Retirement Benefits You Should Have At Retirement Time - Vision Capital

Retirement Benefits You Need to Have In Your Retirement Plan...

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''The ten [10] commandments of retirement planning.. Be realistic about your retirement Will you have enough money to retire and living a good life?  

Make sure your retirement plan includes these essential components.

Diversify your retirement income.

Most retirees get their income from a variety of sources, including Social Security and personal savings. It’s important to diversify your retirement income in case one of your benefits doesn’t work out. 

You will be much more comfortable in retirement if you have these 10 benefits:

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SOCIAL SECURITY: HOW THE SOCIAL SECURITY SYSTEM WORKS??

After paying into the Social Security system their entire working life, retirees finally get to collect payments. Social Security is the foundation of your retirement income that the rest of your savings and investments should build upon.

 Take steps to maximize your benefit by making sure you have paid in for an appropriate number of years, and sign up at the best age for you.

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MEDICARE: HOW MEDICARE WORKS??

Significant health care expenses could easily consume a significant part of your retirement savings, but Medicare largely makes sure that doesn’t happen. 

You can sign up beginning three months before your 65^th birthday, and it’s a good idea to do so then to avoid higher premiums if you sign up later. If you retire before age 65, you will need an alternate plan to obtain and pay for health insurance.

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401K: WHAT IS 401K, AND HOW DOES IT  WORK AND WHAT'S THE BENEFITS OF IT???

Workers who contribute to a 401(k) plan often get valuable employer contributions, tax breaks and the opportunity to have the money withheld from their paychecks before they get a chance to spend it. 

A worker in the 25 percent tax bracket who contributes the maximum amount of $18,000 in 2015 will save $4,500 on his federal income tax bill. Workers age 50 or older can make catch-up contributions of up to $6,000 in 2015, which will save them even more in taxes.

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ROTH 401K: WHAT IS ROTH 401K, HOW DOES IT WORK AND WHAT'S THE BENEFITS OF IT???

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A Roth 401(k) has the same contribution limits as a traditional 401(k), but the tax treatment is different. Roth IRA contributions are made with after-tax dollars, but withdrawals in retirement from accounts at least five years old will be tax-free, meaning you won’t have to pay tax on the earnings you accrue in the account.

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IRA: WHAT IS AN IRA AND HOW DOES IT WORK AND WHAT'S THE BENEFITS OF IT???

Individual retirement accounts offer similar tax treatments to 401(k)s, but the contribution limits are lower. The IRA contribution limit is $5,500 in 2015, and savers age 50 and older can contribute an additional $1,000 as a catch-up contribution. 

However, many people build a larger IRA balance by rolling over their 401(k) balance to an IRA each time they change jobs. IRA contributions aren’t due until April 15, while 401(k) contributions typically must be made by the end of the calendar year.

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ROTH IRA: WHAT IS ROTH IRA AND HOW DOES IT WORK AND WHAT'S THE BENEFITS OF A ROTH IRA???

A Roth IRA allows you to prepay tax on your retirement savings, and then you will not owe tax on withdrawals in retirement. Roth IRAs are especially beneficial to people who are young and in low tax brackets, especially if they suspect they will be in a higher tax bracket in retirement. Investors can also convert traditional IRA assets to a Roth if they are willing to pay tax on the amount converted

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SAVINGS ACCOUNT: WHAT IS THE BEST SAVING ACCOUNT:

An emergency fund that will cover unexpected expenses such as medical bills or home and car repairs is a necessity. Maintaining a savings account allows you to avoid triggering taxes and penalties by raiding retirement and investment accounts early or, even worse, taking on debt to cope with emergencies.

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PAID OF HOME // NO MORTGAGE: HOW TO COMPLETELY PAY YOUR MORTGAGE BEFORE RETIREMENT TIME??

Owning a home that is paid off can help you enormously in retirement. No longer needing to make rent or mortgage payments gives you more money to spend on other things. And if you ever need extra cash in retirement, owning a home gives you options to downsize and pocket the extra cash or take on a reverse mortgage.

