DailyFinance.comhttp://www.dailyfinance.comDailyFinance.comhttp://o.aolcdn.com/os/df/2013/img/2-dailyfinance_logo_m.pngDailyFinance.comhttp://www.dailyfinance.comen-usCopyright 2013 Weblogs, Inc. The contents of this feed are available for non-commercial use only.Blogsmith http://www.blogsmith.com/Retirement Planning, Decade by Decadehttp://www.dailyfinance.com/2011/04/22/retirement-planning-decade-by-decade/http://www.dailyfinance.com/2011/04/22/retirement-planning-decade-by-decade/http://www.dailyfinance.com/2011/04/22/retirement-planning-decade-by-decade/#commentsFiled under: , , ,

Retirement planningRetirement planning is no slam-dunk. To make sure you retire in comfort, you have to start saving early and often. You need to pay attention to your money and not be distracted by the stresses and strains -- or the joys -- of day-to-day life. In the long run, you'll thank yourself for keeping one eye focused on the future.

To help you reach your retirement goals, here's a road map for navigating the decades as you move closer toward retirement age.

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]]>401KIRAplanning for retirementPlanningForRetirementRetirement planningroth IRARothIraJennie L. PhippsFri, 22 Apr 2011 09:30:00 ESTFour Reasons Why Waiting to Take Your Social Security Benefit Pays Offhttp://www.dailyfinance.com/2011/04/05/four-reasons-why-waiting-to-take-your-social-security-benefit-pa/http://www.dailyfinance.com/2011/04/05/four-reasons-why-waiting-to-take-your-social-security-benefit-pa/http://www.dailyfinance.com/2011/04/05/four-reasons-why-waiting-to-take-your-social-security-benefit-pa/#commentsFiled under: , ,

retired couple with surfboards - social securityTaking Social Security benefits at 62 may seem like a good idea, but if you wait, you'll thank yourself later. Here are four reasons why:

1. You get less money when you claim early

If you take your Social Security at age 62, you take a 25% haircut. Or as Social Security points out here, if you are entitled to a $1,000 at your full retirement age -- 66 for most of us retiring soon -- you 'll get $750.

A spouse claiming on your record gets even less money. At full retirement age, if you get $1,000, your spouse will get $500. Take it early, and your spouse will get $350, just 30% of what he or she would get at your full retirement age.

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]]>retirementsocial securityJennie L. PhippsTue, 05 Apr 2011 16:00:00 ESTLife in Motor City: Detroit Getting Smaller ... but Betterhttp://www.dailyfinance.com/2011/04/04/life-in-motor-city-detroit-getting-smaller-but-better/http://www.dailyfinance.com/2011/04/04/life-in-motor-city-detroit-getting-smaller-but-better/http://www.dailyfinance.com/2011/04/04/life-in-motor-city-detroit-getting-smaller-but-better/#commentsFiled under: ,

DetroitI get tired of all the negative Detroit news.

In the wake of the U.S. Census report that the population of Detroit had dropped 25% in 10 years, because I live nearby, WalletPop asked me to write about what's driving people out of the city and what it's going to take to get them back.

I don't know. Lots of brilliant people and some not so smart ones have mulled that question and come up dry. The city remains beat up and beat down.

But I do offer one caveat: On its worst day, Detroit is not as bad as most news reports filed here and elsewhere would lead you to believe.

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]]>Census bureauDetroithousing in Detroitlife in Detroitreal estaterevitalizing DetroitJennie L. PhippsMon, 04 Apr 2011 10:00:00 ESTFour Spring Tune-up Tips for Your IRAhttp://www.dailyfinance.com/2011/03/29/four-spring-tune-up-tips-for-your-ira/http://www.dailyfinance.com/2011/03/29/four-spring-tune-up-tips-for-your-ira/http://www.dailyfinance.com/2011/03/29/four-spring-tune-up-tips-for-your-ira/#commentsFiled under: , ,

a married man holds seeds - IRA tuneupTop your spring to-do list with an IRA tuneup -- before you sharpen the lawnmower blades and scrub up the the barbecue grill.

Here are four steps to getting your IRA and/or your 401(k) in top shape. Most of this advice comes from Dan Keady, director of financial planning for TIAA-CREF.

