10 overlooked retirement tips

Robert Power offers an essential checklist for retirement savers.

The best way to save for retirement is to: save more, work longer, and delay Social Security. But experts also say there are many little-known retirement tips worth following, too.

1. Forget ‘The Number’

 “The income stream your wealth can support matters much more than how much wealth you have.”

2. Don’t rely too much on the 4% rule

Limiting withdrawals your retirement accounts to 4% from might be a good starting place but needs to be revisited yearly

3. Think tax-efficient income

Dividends can be far more tax-efficient than bonds from an after-tax income perspective

4. Social Security is a household decision

Married couples have a wide range of options and it’s usually not a good idea for both spouses to begin Social Security early.

5. Asset location matters

 It’s not just how much you have but “asset location,” the tax-efficient placement of your investments.  

6. ‘Through,’ not ‘to’ retirement

Make your investments work “through” retirement, not just up to retirement.

7. Get multiple quotes

Get multiple quotes before buying any product or anything that involves a commission.

8. Plan for a long life

There is a 17% chance a male age 65 will live to age 95; there’s a 23% a female age 65 will live to age 95, and there’s a 36% that either member of the joint couple will live to age 95.

9. What’s the point?

“Retirement is not necessarily an end, but a beginning. Set those goals and plan out what you will need to do to achieve them. Is your retirement income sufficient to meet those goals?” Also, consider how you will change your lifestyle in retirement, not just from a monetary perspective, but what will your day-to-day life feel like?

10. Control those fears

Do you or your spouse have fears about retirement that you haven’t discussed? If so, start talking about them before it’s too late.

Read the details at: http://www.marketwatch.com/Story/story/print?guid=E19351A8-AB66-11E1-9705-002128049AD6

7 Ways to Borrow for College

With the skyrocketing cost of college most students need to borrow. Student loan debt now exceeds the total amount that Americans owe on credit cards! So borrowing wisely is very important. This article by Lynn O'Shaughnessy provides some great tips for students and their parents. 

1.     1.  The best college loan for students is the Stafford Loan.

2.      2. Look for borrower protection.

3.      3. Consider parent options.

4.     4.  Check out credit unions.

5.      5. Check school credit unions.

6.      6. Apply for multiple loans.

7.      7. Don't over borrow.  Read the details at: http://registeredrep.com/wealthmanagement/seven_ways_to_borrow_for_college_521/

The article also provides links to 3 sites for comparing private college loans.

Social Security Statement Available Online

Although mailing of annual statements was discontinued due to government budget cuts, the Social Security Statement is now available online at www.socialsecurity.gov/mystatement.
“Our new online Social Security Statement is simple, easy-to-use, and provides people with estimates they can use to plan for their retirement,” said Michael J. Astrue, Commissioner of Social Security. “The online Statement also provides estimates for disability and survivors benefits, making the Statement an important financial planning tool. People should get in the habit of checking their online Statement each year, around their birthday, for example.”

Nutraceutical Stock Scams

Don't Supplement Your Portfolio With These Companies
"Want to lose weight, get an energy boost, live longer or fight the common cold?  Many of the products that claim to achieve these objectives are called "nutraceuticals"—a term used to describe dietary supplements and food and drink products that contain additives purporting to provide health benefits. The financial reality, however, is that some of the companies associated with these products are likely to make your portfolio very unhealthy. FINRA is issuing this alert to warn investors about potential scams related to everything from fortified foods and energy drinks to "natural" medicines. While some of the companies producing these products are legitimate, others could be bogus operations with the potential to harm unsuspecting investors." I am posting this because of the popularity of dietary supplements in Utah.

10 Obstacles to Women's Retirment Goals

Millions of American women of all ages are in desperate need of solid retirement planning advice. Learn the 10 biggest obstacles in this short slide show and see how you compare. 10 Obstacles to Women’s Retirement Goals
The July 11 FPW program will be: Get out of debt faster with PowerPay Debt reduction software. 

Long-Term-Care Insurance update

Listen (4:19 minutes) or read the NPR transcript of an interview with Kiplinger's Kim Langford discussing current state of LTCI industry.  Waiting To Buy Long-Term-Care Insurance Adds Up http://www.npr.org/2012/05/09/152319326/should-you-buy-a-long-term-care-insurance-policy

The Perfect Mother's Day GIft

I’ve seen the eye-popping prices being advertised for imported cut flowers for Mother’s Day…

Few of us need a whole box of chocolates…

Mother’s Day weekend is one of the busiest of the year at restaurants (long waits, crowds and less than the perfect meal)…

I know the economy needs your $$ but instead of dropping all that money on extra calories and flowers (imported from Central America with a shocking carbon footprint) that will quickly fade, consider giving mom a gift of Financial Security!

Collectively almost every family can afford to give mom…  an Individual Retirement Account for Mother’s Day!

If mom is in good $ shape, what about your daughter? Does she need help launching a life of financial security? And it’s OK to think about yourself, too. One of the greatest gifts we can give our family is to assure them that we are financially secure.

Come to Financial Planning for Women on Wednesday, May 9 to learn about great low-cost mutual funds for IRAs and other long term goals.

12:30-1:30 in USU TSC room 336, or

7-8:30 pm at the USU Family Life Center (more time for Q&A)

Three students from my Advanced Family Finance Class will be presenting their mutual fund research results.

Refreshments provided!

Facebook promotes organ donation

According to The New York Times Facebook is promoting organ donation. While this is an admirable campaign, FB is encouraging users to post their birth date as part of the process. DO NOT post your birth date on FB!! What are they thinking?!? Your birth date is a critical piece of data for identify thieves.
Instead of using FB to advertise your organ donation intentions, go to the organ donation registration website for your state. The Utah Donor Registry is at: http://www.yesutah.org/  1-866-YES-UTAH or info@yesutah.org.
For Idaho: http://www.yesidaho.org/.
Share your wishes with your family and physician.

Identity Theft Resource Center- Utah info

With continuing concern about the Utah data breech (which reaches far beyond Medicaid patients) we should all take steps to protect our credit reports and prevent ID theft. Check out this website and put a FREEZE on your credit if you are one of the victims of the data breech or just want to add a firewall of protection to your credit reports: http://www.idtheftcenter.org/artman2/publish/states/Utah.shtml