All Articles Tagged "retirement"
Your 20s were the time to splurge on the latest handbags, mess up your credit, rebuild your credit and establish patterns of financial success for your future. Now in your 30′s with kids, a mortgage, a significant other and a better career (or just a little wisdom and a desire to get it together), it’s time to get secure and at-peace with your finances.
Here are a few ways to achieve financial peace of mind in your 30′s.
Retirement can be an anticipated pleasure or a kiss of death. It basically boils down to what you are currently making and what you have saved up. Thinking about future plans far in advance can be really difficult, especially if you are dealing with the woes and worries of today. Why should I think about relaxing in my senior years when I have bills to pay right now?
While this is true, your actions of today are your consequences of tomorrow. And if you fail to save for your retirement, you may not even get the pleasure to stop working during your last days. Well what does this mean for those of us who do what’s necessary to make end’s meet? Maybe you are working a job to pay the bills that doesn’t offer a high salary? Or perhaps you are working in a freelance or contracting capacity where retirement plans are not in the cards? Whatever your situation is, just know you have options.
Here are some tips on how to save for your retirement on a limited budget or income.
Toni Braxton may have taken a hiatus from music, but the iconic singer is making a comeback with a new album and tour.
Braxton, who previously said she wasn’t interested in creating new music has changed her mind and is currently working on a new album. The Braxton Family Values star is garnering some help from Grammy award-winning singer, songwriter and producer, Kenny “Babyface” Edmonds.
The pair has worked together in the past, as Braxton’s first first three albums were produced by Babyface through his record label, LaFace Records.
“I think I’ve made the right devision to get back involved with songwriting and working with Kenny,” said Braxton on an episode of Braxton Family Values.
The 45-year-old singer shared that she and Babyface channeled their past experiences to help them make good music together.
You can read the rest over on Essence.com!
Wow, we’ve gotten good news about Toni for two days in a row which is great for her! It looks like she is going to be very busy for the rest of the year and she’s likely still filming Braxton Family Values. Toni is scheduled to start touring August 9th and her album should be out in September.
Are you ready for new material from Toni Braxton?
Net worth is a financial measure of your own personal worth in assets and investments. The healthier your investment history and the more money you earn from investing it wisely, the higher you own personal “price tag.”
As African-Americans, our net worth is not even a tenth of our overall consumer power. According to a report done by Democracy Now!, African-American women have, on average, about $100 net worth in 2013 compared to $41,000 for white women. As a race whose consumer power is in the billions, why are we shortchanging our own net worth?
Here are a few investments to look into to build your portfolio and your net worth. Don’t just jump in! After consulting and finding the right financial advisor, make sure to research your investment options. Learn as much as you can and begin writing the price tag for what you are worth.
Many people fear retirement not only because of the fact that there will be less money to live on but some actually look at it as a death sentence. Well, a new study seems to prove that retirement will kill you. Jennifer Montez of Harvard University and Anna Zajacova of the University of Wyoming, examined why the gap in life expectancy between highly-educated and less-educated Americans has been growing so rapidly, reports Peter Orszag in Bloomberg.
Montez and Zajacova examined the growing educational gradient in life expectancy from 1997 to 2006, focusing on white women ages 45 to 84. The results: The life expectancy of less-educated women was shortened by their lower employment rates compared with those of highly-educated women.
This isn’t the only study. Researchers at the UK’s Institute of Economic Affairs also recently pointed out “negative and substantial effects on health from retirement.” According to their study, retirement to be associated with a significant increase in clinical depression and a decline in self-assessed health. And yet another study from 2008 by the National Bureau of Economic Research discovered that full retirement increased difficulties with mobility and daily activities by 5 percent to 16 percent and, by reducing physical exertion and social interactions, also harmed mental health.
But there are also contracting studies. A 2007 paper by John Bound of the University of Michigan and Timothy Waidmann of the Urban Institute, find that retirement doesn’t harm health — and may actually improve it. “Another study, by Esteban Calvo of the Universidad Diego Portales in Chile, Natalia Sarkisian of Boston College and Christopher Tamborini of the Social Security Administration, finds harm from early retirement but no benefit from delaying retirement beyond the traditional age,” writes Peter Orszag.
So which is it? There seems to be more evidence to show that during retirement years one’s health can deteriorate. So as Peter Orszag concludes, “[T]he next time you think your job is killing you, just remember that the evidence, if anything, suggests the opposite. Your job may be saving your life.”
The study doesn’t deal directly with African Americans, but you must know someone who’s retired. What’s your perception of how they’re handling it?
The time will come when you will be ready for retirement. If you are not prepared you may find yourself still working well into your senior years. But even with planning there are typical mistakes people make.
In fact, a just-released report found that most workers across the globe are unprepared for retirement. Nonprofit foundation Transamerica Center for Retirement Studies compiled data in collaboration with Aegon for The Changing Face of Retirement, surveying 12,000 workers and retirees in 12 European, North American and Asian countries. According to the findings, few (12 percent) are “very optimistic” that they will have enough money to live on when they are retired, reports Reuters.
The study also found that nine percent of people globally say their personal retirement planning process is “very well developed” (12 percent in the U.S.); nine percent have a written plan for retirement (14 percent in the U.S.); and 39 percent of employees globally do not know if they are on course to achieve their desired retirement income (37 percent in the U.S.).
There are things you can do to be better prepared–and things not to do. Here is a look at retirement planning mistakes to avoid.
No one is exempt from feeling the impact of the economic downturn, including the elderly. Just like many others, seniors are struggling with mounting debt that’s preventing them from retiring comfortably, if at all.
