5 Tips for Setting yourself up for Retirement

We often hear stories about pensioners who have so little money that they have to eat dog food to survive. Often this is because circumstances have not worked in their favour, and the fact is that in life there are no guarantees. Having said that there are ways that you can do your best to ensure that you have prepared adequately for when you retire. Here are 5 tips for setting yourself up for retirement.

Have a plan

Just going through life without worrying about the future might work for some, but often it can be a case of the squirrel who did not collect enough nuts for the winter. Thinking into the future, and planning ahead is the best way to ensure that you have set in place a plan that will serve you when you retire from work.

Educate yourself about investment

An investment in your future is well worth the money. There are lots of different courses available for people to learn how to best manage their retirement plan so that they can get the most out of life when they retire. The money that you pay now for information about investing will be money that you have invested into your own future.

Live to your means

There is no point in spending a lot of money to keep up with the Jones’s as this is something that will not bear fruit for you in the future. The money that you waste now in buying ‘things’ to give the illusion of wealth will be money that you don’t have later on when you really need it to live. Having a credit card that you use to buy frivolous purchases could end up being a debt that you are still dragging along behind you later in life. If you are good at saving money but have it too accessible then you might find yourself spending it on things that you don’t need, so put it into a term deposit or investment and make it work for you.

Own Your Own Home

Owning your own home is a really important part of having something to show for yourself in your retirement. When you make each monthly payment it builds to your equity automatically which will work for your future. You can arrange to have your final mortgage payment just before you retire so that you know you will not have any debt as you move into this stage of life.

Use Common Sense

When making investments, use common sense, and most importantly seek help. If you receive dodgy emails asking for your bank details, use your common sense and ask if it is kocher. Asking for help with making decisions about your money will ensure that you are always working with the knowledge of experience that others have already gained. This will help you to maximise what you have, and prepare you better for enjoying your retirement. Meredon Consulting have a lot of experience with maximising retirement plans, so give them a call if you have any questions.

Five Ways To Save Money On Your Utility Bills

English: Series of air conditioners at UNC-CH. (Photo credit: Wikipedia)

No matter how strong, or how weak, the economy is, the one constant seems to be the constant increases in utility costs. Every homeowner is always on the lookout for ways to save some money every month, and we will share with you some solid, effective ways to do so. Savings add up, month to month, and any changes made will soon pay for themselves.

Heating And Cooling

Heating and cooling a home is one of the biggest energy costs today, and actually one of the easiest to fix. The first thing to do is to have an inspector come out to check for possible leak points. The more air that escapes through ill fitting vents and gaps in walls or floors, the more dollars that get wasted on heating and cooling costs.

Shade trees behind, and on sides of the home will help reduce the need for high air conditioning costs in the summer. The added insulation from the sun’s rays will keep indoor temperatures down, and the AC kicking in less. Sealing the windows with plastic sheeting will do the same with heating in the winter.

Lighting

Dimmer switches will help to reduce the amount of lighting needed to illuminate the home. The brighter the light, the more energy is expended. If you will only be occupying a smaller area, use task lighting like overhead track lights instead of lighting up the entire room. Switch out light bulbs for energy savers in every room that sees a lot of traffic. Design the placement of furniture to take advantage of natural lighting, near windows, whenever possible.

Using Home Electronics

Research has shown that 60 percent of the power that each piece of home electronics uses daily is eaten up by continually sitting on standby. Don’t just turn the volume down, or leave that green light blinking, turn it off completely. To be honest, plugging them all into a surge protector power strips will not only preserve them from storms, it will also make it easier to turn them all off at once.

Appliances

Make sure that you keep all of the appliances in the home in good repair, especially items like hot water heaters, dishwashers, and washer-dryers. A machine like these that is damaged will work twice as hard to perform, using twice the energy. Upgrade to Energy Star rated appliances, if possible, which use less energy. With washers, dryers and dishwashers, consolidate loads whenever possible. If you have an appliance you no longer use, unplug it and take it away. One empty refrigerator alone will waste up to 160 dollars of energy costs.

Go On A Budget

A lot of municipal energy providers offer what is termed a ‘budget plan’ for cost conscious consumers. You will pay the same amount of money every month, regardless of what your meter says. On months that you do not use that much energy, the overage that you paid in will go into credit, which you can then use during months when you will need more energy, like summer.

About Author: Alisa Martin is a proficient author and writes articles on finance. She regularly contributes for the website Direct-payday-lenders.com.

Five Tips To Saving Money On Your Next Holiday

When people want to go on holiday, the last thing they imagine that they want to experience is stress. Paying out some of the current high prices for travel packages would certainly push the old blood pressure up the charts! But how can someone save money on their next holiday, and still have a decent vacation?