1. Total Up How Much You are Saving for Retirement, Then Figure out How to Add More

Get out the calculator and add up how much is going into your retirement accounts every month, including the amount that you are putting into your 401(k) at work and the interest that is growing on your IRA accounts from former employers or self employment. Then look for ways to up the ante. Here are some painless suggestions:

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]]>401kRetirementretirement adviceJennie L. PhippsTue, 29 Mar 2011 18:00:00 ESTFive Ways to Save for Retirement When You Don't Have a Workplace 401(k)http://www.dailyfinance.com/2011/03/21/five-ways-to-save-for-retirement-when-you-dont-have-a-workplace/http://www.dailyfinance.com/2011/03/21/five-ways-to-save-for-retirement-when-you-dont-have-a-workplace/http://www.dailyfinance.com/2011/03/21/five-ways-to-save-for-retirement-when-you-dont-have-a-workplace/#commentsFiled under: ,

happy retired couple - retiring without a 401KJust because you don't have a 401(k) at work doesn't mean you can't (or shouldn't) save for retirement. There are many tools for putting money in the cookie jar and earmarking it for your old age that aren't reserved for those with a workplace retirement savings plan. Here are five ways to set up and manage your own, employer-free retirement savings plan.

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]]>401kretirementsavingsJennie L. PhippsMon, 21 Mar 2011 17:00:00 ESTSix Ways to Build Your Pre-Retirement Confidencehttp://www.dailyfinance.com/2011/03/16/six-ways-to-build-your-pre-retirement-confidence/http://www.dailyfinance.com/2011/03/16/six-ways-to-build-your-pre-retirement-confidence/http://www.dailyfinance.com/2011/03/16/six-ways-to-build-your-pre-retirement-confidence/#commentsFiled under: , ,

man and happy retirement sign - retirement savingsRetirement confidence surveys remind me of Chicken Little. You remember her. She gathered a long line of followers who believed her warning that the sky is falling. Ultimately, she and her followers were so distracted by their fears that the fox led them to his den and something far worse than something falling out of the sky happened to them.

Today's survey from Employee Benefit Research Institute (EBRI) points out that a record number of people -- 27% -- think they won't have enough money to live comfortably in retirement. If you do the math, that leaves 73% of people who are at least modestly confident that they will be able to retire and avoid eating Kibbles & Bits.

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]]>401ksIRAslate retirementretirementsaving for retirementsecond jobJennie L. PhippsWed, 16 Mar 2011 08:00:00 ESTHow to Get Help If You're Old and Poorhttp://www.dailyfinance.com/2011/02/28/how-to-get-help-if-youre-old-and-poor/http://www.dailyfinance.com/2011/02/28/how-to-get-help-if-youre-old-and-poor/http://www.dailyfinance.com/2011/02/28/how-to-get-help-if-youre-old-and-poor/#commentsFiled under: , ,

Older man checking billsBeing old and poor doesn't sound like much fun. Here's what you need to know to avoid that fate -- or get help if you can't.

One quarter of baby boomers, ages 46 to 65, appear to be headed for poverty in their old age, according to a recent Harris poll, because they have no retirement or personal savings.

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]]>agingelderlyelderly financessenior financesseniorsseniors and moneyJennie L. PhippsMon, 28 Feb 2011 14:30:00 ESTNeglecting Estate Planning Is a Grave Errorhttp://www.dailyfinance.com/2011/02/28/neglecting-estate-planning-is-a-grave-error/http://www.dailyfinance.com/2011/02/28/neglecting-estate-planning-is-a-grave-error/http://www.dailyfinance.com/2011/02/28/neglecting-estate-planning-is-a-grave-error/#commentsFiled under: , , , ,

a family mourns at a funeral - estate planningNeglecting estate planning is a grave error.

If you don't plan your exit strategy before you die, it is likely that a lot more of your money and your property will go to Uncle Sam and the state tax man than your loved ones would have had to pay if you had been savvy about estate planning.

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]]>estate planningestate taxwillsJennie L. PhippsMon, 28 Feb 2011 11:00:00 ESTYour Parents and Their Money: Seven Issues You Need to Addresshttp://www.dailyfinance.com/2011/02/25/your-parents-and-their-money-seven-issues-you-need-to-address/http://www.dailyfinance.com/2011/02/25/your-parents-and-their-money-seven-issues-you-need-to-address/http://www.dailyfinance.com/2011/02/25/your-parents-and-their-money-seven-issues-you-need-to-address/#commentsFiled under: , ,

Discussing money with a parentTalking to your parents about growing old and their plans for the future is hard to do. After all, they still remember changing your diapers. What could you possibly know that they don't?

