September 19th, 2012
How I Started A 401(k)
**Welcome to Self-Improvement Month here on the Credit Karma Blog! Today’s guest post is contributed by Amelia Granger.**
When I got in to work at 8AM, there was a note on my computer: “See me. –Tom.” My first thought was: what did I do wrong now?
Tom was the Editor-At-Large for Institutional Investor News, where I was working as a reporter. Editor-At-Large meant that he’d been with the company since the early 1970s and had achieved the status of elder statesman, guiding light, etc., etc. But at the same time, he didn’t really even really work there anymore. He just kept coming in every day and doing the same thing he’d been doing at the company for 30 years—terrorizing reporters.
I hurried to Tom’s office, which was decorated with hundreds of framed pictures of his racehorses and smelled strongly of the cigars he was no longer supposed to smoke in it, he barked at me: “Sit down.” When he was good and ready, he folded up his Wall Street Journal, and gave me his attention.
“You’ve been here awhile,” he said. “Why haven’t you signed up for your 401(k)?”
“Well…” Because I needed all the money I could get? Because my starting salary at Institutional Investor News was $40,000 a year, and I lived in New York City? Wait, was I in trouble or not?
January 12th, 2012
4 Things You Don’t Want to Hear From Your Financial Advisor
May 25th, 2011
4 Ways to Save $50K for Retirement Now
For most of us, retirement is a long way off (although not as far off as it used to be). Therefore, saving money for retirement may seem like an abstract topic. Many questions arise when contemplating the subject: How much do I need to retire? How soon do I need to start saving for retirement? And the list goes on.
April 4th, 2011
Monday Roundup: Personal Finance & Credit News
Retirees are struggling these days, even the ones who’ve been saving for retirement all their lives. Low interest rates have them in a bind, and threaten the earning potential of the rest of us looking towards retirement.
September 14th, 2010
Meflation: What’s Next For The U.S. Economy?
Which is the greater evil: inflation or deflation? Well, that depends who you are.
Which one should we expect to see? Depends how it goes.
The economy is full of vague answers and inaccurate predictions... and the new buzzword is "meflation".
September 7th, 2010
Is It Okay To Crack Open Your 401(k) Nest Egg?
When stormy economic conditions are present—like nowadays—more and more people are doing the financial equivalent by cracking open their 401(k) nest eggs, and even more people are wondering whether that’s okay. The short answer is… NO!
April 9th, 2010
Saving For Retirement? Shave $1,000 Off Taxes With The Saver’s Credit
If you’ve been socking away retirement money, you could be eligible for the Retirement Savings Contributions Credit, aka the Saver’s Credit. This often-overlooked credit rewards you for having the good financial sense to build your nest egg early by shaving off as much as $1,000 on your tax bill, $2,000 if filing jointly.
It’s simple: make eligible contributions to a qualified retirement plan—like an employer-sponsored plan or IRA—and you can claim the credit. The saver’s credit appears on the Form 1040 and Form 1040A tax returns and works as a credit rather than a deduction. Tax credits are generally a better deal because they immediately reduce the amount of tax you owe to the IRS. Contributing to your retirement plan to reduce your taxes is a win-win situation—you pay less income tax, it doesn’t cost you anything to move around your money, plus you build a sound future for yourself.
February 1st, 2010
Review: Retirement Rewards Credit Cards
The next wave of rewards card programs is flooding the market, offering what’s termed “retirement rewards”. These rewards offer consumers the opportunity to turn points into cash to be invested in their retirement fund. The more familiar, traditional rewards programs of airline miles and cashback offers will have to move over for the innovative programs issuers have been rolling out to interest new customers and keep loyal ones: programs to donate to charities, pay off taxes, manage finances, and now, build up a nest egg.
As you are credit card shopping for retirement rewards, it’s crucial that you go beyond the following chart and make sure to read the fine print for each card and understand the fees and services before applying. Most of the following cards require no annual fee and some have no limit to how many points you can earn and redeem. Also, all cards, except for the NestEggz Visa, require that consumers have a retirement account at the participating financial company in order to redeem rewards for retirement dollars.
May 15th, 2009
Begin Saving for Your Retirement
If there is one thing in your life that you are simply never going to have control over, no matter what you do or how hard you work, it is the unchangeable fact that everyone grows old. Consistently changing in age is one thing that simply cannot prevent from happening. As every year passes, we grow a little bit older, and if we are not worrying about our futures, then we are not doing something right. If you have not already begun to think about your future, then it’s time to start doing so, no matter what age you are. Whether you are a teenager and just starting your first job, or an adult with a family of your own, there are many considerations that you need to make that will allow you to better prepare for your future and you eventual retirement.
Many people figure out how to enjoy their life to the fullest, but they never put any real consideration into planning for the future, adulthood and their retirement. What many people never really realize is that the earlier you begin to think and plan about your retirement, the more chances you will end up having to enjoy your old age to the fullest rather than finding yourself stressed out because you lack the financial stability to enjoy your senior years. One of the most important aspects that you should consider when it comes to planning for retirement is that you need to secure your financial needs as well as you can in order to enjoy peace of mind later on in life.
Retirement financial planning is an important concept that any wise person should put serious consideration into. The younger you are when you figure out your retirement plan, the better off you will be. When you start to consider your financial needs for your retirement, it is important to set a target figure so that you can work toward that figure through the years. Financial goal setting is vital when it comes to retirement planning and beginning to put away money for your retirement years.
Now that you have a financial figure that you can keep in your mind, the next most logical step is to begin planning on how you can reach that goal. There are several different methods on how you can reach your target financial figure, slowly and effectively. However, one of the easiest ways that you can start reacting your target figure is to begin to save money immediately. Saving money is one of the surest ways that you can plan for your future retirement. For some people, one of the best ways that you can begin to save for your financial future is to begin saving, watching your money grow slowly in the process.
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