Planning for Retirement? 5 Tips to Help You Retire in Comfort

The time to start planning for retirement is now. The only people who are exempt are those who have 25 times their annual expenses saved, as they would already be ready to retire based upon their current savings as long as they do not inflate their lifestyles. Those who do not fall into this category should plan ahead. Here are five tips to help you get started if you’re in that boat.

Start Now

If you want to have a good and comfortable retirement, living the lifestyle you want to live, then you need to start planning for retirement sooner rather than later. There’s an old Chinese proverb that says that the best time to plant a tree is ten years ago and that the second best time is today. 

If you’ve not yet started by getting a financial checkup with a group like Trajan Wealth or another financial planning firm, the time is now. It’s a good idea to just see where you stand in regard to your overall financial health.

Plan for Taxes

There are quite a few ways that those who hope to retire can cut their tax bill. Using a tax-deferred retirement account is one way to cut your tax bill in the present and ensure more of your dollars actually go toward your financial goals. 



If you expect to have a higher income in retirement, a Roth account might be a better option to cut down on your tax bill in the future.

Take Social Security into Account

Some people have fear that Social Security will not be around much longer. This is not likely. It is, however, likely that there will have to be benefit cuts in the future if other adjustments are not made. 

Figuring out when the best time to take benefits for your particular situation is imperative to make sure that you’re able to retire as comfortably as possible. With all of this said, you do not want to rely on solely collecting social security in your retirement.

Consider Insurance and Annuities

Some whole life insurance policies can provide income in retirement. They are essentially long-term savings accounts that allow the insurance company to make investments on their policyholders’ behalf. 

Over time, this can add up to a nice sum that can be drawn upon during retirement. Annuities provide annual income for those who purchase them. A wealth management expert can help you navigate which of these options will work best.
Stay Invested

The longer your money stays invested, the longer it has time to compound. Compound interest has been called the eighth wonder of the world, and it can really add up. Even relatively small investments can grow to large sums over time, but the investments have to stay invested for the long haul. 

You also want to make sure that you have a few different investments as well. Keep in mind that investments can be very risky, but they should be calculated risks. If you have made a few smart investments, you will likely be better off than just making one big investment.

Starting retirement planning is imperative. It is never too early to start planning for retirement. The longer you wait, the harder it will be to have the money you need to retire in comfort and for the lifestyle you want to have. 

Those who follow these recommendations are more likely to enjoy a great retirement. While you might not be able to hit all of these mileposts, hitting some of them will be better than none. They can help you retire more comfortably.

Fixing Mistakes: 4 Tips for Recovering Financially from a DUI

A driving under the influence (DUI) charge is a serious offense that could wreak havoc on your financial situation. The conventional wisdom is that when all is said and done, a DUI can end up costing you $10,000. While financial penalties will be unavoidable if you’re found guilty, there are a few ways you can at least reduce the damage.

Go to Classes

While DUI punishments vary from state to state, one thing all states have in common is that there are classes available for DUI offenders. 

The court may sentence you to complete a certain number of classes, but whether it does or doesn’t, you should take classes regardless, as they could help you get a better deal on your insurance.

Shop around for Insurance

There’s no way around it—insurance gets very expensive when you’ve gotten a DUI. But it’s still worthwhile to shop around and see what kind of rates you can get from different carriers. 



Keep in mind that you may need to get barebones insurance coverage, at least for the time being, if money is tight. Another option would be going carless and sticking to public transportation.

Work with a DUI Attorney

You definitely don’t want a public defender representing you for a DUI. A DUI attorney like Steve W. Sumner, Attorney At Law or someone similar can make a significant difference in the result of your case. 

If the arresting officer did something wrong, there’s the possibility that your attorney helps you get the charges dismissed. Otherwise, they can at least work out a favorable plea deal for you.

Steer Clear of Any Future Mistakes

You can’t erase your DUI, but you can at least avoid compounding the issue. Follow the terms of your sentencing to the letter, because violating them in any way will make your situation much worse. 