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PENSION

If you’re fortunate enough to get a traditional pension in retirement, it can contribute significantly to your retirement security. Pensions provide a steady stream of payments that will last the rest of your life, no matter how long you live, which reduces your risk of spending down savings too quickly.

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Remember the risk-versus-reward rule.

Along with the importance of diversity, the risk-versus-reward tradeoff is one of the classic rules of investing: If you want higher rewards, you have to take on greater risk. Assess your risk profile and invest accordingly.

If you like to know your money is safe, you probably want to keep it in more conservative investments. By the way if you don't risk nothing, you will not have nothing. People who have a job; usually work for people who took risks to create opportunities.

The perfect time to hit "refresh" on your finances. Whether you need to update your financial plan, revamp your budget or scale back some shopping habits, take some time to consider these steps. They can help you improve your finances.

Get your money ready for a fresh start with these tips.

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Start early, invest often.

  The power of compounding means saving early will lead to a much bigger nest egg at retirement time than waiting to save until midcareer. If your company offers a matching-contribution program for your retirement plan, taking advantage of it will only add to your saving efforts. 

Don’t follow the market every day.

The market goes up and down, and if you’re investing for the long term, there’s no need to stress over every dip. Instead, check in with your portfolio once a quarter to rebalance it, and make any other necessary adjustments.

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Consider your time horizon.

As retirement gets closer, you’ll want to shift into more conservative accounts. A general rule of thumb is to subtract your age from 100 or 110. Put that percent in stocks and the rest in more conservative investing vehicles, like bonds. 

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Investments: Take baby steps.

Putting 10 percent or more of your income toward retirement can be overwhelming. Savers often have more success by starting small and putting just 2 to 10 percent of their income away, and then slowly increasing that rate over time.

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Check your Social Security statement online.

The Social Security Administration used to mail out statements explaining estimated benefits to workers each year. Now, for most Americans, paper statements come only once every five years. Workers can visit SocialSecurity.gov to create their account and check their estimated future benefits online anytime.

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Save even when you’re not earning. Saving And Investing Are Master key of Getting Ahead Financially

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The plethora of retirement account options make it possible to continue saving even when you’re not employed in a full-time job. Roth IRAs and spousal IRAs are among the options; check your eligibility and then consider contributing

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Prepare to help aging parents.

Many 20-, 30- and 40-somethings will need to help their parents as they get older; that might mean providing money, sharing homes or helping with money management. Also increasingly common is sharing a roof with multiple generations, which can help both parents and adult children save.

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Insure yourself. Prepare For The Worse And Expect The Best

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Most young adults lack renters insurance, and even many older Americans are underinsured when it comes to protecting their homes and properties. Insurance can be lifesavers in the case of weather disasters, theft, fire, and other unexpected events. Life Insurance could help protect your dignity.

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Buy life insurance. Why, When, How And What kind?

No one likes discussing death, but once you’re responsible for children or other dependents, taking out Life Insurance (as well as writing a will), becomes necessary. Young, healthy adults can usually find affordable term policies with little trouble

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Create a spending plan.

Most people spend about two-thirds of their income on three essentials: food, housing and transportation. Then there are debt payments, savings, household costs and optional items such as entertainment to consider. Create an annual budget by allocating spending goals for each category. 

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Track your spending.

Keep Tracking of every expenditure over a two-week period can offer insight into unnecessary wastes, from restaurant meals to cab rides. 

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Don’t accept posted prices.

Prices are often a lot more negotiable than you think, even in big-box department stores. If you’ve seen a lower price listed elsewhere, don’t hesitate to ask the store clerk if they can match it. The worst-case scenario is they'll say “no.” 

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Earn money from more than one source. Earned Income, Passive Income, Portfolio Income

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Launch your own business.

The recession inspired many Americans to explore entrepreneurship, partly as a way to take back control of their financial lives. Even relatively small businesses, such as a blog that earns money through advertisements or a garden that produces marketable flowers, can turn into a source of financial security. 

