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Tag: savings

  • Retirement Planning: 3 Reasons To Start As Soon As Possible

    Retirement Planning: 3 Reasons To Start As Soon As Possible

    Retirement planning is typically something that individuals and couples engage in once they hit their late forties and early fifties. The conventional wisdom has been that once you hit a certain age, you should be looking to prepare to retire.

    In actuality, every American needs to start working on their “nest age” immediately. Putting it off while failing to consider drastic changes to the economy will likely result in disappointment later on.

    There IS no certain age to begin retirement planning. These three reasons to start preparations as soon as possible should hopefully help you take steps towards a happy retirement.

    More And More Americans Are Not Able To Retire…Period.

    Senior citizens were polled in 2012 and a surprising number—as many as 30 percent—said they didn’t intend to stop working until they hit 80.

    Compare that to the once held belief that 65 was the ideal retirement age.

    And 80 is being optimistic; for too many senior citizens there will simply be no retirement. Or they may have planned to retire in their 80s, but will not live to see that age.

    The recent recession and housing bust can be blamed for this grim outlook which encourages retirement-age Americans to delay or forego retiring.

    If you do not wish to be working hard into your seventies, then you shouldn’t delay retirement planning.

    The Volatile Stock Markets Aren’t Big On Reassurance

    Putting all your nest eggs in one basket? You may be setting yourself up for disaster.

    We already know that the stock markets can crash at any time, and are likely to do so at least once in our lifetimes.

    A number of aging Americans have put most of their savings into the stock markets in the hopes that what they most of their savings will still be there when they retire.

    While buying some shares isn’t a terrible idea, putting everything into something so unpredictable is never wise. Consider alternatives for investment such as CDs, real estate, and even gold.

    The Longer You Wait, The Less Money You’ll Have

    In the U.S. News article “5 Reasons to Start Investing for Retirement Today”, the writer brings up an outstanding point as to why you should begin saving for retirement as soon as possible:

    The longer you have your money invested, the more powerful compounding interest is. For example, $5,000 invested by a 20-year-old with an average 8 percent annual return will yield $160,000 by the time he retires. That same amount invested by a 39-year-old will yield only $40,000 upon retirement.

    While his example specifically addresses compounding interest, the same logic can be applied no matter how you choose to invest or save for retirement.

    The longer you wait, the fewer retirement resources you will have at your disposal!

    What other NEED TO KNOW advice can you offer persons planning to retire?

  • Cruise Deals: Find a Cheap Cruise for the Holidays

    If you’re looking for a cruise deal, you should have no problem finding a cheap cruise for the holidays. Whether you want to give the gift of a cruise to a loved one or purchase it as a gift for yourself, there is no shortage of cheap cruise offerings right now. Considering that you get a room, great food and entertainment all in one low price, cruises can make a great gift.

    Carnival

    Carnival is one of the most popular cheaper cruise lines out there and they certainly live up to their reputation this holiday season. If you want to get away at Christmas, they have a 4-night Western Caribbean cruise that starts at $389 per person.

    If you prefer to save traveling until after the holidays are over, you can book a 3-night Bahamas cruise that leaves out of Port Canaveral starting at $159 per person. If you aren’t into the shorter cruises and want something that will get you away for almost a week, there is a 6-night Western Caribbean cruise that starts at $309 per person. This cruise departs in the second half of January.

    Norwegian

    Carnival isn’t the only cruise line with good cruise deals–Norwegian Cruise Lines offers some pretty good deals themselves. If you want to give the gift of a cruise, but don’t want to break the bank, you can purchase a 3-night Bahamas cruise from Norwegian starting at $129 per person. For those who don’t mind spending a little more money, a 7-night Eastern Caribbean cruise can be purchased starting at $399 per person. An added bonus, this cruise can be taken right after the New Year’s festivities are over.

    Royal Caribbean

    Royal Caribbean has the second best cruise deal on our list with a 3-night Bahamas cruise starting at $130. This is a nice extended weekend cruise that won’t cost you much vacation time before the year gets started. Royal Caribbean offers a 5-night Western Caribbean cruise starting at $376. This is a little bit more than a similar cruise offered by Norwegian, but less than a similar one offered by Carnival, so this comes down to cruise line preference.