Keep your nose clean and stay out of potentially risky situations that could result in an arrest. Most importantly, don’t drive if you’ve even had a sip of alcohol, as even a low blood alcohol content (BAC) could now get you into trouble. Dui penalties get far stricter when you’re a repeat offender. 

Dealing with the aftermath of a DUI is stressful, but if you handle it correctly, you’ll get back on your feet much quicker. Follow the tips above to fulfill the terms of your sentencing, get insured again, and stay on the straight and narrow.

6 Suggestions When Choosing a Law Firm to Work For

Some law students are happy to be snatched up by any firm at all. If you have multiple offers, however, or if you're just picky about where you want to spend the next few years, it's worth the effort of carefully considering which firm is right for you. Here are just a few tips for making that decision.

1. Compare and Contrast Benefits

Salaries are always a big selling point when law firms are trying to recruit, but they aren't usually the only things on the table. Don't be afraid to ask if there are additional perks that come with the position.

You might be able to secure a good deal, especially if the firm is keenly interested in you.

2. Evaluate Their Reputation

Some firms are known for being vicious, cutthroat places. Others are more moderate or more obscure. A good way to gauge a firm's reputation is to check out its online reviews.

Places like Tully Ricnkey Law have lots of feedback from former employees, who can tell you what it's like to work in that building. This applies to other law firms besides Tully Rinckey, too.

3. Look At Their Practice Areas

If you have a specialization, you'll want to work for a law firm that allows you to grow your skills in that particular field. For example, if you're aiming for a career in personal injury law, try to find a firm that's settled million-dollar car accident lawsuits. They're the firm that will have something to teach you about your practice area.

4. Figure Out Their Hierarchy

Some law firms promote and compensate their workers based on their seniority. This is called a "lockstep" hierarchy. Other firms will promote based on things like billable hours and the number of referrals, which they might track with legal software applications.

There's no right or wrong answer regarding which type of firm is more appealing to you; just be aware of the difference when considering all of your options.

5. Ask About Advancement Opportunities

Becoming a partner is the dream, of course, but there are other ways that law firms can help your career while you're working your way up to the big leagues.

For example, they might allow you to network with important people in the field through annual conferences and events, or they might give you the chance to assist on big cases with other high-performing associates.

6. Don't Forget the Practicalities

It's easy to get so wrapped up in the big questions of employment that you forget about the little details of choosing a new job. What will the commute look like? If you'll have to relocate, what's the average rent in the firm's home city?

Are you getting a good impression from the person who will be your immediate supervisor? Think about these things before you actually sign on the dotted line.

These are just a few things to remember as you consider different venues to start your legal career.

The experiences that you have at your first job can really shape the rest of your life as a lawyer, so don't rush your decision! Take your time, look at your options and choose a firm where you know that you'll go far.

How You Can Transfer Your Home Loan With A Top Up Loan?

When you are unhappy with the customer service of your existing lender or if they are charging you a higher Home Loan interest rate, you can always switch your loan account.

When you switch your current Home Loan account from an existing lender to a new one, the process is called Home Loan balance transfer. A Home Loan balance transfer helps you bring down your Home Loan interest rate and makes it affordable to let you save some money each month.

When you do Home Loan balance transfer, usually the new lender also provides with the facility of a Top Up Loan at a lower rate to assist you in taking care of other financial needs.

Leading online lenders provide a Top Up Loan facility of up to Rs.50 lakh at reduced rates. Yes, the interest and tenor part associated with a Top Up Loan is lesser and longer, respectively. 




Thus, if you want to reduce your Home Loan interest rates and also want to avail a lesser rate of interest, opting for balance transfer should be a good bet. Here’s how!

● Affordable rate of interest

Compared to standard loan, the Top Up Loan that you get with a Home Loan balance transfer is only 8-12%, making it an affordable version of a personal loan. It also means that you pay lesser EMI figure each month.

● You can use it for multiple purposes

A Top Up Loan could be used just like a personal loan which you can use for numerous purposes as per your preferences. Be it renovating your home, emergency medical needs, an abroad trip or more, you can use it for as many purposes as you can think.

● Easy eligibility

Top Up Loans don’t have many issues when it comes to the eligibility. Why? It’s simply because a Top Up Loan is an additional facility with a Home Loan balance transfer and that makes it a no-eligibility loan.

