When is it too late to start planning your retirement?

when is it too late to start planning your retirement

The simple answer is –Never. It is never too late to start retirement planning, and it’s never too early either. Many people put off retirement planning till much later in life, and one in five workers in the UK have Zero retirement savings and face retirement poverty. However, thanks to the UK’s pension auto enrolment program, many people have started saving towards retirement from a younger age. The UK has one of the world’s six biggest pension saving systems and according to data from the World Economic Forum, however, having a financially secure retirement still faces serious challenges. The average retirement age in the UK is currently 58 and too often many people put off retirement planning till they hit their 50s.

Planning retirement from an earlier age certainly has its advantages – for example, thanks to compound interest, if you save £7,500 when you are 20 years old with 5% interest, by the time you are in your 50s, it can grow to almost £35,000. If you find that you are in your 50s and thanks to the realities of life- raising a family, growing a business and so on- you don’t have a retirement plan, no need to panic. First, you are not alone. The average person doesn’t start pension payments till they are 27years old and they are unable to keep up with payments till an average of 40 years according to data from this study. It’s not too late unless you tell yourself that it is. The important thing is for you to understand that the sooner you get a retirement plan in place, the earlier you can retire and the better your chances.

The good news is that often, earning peaks in your fifties, and the substantial adjustments to your lifestyle that you would need to make a successful retirement might be a bit of a challenge, but taking the right steps now will give you a jump start on having a financially secure retirement.

Start Saving Today

The most important thing you need to do is to start saving a large percentage of your income right away. If you can save between 10% and 20% of your gross income, then do it. It’s a lot more difficult that it sounds, but it is easily the most effective first step towards having a retirement plan. A few ways to successfully do this is to eliminate consumer debt (credit card debt), authorize an automatic withdrawal from your pay check, and send any bonuses and raises directly to your savings.

Convert any assets you can into a retirement savings

You can do this by moving to a less expensive home, and moving your equity into your savings account. You will also make a lot of savings from utilities, maintenance, property taxes, mortgage payments and more. You can also consider moving to areas with a lower cost of living, and lower cost housing markets.

These two strategies can help boost the contents of your nest egg. You can do more by reading more aggressive approaches to building a retirement savings for late starters. The most important thing to keep in mind, however, is that creating a retirement plan, whatever your age is a very urgent matter and it can never be too late (or too early) to start planning for a financially secure retirement right away.

A Key to Managing Your Finances: Personal Finance Books

photo

 

If your finances are out of control, you are going to be living in constant stress. You worry about whether or not you’ll be able to make ends meet. You worry about all the things you can’t afford. You live paycheck to paycheck or even run out of money in between paychecks. It’s not a good way to live. But if you don’t have the skills or knowledge to manage your finances, it can seem like an impossible beast to tame. That’s where books come in. Personal finances books are the key to managing your finances. Learn more about what they have to offer below.

Understand the real causes of your financial problems

In many cases, we keep finding ourselves stuck in the same endless cycle of financial trouble simply because we don’t really know what’s causing it. Unless you work in finance, you probably aren’t an expert. Without the expertise, it’s easy to overlook certain things or agree to terms without really understanding what you are agreeing to.

There are many great personal finance books out there that can help you figure out the real reasons you are in debt or struggling to stay afloat. For example, many people attempt to use credit cards to build credit but, in the process, end up damaging their credit score even more.

This is usually because they don’t have the tools or skills to properly use credit cards for that purpose. With a personal finance book, you can learn the actual method involved so that you are safely using credit cards to build credit without getting out of control. If credit isn’t your problem, you can still use personal finance books to dig into the real causes of whatever issue you are having.

Learn how to adopt better money habits

Most of us don’t ever get a real education in smart money habits. Unless we are lucky enough to have parents who know all the tricks, we are pretty much left to our own resources. That means that we must learn by trial and error. We are just figuring things out as we go along.

Imagine if you had a road map that just told you exactly what the best path to take was every step of the way? You could avoid making so many mistakes and save yourself so much money. Well, that’s exactly what a personal finance book can do. You can get advice on every issue and every circumstance that almost everyone will face at some point in their life.