Talking about their money is even harder -- worse than talking about sex. And you remember that awkward conversation, don't you?

Here are seven ways to break the ice on some of the toughest conversations that you and your mom and dad should have.

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]]>estatesfinancial planningwillsJennie L. PhippsFri, 25 Feb 2011 09:00:00 EST401(k) Savings Hit 10-Year Highhttp://www.dailyfinance.com/2011/02/24/401-k-savings-hit-10-year-high/http://www.dailyfinance.com/2011/02/24/401-k-savings-hit-10-year-high/http://www.dailyfinance.com/2011/02/24/401-k-savings-hit-10-year-high/#commentsFiled under: , ,

401(k) savings hits 10-Year highRetirement savers are back on track after the 2008 stock market downturn, according to a report from Fidelity Investments, the nation's largest provider of workplace retirement savings plans.

Fidelity reported that the average 401(k) savings reached a 10-year high at the end of 2010 with the average saver putting away 8.2% of their paychecks, before the employer match. Employers typically kick in another 50% of employee contributions up to 6% saved, Fidelity says.

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]]>401k401k savings401kSavingsFidleity InvestmentsFidleityInvestmentsretirement savingsRetirementSavingssavings for retirementSavingsForRetirementJennie L. PhippsThu, 24 Feb 2011 14:30:00 ESTEstate Planning: 10 Things That Make the Road to Heaven Smootherhttp://www.dailyfinance.com/2011/02/22/estate-planning-10-things-that-make-the-road-to-heaven-smoother/http://www.dailyfinance.com/2011/02/22/estate-planning-10-things-that-make-the-road-to-heaven-smoother/http://www.dailyfinance.com/2011/02/22/estate-planning-10-things-that-make-the-road-to-heaven-smoother/#commentsFiled under: , ,

a sunrise - or sunset - estate planningThis isn't an ugly mother-in-law story. Actually, I loved my mother-in-law, and her death at 85 was painful -- far more painful than it really needed to be because she hated to talk about what she considered her personal affairs -- especially when it involved money. And the rest of us didn't want to bring up the subject either. Honestly, I would rather have asked her about her sex life than explore what she intended to do with the cash she had spent her lifetime squirreling away.

Death snuck up on my mother-in-law. On New Year's Eve, she was out with eight of her widowed friends until after 1 a.m. and 15 days later, we held the funeral service. For at least the next six months, we're going to be sorting through the confusion, trying to decide what Mom would have wanted.

If you're a mom (or a dad), vow not to put your kids through this kind of hell when you go to heaven. Here are 10 pieces of estate planning information they'll need to put you and your affairs to rest.

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]]>deathpower of attorneywillsJennie L. PhippsTue, 22 Feb 2011 08:00:00 ESTFive Ways to Fix Social Security Before It Runs Dryhttp://www.dailyfinance.com/2011/02/02/five-ways-to-fix-social-security-before-it-runs-dry/http://www.dailyfinance.com/2011/02/02/five-ways-to-fix-social-security-before-it-runs-dry/http://www.dailyfinance.com/2011/02/02/five-ways-to-fix-social-security-before-it-runs-dry/#commentsFiled under: , ,

empty pockets - social securityThere are 79 million baby boomers and all of them want their Social Security.

The latest reports on the health of Social Security say this massive number of retiring boomers will exhaust Social Security's trust fund money by 2037. After that the payments will have to come solely from current worker contributions. That's a scary thought, considering that there will be only two workers for every one retiree by then.

But before you panic, there are still 26 years to fix the problem. Here are five ways to right the sinking ship and keep Social Security flowing until at least 2075 when babies born in 2010 will be 65 and old enough to devise their own solutions.

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]]>Baby boomersfix social securitySocial SecuritytaxesJennie L. PhippsWed, 02 Feb 2011 09:00:00 ESTSix Best Calculators for Figuring Out Your Retirement Strategyhttp://www.dailyfinance.com/2011/01/25/six-best-calculators-for-figuring-out-your-retirement-strategy/http://www.dailyfinance.com/2011/01/25/six-best-calculators-for-figuring-out-your-retirement-strategy/http://www.dailyfinance.com/2011/01/25/six-best-calculators-for-figuring-out-your-retirement-strategy/#commentsFiled under: , ,

Couple going over retirement planPart of planning for retirement is a math exercise -- figuring out how much money you have, how much you need and how to best save enough to build a big enough nest egg before you hang up your work boots.