● Flexible tenor

The tenor is nothing but the total duration of any loan in which you need to repay the credit as EMIs. Depending on your loan scheme, the tenor can go up or down. However, when you avail Home Loan balance transfer, the tenor of your Top Up Loan is also the same as that of the Home Loan. What does it mean? It means that you have enough time to repay your Top Up Loan. It is one of the most vital benefits of the Top Up Loan and why borrowers prefer it while availing Home Loan balance transfer.

● Non-fussy and quick application procedure

Although a Home Loan requires you to care for various terms and conditions, the Top Up Loan does not. You can easily eliminate these consuming and exhaustive exercises while opting for a Top Up Loan. Why? It’s because a Top Up Loan is a linked feature of Home Loan balance transfer, you don’t have to care about the application procedure. All that you need to do is – request your new creditor the Top Up Loan facility, quote the loan amount and, you are good to go!

The Bottom Line

A Home Loan balance transfer is a unique facility which also helps you avail a non-messy and feature-rich Top Up Loan. If you are looking out for an additional loan to cover up your various needs to fulfil your life goals? Opt for a Home Loan balance transfer and apply for a Top Up Loan to the tune of Rs.50 lakh with a leading online Home Loan service provider.

When you will do a Home Loan balance transfer, you also stand to gain good customer care services and not to forget the reduced Home Loan interest rates. Contact your new lender today and know more!

5 Tips for Wisely Managing Your Loans

These are tough economic times, and a lot of people are having to rely on credit cards and bank loans from establishments like MainSource Bank in order to keep up with their bills. If you have found yourself in this situation with multiple loans to pay every month, then try following these five tips to help you keep up with your payments and pay off those debts as quickly as possible.

Keep a Calendar of All Required Payments

When you have a lot of different loan payments to make every month, the first thing you need to do is create a calendar which lays out all of your due dates and minimum payment amounts per loan. By keeping track of your upcoming payments, you won’t be caught off guard at any time.

Money management is just basic math—addition and subtraction. The numbers shouldn’t ever surprise you. There’s no excuse for bouncing checks, missing due dates and getting stuck with late fees. All of that can be prevented by organizing your calendar and doing the math.

Schedule Automatic Payments

Once you have your payment calendar all set up, the next thing you should do is schedule automatic payments for each of your loans.

The only reason you might be scared by this step is that you are spending more money than you make every month. If that is the case, then you still need to schedule those automatic payments. But you also need to see where all your money is going so that you can cut back on unnecessary expenses and prioritize these bill payments. 






Now that your bill payments are all pre-scheduled, and you are keeping a positive cash flow to cover those payments, you’ll never have to deal with another late fee or feel stressed about when payments are due. It’s already figured out and set up to run on autopilot.

Synchronize Due Dates with Pay Periods

If your bill payment due dates are spread throughout the month in a way that makes it difficult to track or in a way that makes it difficult to pay promptly, you can try calling your creditors and setting up custom payment due dates. This is especially helpful if your bill payments are all loaded heavily at the beginning of the month and require more than one paycheck in order cover them.

So what you want to do is put half of your due dates at the beginning of the month to be paid by one paycheck, and then you schedule the other bills a couple of weeks later to be covered by the next paycheck.

Negotiate Lower Interest Rates

If you haven’t already, you should try contacting each of your creditors to see if there is any way they can lower your interest rate to help you keep up with your payments. Many creditors are actually happy to do this because they lose a lot of money when their customers fall behind and they have to charge off those accounts to debt collection companies.

If you own your home and have a lot of credit card bills or other bank loans, you might be able to combine these into a single, large consolidation loan or mortgage payment. By reducing the number of payments that you need to make every month, this might make it a little easier for you to stay organized and to avoid missing any payment due dates.

All it takes is a phone call and a cheerful attitude. You never know, and you just might get lucky. So give it a try and see what they say.

Pay Down Faster with Snowball Technique

The snowball technique is a proven method for paying off multiple debts as quickly as possible. The way it works is that you figure out all of your bill payments, then you make only minimum payments to each of them—except for the one that has either the highest interest-rate or the lowest minimum payment. This one becomes your priority.

