Building a Retirement Nest Egg

by Andy Hough on June 21, 2010

The following is a guest post.

For many young adults, planning for retirement is something that is not necessarily in the forefront of things. In fact, a large number of these individuals tend to take this for granted with the belief that there will always be time for this later on in life. Reports show that three-fourths of the 600 eighteen to thirty-four year respondents surveyed in 2008 were in debt. Today, this number is still alarmingly large, add to this the downturned economy in the past few years.

There are many reasons why many people put aside planning for their retirement. For one, they are limited by present day realities, such as paying off student loans. At this age, one also tries to make good investments for the future, such as buying a home and various properties. Another reason, perhaps a somewhat inexcusable reason for getting in debt, is the spend-thrifty attitude many of us have, especially when it comes to making unnecessary upgrades of technology.

While the mindset

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Book Giveaway Winner

by Andy Hough on June 18, 2010

The random winner of the book, Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market

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New Thesis Theme Installed

by Andy Hough on June 15, 2010

There were some quirks in the old theme such as the comments link not showing up until after someone left a comment. Since I already useThe Thesis Theme for WordPress on my other blogs I decided to install it here as well. I still have a lot of customization to do but the site looks basically like it will in its final form. If you find any bugs in the new theme or have an opinion of how it should be customized let me know. And don’t forget the book giveaway. There are only two entrants as of this writing so you have a great chance of winning. To enter just leave a comment on the giveaway post.

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Social Security Reform Ideas

by Staff Writer on June 17, 2010

When it comes to the Social Security system, the only absolute facts are that changes must be made to keep it solvent. With the arrival of retirement age for the baby boom generation, the system will have two workers for every retiree by 2030; currently there are 3.2 workers per retiree paying into the system. With the well running dry, there are many ideas about how to fix the problem, and everyone has a strong opinion. There are three basic schools of thought, though with many variations as to how to accomplish each goal.

Raising Taxes

A highly unpopular option with cash-strapped Americans, raising taxes would fill the coffers. Discussions about raising taxes usually center on which taxes can be raised, and for which segment of the population. Raising payroll taxes is the worst case scenario, and instead deliberations have centered on eliminating loopholes in the tax code for wealthy Americans, and the possibility of reinstating estate taxes while earmarking the money for Social Security.
There is an additional element to these negotiations. Though hotly debated around the country, some point out that legalizing immigration could give the government the needed taxes to

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Building a Legacy of Good Works at Wesley Homes

Lisa Meinecke joined Wesley Homes as the new Resident Services Director on May 18, 2010. She brings with her 18 years experience as a Director of Social Services in the continuing care retirement industry.  Meinecke grew up in West Seattle and lives with her husband and two children in Fife Heights.

When she interviewed for the position she was truly amazed by the residents and the vibrant community. 

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Book Giveaway: Why are We So Clueless About the Stock Market?

This week’s book giveaway is for the book, Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market

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Resident E-mail Update

wesres.org, the list of names has been turned into Seanet. Once Seanet has created the accounts we will then contact the residents to help them setup their account. If you have any questions please contact the Helpdesk at 206-870-1218. Thanks Dwayne

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How a Good Reputation is Earned

Rita Askay pictured at Wesley Homes Health Center in Des Moines, WA

When I met Rita Askay, the Housekeeping Supervisor at Des Moines, she shared how good it makes her feel when a resident or their family members talk enthusiastically about how well they’re being treated by employees of Wesley Homes.

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Larger than Life

At the home of legendary mountainer Dee Molenaar with the mural he painted of Mt. Rainier

If you’re from the Northwest, you’ve got a connection with Mount Rainier.  Everyone has a story about Mount Rainier- and no one more than the Northwest’s own legendary mountaineer Dee Molenaar.

On May 6th at Wesley Homes Lea Hill Campus in Auburn, Molenaar will share his life experiences as a mountain climber celebrated the world over for his

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A Packed-House And a Spell-Bound Audience

Holding copies of books to be signed, fans of Dee Molenaar enjoy his 5/6/10 presentation at Wesley Homes Lea Hill.

Residents and guests of Wesley Homes Lea Hill were treated to an autobiographical presentation by legendary mountaineer Dee Molenaar whose story proved to be as compelling as it was historically accurate.

A thorough narration on the origin of Mount Rainier was intermingled with stories of the mountain men who made it their home. 

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Chef Cary Neff Brings Flavors 450 to Wesley Homes

Residents at Wesley Homes – The Gardens were treated, literally treated to an entertaining and enlightening demonstration by Celebrity Chef Cary Neff today. He talked about using fresh, in-season, local ingredients to create meals that are rich in flavor, low in calories and beautiful to look at.