It's not calculus, but figuring this out without help isn't easy either. Fortunately, there are dozens of free online calculators that will help you. Here are six of the best.

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]]>retirementretirement calculatorretirement planningretirement savingsJennie L. PhippsTue, 25 Jan 2011 15:00:00 ESTRetirement Income: Six Ways to Earn $1,000 a Monthhttp://www.dailyfinance.com/2011/01/20/retirement-income-6-ways-to-earn-1-000-a-month/http://www.dailyfinance.com/2011/01/20/retirement-income-6-ways-to-earn-1-000-a-month/http://www.dailyfinance.com/2011/01/20/retirement-income-6-ways-to-earn-1-000-a-month/#commentsFiled under: , ,

retirement incomeLiving off a retirement nest egg can be a daunting prospect. Even if you've saved diligently, converting that money to a monthly paycheck is no slam dunk.

So we asked retirement planner ING Financial Services to help us analyze what it takes to produce $1,000 a month in steady income to augment a pension and/or Social Security, for a minimum of 20 years from retirement at 65. We picked 20 years because Social Security's Life Expectancy tables predict:
  • A man reaching age 65 today can expect to live, on average, until age 83.
  • A woman turning age 65 today can expect to live, on average, until age 85.
Thanks to Lynne Ford, CEO of ING Individual Retirement, here are our recipes for turning a 401(k) or other retirement savings into a regular income.

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]]>Jennie L. PhippsThu, 20 Jan 2011 09:00:00 ESTFive Biggest Mistakes Retirees Makehttp://www.dailyfinance.com/2011/01/07/five-biggest-mistakes-retirees-make/http://www.dailyfinance.com/2011/01/07/five-biggest-mistakes-retirees-make/http://www.dailyfinance.com/2011/01/07/five-biggest-mistakes-retirees-make/#commentsFiled under: , ,

old woman and man working - mistakes retirees makeAnybody who thought retirement was going to be easy is wrong. Living happily in good health with enough money to pay the bills is no slam-dunk in these financially challenging times.

Here are five critical mistakes that retirees make as they prepare to shut the door on a full-time worklife.

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]]>mistakes retirees makeretireretirement advicesaving enough for retirementJennie L. PhippsFri, 07 Jan 2011 11:00:00 ESTWhy Your Homeowner's Insurance Bill Is Still Through The Roofhttp://www.dailyfinance.com/2011/01/03/why-your-homeowners-insurance-bill-is-still-through-the-roof/http://www.dailyfinance.com/2011/01/03/why-your-homeowners-insurance-bill-is-still-through-the-roof/http://www.dailyfinance.com/2011/01/03/why-your-homeowners-insurance-bill-is-still-through-the-roof/#commentsFiled under: , ,

photo illustration - home supported by cash - homeowners insuranceThe market value of your home may have fallen as much as 50% over the last five years, but your homeowner's insurance bill has probably risen. Why is that and what can you do about it?

Like it or not, the insurance industry is firm about the answers to these questions. They say the cost of insurance is based on how much money it takes to rebuild your home to its current condition. That number, they insist, hasn't dropped and in some places has risen because the cost of demolition and the removal and disposal of things that can't be reused is rising due to environmental concerns. You can argue the accuracy of this until you are blue in the face, but your mortgage company sees it in much the same way and will require you to carry at least as much insurance as the value of your mortgage. If you let the policy lapse, they'll place your insurance with an insurance company themselves and send you the bill.

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]]>earthquake insuranceflood insurancehomeowners insurancehomeowners insurance brokersinsuranceliability insurance for homesJennie L. PhippsMon, 03 Jan 2011 17:00:00 ESTGet Life Insurance Free (And Hope You Don't Need It)http://www.dailyfinance.com/2010/12/31/get-life-insurance-free-and-hope-you-dont-have-to-use-it/http://www.dailyfinance.com/2010/12/31/get-life-insurance-free-and-hope-you-dont-have-to-use-it/http://www.dailyfinance.com/2010/12/31/get-life-insurance-free-and-hope-you-dont-have-to-use-it/#commentsFiled under: ,

girl at chalkboard - life insuranceMassMutual, one of the largest life insurance companies in the world, is offering $50,000 worth of free life insurance to working families with children.

