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With the way the economy has been going you’re probably wondering what will happen once you stop working. Will you be sunning yourself somewhere in the Caribbean or putting a smile in some giant retail store? You’ve probably seen it on TV—pensions are out, social security is almost bankrupt and the stock market is reeling. While the those I mentioned are the ones that are getting a lot of airtime right now, there are also others that are just as deadly and yet not in the limelight. Tackling the threats to retirement is important if you want to spend your golden years in the sun.
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In the current economic situation most companies have found that reducing and even suspending 401k matches as the way to go in terms of saving on costs. This is especially true when their bottom line is under pressure. Because they can save upwards to millions on this cost-cutting method companies have used this strategy, much to the dismay of their employees. This is because most employees signed up for the 401k retirement plan because of their company’s matching contribution. However, even if your company suspends its 401k contribution, you will still be retiring, and that is one fact that cannot be disputed.
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A few weeks ago I talked about a reverse mortgage. To refresh your memory, it is where elderly people can use their home’s equity to get monthly cash payments as long as they live in the home. Both the National Council on the Aging and the National Reverse Mortgage Lenders Association has stated that it can help over 13 million elderly people take care of their care and independence. Be that as it may one needs to look at the reverse mortgage pros and cons before deciding to go with such a program. The advantage of such a program is that it is tax free.
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According to Bloomberg news, the U.S. stock market may face its biggest challenge in the form of Senator Charles Schumer (D-NY). As the third ranking senate democrat and a member of the powerful Senate Banking Committee, Schumer is asking the Securities and Exchange Commission to investigate the matter of flash orders. In fact, Senator Schumer told SEC Chair Mary Schapiro in a letter that if the SEC does not act on his request, he will introduce legislation that will ban flash orders. Otherwise known as high frequency trading, it is the latest development in Wall Street and one that is currently the most talked about.
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Millions of minimum wage earners are getting a boost from the federal government as the new minimum wage increase takes effect—an increase of 70 cents. This increase is the final stage in a series of minimum wage hikes passed by Congress two years ago. Wages has increased from $5.85 to $6.55 last summer to the new current one of $7.25. While this raise is aimed at giving workers such as retail shop workers more buying power, it, at the same time, is said to be threatening small business and their ability to continue during this period of economic turmoil. The federal minimum wage increase is sparking a debate as who this is really helping, if at all.
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With the way the current economy is going, or not going depending on who you ask, it is no surprise that for most of us the goal is to save. So you do budgeting and you follow it but regardless of that fact we all have spending that for one reason or another we aren’t even noticing—simple ways to waste money. There are many ways to waste money and once you’ve read the examples that I will talk about you will probably realize your doing something similar. Let’s begin shall we? Open your refrigerator. Smell anything funky, like a cross between sweaty socks and a dead rodent? Ok maybe that’s a little much but unless you’re a mad scientist and that smell is normal for you, that smell is an indication of spoiling food.
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Don’t Forget To Maintain A Good Credit Score
We’re passing the mid-point of the year 2009 and as move forward to the coming years, let’s refresh our understanding about the fundamentals on how to maintain good FICA scores. Reminding yourself on the importance of a good credit score is an important help towards you financial stability and so let me get right on with it then. Now or in the near future, you may have plans of buying a house, a car or anything else that will require the use of your FICA scores. Most of the time, such a purchase would involve having the seller look at your financial history to see just how worthy you are in terms of payment stability—they want to make sure you will always pay and pay on time.
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To Buy Or Not To Buy—should You Buy Your Home Now?
The economy is in a downturn right now and that is something even pundits of either inclination cannot deny. This is most apparent in the state of our real estate market today—$100 houses anyone? With that in mind, many have been asking whether now would be a good time to buy a home? Is it? Should you buy your home now or later? Depending on who you ask there are experts who claim you should buy a home now and those that say you should buy a home later. There are those who say the real estate market will still be struggling for the next few years while there are those who claim it is now starting to mend.
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Now More Than Ever, Is A Good Time To Appeal Your Property Tax
The Associated Press did a recent study that showed that over 80 percent of homes across the country are paying too much in property tax. This has major financial consequences for homeowners hit hard by the current economic crisis. The things is, even while the housing market has been on the down turn, with property values tumbling left and right, in local property tax rolls, the assessed values of people’s realty remain at an all time high. This is because local jurisdictions to realty assessments only once every three or more years. As a result, many still carry the assessed value of their homes from back in 2005 or 2006 when the housing market was still at their peak, which in turn means higher property tax now.
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Want To Wean Yourself From Your Job? Phased Retirement May Be For You.
For most of us finally stepping away from the rat-race is the culmination of our life’s work. It’s what we strive for—a place in the sun to spend our golden years. But for some, suddenly going from 100 to zero just isn’t what the doctor ordered. There are many reasons why older worker may want to continue working—they need the money, they want to stay mentally and physically active, or they want to remain productive as long as they can. A good number of them prefer to slowly ease their way into doing nothing. And with the current economic situation companies have found that it’s getting difficult to hire workers with the skills needed to at least approximate those who are retiring.
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