Grow Your 401(k) Plan
Your 401(k) plan's ultimate size is primarily
a function of two factors - how much you contribute and how much
you earn on those contributions. Of course, you know you should
contribute the maximum amount possible ($16,500 in 2009 plus a
$5,500 catch-up contribution for individuals over age 50, if permitted
by the plan). But what steps should you take to maximize your
returns? Consider these tips.
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Assess Your Life Insurance Needs
Life insurance is meant to protect your
family in case you die. We all hope to live to a ripe old age,
to see our grandchildren marry and have children of their own,
and to share old age with our spouse. But life insurance is about
preparing for the unexpected. If you have dependents who rely
on your income, life insurance will probably be needed to provide
for them after your death.
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Review Your Homeowners Insurance
Often, homeowners insurance is purchased
with the home and then is not thought about again until a claim
is made. But since there is little you can do at that point about
your coverage, take time periodically to review your policy. Some
items to consider include...
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Unemployment in the Current Recession
With unemployment rates higher than they've
been in decades, many are trying to determine how quickly unemployment
numbers will come down once the recession is over. While the overall
unemployment rate is the most commonly cited statistic, researchers
focus on two components of that rate - the inflow rate, or the
rate that workers are moving into unemployment, and the outflow
rate, or the rate that workers are moving out of unemployment.
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Why You Need an IRA
In some ways, a 401(k) plan or defined-benefit
plan from an employer can provide a false sense of security. You
may feel, without analyzing the situation, that you're saving
enough for retirement. But the reality is that the plan may not
be enough to provide the retirement you had in mind. Thus, you
may also want to contribute to an individual retirement account
(IRA) for some or all of the following reasons
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