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Negotiate your salary.

While many workers feel lucky to simply have a job, sometimes asking for a raise can be a smart move. If you’ve recently changed jobs, received a promotion or realized you are underpaid compared to your peers, it might be time to sit down with your supervisor and request a raise.

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Track any additional income carefully.

Earning money outside of a full-time job can complicate matters at tax time; be sure to keep a careful record of all income earned, as well as copies of receipts related to expenses. When it comes to writing off the home office as a tax deduction, be sure to study the IRS rules, which specify that the space can’t be used for other purposes

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. Don’t shy away from all debt.

While debt has earned a bad reputation in the wake of the subprime mortgage crisis, managing credit and even taking on some debt can be useful. Mortgages allow people to buy a million dollar home with 10, 20percent down, and student loans enable people to go to school, obtain degree, learning a profession, A good debt can help you start a business, or expand a business.Be smart about good debts and bad debts.

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Build a solid credit history.

Lenders base their decisions on whether or not to loan consumers money, and at what rate, partially on their credit histories. That means someone with a limited credit history (because they have few or no financial accounts) can have trouble taking on a mortgage. Pay bills on time, and be sure to have some accounts in your name.

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Check your credit report.

Everyone is entitled to a free credit report once a year; you can get yours at Knowledgefinancial.com Reviewing it gives you the chance to fix any mistakes 

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Track and review account statements.

An unfamiliar charge on a credit card is often the first sign of identity theft. Review all mail from financial institutions carefully to make sure your accounts aren’t being misused. If you see an erroneous charge, contact your financial institution immediately.

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Motivate yourself to pay off debt.

If you’re trying to unload credit card debt or student loans, remind yourself of your bigger goals with photos of places you want to visit or the home you want to buy one day. Staying focused on those targets can make it easier to say “no” to new purchases.

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Here’s some serious important good news for entrepreneurs: You are wealthier than you think.

There are ways to make significant advances to your bottom line growth with some simple steps.

You've already generated this income, but until now, you've let stacks of it escape out the door, unchallenged

 

Credit scores.

"I don’t monitor my credit score at least semi-annually and take proactive steps to raise it – and I assume there are no “errors” on the reports.'' An error on a credit report significantly lowering the innocent person’s credit score, sometimes by as much as 50 points.

So even if you’ve always paid your bills on time, your credit score could be costing you thousands of dollars annually just because of unjust errors.

 

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Raising your score by as few as 50 to 100 points (which is faster and easier than you may think), can help you refinance debt to lower interest rates, reduce many insurance premiums and possibly even save you thousands in closing costs when buying a home.

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Not all expenses / debts are equal.

"I don’t distinguish between expenses debts that are productive, consumptive and destructive.''

“Expense / debt” is a word that gives most people a negative feeling. We’re taught to avoid expenses. But this naive attitude won’t grow your business and it won’t enhance your life. You can use debt to acquire valuable assets that can put money back in your pockets. Or you can use debt to purchase liabilities that take away, take out money in your pocket. Life in general is a choice. Choose to be poor by purchasing liabilities before assets; or choose to be rich by purchasing assets before liabilities.

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 Productive expenses or rainmaking expenses, however, are how you make money. Spending more money on the right employee, the right equipment, the right marketing campaign or the right mastermind group can pay for itself over and over again.

If spending $10 on a productive expense makes you $20, 30, 40,50, then you shouldn’t stop spending until that well runs dry.

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 Investment advisores.

The retirement planner’s #1 interest, because of the way they get paid, is to get your assets under management and keep them there. They’ll always tell you to keep funding your retirement accounts, even when a bigger picture of your finances suggests otherwise.

If you’re paying higher interest on a loan than the interest you’re earning on an investment, the wise move is to pay off the loan before adding any more money to the investment. It may even be wise to completely cash out the investment to pay off the loan.