Using a personal finance book, you can learn how to avoid bad money habits and replace them with better ones that will actually help you achieve your financial goals.

Get advice from real experts

This is one of the greatest benefits of reading personal finance books. They are written by people who are experts on their topics. To make it even better, they spend months or even years researching the topics for their books. So, you are getting some of the most well-researched and knowledgeable advice available.

You do need to make sure you find reliable sources, however. There are people who publish low quality books that are disguised as expert work. So, make sure to find recommendations from reliable sites and people that you trust. Then, get two or three of the top finance books to read to start with.

From there, you will start to get familiar with the leading names in the field. That will make it easier to find additional books that are equally useful and trustworthy.

Get the tools you need to actually use financial advice

This is an important one that is often overlooked. While you can generally find some great financial advice online, it doesn’t always come with practical tips for how to apply it to your own situation. For example, you might read the sage wisdom to avoid using your credit card to buy things you can’t afford. But what if you are trapped in a cycle of needing to use your credit card to cover the essentials you can’t afford on your actual monthly income?

A book can provide you with more concrete and practical advice that will help you actually apply this kind of wisdom to your life. For example, you can get real strategies for saving more money by starting with something small and manageable like the 52-week savings challenge. With the right tools, you can actually make the goals you have a reality. A book will help you map out the process step-by-step no matter where you are starting from.

Get specific advice about the issues most important to you

Books tend to go very in depth on specific topics. This is better than getting a lot of generalized information on a lot of different topics. For most of us, our financial struggles are focused on just a small set of specific issues. We aren’t completely clueless about everything. So, there’s no point wasting your time on introductory level knowledge about topics you already know.

With a book, you can get highly specialized knowledge on exactly the things that concern you. For example, if you’re a newlywed or even just starting to get serious with your partner, you might be stressing out about how to bring up the topic. Fortunately, you can find great advice on talking about finances with your partner.

There are a wide variety of personal finance books out there. Each one has been researched and written by experts on highly specialized topics. There’s a book out there whether you’re a newlywed trying to figure out how to cooperate with someone on personal finances or a college student who needs to make their very first grown up budget. All you need to do is decide which topics are most important to you and then find a book about it. So, what are you waiting for? Find your personal finance book and start taking control today!

Kostas Chiotis blogs about the most important issues relating to economics. You can read his articles atFinanceBlogZone.com and follow him for more updates and information on Facebook and Twitter.

Entering the World of Online Trading

stock-market-dividends

If you have been looking for a way to get involved in the world of investing for quite some time now, online trading just might be for you. Many people want to be in more control of their own money, and that is not always possible with a broker. With online trading, one can really become the master of their own destiny. At the same time, caution must be exercised in order to maximize returns and minimize risk. That should be the goal of any online trader. Let us look at some reasons why.

Caution in the Wind

There are many times in life where risk can provide a thrilling adventure. While some types of risk can be managed, others cannot. You cannot always control, for example, what the wind will do when you jump out of an airplane. Likewise, you cannot truly know what a particular type of investment will do once you have sunk your money into it. This is why online trading does need to be approached with some caution. As Online Trading Academy Reviews will tell you, this is a primary function of learning to invest. You must determine how much risk you are willing to take on, and then learn which investments will keep you within your comfort zone. That does take some practice, so make sure you take advantage of the tools and resources available that will help you in this regard.

Take Time to Gain Knowledge

Before you make the plunge into online trading, you will want to take some time to gain as much knowledge as you can. While all investors should be aware of what they are doing when buying a particular fund, it is critically important for an online trader to do so. There are certain indicators that you need to look out for, and you will not always have the benefit of a broker to guide you. In fact, you are probably entering this genre in order to control your own money, so it is even more important that you go back to school – so to speak. Look at the Online Trading Academy Reviews to discover why it is so valuable to attend as much training as you can at the outset. This task does not end once you begin training either. You will want to constantly brush up on your skills and keep up with emerging trends in the field.