    Extra Costs

    If you or the person you’re gifting a cruise to are first-time cruisers, there are a few costs you should be aware of. You are expected to provide a tip for the dining staff, housekeepers, etc. This might be a no-brainer, but Carnival adds a daily tip to your final bill, which has taken some first-time cruisers by surprise. While cruise lines include food and some non-alcoholic drinks around the clock as part of your fare, alcohol isn’t included in this unless you specifically add on the option.

    Even though there is no shortage of activities to do on the cruise ship, if you want to participate in excursions, this will come at a cost. Since the cruise line’s excursion costs can be a little inflated, it’s always a good idea to do your research in advance and see if you can score a better deal by booking directly through the excursion site.

    [Image via Twitter]

  • Cyber Monday: Stay in Your Pajamas and Save Money

    Many anxious shoppers plan to skip dessert and hit Walmart before their turkey dinners even get a chance to digest next Thursday. Some yet will get up at the crack of dawn on Black Friday eager to get the best deals around. But what if there’s a better way? What if you can stay in your pajamas, relax on the couch or shop from your desk while you’re clocked in at work?

    Cyber Monday, the Monday following Thanksgiving, is less than a week away. According to Adobe Digital Index, a digital marketing and digital media solution company, online shoppers spent more money last year on Cyber Monday than in any other shopping day in history. The upward trend is expected to continue this year, Adobe is tracking a 15 percent increase in sales, that could bring spending to well over $2 billion.

    But are the deals the same on Cyber Monday as they are on Black Friday? Not necessarily. Sabah Karimi, a finance blogger for the website Wise Bread, provides a few tips on how to get the best holiday bargains. She advises that items like clothing, shoes, electronics and large appliances are usually great Cyber Monday finds because you can take advantage of free shipping. However, new versions of digital cameras may not feature a large dip in price. Shoppers are often advised to even wait out the holiday season all together when buying these sorts of items and then use the store’s rebates or promotions come January.

    Cyber Monday even has several of its own Twitter and Facebook pages to help consumers find the best deals. Many social media sites also provide shoppers with some great security tips and helpful apps that will help to make your Cyber Monday and holiday season run as smoothly as possible.

    Watch this clip to get more Cyber Monday tips and hear some great advice on how to avoid potential scams.

    Image Via Thinkstock

  • Bank of America Rolls Out Discount Service

    Bank of America Rolls Out Discount Service

    Bank of America is the latest to jump on the trend of offering consumers deals through online discounts.

    Reuters reports that Bank of America rolled out its new Groupon-like service Wednesday that allows consumers to receive deals from retailers based on their prior spending.

    Customers will receive offers through the bank’s Web site and be awarded through cash payments once a month. Customers won’t need to sign up for anything like they would with Groupon.

    The new service, cleverly titled BankAmeriDeals, is looking to restore revenue lost from new regulations that lower the amount of money they receive from debit card swipes. Their previous attempt to make money through monthly debit card fees was met with massive backlash that forced the bank to drop it.

    Bank of America, however, isn’t using its new deals service to make money, but rather “deepen relationships with existing customers and attract new ones,” David Godsman, Bank of America’s online and mobile solutions executive, said.

    Analysts think the service will draw more account activity and card use for the bank. The key is that the rewards are tied to places customers already shop instead of products that they may only be vaguely interested in.

    Bank of America has begun testing the service with its own employees in North Carolina, South Carolina and Nevada. It will expand the program to rest of its employees in February.

    The bank does not have a time frame for when the program will become available to other customers.

    The bank wants to assure customers that they will not share customer’s private data with third parties. The bank will track customer’s spending, but they hope that the appeal of the discounts outweigh any concerns.

    For those wondering how the service works, it’s quite simple. When customers log in to their online accounts, they will see discount offers embedded in their statement. If the customer accepts the offer, it is applied to their account.

    When customers make a purchase, they will pay full price, but the discount will be returned to them in cash form at the beginning of each month.

    Customers can opt in to receive alerts about offers and how much money they have saved. They are also given the option to opt out of the service.

    The bank is not saying which retailers are participating in the new service, but claim that major department stores, fast food chains and local restaurants are included.