Here are a few of her rules of thumb to help you catch up after age 50:
People who aren’t really taking their savings
seriously, unfortunately, are going to move themselves into this area of
poverty. For someone who hasn’t been saving, take a real hard look at where
their money is going and make savings automatic, non-negotiable.
make savings a high priority, there’s a lot of opportunity to make a difference.
Let me give you a financial example: If a 50-year-old was to take advantage of
the 401(k) and save $23,000 for the next 15 years until they’re 65, at a 6% rate
of return that money can grow to [about] $570,000. Also take a look at credit
card debt because the interest that you’re paying could easily be going to
The 25 Times Rule
You will need 25
times the amount you’ll need to withdraw from your savings to supplement
retirement or any other reliable income. So, for instance, if you need $40,000
per year of supplemental income, you will need a million dollars saved at the
time of retirement.
The Minus 10 Rule
start saving in your 20s, you can save up to 10% and you should have a
relatively comfortable retirement. However if you wait until your 30s, you’re
going to have to save at least 20%. And then your 40s [save] 30%, and 50s of
course 40%. That sounds like a lot of money, but in this country two-thirds of
Americans use Social Security as their primary source of income. For a third of
Americans, it’s their only source of income. And, unfortunately, the average
amount of Social Security is approximately $15,000 [a
Are there things that you can cut out? For instance, even life
insurance. For a lot of people it’s a waste of money -- they don’t have
dependents or a small business. Really look at where you can cut money -- is it
cable television? Do you need that car?
Saving for your
Keep in mind we're living longer. In our early retirement
days we are going to be active and that’s where our money is going to go. But in
our later years, a lot of our money is going to go to health care. A lot of
people don’t really think about health care costs and embedding that into their
If you have access to a health savings account consider saving
bits in it and let it grow over the years so that when you do retire, you have
that nest egg for health care.
A lot of people assume that Medicare is paid for
and all their medical expenses are going to be paid for, but actually the
premium is deducted from your Social Security benefit so Medicare only covers
about 60% of your health care costs, so it's really important to embed health
care in your whole retirement savings plan.
Friday, 13 June 2014
Saturday, 7 June 2014
Saturday, 24 May 2014
Maa Takaful.....Setiap tahun Maa akan menganjurkan kongres jualan 2 hari 1 malam di hotel terpilih.Inilah gedung ilmu dimana Maa akan menjemput speaker2 dari dalam dan luar negara utk menyampaikan pembelajaran dalam bidang ini. bayaran yang yang dikenakan hanya rm 600 ~700 dan tolak dari komisyen selama 10 bulan...bagus bukan?