So you will choose one of your loans, and make it your priority to pay off that loan as quickly as possible while maintaining minimum payments on all the other loans.

Once that priority loan is paid off in full, you then take the payment that you were making there and add it to the minimum payment on the next bill on your list. By progressing in this way your bill payments snowball, and the bills get paid off faster and faster.

It can be very frustrating when you have a lot of bills to pay off and are trying to get out of debt. But many people have done it before, and you will do it too. You just have to get organized, prioritize your bill payments and reduce your unnecessary spending as much as possible. By following these tips your bills will get paid off in no time.

Financial Terms Jargon Buster

In a study carried out by the Organisation for Economic Cooperation and Development (OECD), it was found that just 38% of adults know what ‘inflation’ means. True Potential Investor’s jargon buster has been created to help improve our knowledge of important financial terms. Take a look to find out more:

Bonds

When companies want to raise funds to meet a business goal, they may offer corporate bonds. To do this, some choose to issue bonds that investors can then buy. The money raised from the investment is held for an agreed number of years. 

At the end — also known as bond maturity — the investor receives the money they invested plus their guaranteed interest which was agreed at the start.

Government bonds or gilts are also available. They work in a similar way to corporate bonds and are used to fund borrowing.

Capital

Capital refers to the funds that you invest initially.

Capital gains tax

For any profit you make on specific types of investment, you could pay tax on it — known as capital gains tax. You may not need to pay capital gains tax — it depends on the amount of profit you make and whether you use the profit to buy new shares. More information can be found on the GOV.UK website.

Diversification

If you diversify your investment, you invest across multiple areas rather than just one. For example, you can diversify your investment across a range of investment types — such as shares or bonds, for example — as well as between industries, currencies and countries. 





Through diversification, you can manage risk and protect your investments against the impact of market uncertainty.

FTSE

FTSE stands for the Financial Times Stock Exchange. It monitors how companies and indices are performing during trading on the London Stock Exchange. A number of lists are available, with each showing the fluctuations in share prices over time.

Inflation

Inflation describes how a price for goods or services had increased over time. It is measured as an annual percentage change and can impact interest rates and share prices.

ISA

ISAs — or Individual Savings Accounts — are a tax-efficient savings method.

Cash ISAs and stocks and shares ISAs are two popular ISA types: 

• Cash ISAs — similar to a typical savings account, cash ISAs do not require you to pay tax on any interest that is generated. 
• Stocks & shares ISAs — with a stocks and shares ISA, the money is invested with the aim of growing the fund over time. You do not pay tax on dividends. 
• Pensions 

Through a pension, you can put money aside for your retirement. The money you place in the pension fund is invested with the aim of growing it by the time you retire.

Pension types include:

• Personal pensions — a pension you arrange yourself, which you can contribute to whenever you want. 
• Workplace pensions — this type of pension is arranged through your employer. Usually, you’ll contribute an amount each month, with your employer also contributing and the government contributing tax relief too. 
• State pensions — a state pension is the amount you receive from the government once you reach State Pension age. Details on how much this is and eligibility can be found at the GOV.UK website. 

Stocks & shares

Stocks allow investors to purchase a share in a company. However, these stocks can be broken down into a number of shares, which can also be purchased by investors. Because of this similarity, the two terms are often interchangeable.

Investors purchase stocks and shares with the aim to sell them for more than what they paid. Usually, stock and shareholders receive a proportion of the company’s profits on an annual or bi-annual basis in the form of dividends.

Yield

Yield describes the performance of an investment at present and in the future. For example, if you received £5 in interest from £100 placed in a Cash ISA, your total yield would be 5% which is equal to £5.

Financial services group True Potential LLP, of which True Potential Investor is a part of, has partnered with the Open University to improve financial knowledge in the UK. As well as establishing the True Potential Centre for the Public Understanding of Finance (PUFin), a number of free financial courses are available remotely.

200,000 people have already benefited from these courses. For information on how you can enrol, visit the True Potential Investor website.