The Easiest Way of Generating Retirement Income as a Woman

According to research, most women save less amounts of money before they retire compared to men. The reasons behind this include earning less than men, taking time off to rear children as well as spending more time with their elderly loved ones. To add to that, some women don’t consider saving for their retirement until later in life, but, unfortunately, they wait till it’s too late.

There are various ways through which women can reverse this scenario and create enough income for their post-retirement lives. On top of pooling talents, resources and ideas with your fellow women, you can consider the following effective ways:

1. Reorganize your budget

Once you put the idea of saving in your mind, ponder reworking your budget especially your spending. You need to do away with non-essential spending such as impulse buying and any other unnecessary outlays. Take responsibility for your level of affluence after retirement by recognizing your vital role in your retirement planning process.

2. Learn finance basics

Some women think that finance as a discipline is a thing for men, but that’s not the case. As a woman, you should take time to educate yourself about finance issues from the internet and the many books available in the market. A financial consultant can also be resourceful in helping you come up with a suitable saving plan.

3. Work extra time

If you must spend that extra buck, then why don’t you consider working two jobs? You will get an extra income to spend on your miscellaneous needs. As you work on the additional time, you become psychologically prepared for retirement, and hence more active.

4. Pay off unproductive debt

To stay on the safe side, pay your credit card bills fully every month. And if that’s too much, try to pay more than just the minimum.

5. Create a home-based business

If you have to be at home, come up with a business idea that is feasible while at home. If your hobby can be monetized, then leverage on that. Some women make jewelry, crafts and other creative pieces that can generate income.

6. Plan ahead of time the lifestyle you want after you retire

Before you set your retirement date, ensure that you have the right amount of money at hand. After that, you can think of the kind of life you will want to live, where you would like to live and any other details. To be certain that your retirement plan will work; you may want to seek the assistance of a financial consultant.

If you are formally employed, there are chances that your employer offers a 401 (k) plan. This retirement benefits plan ensures that you have enough money to take care of yourself once you retire. The best way of getting your money upon retirement is through annuities that are sold by financial institutions like banks as well as brokerage firms. 

Unfortunately, due to lack of knowledge, a survey by TIAA-CREF found that only 14 percent of the 84 percent of Americans who wanted a guaranteed retirement monthly income had taken up an annuity-payment policy.

An annuity is an agreement between an individual and an insurance company, where the contract entails the person giving up the cash to a guaranteed regular income. Having an annuity plan gives you peace of mind because of the following reasons:

· Income boost

Annuities provide you with a reliable source of lifetime earnings. By putting some of your savings into an immediate annuity scheme, you get more income than the Social Security can provide.

· Steady lifetime payout

The insurance company you invest in ensures that you get a monthly stream of income. You have your principal investment and the dividends of your investment to depend on even if you outlive your stated life expectancy.

The savings that you generate out of a 401K plan determine the amount of cash you can invest in an annuity and in turn convert into a monthly pension. 401K plans help people maximize on their savings in the following ways:

• With a Roth 401K, you contribute to your savings plan in terms of after-tax dollars. This means that you will withdraw your money free of tax and thus have enough to invest with.
• A traditional 401K is usually pre-tax, meaning that you won't have to pay taxes for your account as your savings grow. When withdrawing your savings after retirement, you will pay taxes at the ordinary income-tax rate and of course at a lowered rate since you will have hit 65 years and above.
• Some employers offer to match contributions made to 401K plans thereby increasing your overall savings.

About the author:

Rick Pendykoski is the owner of Self Directed Retirement Plans LLC, a retirement planning company based in Goodyear, AZ. He has over three decades of experience working with investments and retirement planning, and over the last 10 years has turned his focus to self-directed accounts and alternative investments. 

Rick regularly posts helpful tips and articles on his blog at SD Retirement as well as MoneyForLunch, Biggerpocket, SocialMediaToday, WealthManagement, SeekingAplha, and NuWireInvestor. If you need help and guidance with traditional or alternative investments, email him at rick@sdretirementplans.com or visit www.sdretirementplans.com.

The Man Closet: How to Save Money on Updating your Wardrobe

Men typically don’t look at their wardrobe the same way that most women do. However, dressing well requires a versatile wardrobe. Unfortunately, a versatile wardrobe requires a lot of money...or does it? 

