How Long Will You Have to Work?
Most of us have grown up in an era when
the dream is to retire as soon as possible - age 65 or sooner.
In fact, almost half of men retire at age 62 and half of women
retire at age 60 (Source: Financial Planning, September
2007). But if you haven't retired yet, a whole host of trends
make retiring at age 65 seem difficult.
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Encourage Your Child to Participate
Your child has finally finished college
and started his/her first full-time job. What is the most important
financial advice you can give? Participate in your 401(k) plan as soon
as you are eligible. A recent survey by Hewitt Associates found
that less than half of those in their 20s contribute to their
401(k) plan, while 40% of those who do participate don't contribute
enough to receive their employer's full matching contribution.
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Narrowing the Wage Gap
For decades, we have heard that men earn
more than women for the same type of work. While that is still
true, the gap between wages for men and women has narrowed significantly.
In the 1960s, women earned approximately 60 cents for every dollar
men earned. By 2006, that amount had increased to 81 cents (Source:
Economic Letter, May 2007).
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Paying Off Your Mortgage
There are advantages and disadvantages to
paying off your mortgage. On the positive side, any extra money
sent with your mortgage payment is applied to the outstanding
principal, which can significantly reduce your total interest
cost. This reduces your interest expense deduction on your tax
return, but you are paying most of the cost anyway.
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The Basics of Dollar Cost Averaging
If you find it difficult to decide when
to invest, consider a dollar cost averaging strategy. Dollar cost
averaging involves investing a set amount of money in the same
investment on a periodic basis.
Thus, you don't need to think about when to invest. You just follow
your strategy and continue to invest on a periodic basis.
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