Time To Hit The Internet

When searching for deals on holiday packages, the best place to begin your is the internet. Pick a location, and warm up your favorite search engine, and see what comes up. While looking, try to avoid limiting your choices to those offered by travel agencies, or even airlines. These days, you can find travel deals on all kinds of websites: coupon sites, discount deals, social networking sites, hotels, banks and even credit cards will often have unadvertised specials from time to time.

Book Early Save More

Some travel package deals will have some very specific requirements you will have to meet before you can reap the full benefits. One of the most common of these requirements is that you book within a certain period of time, usually between three to six months of your intended departure date. Even if you do not take advantage of a particular deal, it is just common sense to book a trip as early as you can. Not only will it save you money, it guarantees the booking, and may even allow you a change or refund should something happen.

Think About Getting The Band Back Together

Have some friends that you haven’t seen in awhile, but used to travel with in the past? Some of the best holiday deals are actually geared more towards groups these days, as opposed to individuals. This can be especially true for international packages, like those for countries like Portugal, China and Australia, just to name a few. Could mean the difference between saving a few hundred or a few thousand.

Plan Ahead On Packing

One of the fastest ways to create unexpected expenses while on holiday is to omit needed items from the packing. By doing this, you will wind up spending needed money unnecessarily, not to mention raising the aggravation level. Plan ahead, make a complete list, and check doublecheck it against what you packed before leaving. You will be glad you did.

Squirrel Away For That Next rainy Day

You never know when even the best planning can break down, due to circumstances beyond your control. Should you get trapped in one spot due to bad weather or missed connections, you don’t want to go broke having to pay for extra items that were not planned for, like additional meals or extra nights’ stays. To discount this, plan ahead by squirreling away a few dollars into a ‘just in case’ fund, that will be kept separate, and safe while you travel about. Just keep in mind that if you blow it, you will hate the results.

Nine Essential Ways to Boost Your Retirement Fund

Do you have enough money to retire when you turn 65? If you want to travel the world, live debt free or buy a beach cottage, you need to plan to save enough money. With these nine tips, you can successfully boost your retirement fund. 

1. Buy Needs, Not Wants

Do you know the difference between a want and a need? If not, you’re probably spending instead of saving a lot of money.
You’ll save thousands of dollars by simply evaluating your needs and wants. Then, before you spend a penny, buy only what you need and rarely what you want.

2. Save Automatically

It’s human nature to say you’ll save and then spend the money instead. Ensure your retirement fund grows when you automatically transfer money to your retirement account every week. You won’t miss that automatic deduction in your checking account, but you will appreciate your growing retirement fund.

3. Build an Emergency Fund

Sometimes, life events like a roof leak or medical bill hit hard. They tempt you to withdraw from your retirement account or stop automatic savings. Instead, build an emergency fund to cover unexpected expenses that aren’t in your household budget and ensure your retirement stays on track. 

4. Decrease Credit Card Debt 

Nothing sucks money out of your pocket like credit card debt. It’s often accompanied by high interest rate and monthly fees. Find a debt repayment calculator online, stop charging and plan to get out of debt quickly.

5. Pay off Your Mortgage

A long-term expense, your mortgage keeps you tied to your day job. Free yourself by repaying your mortgage so that you can retire on time. 

6. Accumulate Experiences, Not Stuff

Buying collectibles, clothes and tools may make you feel good in the moment, but then they’re a hassle to dust around or maintain. They don’t enrich your life, build relationships or fulfill your dreams.

Experiences, however, provide long-term benefits. They are worth every penny, and you’ll relive the time you swam with sharks, taught your grandkids to play chess or rebuilt a car with your dad’s 1950 Ford Mustang Parts. Yes, experiences cost money, but they are worth their weight in gold compared to the value of stuff.

7. Diversify Your Portfolio

Don’t place your retirement egg in one basket. Create a portfolio of investments that includes a mix of high and low risk options, and protect your money. 

8. Organize Your Paperwork

Do you know where your retirement fund statements are located? Find, organize and inspect each one to ensure you understand the charges, changes and growth of your retirement money. 

9. Remember Your Dream

Post your retirement dreams in your checkbook, on your closet door and near your computer. That list keeps you focused on saving rather than spending money.
Don’t simply hope and dream that you’ll have enough money to retire. Implement these nine tips, and retire like you want. 

BIO: Alicia Lawrence is a content coordinator for a tech company and blogs at MarCom Land in her free time.

How Health Care Reform Could Change Workers’ Compensation

Ever since the Patient Protection and Affordable Care Act passed in 2010, there has been much speculation about how the new laws will change the face of health care in the United States. Much of the attention has focused on the new requirements for individuals to carry health insurance coverage and the impact that will have on employers. 

However, health insurance isn’t the only type of insurance coverage that will be impacted by the new laws. The expanded health care coverage regulations are also expected to affect workers’ compensation insurance. How those effects will play out remain to be seen, but there is speculation that there will be significant decreases — and potential increases — to workers’ compensation costs.