During a visit to Pike Place Market, Chef Neff found fresh Morel Mushrooms, a rare, sought-after ingredient that is usually over $60 per pound. His presentation lofted the idea that the protein doesn’t have to be the focus of a meal but can rather be a compliment to fresh vegetables and starch, such as risotto.The audience watched and smelled the flavorful aromoa while Chef Neff cooked up Sweet Pea Risotto accompanied by Copper River Salmon skewers sauteed in olive oil and broth.Find out more about Chef Neff, Flavors 450 and the new taste in dining coming to Wesley Homes by calling 206-824-5000. Ask for Carrie or Andy.Share this on TechnoratiPost this to MySpaceShare this on FacebookLine: 7
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Make a Shift in Attitude Before Your Health Declines

Chef Neff teaches how to pick a tomato for taste, not looks.

Make changes in your diet to bolster your health.  You’ll feel better, have more energy and be able to maintain your active lifestyle.  That was the advice of Chef Cary Neff, as he entertained a full auditorium of Wesley Homes residents and guests invited to

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Veterans Honored At Green River College

Standing: Andy Herron, Bob Witman, Bill Humphries, Mal Bailey, Bill Nelson, Gordie Hefford, Ed Miller, Harry Keiffer. Kneeling: Will Gerring, Doc Huff, Dr. Ralph Reed, Ken Hoben

Wesley Homes veterans were honored on June 3, 2010 at the Second Annual GRCC Veteran Coin Ceremony at Green River College. 

The ceremony was presided over by Deb Casey for Veterans Council Recognition and included presentations by faculty members and veterans Carsh Wilturner, Marianne Jacobs, and honored speaker and veteran Pete Lewis, Mayor of Auburn.

Each resident was presented with a

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Does Diversification Protect Your Retirement Savings?

  Published inRetirement

The following is a guest post.

The investment industry has done a wonderful job convincing people that diversification is a no-brainer. Who can argue that it is prudent to put all your eggs in one basket? However, is diversification really protecting you or is it protecting your broker or financial advisor? Warren Buffett, the greatest investor in the world, said,

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Catch-Up Retirement Savings Options for Late Starters

  Published inRetirement

If you have not saved enough money for retirement you have plenty of company.  I wrote a little while back noting that most Americans are unprepared for retirement.  Many people don’t get serious about starting their retirement savings until their in their late 40s or even their 50s.  Of course, it is better to start saving earlier but for those of you who have gotten a late start still have a chance to save enough for retirement.

In order to save enough for retirement you will have to save a large percentage of your income.  If you are aged 50 or older you can contribute an extra $1000 to your Traditional or Roth IRA.  If you are self-employed you can contribute even more to your retirement accounts.  If you have a Simple IRA you can contribute an extra $2500 under the catch-up provisions.  If you have a 401k you can contribute an extra $5500.  You can also make catch-up contributions to your Health Savings Account although that will be changing.  Visit irs.gov to verify the amount of catch-up contributions you can make.

In addition to boosting your savings rate up to 20% or more you need to cut your expenses as well.  This will allow you to live on a smaller nest egg.  Making these changes won’t be easy but it is better than running out of money in retirement.

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Retirement Article Roundup

  Published inRetirement

Since I have been too lazy to write my own posts for this blog lately I thought I would share with you a few retirement related posts from the past couple Carnival of Personal Finance and elsewhere.

“How to select the right IRA beneficiary” from Wealth Pilgrim.  He basically says the youngest beneficiary is the best beneficiary but read the post to see why.“Ways to trick yourself into saving for retirement” from Pop Economics.  These are some simple behavioral adjustments that could help you save more for retirement.  Plus the site has cool art.“Traditional and Roth IRA contributions and phaseouts” from Smart On Money.  This is something I have posted on before but this post sums up the subject nicely. “Living to 100 and beyond: How will it affect your retirement plans?” from Invest it Wisely.  Living a really long time will definitely impact your retirement plans.

There are always plenty of interesting articles on retirement.  I will post a new article here later in the week.

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Saver’s Credit for Retirement Savings Contributions

Categories401K (89)403b (3)5 Stages (5)Annuities (11)Asset Allocation (20)Disbursements (6)Estate Planning (3)Fees (6)General (48)Insurance (3)Investing (47)IRA (34)Medical (1)Mutual Funds (10)Pensions (9)Retirement (128)Reverse Mortgage (5)Roth IRA (30)Scams (3)Social Security (27) Saver’s Credit for Retirement Savings ContributionsFebruary 3rd, 2010  

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Proposed Changes to Saver’s Credit

Categories401K (89)403b (3)5 Stages (5)Annuities (11)Asset Allocation (20)Disbursements (6)Estate Planning (3)Fees (6)General (48)Insurance (3)Investing (47)IRA (34)Medical (1)Mutual Funds (10)Pensions (9)Retirement (128)Reverse Mortgage (5)Roth IRA (30)Scams (3)Social Security (27) Proposed Changes to Saver’s CreditFebruary 10th, 2010  

