I know what you are thinking, you are deep in debt, and Retirement money is the last thing on your mind. How in the world can you save for retirement when you cannot dig yourself out of the deep hole you are in now? Did you know there is help out there with agencies who can help you with your retirement plan and many of them can give you some direction how to work with your budget so you can achieve your overall goals for your life? Look over this page, get excited about your future because I have confidence things will change for the better for you. Stop Big Spending is interested in your lifetime success and we care deeply for you.
What You Should Know About Your Retirement Plan
Your employer's retirement savings plan is an essential part of your future financial security. It is important to understand how your plan works and what benefits you will receive. Just as you would keep track of money that you put in a bank or other financial institution, it is in your best interest to keep track of your retirement benefits.
Those responsible for the management and oversight of your retirement plan must follow certain rules for operating the plan, handling the plan's money and overseeing the firms that manage the money. You should also understand and monitor your retirement plan and your benefits. You will find Action Items in each chapter to assist you in doing this.
This booklet helps you understand your plan and explains what information you should review periodically and where to go for help with questions. It includes information on:
Different types of retirement plans;
What information you can get about your plan;
When and how you can receive retirement benefits;
What to do if you have a question or find a mistake;
The responsibilities of those who manage the plan and its investments;
Your responsibilities to understand and monitor your plan; and
Specific circumstances such as how a divorce or change of employer ownership may affect your retirement benefit.
Ameriprise Financial has more than 110 years of history helping clients plan for retirement. We have more than 2.8 million individual, business and institutional clients, and more than $440 billion in owned, managed and administered assets as of Sept. 30, 2006.
We offer and distribute a broad array of investment and insurance protection products and services that help our clients stay on-track toward their financial goals and dreams. Our comprehensive and personalized financial planning approach is built on a long-term relationship with one of our more than 10,000 knowledgeable advisors who help clients prepare for the future.
Call Ameriprise Financial at 1-248-925-4378 or go to their web site here
Start With Little And Grow Big
Well, we all want to be rich or at least live a decent life, don’t we? Additionally, as the value of money is increasing, people are finding secret mantras for being financially secure. But, as a matter of fact, being financially secure is no rocket science and there are no secret mantras for it. You just need some appropriate ways & guidance to attain that financial security. Let’s find out!
Spend less Save More- Savings= Income–Expenses; is what I’m endeavoring to say here! This evaluation will give you a very simple and easy way to save and spend. One important thing that everyone should practice is to make productive use of their earnings. Limit all your extra and unnecessary spends. Visualize what all you want to have in next five years, may be a house or a vehicle? And accordingly start saving with that as an end objective.
Your Bucket List is your Encouragement-We all have certain goals and a bucket list that we want to achieve in a particular life span, don’t we? So, why not to start off with planning our goals? I would advise you to list down all your goals that you foresee in the near future. Classify these goals into time spans, i.e., if it is a short-term or a long-term goal and work towards it. Remember, nothing can inspire us to save more than our life goals and dreams.
Make a Tight Budget- The main reason for making a tight budget is to control and curb your spending. One of the best ways to save money is to divide the salaried amount into clear expense heads. For example, you can divide it into 4 broad categories/ portions – 30% on house and food expense, 30% for lifestyle, 20% for savings and another 20% for debts/credits/loans etc. As a thumb rule always endeavor to save 10% – 20% from the salaried amount.
An Expenditure Plan to Stay Focused- Expenditure plan is not to crub your spending, but to track your expenses! Thus, make a record all your previous expenses, by doing so, you will get an idea about your spending, which will precisely help you in making your next budget.
Define Spending and Priorities- This is where your major decision reflects. And, if you know what’s most important to you, then cutting back on some of the things that aren’t that important isn’t really a sacrifice, I would say. Managing your extra expenses or rather unnecessary expenses would help you to save more to achieve your goals on time.
Never Invite Debt- Most of you might have some kind of loans or liabilities that need to be paid off. Paying off all major loans should be part of your monthly budget. But, being liable to heavy debts by means of credit cards is not a healthy financial plan! If you are using a credit card, make sure you pay your monthly dues on the due date (or before). *The secret to paying off debt is to determine how much you can afford to pay each month and make those payments consistently.
Invest Smartly- SIP or a Systematic Investment Plan is one of the best ways of investing your money. The minimum amount of investing in a SIP is as less as INR 500, which makes it one of the most convenient investment options for even a youngster.
The products and text on this website are for informational purposes only and not intended to replace the assessment, advice or treatment of a physician or therapist.
Images found for this site found from the following sources: Google Images, Animation Factory, exception personal image of Susan Young