According to Federal Reserve data analyzed be the Employee Benefit Research Institute, the average debt held by senior citizens shot up to $50,000 in 2010, an increase from 83 percent in 2001. The culprit for this lingering debt is housing-related. The St. Louis Federal Reserve found that families headed by someone 60 or older had the largest increase in average mortgage debt by percentage between 2000 and 2010.
It’s not that seniors are going out shopping for homes. It’s that pre-downturn money was so cheap that many took out the home equity lines of credit on their homes to make home improvements, travel, or even invest. Only 24 percent of homeowners over the age of 62 had mortgage debt in 1992, but that figure soared to 45 percent in 2010.
Other than mortgage debt, more seniors are relying on credit cards. Just about one-third of American seniors are relying on credit for daily expenses. Amy Traub senior policy analyst at Demos, the company that found these results said, “If people are relying on credit cards to pay living expenses, it’s difficult to see how that turns around if they aren’t earning additional income.”
Increased debt has forced many senior citizens to continue working well past the normal retirement age. Many are uncertain if they will experience the comfortable retirement they expected in their younger years and for some seniors with looming debt, retirement will never become a reality. The key is to plan early, save aggressively, and make your money work for you so you won’t have to work into your golden years.
Now, we don’t cover sports too much around these parts (well, not unless its for eye candy purposes) but this time it’s about Kobe Bryant and well, he’s always newsworthy.
If you happen to be a sportsnista (I totally am) and in particular, a basketball fan, you know that the Los Angeles Lakers are in an uphill battle trying to make last place in the Western conference just to make the playoffs. Their leader and franchise plyer, Kobe Bryant, has taken it upon himself to make sure the team gets all the wins they need to make it.
But Friday night, that all came to a screeching halt. The LAkers were playing the Golden State Warriors and Bryant was being guarded by Harrison Barnes when he was fouled. He was making a move to the basket when he heard something pop; after asking Barnes if he kicked him in the knee – to which BArnes responded no – Bryant knew something was wrong. After making the two foul shots, he hobbled off the court for the rest of the game.
So what’s the prognosis? The 34 year old living legend has a torn Achilles and his season is over. It will take about 6-9 months to heal and even then, he might not ever be the same. The chances of Kobe coming back to play at such a high level after a shattering injury at age 35 is in many ways, impossible.
Later that evening, a very frustrated “Mamba,” as he’s known to fans and enemies alike, took to his Facebook page for a vent session:
“This is such BS! All the training and sacrifice just flew out the window with one step that I’ve done millions of times! The frustration is unbearable. The anger is rage. Why the hell did this happen ?!? Makes no damn sense. Now I’m supposed to come back from this and be the same player Or better at 35?!? How in the world am I supposed to do that?? I have NO CLUE. Do I have the consistent will to overcome this thing? Maybe I should break out the rocking chair and reminisce on the career that was. Maybe this is how my book ends. Maybe Father Time has defeated me…Then again maybe not!”
Wow. You know, Kobe Bryant isn’t one of the most well-liked players in the NBA but most respect him for his work ethic and his insane ability to play the game of basketball. It is unfortunate that his season has ended this way. What is even more sad to see is the number of people who reacted on social media in such an excited way because a player they don’t like was injured. Now, I’m no Kobe fan either but to wish ill on a person or be excited that they can’t do their job anymore isn’t right.
Well, it’s time to see what the Lakers are really made of!
Are you a Lakers fan?
Can you imagine going one year without using a sick day at your job? Now imagine not using a sick day for 44 years! Well, today Ms. Deborah Ford is retiring from the U.S. Postal Service after going 44 years without using any of her sick days.
The cutest thing is that Ms. Ford doesn’t see what all the fuss is about. According to ABC News Ford told reporters, “I was trying to do the best I could, and that just evolved into working all my scheduled days.”
She says when she was sick she would just “shake it off,” and for doctors appointments she would use vacation days.
They just don’t make ‘em like this anymore. You rarely see this kind of workplace commitment. Although, shaking it off doesn’t seem like the best method for recovery or keeping the rest of the office from getting sick, I respect the dedication.
Ford, who is 64 years old, will be retiring in her home town of Detroit from her job in payroll and timekeeping management for the city’s main post office. We congratulate her on her dedication to the US Postal Service and wish her well in retirement.
If you are like many, you worry about your parents as they grow older. The future may not be so rosy for mom.
The Organisation for Economic Co-operation and Development (OECD) predicts poverty for mothers in their elder years, reports Forbes. The OECD is an international economic organization of 34 countries founded in 1961 to stimulate economic progress and world trade.
In a press release, the organization takes a closer look at the earnings of mothers in many countries, including the United States. The wage gap between men and women, according to the OECD will leave many women unable to take care for themselves after they retire. In the U.S., the wage gap between men and women without children is seven percent. After women have children, the wage gap increases to 23 percent.
Women typically retire on lower pensions, yet live an average of six years longer than men. As a result, says OECD, “[W]omen over 65 are today more than one and a half times more likely to live in poverty than men in the same age bracket.”
According to the latest Census Buerau data, more single mothers are living in poverty– a 31.6 percent poverty rate, or 4.7 million women in 2010. The numbers are more disheartening for elderly women. “Growing numbers of older Americans are spending their retirement years in poverty, according to a recent Employee Benefit Research Institute study. The proportion of older people living below the poverty line has been growing steadily since 2005,” reports U.S. News & World Report. Medical expenses seem to play a large part of increase rate of poverty. And again, women are hit the hardest. “Poverty rates for women were nearly double that of men in almost all years between 2001 and 2009. In 2009, poverty rates were 7 percent for men and 13 percent for women,” writes the magazine.
Are you concerned about your mother’s retirement?