Insights, Lessons-learned, Guidance, Idea-sharing, guest posts, and thoughts on FREEdome (freedom), Improvement, Family, and Fun presented by Seko Varner and special guests.
Friday, September 21, 2012
How much do you need to save for retirement? - Clark Howard
I'm a big fan of Clark Howard, Dave Ramsey, and Michelle Singletary (obvious bias for Michelle..eye-candy). While listening to Clark the other day he noted that Fidelity has a new way of guiding people into the the amount they need to "retire with dignity" (As Dave Ramsey says). I wish I would have listened to this particular show a day earlier as I met with a couple the night before to prepare their retirement planning. As I noted that they might need to save 10% - 15% of their current take home pay to be able to have a similar or possibly higher amount of income from their retire-investments they both glazed over in the eyes. "We haven't done that, how do we know how much we need ?" was their question. We began to complete a full analysis just to answer that question. We still have work to do. Then the next day I hear Clark Howard share his recent find from Fidelity Investments (who handles one of my 401-K accounts) which easily provides an answer to that couples question. Here is the simple approach from Fidelity. To "Retire with dignity...."
Keep in mind to keep your retirement planning diversified. In addition to putting 6% in your company's matching 401-K plan, be sure to fully fund a Roth-IRA (if you qualify) and consider a 7702 plan as both the 7702 plan and the Roth IRA are financial products that do not currently face taxes on the growth of the investments.With 401-K and similar plans one will pay taxes on the seed and the growth of the investment. If you are not preparing for your retirement, it's never to late. Contact or obtain a financial planner, contact me if you feel comfortable, or I can refer you to another financial planner in the United States. Be ye' prepared !
Seko Varner is from Positive Vibes Financial, a World Financial Group team of financial services agents. They specialize in debt reduction, investments, and insurances. Seko is in high demand as a special events DJ and owns an event marketing service. Seko has diverse background in business, counseling and education. He has been real estate agent, a school counselor, a teacher, and an Intensive In-Home Counselor. Seko is active with numerous Youth Mentorship programs and has a background in radio and television. Visit www.HappilyEverAfter.Be or call 757-248-3820 for more details.
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