Use Technology To Your Advantage

With emerging technology available today, the investment world is truly at your fingertips. You have access to a wealth of real time information on a real time basis. As such, you need to put this technology to work for you. Learn about it and implement it within your own online trading activities as they are applicable to you. This will help you in your quest to gain as much profit as possible, while minimizing your losses and any errors that you might otherwise make.

Online trading is a great way to enter the investing world. You just want to make sure that you know what you are getting into from the outset. Take some time to organize your activities and ensure that you have the proper investment education before getting started. If you do that, you will be well positioned for success.

Would You Like To Blog For Plunged In Debt?

IMAG0053

If you’ve been following Plunged In Debt, you know that we like to encourage our readers to also contribute to our blog. The PID team is excited to announce that we are looking for a new volunteer blogger(s) to regularly write for the site.

If you think you may be interested in writing, we are looking for someone who will be able to write one or two posts each week. Researching and writing for blogs can take a good bit of effort so you will want to make sure that you will be able to devote time to it. Here are a few other things we are looking for in a blogger:

  1. You don’t need blogging experience. We would love for your to share you personal finance tricks, hacks, debt stories! However, you will need to provide at least one sample of your writing for our review.
  2. Be willing to interview and be interviewed. Sometimes blogging includes chatting with people and both asking and answering questions. You’ll have to be ready to do so.
  3. You also need to be willing to interact with readers. If our readers are commenting on your post, we’d like for you to respond to them and create a dialogue.
  4. We aren’t looking for a personal finance expert but some background in personal finance, a great debt payoff story or even frugality tips is a plus. We want you to be interested in what you are writing about!
  5. This is a volunteer position. While there is no direct compensation made for each post, there are some opportunities for bonuses, especially if a post is performing extremely well (getting traction). We want someone who is looking to write because they want to help others, whether it be helping them learn to save or, for example, providing tips on how to make your own laundry detergent.

Those who are interested in writing for PID should email James, at james@districtmediafinance.com. He will get back to you with more information and chat about a writing sample. If you have any questions feel free to leave it in the comments below or call James at 202.468.6043.

ps_menu_class_0

When is it too late to start planning your retirement?

when is it too late to start planning your retirement

The simple answer is –Never. It is never too late to start retirement planning, and it’s never too early either. Many people put off retirement planning till much later in life, and one in five workers in the UK have Zero retirement savings and face retirement poverty. However, thanks to the UK’s pension auto enrolment program, many people have started saving towards retirement from a younger age. The UK has one of the world’s six biggest pension saving systems and according to data from the World Economic Forum, however, having a financially secure retirement still faces serious challenges. The average retirement age in the UK is currently 58 and too often many people put off retirement planning till they hit their 50s.

Planning retirement from an earlier age certainly has its advantages – for example, thanks to compound interest, if you save £7,500 when you are 20 years old with 5% interest, by the time you are in your 50s, it can grow to almost £35,000. If you find that you are in your 50s and thanks to the realities of life- raising a family, growing a business and so on- you don’t have a retirement plan, no need to panic. First, you are not alone. The average person doesn’t start pension payments till they are 27years old and they are unable to keep up with payments till an average of 40 years according to data from this study. It’s not too late unless you tell yourself that it is. The important thing is for you to understand that the sooner you get a retirement plan in place, the earlier you can retire and the better your chances.

The good news is that often, earning peaks in your fifties, and the substantial adjustments to your lifestyle that you would need to make a successful retirement might be a bit of a challenge, but taking the right steps now will give you a jump start on having a financially secure retirement.

Start Saving Today

The most important thing you need to do is to start saving a large percentage of your income right away. If you can save between 10% and 20% of your gross income, then do it. It’s a lot more difficult that it sounds, but it is easily the most effective first step towards having a retirement plan. A few ways to successfully do this is to eliminate consumer debt (credit card debt), authorize an automatic withdrawal from your pay check, and send any bonuses and raises directly to your savings.

Convert any assets you can into a retirement savings

You can do this by moving to a less expensive home, and moving your equity into your savings account. You will also make a lot of savings from utilities, maintenance, property taxes, mortgage payments and more. You can also consider moving to areas with a lower cost of living, and lower cost housing markets.