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What’s Next…For You?:Book Review and Giveaway

Categories401K (89)403b (3)5 Stages (5)Annuities (11)Asset Allocation (20)Disbursements (6)Estate Planning (3)Fees (6)General (48)Insurance (3)Investing (47)IRA (34)Medical (1)Mutual Funds (10)Pensions (9)Retirement (128)Reverse Mortgage (5)Roth IRA (30)Scams (3)Social Security (27) What’s Next…For You?:Book Review and GiveawayFebruary 18th, 2010  

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Most Americans Unprepared for Retirement

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You have probably seen several news reports quoting statistics from the 2010 Retirement Confidence Survey by the Employee Benefit Research Institute. Some of the more interesting figures from the survey are that 43% of Americans have less than $10,000 in retirement savings and 27% say they have less than $1000 in savings. Also only 16% have confidence in their ability to save enough for retirement.

These statistics may not be as bad as they seem. The statistics do not include the value of primary homes or defined-benefit pension plans. Also, you need to consider that some of the survey respondents are still in their 20’s and haven’t had much time to accumulate much in savings.

Even taking these factors into account though it is clear that most Americans need to be doing more in preparation for retirement. They survey showed that many people are unaware of how much they need to save for retirement or how to calculate how much they need to save for retirement. I think it is also clear that without the safety net of Social Security there will be millions of Americans that are never able to retire.

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Dividend Investing for Retirement

  Published inInvesting

Dividend stocks make up a major portion of my retirement portfolio. If you do not already have dividend-paying stocks in your retirement portfolio you should strongly consider adding them. By buying dividend-paying stocks and reinvesting the dividends you could have a nice stream of income when you retire.

Dividend-paying stocks have been out of favor the last few years because their small, steady returns didn’t have the appeal of speculative stocks with potentially huge returns. After hundreds of companies cut or eliminated their dividends in 2009 dividend stocks fell even more out of favor. As a result there are many dividend stocks available at good prices.

There are several reasons that dividend-paying stocks are good investments. The first is the power of reinvested dividends. For the period from 1925 to 1995 reinvested dividends comprised two-thirds of the return of the S&P 500. Another reason is that dividends offer protection against inflation. There are many companies that have a history of raising their dividends thus increasing your income. If you invest in fixed-income investments such as a CD or bond your income will not increase and you won’t have a hedge against inflation. A final reason is that after the latest round of dividend cuts most of the cuts should be over and as the economy improves companies could start increasing their dividends once again.

I have several stocks and funds in my dividend portfolio but I won’t make any recommendations here. If you want to learn more about dividend-paying stocks a couple of good books on the subject are The Ultimate Dividend Playbook: Income, Insight and Independence for Today’s Investor

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Retirement Survey Results

  Published inRetirement

The people over at ING Direct recently conducted a survey asking how people feel about retirement. The results might be surprising to some. For instance, 1 in 3 Americans over the age of 55 think they will need to save $250,000 or less to retire. I suppose this is possible if they live extremely modest lifestyles or have pensions but I doubt that is the situation for most of the respondents.

Also, 25% to 50% of working Americans plan to rely on Social Security as their main source of retirement income. Looking at what most Americans have saved for retirement I would bet that in actuality over 50% of them will end up relying on Social Security as their main source of retirement income. If Social Security is not kept around in some form there will be a lot of people in the poorhouse.

Visit the survey page to see more results from the retirement survey. If you would like to open a savings account with ING Direct visit my ING Direct referral page.

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The Retiring Mind : Book Giveaway

is a new book written by Robert P. Delamontange, PHD. As you can tell from the subtitle this book focuses on the psychological component of retirement rather than the financial component. In the book the author details several self-analytical processes to help you identify your personality type. He then offers suggestions based on your personality type on how to solve problems adjusting to retirement.

I am a ways off from retirement but it makes sense to me that your retirement planning shouldn’t only be focused on your financial needs. Although this blog will remain focused on the financial aspect of retirement one should plan for the aspects of retirement as well. This book can help you plan how you will adjust to retirement.

I am giving away a copy of this book. To enter all you need to do is leave a comment on this post. There is a limit of one entry per person and the book will only be shipped to a U.S. mailing address. The winner will be chosen at random Thursday April 22nd.

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“The Retiring Mind” Book Giveaway Winner

Categories401K (89)403b (3)5 Stages (5)Annuities (11)Asset Allocation (20)Disbursements (6)Estate Planning (3)Fees (6)General (48)Insurance (3)Investing (47)IRA (34)Medical (1)Mutual Funds (10)Pensions (9)Retirement (128)Reverse Mortgage (5)Roth IRA (30)Scams (3)Social Security (27) “The Retiring Mind” Book Giveaway WinnerApril 22nd, 2010  

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