 

The financial advisore rarely looks at the big picture. They will always ask for more cash.putting them in underperforming investments that you don’t know or understand, that don’t provide cash flow today and that harm your ability to be more productive 

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Taxes. This is a very big subject in America because it can break you or it can make you...

"I meet about 4 times a year with my accountant / tax preparer.''

 

A very large percentage of business owners are overpaying on their taxes, and the number one culprit is not being proactive about meeting with their tax preparers. January to April, when most people visit their accountant. If you meet with your tax preparer between mid-April and December, it’s easier to get better service. They can make sure you’re taking all of your deductions and maximizing your savings.

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The structure Of Your Business Must Be Solid And Properly Arranged.

"I have not reviewed my business structure (LLC, S Corp, Unincorporated, LLP, INC, C. etc.), with a qualified legal advisor and a very good CPA

 

Far too often business owners don’t incorporate because they think it’s too complicated which is not exactly true. But by not incorporating, you’re exposing yourself to more liability and could end up overpaying on your taxes.

The truth is, corporate structure can be outside the expertise of your tax accountant. So you’ll want to meet with a legal professional who specifically understands corporate structures at least once every year for proper advice and to make sure you’re getting all the savings and tax deductions you can.

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Business loans.

Outstanding business loans.''

Many (if not most) entrepreneurs spill away profits on poorly structured loans and repayment strategies more than on any other oversight.

Entrepreneurs should choreograph loans in a way that reduces the cost of borrowing, to free up cash for better uses, to save on taxes and to flip what most people perceive as a liability into a productive asset.

This is especially true if you took out any loans when you had less cash flow, a lower credit score or inadequate collateral. By restructuring these loans, you can save a lot of money. Or sometimes you can even consolidate loans to lower your interest rate, lower your minimum payments and thus increase your cash flow.

7. Personal loans.

When you have multiple assets each with their own loan, the interest rates you’re paying will vary based on the asset class.

By refinancing and combining loans, many times you can lower those interest rates. And many times you can also lengthen the term of the loan, which lowers your monthly payment and increases your monthly cash flow.

Then another bonus comes when you take a loan where the interest is not tax-deductible, and refinance it into a loan that is tax-deductible like a mortgage. This way even the government is supporting you in paying off your loan.

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Investments

"I have money riding on investments that I am not specifically trained to manage, including stocks, mutual funds, or income real estate.''

If you don’t know how you’re earning interest, then who is truly managing your money, and how do you know they’re not just selling you investments that make them a commission? If you don’t know what the fees are, how the investment benefits you now and in the future, what the exit strategy is, or how it can turn into cash flow, then it’s a lot more like gambling than investing.

The best way to invest is to leverage your instincts by staying closer to home with your money. That means only invest in what you know, because everything else involves too much risk.

Invest In What You Understand The Most

You see, risk isn’t in the investment, it’s in the investor and how they relate to the investment. For some people real estate is a good investment, and for some people it’s absolutely atrocious. A small number of people understand the stock market clearly, and that can be a great place for them to invest their money. But for most business owners, the thing they understand best is their business, which makes it the best place to invest.

= 401k plans.

Contribute in your 401k's  employer if not you are giving money away to your employer which is richer than you. Even if most people contribute to a 401(k) to grow their savings tax free, but it may end up costing you more money than you save.

Yes, you save on taxes today, but you’ll have to pay taxes when you withdraw the money. All signs indicate that taxes are going up, not down. If you hate paying taxes today, you’re probably going to hate paying in the future. 401k's is a cow but not a sacred one. It is an investment you have no control over. But still it's better to have than not having it.

401k's you’re not the owner but only the beneficiary of your 401(k), the government can change the rules at any time, you can’t get to the money until 59 1/2, without paying penalty and the fees are typically much higher than most investments out there because you’ve added complexity and layers of administration and legal fees.

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Savings.

I believe everyone should save enough money to elevate their style of living or to fund a long-held dream. But unfortunately that not always the case.

 As who you are, your greatest asset is you. Your ability to produce is going to give you the greatest return