There are ways men can revitalize their wardrobe and keep it up-to-date without breaking the bank doing so. Follow these tips and your wallet will thank you for it.

1. Invest in versatility.

Rather than buying a number of different wardrobe pieces, find clothing that can serve a number of different purposes. For example, an oxford can be the central piece of your Sunday best, or it can be unbuttoned and have the sleeves rolled up for a smart, casual appearance. 

You also want to make sure that you have clothes that you are comfortable with when just lounging around the house or just going out in the general public. You will want to have T-shirts, jeans, dress pants, dress shirts, button ups, polo shirts, and winter clothes. 

With this versatile mix of clothes, you can learn how to combine different pieces to create different outfits.

2. Mix shades.

You don’t want to have too much of one color. A lot of men seem to stick to the primary colors. You need a nice mix up of colors. 

It will help you to not have a boring wardrobe and wearing essentially the same thing over and over again. When you shop for clothing, don't buy clothing that's in contrast to other pieces. Instead, focus on purchasing shades of complementary colors. 

White, grey, black and shades of blue combine well. Fashion is taking a turn towards more muted colors anyway; for a modern wardrobe, learn to mix and match the shades of your clothing.

3. Update the wardrobe slowly.

When it comes to updating your wardrobe, you don't need to switch out everything at once. It is a waste of money to do it all at once. 

Focus on purchasing clothing as you can afford it and trading it for other pieces in your wardrobe. Get rid of the pieces that you'll never wear again. You can sell or donate your old clothes as well. 

Focus on getting a few basic staple pieces until you can afford more. That tie bar can wait; get the white oxford first.

4. Shop the sales.

Keep an eye out for sales at your favorite stores, and make sure to take advantage of them. Sales will save your wallet. You might even consider to wait and start updating your wardrobe until around the holidays. 

There are a lot of great deals for clothes around Black Friday, Cyber Monday, and the coming weeks before Christmas. Buying clothing that has been discounted can be a great way to save money, especially if you're a bigger guy. 

Big and tall clothing tends to be significantly more expensive, but looking for sales and using Casual Male XL coupons can be a way to cut the cost of upgrading your wardrobe.

5. Check the thrift stores.

There are usually hidden treasures and a lot of cool articles of clothing waiting to be found in thrift shops. 

Don't be afraid to dive in and browse the shelves to find a unique wardrobe piece on the cheap. Designer clothing can usually be found at great prices, if you care about brands.

Updating your wardrobe can be a lot of fun and it doesn't have to kill your budget or your wallet. By employing these five tips, you can give yourself a fashion overhaul and look awesome without breaking your bank in the process.

Six Tips To Protect Your Business Financially

Every day, businesses close their doors. Most often, this is simply due to being overwhelmed with expenses far exceeding revenues.

If you want to survive as a business owner, you must take the proper steps to protect your business financially.

1. Purchase Business Insurance

One thing you certainly don’t want to cut corners on is business insurance. Insurance coverage may seem like an overhead expense you can easily avoid.

However, if something goes wrong and you don’t have insurance, your company can be put out of business instantly. Ensure your facilities and assets and obtain proper liability coverage.

2. Obtain Proper Legal Representation

Protecting your company from financial ruin requires properly addressing the legal aspects of running your business. The best way to do this is by acquiring legal software specializing in business law.

Other situations where expert legal services will be needed include completing a merger, purchasing real estate, implementing venture capital financing, protecting intellectual property, and more.

3. Separate Your Personal and Business Assets

As a business owner, one thing you should certainly do is make sure your personal assets and the business’s assets are not mixed together. If the expenses are hard to tell apart, you will have a harder time obtaining deductions on your taxes.

You should have separate bank accounts and credit cards for yourself and the business. This will also protect you if your company fails or your identity is stolen.

4. Secure Your IT

You also need to ensure your company is secure from a digital standpoint. Not having proper firewalls and security software installed on company computers could lead to hackers stealing your information and customer data.

You should also use a service to back up your information. You don’t want to lose it due to something like a power surge during a thunderstorm.

5. Diversify Business Investments

Like any portfolio, your business investments should be properly diversified. This is especially the case if you’re starting a new business that is in a risky industry.

One way you can diversify your business investments is by choosing different kinds of asset classes such as stocks, bonds, commodities, real estate, and more.

