Finding more funds for retirement.QA I have 24.5 years on the job and I am 61 years old. I am planning to retire at 65. To get 80% of my salary, I would have to work 35 years. How can I improve my retirement benefits? E. Peterson, Chicago Judging from some of the information you provided BE, you have made moves to try to secure your future. Paying yourself first by putting funds in a deferred compensation plan and an IRA Ira, in the Bible Ira (ī`rə), in the Bible. 1 Chief officer of David. 2, 3 Two of David's guard. IRA, abbreviation IRA. , as well as making regular contributions to growth mutual funds, are sound strategies. As part of our BLACK ENTERPRISE Declaration of Financial Empowerment, we have encouraged our readers, and visitors to our Website, to pay themselves first. As part of your retirement goals, it is important that you consult with a financial planner Financial Planner A qualified investment professional who assists individuals and corporations meet their long-term financial objectives by analyzing the client's status and setting a program to achieve these goals. that you have a rapport The former name of device management software from Wyse Technology, San Jose, CA (www.wyse.com) that is designed to centrally control up to 100,000+ devices, including Wyse thin clients (see Winterm), Palm, PocketPC and other mobile devices. with. This professional can help guide you with your retirement plans. As you share with them your retirement goals, they will help you develop the right asset allocation Asset Allocation The process of dividing a portfolio among major asset categories such as bonds, stocks or cash. The purpose of asset allocation is to reduce risk by diversifying the portfolio. plan for you. At your age, you should start moving your assets into less risky investments, such as municipal bonds or Treasuries. Although you need a significant growth component as part of your portfolio, invest 60% in bonds. These will provide supplemental income. As for the equity portion of your portfolio, look for solid blue-chip stocks Noun 1. blue-chip stock - a common stock of a nationally known company whose value and dividends are reliable; typically have high price and low yield; "blue chips are usually safe investments" blue chip that will be less susceptible to market volatility. Continue your contributions to your company-sponsored retirement plan and your IRA. And, as you're putting together your after-retirement income stream over the next five years, look at Social Security--the average retiree receives $10,000 per year--as another supplement. (Federal law eliminates the "earnings penalty" for workers between the ages of 65 and 69.) --Derek T. Dingle Mail your finance questions to Ask B.E., BLACK ENTERPRISE, 130 Fifth Ave., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY 10011, or send an e-mail to dingled@blackenterprise.com. |
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