These two strategies can help boost the contents of your nest egg. You can do more by reading more aggressive approaches to building a retirement savings for late starters. The most important thing to keep in mind, however, is that creating a retirement plan, whatever your age is a very urgent matter and it can never be too late (or too early) to start planning for a financially secure retirement right away.

A Key to Managing Your Finances: Personal Finance Books

photo

 

If your finances are out of control, you are going to be living in constant stress. You worry about whether or not you’ll be able to make ends meet. You worry about all the things you can’t afford. You live paycheck to paycheck or even run out of money in between paychecks. It’s not a good way to live. But if you don’t have the skills or knowledge to manage your finances, it can seem like an impossible beast to tame. That’s where books come in. Personal finances books are the key to managing your finances. Learn more about what they have to offer below.

Understand the real causes of your financial problems

In many cases, we keep finding ourselves stuck in the same endless cycle of financial trouble simply because we don’t really know what’s causing it. Unless you work in finance, you probably aren’t an expert. Without the expertise, it’s easy to overlook certain things or agree to terms without really understanding what you are agreeing to.

There are many great personal finance books out there that can help you figure out the real reasons you are in debt or struggling to stay afloat. For example, many people attempt to use credit cards to build credit but, in the process, end up damaging their credit score even more.

This is usually because they don’t have the tools or skills to properly use credit cards for that purpose. With a personal finance book, you can learn the actual method involved so that you are safely using credit cards to build credit without getting out of control. If credit isn’t your problem, you can still use personal finance books to dig into the real causes of whatever issue you are having.

Learn how to adopt better money habits

Most of us don’t ever get a real education in smart money habits. Unless we are lucky enough to have parents who know all the tricks, we are pretty much left to our own resources. That means that we must learn by trial and error. We are just figuring things out as we go along.

Imagine if you had a road map that just told you exactly what the best path to take was every step of the way? You could avoid making so many mistakes and save yourself so much money. Well, that’s exactly what a personal finance book can do. You can get advice on every issue and every circumstance that almost everyone will face at some point in their life.

Using a personal finance book, you can learn how to avoid bad money habits and replace them with better ones that will actually help you achieve your financial goals.

Get advice from real experts

This is one of the greatest benefits of reading personal finance books. They are written by people who are experts on their topics. To make it even better, they spend months or even years researching the topics for their books. So, you are getting some of the most well-researched and knowledgeable advice available.

You do need to make sure you find reliable sources, however. There are people who publish low quality books that are disguised as expert work. So, make sure to find recommendations from reliable sites and people that you trust. Then, get two or three of the top finance books to read to start with.

From there, you will start to get familiar with the leading names in the field. That will make it easier to find additional books that are equally useful and trustworthy.

Get the tools you need to actually use financial advice

This is an important one that is often overlooked. While you can generally find some great financial advice online, it doesn’t always come with practical tips for how to apply it to your own situation. For example, you might read the sage wisdom to avoid using your credit card to buy things you can’t afford. But what if you are trapped in a cycle of needing to use your credit card to cover the essentials you can’t afford on your actual monthly income?

A book can provide you with more concrete and practical advice that will help you actually apply this kind of wisdom to your life. For example, you can get real strategies for saving more money by starting with something small and manageable like the 52-week savings challenge. With the right tools, you can actually make the goals you have a reality. A book will help you map out the process step-by-step no matter where you are starting from.

Get specific advice about the issues most important to you

Books tend to go very in depth on specific topics. This is better than getting a lot of generalized information on a lot of different topics. For most of us, our financial struggles are focused on just a small set of specific issues. We aren’t completely clueless about everything. So, there’s no point wasting your time on introductory level knowledge about topics you already know.

With a book, you can get highly specialized knowledge on exactly the things that concern you. For example, if you’re a newlywed or even just starting to get serious with your partner, you might be stressing out about how to bring up the topic. Fortunately, you can find great advice on talking about finances with your partner.

