"If you fail to plan, you are planning to fail." ............ Ben Franklin
"If you fail to plan, you are planning to fail." ............ Ben Franklin
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The Complete Retirement Planner

Just How Costly Is A Little "Bad" Debt?

Just How Costly Is A Little "Bad" Debt?

While being "in debt" often has negative implications, not all debt is construed as being harmful to your financial situation. Different types of debt are often referred to as, "good" debt, or "bad" debt. Having a mortgage (that you can really afford) is considered to be "good" debt because it can be beneficial in the long run. A mortgage pays for an asset that is expected to gain in value, you are paying a relatively low interest rate, it can provide certain tax deductions, and it is an expense that you would have anyway (at least in part) even if...

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5 Retirement Planning Topics That Need Clarification

5 Retirement Planning Topics That Need Clarification

There seems to be a never ending supply of articles offering advice about retirement planning. Some offer well thought out points, some offer generic assumptions, some offer half-truths, and some don't seem to have much to offer at all. The five topics listed below address some areas that might benefit from a little extra clarification.• The Assumption That You'll Need To Replace 75% Of Your Salary In Retirement. Many articles suggest that you should plan on replacing 70% - 80% of your salary in retirement, so I split the difference. In very general terms, with a salary of $75,000 per...

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Social Security - Be Careful Choosing When To Claim Your Benefit

Social Security - Be Careful Choosing When To Claim Your Benefit

Whether you are working on a financial plan, or actually getting close to retiring, one of the biggest decisions you will have to make is when to start claiming Social Security benefits. There are more considerations than you may be aware of, especially if you are married, and choosing the best strategy will require some careful thought. In some cases, it may even be more advantageous to use your retirement savings rather than claiming too soon, in order to receive the the largest benefit possible. The following is meant to highlight some of the Social Security rules that you should...

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“Retirement Planning” - It's Keeping Younger People From Being Better Prepared.

“Retirement Planning” - It's Keeping Younger People From Being Better Prepared.

I really wish that someone had explained to me just how financially important the first 20 years of my working life would be to my final 20-25 years on this earth. I’m pretty sure that I would have made some different decisions and paid a little more attention to the possibilities. At least on paper, I could have stopped saving for retirement by age 45 (and let those savings grow for another 20 years), rather than be in the beginning stages. The term “retirement planning” can be misleading since it’s not as much about planning for what happens during retirement,...

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Timing - When Should I Start Planning?

Timing - When Should I Start Planning?

Any professional financial adviser will tell you what you've already heard elsewhere a thousand times - start saving as early on in your career as possible. Save as much as you can, invest it wisely, and do both consistently. This is, of course, to help you to be financially responsible, and to develop financial security for the future. While this is great advice, it is missing an essential piece. Along with saving and investing, you need to create a retirement plan to compliment those efforts. After all, part of what you're saving for is retirement! A retirement plan is best...

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