Called the Lifebridge program, the 10-year term life policy is issued in the name of one parent or guardian. If that parent dies during the term, the money is placed in a trust to be used for the education of the children. Covered expenses include books, tuition, fees, and room and board. The types of schools covered include pre-school, private school, trade school or college. The children have until 10 years after the death of a parent or until they are age 35 -- whichever is later -- to use the money.

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]]>free life insurancelife insurance and low income familieslife insurance for working familieslifebridgeMassMutualJennie L. PhippsFri, 31 Dec 2010 17:00:00 ESTShould You Convert to a Roth 401(k)?http://www.dailyfinance.com/2010/12/15/should-you-convert-to-a-roth-401-k/http://www.dailyfinance.com/2010/12/15/should-you-convert-to-a-roth-401-k/http://www.dailyfinance.com/2010/12/15/should-you-convert-to-a-roth-401-k/#commentsFiled under: , , ,

Piggy bank marked 401KDo you or don't you want to convert to the Roth 401(k) or a 403(b) by the end of 2010?

That's the hot retirement-planning topic of the year for anyone, especially those on the verge of retirement.

Timing-wise, the biggest attraction to converting is being able to spread the taxes you'll have to pay over two years -- 2011 and 2012 -- instead of having to cough up all that money at once. It's a one-time deal from Congress and the IRS, designed to encourage you to make the switch.

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]]>403bconverting to a RothConverting to a Roth 401kconverting your retirement accountretirementretirement planningretrement advicerolloverroth 401kShould You Convert to a Roth 401kJennie L. PhippsWed, 15 Dec 2010 14:00:00 ESTThree Tips for Getting the Most Out of Your Social Security Benefitshttp://www.dailyfinance.com/2010/12/07/three-tips-for-getting-the-most-out-of-your-social-security-bene/http://www.dailyfinance.com/2010/12/07/three-tips-for-getting-the-most-out-of-your-social-security-bene/http://www.dailyfinance.com/2010/12/07/three-tips-for-getting-the-most-out-of-your-social-security-bene/#commentsFiled under: ,

retired couple laughing in kitchen - social securityFiguring out how to get the most out of Social Security when you finally retire is a little like playing chess: Understanding the strategy is the only way to win.

Here are three things that aren't obvious about the Social Security system that will help you get the most out of Uncle Sam's retirement program:

Claim on Your Ex-Spouse's Account. First of all, don't worry -- no Social Security benefits are changed, reduced or penalized by an ex-spouse's claim, but it is true that the former Dear Spouse could be worth more to you dead than alive. Let me and Social Security explain: To qualify to play this game, you have to have been married for 10 years and you can't be remarried. But if subsequent marriages last 10 years and end in divorce, all is forgiven and you are back to being eligible again.

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]]>retirementretirement planningSocial SecurityJennie L. PhippsTue, 07 Dec 2010 11:00:00 ESTWill Health Care After Retirement Really Cost More Than $200,000?http://www.dailyfinance.com/2010/12/03/will-health-care-after-retirement-really-cost-more-than-200-000/http://www.dailyfinance.com/2010/12/03/will-health-care-after-retirement-really-cost-more-than-200-000/http://www.dailyfinance.com/2010/12/03/will-health-care-after-retirement-really-cost-more-than-200-000/#commentsFiled under: ,

photo illustration of prescription pills and money - retirement health careThe cost of retirement health care looks daunting, especially when you add it all up and get a huge number, which is what the Employee Benefit Research Institute (EBRI) did this week.

EBRI, a think tank funded by pension funds, insurers, banks and mutual fund companies, frequently releases scary numbers, apparently designed to motivate people to save more. It must work -- certainly calculations like this get a lot of media attention. This time EBRI calculated that:
  • A single man retiring at age 65 in 2010 will need anywhere from $65,000 to $109,000 to cover health insurance premiums and out-of-pocket expenses for a 50% chance of paying health care expenses until he dies, which actuaries say is likely to be at 83. If he wants a 90% chance of having enough to cover his health care expenses, he'll need $124,000 to $211,000.
  • A single woman retiring at age 65 in 2010 will need between $88,000 and $146,000 to have a 50% chance of having enough money to pay these costs. She'll need between $143,000 and $242,000 for a 90% chance.

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]]>health caremedicareretirementJennie L. PhippsFri, 03 Dec 2010 12:00:00 EST