Group know that individuals need to think about retirement starting at an early age. This can be a tricky process, but there are many options available to help people achieve their goals. Starting early is important, and it can prevent delays in a person's fiscal plan later on.

Planning for retirement necessary from the get-go

Everyone wants to retire comfortably, but there may be some issues on how a person will accomplish those goals. By setting a strict plan from the time a person is getting into the working world, it can improve the chances of retiring on time.

  • Start saving now – There is never a point where it is too early to start putting money away for retirement, and delaying this process can hurt the chances of getting it done. 
  • Know what is needed – Having set goals are only as good as the likelihood an individual can reach them. Saving a set amount and working to increase that level gradually may put the person in a better spot later on. 

Not all retirement accounts made equal

Young people need to look at a variety of retirement options, and considering these choices should be a long process. When finding the right type of plan, a person can adjust their strategy to ensure they are in the best position to save a sizable amount of money.

  • Roth IRA – One of the best aspects of having a Roth IRA is that all withdrawals of the account are without any tax penalty. There are still some tax contributions, but the money taken out belongs to the person who owns the policy. This policy also allows for withdrawals before a person retires without a penalty, which can be beneficial if the account holder needs the money. 
  • 401(k) – This policy allows for an individual to work with their employer in order to build their retirement savings. If account holders put a certain amount of their paychecks toward this account, they may be able to get their employers to match their contributions – thus providing a nice boost to their savings. 

These available options can help a person get the tools they need to retire successfully. However, these may be even better if a person combines them with other diversified savings plans such as a nest egg account and a college fun for any children they may have.

Wednesday, April 10, 2013

Planning For Retirement On The Installment Plan

Retirement (Photo credit: Tax Credits)
When people are planning for their retirement future the first idea for saving is through a 401K plan. Many times these plans are not available to all people. This brings up the question of how do I start to save for retirement. 

Because planning for retirement takes a lot of financial planning and management of money and resources it might be a good idea to hire someone who can help guide you. For those who do not will often fail and will not have any money to live on once retirement has approached. It is important to plan for retirement while you are still working and have an income that is guaranteed. Of course the earlier you start planning the better.

When looking into retirement plans for the future many people often inquire about a payment plan or an installment plan where money can be placed and saved for future use. This is where an annuity can come into play.

Fixed Annuity

There are two different types of annuities that can be used. The first of these and the most common is the fixed annuity. When investing in a fixed annuity there is a one-time payment that is involved. This investment for a specified time period and will involve a fixed interest rate through out the time period. For this reason financial planners will often recommend this type of investment plan. It is a source of income that is not interrupted when you go to retire.

Another large advantage of a fixed annuity when compared to other investments is when it comes to be tax time. Tax deductions are not applicable on the money that is used to invest in the annuity. The reason why this makes a fixed annuity so attractive is because when the person who has invested has reached the maturity come retirement age they are out of the income bracket to be taxable. Therefore any returns that are obtained by the annuity are tax-exempt.

Deferred Annuity

A deferred annuity can also be used as an installment plan for retirement. This is a plan that comes with a periodic investment. There is not a fixed amount needed when it comes to this type of investment. However there is a certain fixed amount that is needs to be made for a certain amount of time. The person who is investing is who decides how much should be invested. The investor will start to receive the returns of their investment once the annuity reaches the maturity date. As with the fixed annuity the investment is not taxable but the return will be taxable at the end of the year.

When a person wants to invest in their retirement so that they are able to enjoy a worry free life one of the most popular ways to do this is through installments. By working with a financial planner and figuring out what is best for you it is possible to achieve and enjoy retirement without having to worry about how to live comfortably.

Author Bio
This guest post is a contribution by Janice. She has been linked up with some good financial communities. She used to share her thoughts there. She is specially experience on topics like debt, credit card, bad credit personal loan, insurance, mortgage etc.

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