6. Pay Your Tax Correctly

You need to ensure your business follows the law regarding your accounting procedures and how you pay your business income taxes to the government. Consult with experts instead of trying to go it alone. The consequences of making mistakes can be severe.

Overall, protecting your business means always staying on top of your finances. While it’s good to ask for help when you need it, don’t trust the financial livelihood of your company to someone below you.

You have to stay on top of each financial aspect of your company as a responsible business owner.

Events During the 1930's That Changed the World Forever

The 1930’s was one of the most historically tumultuous and eventful periods of time during the 20th century. Indeed, a lot of the modern world, as we know it, was shaped by many of the events that occurred during this fascinating decade. 

The stark contrast of some of the period’s events are extreme. While artists and entertainers like Charlie Chaplin and Buster Keaton were creating some of their best work on the silver screen, in Europe the most influential dictator in the history of the world was rising to prominence. 

This kind of dialectic was common in this time, during which certain things happened that forever altered the fabric of our society. Here’s a list of some events in the 1930’s that changed the world forever...

The Great Depression

The 1930’s was a decade marked by a long period of economic downturn that spread over the entire world. This event was called the Great Depression. And it set the stage for much of what would happen later on in this time. 

Towards the end of 1929, the stock market had crashed, which is when historians officially mark the start of the Great Depression. However, the stock market crash isn’t necessarily the cause of the Depression, but more of a symptom of it. Explanations for the economic decline are varied, and depend largely on one’s viewpoint. 

During this time, unemployment and poverty began to soar, causing great discontent amongst the populace as the standard of living began to drop. 

While this Depression affected the entire world, no country was hit as hard as the United States, which was never able to fully recover until it entered World War II.

This Depression created a great air of economic uncertainty that still persists in the world today. It showed that the United States, and other industrialized countries, that its economy was never really safe from decline, no matter how booming it might be right before it happens. 

This sort of uncertainty has bred government distrust that looms many political debates today. All of this eventually led to the creation of the New Deal, a group of stimulus programs meant to inspire the economy and put the country back to work. 

This fundamentally changed the purported relationship between government and the economy.

Rise of Nazism

Adolf Hitler, a man who needs no introduction, rose to power during the 1930s. In 1933, Hitler and his National Socialist party were elected all across the German government. Hitler himself was elected as the Chancellor of Germany. 

The Nazi Party established a government that was committed to reversing the Treaty of Versailles, creating a pure German society by removing minority elements (such as Jews, homosexuals, and disabled people), fighting communism, and expanding German territory. 

Unfortunately for most, the Nazis were incredibly efficient in carrying out this agenda. Germany quickly expanded territory by invading Sudetenland and Austria, without any opposition from the rest of Europe.

In 1938, after the assassination of a German diplomat named Ernst Vom Rath by a German-Polish Jew, the Nazi government carried out a large scale assault on the Jewish population, as a means of retaliation. 

At the hands of the SS, the Gestapo, and even Hitler’s Youth, around 90 Jews were killed, and 30,000 more arrested. This was a precursor for later events. In 1934, Paul von Hindenburg, the President of Germany, died. 

Hitler and his cabinet passed a law that moved all powers of President and Chancellor to Hitler, thus assuring a totalitarian government.

Keynes vs. Hayek

The 1930’s set the stage for the most influential debate that the world has ever had. This particular debate would come to greatly influence our modern world, and change the economic structure in which we all exist. 

This battle of ideology was between theories of economic interventionist policy and classical economic theory. In particular, this was a debate between the British economist, John Maynard Keynes, and an Austrian economist, Friedrich Hayek. 

During the Great Depression, there was a good deal of arguing on how best to handle the economy and its recovery. Keynes believed that the free market couldn’t revitalize itself on its own, and the inevitable contraction would cause any stabilization to be too weak to support the population, thus the only way to fix the economy was to use public spending to reinvigorate private investment.

Hayek believed the opposite of this. He believed that any increased spending would only serve to keep afloat the very financial groups that wrecked the economy. 

His proposition was to let the economy fall to its natural conclusion so that it could begin to enjoy real, sustainable growth. Ultimately, however, the world today looks much more like how Keynes had imagined it. 

His interventionist policies were largely accepted by leaders like FDR, Neville Chamberlain, and Winston Churchill. For more information on Keynes and Hayek, check out this blog post here.