There are a wide variety of personal finance books out there. Each one has been researched and written by experts on highly specialized topics. There’s a book out there whether you’re a newlywed trying to figure out how to cooperate with someone on personal finances or a college student who needs to make their very first grown up budget. All you need to do is decide which topics are most important to you and then find a book about it. So, what are you waiting for? Find your personal finance book and start taking control today!

Kostas Chiotis blogs about the most important issues relating to economics. You can read his articles atFinanceBlogZone.com and follow him for more updates and information on Facebook and Twitter.

Entering the World of Online Trading

stock-market-dividends

If you have been looking for a way to get involved in the world of investing for quite some time now, online trading just might be for you. Many people want to be in more control of their own money, and that is not always possible with a broker. With online trading, one can really become the master of their own destiny. At the same time, caution must be exercised in order to maximize returns and minimize risk. That should be the goal of any online trader. Let us look at some reasons why.

Caution in the Wind

There are many times in life where risk can provide a thrilling adventure. While some types of risk can be managed, others cannot. You cannot always control, for example, what the wind will do when you jump out of an airplane. Likewise, you cannot truly know what a particular type of investment will do once you have sunk your money into it. This is why online trading does need to be approached with some caution. As Online Trading Academy Reviews will tell you, this is a primary function of learning to invest. You must determine how much risk you are willing to take on, and then learn which investments will keep you within your comfort zone. That does take some practice, so make sure you take advantage of the tools and resources available that will help you in this regard.

Take Time to Gain Knowledge

Before you make the plunge into online trading, you will want to take some time to gain as much knowledge as you can. While all investors should be aware of what they are doing when buying a particular fund, it is critically important for an online trader to do so. There are certain indicators that you need to look out for, and you will not always have the benefit of a broker to guide you. In fact, you are probably entering this genre in order to control your own money, so it is even more important that you go back to school – so to speak. Look at the Online Trading Academy Reviews to discover why it is so valuable to attend as much training as you can at the outset. This task does not end once you begin training either. You will want to constantly brush up on your skills and keep up with emerging trends in the field.

Use Technology To Your Advantage

With emerging technology available today, the investment world is truly at your fingertips. You have access to a wealth of real time information on a real time basis. As such, you need to put this technology to work for you. Learn about it and implement it within your own online trading activities as they are applicable to you. This will help you in your quest to gain as much profit as possible, while minimizing your losses and any errors that you might otherwise make.

Online trading is a great way to enter the investing world. You just want to make sure that you know what you are getting into from the outset. Take some time to organize your activities and ensure that you have the proper investment education before getting started. If you do that, you will be well positioned for success.

Would You Like To Blog For Plunged In Debt?

IMAG0053

If you’ve been following Plunged In Debt, you know that we like to encourage our readers to also contribute to our blog. The PID team is excited to announce that we are looking for a new volunteer blogger(s) to regularly write for the site.

If you think you may be interested in writing, we are looking for someone who will be able to write one or two posts each week. Researching and writing for blogs can take a good bit of effort so you will want to make sure that you will be able to devote time to it. Here are a few other things we are looking for in a blogger:

  1. You don’t need blogging experience. We would love for your to share you personal finance tricks, hacks, debt stories! However, you will need to provide at least one sample of your writing for our review.
  2. Be willing to interview and be interviewed. Sometimes blogging includes chatting with people and both asking and answering questions. You’ll have to be ready to do so.
  3. You also need to be willing to interact with readers. If our readers are commenting on your post, we’d like for you to respond to them and create a dialogue.
  4. We aren’t looking for a personal finance expert but some background in personal finance, a great debt payoff story or even frugality tips is a plus. We want you to be interested in what you are writing about!
  5. This is a volunteer position. While there is no direct compensation made for each post, there are some opportunities for bonuses, especially if a post is performing extremely well (getting traction). We want someone who is looking to write because they want to help others, whether it be helping them learn to save or, for example, providing tips on how to make your own laundry detergent.

Those who are interested in writing for PID should email James, at james@districtmediafinance.com. He will get back to you with more information and chat about a writing sample. If you have any questions feel free to leave it in the comments below or call James at 202.468.6043.