Better Health Care, Fewer Injuries, Lower Costs

Each year, there are millions of workers’ compensation claims filed, costing employers — and hospitals — billions. However, according to researchers, not all of those claims are actually due to work-related injuries. In many cases, employees without adequate insurance coverage would use their workers’ compensation coverage to pay for treatment for pre-existing conditions or injuries. Under the new health care law, the individual mandate requires that everyone carry at least basic health insurance coverage. This means that people may be more likely to seek treatment for illness and chronic conditions via their regular insurance coverage, and not file a workers’ comp claim — thereby lowering the cost for workers’ compensation.

However, and perhaps more importantly, experts predict that the actual number of on-the-job illnesses and injuries will actually decrease thanks to the PPACA. Because employees will have better access to health care, particularly preventive care and chronic condition management, they will be healthier overall. While conditions like obesity and diabetes or behaviors like smoking are not generally the specific cause of a workplace injury, they often contribute to the severity of the injury or illness, thereby increasing costs. Ideally, the PPACA will improve overall health, and reduce overall costs.

Cost Shifting

While many people believe that the PPACA will lower the costs of caring for sick or injured employees, others predict that the new laws will only shift the costs to different payers. When employees have adequate health coverage, they may be more likely to simply use that insurance to cover their expenses, rather than make a workers’ comp claim and endure the scrutiny and red tape that often ensues. So while specific workers’ comp claims will decrease, the overall costs for health care will remain flat, or even increase, as those who would not have sought treatment previously, now do so.

Changes to Medicare reimbursement rates could also impact workers’ compensation once the law goes into effect. On the surface, because hospitals will no longer have to bear the significant burden of covering free or reduced care for low-income patients without health coverage, they won’t have to bill workers’ compensation insurance as aggressively as they do now. However, because workers’ compensation rates are tied to Medicare reimbursement rates — which are perpetually on the chopping block — there may be little difference in how hospitals bill workers’ comp, and they may actually increase the charges to workers’ compensation insurance to make up for shortfalls.

Claim Process Changes

Because cost containment is one of the primary goals of the PPACA (watch an informative video about the act here), certain changes to how claims are processed and managed are predicted to help manage costs. Because the new laws call for better care coordination and standardized reporting, the overhead costs of managing and processing claims should decrease. In addition, many states are enacting new laws calling for mediation, rather than litigation, in workers’ compensation dispute cases. Mediation will reduce the length of time it takes to process claims — and potentially get employees back to work sooner — and also potentially help reduce claim payments.

Again, there is much speculation about how the PPACA will affect workers’ compensation coverage and claims, and only one thing is certain: There will be changes. Employers who are navigating the new landscape of health care reform should seek more information to understand how the changes will impact them and how they can best position themselves to make a seamless and affordable transition to the new health care landscape.

About the Author: Eleanor Harpswell is the benefits and compensation manager for a New England–based manufacturing firm. A former insurance professional, she contributes to several industry publications, offering insight and analysis into issues related to managing employee insurance coverage.

3 Strategic Investment Planning Tips for Seniors

Investment planning is important throughout live but even more so if you are a senior. Your investments will become important to you as you move through retirement. The biggest problem that could occur is running out of money. Taking these three strategic investment planning tips will help you along the way, offering you money and markets stock advice and steering you away from mistakes and onto the path of investment success.

1) Do not invest too conservatively

While some planning is contingent upon your current health and estimation of how long you will live, financial planners who specialize in money & markets stock advice tell seniors to plan to live at least 90 years. If you retire at 65, that is 25 years of retirement! Investing moderately when you are retired is the best way to guarantee your investments will perform at or better than the inflation rate, something a lot of seniors do not take into account. You should take a look at your investments, reevaluating your strategy on a regular basis and planning in 5 year increments.

The markets change, but the value in your investments should be as averse to downward pressure as possible while responding well to stock market gains. Obviously, it can be scary to invest in such a volatile market, but investing too conservatively can lose you a lot of gains.

2) Never change your course suddenly

With the plethora of investment news channels, websites, and guides available today, it may be tempting to change course immediately and often, especially if you fall prey to the immediateness of the tone in their voices. However, there is not one financial event that should make you pull all of your investments out.

During the Great Recession, seniors left and right pulled their investments out of the market, and most of these people regretted it later. The market is almost guaranteed to recover eventually. Any large financial changes should be given months of thoughtful consideration. Never let your fear control your decisions on a whim!

3) Be cautious

There are many sales people who offer "advice" and get-rich-quick schemes to seniors. These people are generally trying to make a quick buck from you, and they will provide you little in terms of financial security. High-pressure salespeople should be avoided at all costs. Get money and market stocks advice from someone with whom you have a long relationship with and a lot of trust.