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 Career, Job, Profession & Employment

 

The Clock Is Ticking: Retirement Planning Later In Your  Career, Job, Profession & Employment


Are you ready for retirement? Sure, you’re mentally prepared to leave the everyday rat race, to throw your alarm clock in the garbage, and to spend your days doing whatever you so please. The question is: are you ready financially? If you’re like most Baby Boomers, the answer is probably “no”.

A recent study by the Employee Benefits Research Institute showed that over 50 percent of workers ages 45 to 54 have less than $50,000 saved for retirement. The Center for Retirement...

retirement, planning, funds, aid, work, age, old, finance, money, savings, interest, earn

Are you ready for retirement? Sure, you’re mentally prepared to leave the everyday rat race, to throw your alarm clock in the garbage, and to spend your days doing whatever you so please. The question is: are you ready financially? If you’re like most Baby Boomers, the answer is probably “no”.

A recent study by the Employee Benefits Research Institute showed that over 50 percent of workers ages 45 to 54 have less than $50,000 saved for retirement. The Center for Retirement Research (CRR) at Boston College completed a study that showed nearly 54 percent of low-income Baby Boomers born between 1955 and 1964 are at risk for missing their retirement savings goal. Research by Fidelity Investments shows that most Baby Boomers have enough saved for retirement to replace just 59 percent of their full-time working income. The numbers don’t lie: most Boomers are not ready to retire, regardless of what they think.

But all is not lost. It’s never too late to start planning your retirement. However, the closer you get to retirement age, the more aggressively you need to save. It’s also possible that you might have to work a few years longer than you thought you would, or pursue money making ventures outside of your life-long  Career, Job, Profession & Employment
.

Okay, say you’ve hit the big 5-0. Retirement is suddenly not such a far off proposition, but a short-term reality. In no way are you ready financially, so it’s time to buckle down. The first thing you need to do is take a good, long look at that 401(k) of yours. Max it out. That’s right, make yourself a budget and sacrifice if you must, but find every last available dime and pump it into that fund. It deserves your attention. Thankfully, there’s something called a “catch-up provision” that was created for people just like you. It allows people 50 and over to add an additional $5,000 to their 401(k) over the maximum allowed by law in 2006. Not bad. For IRAs, you can contribute up to $1,000 per year as a catch-up in 2006. Do it. It’ll be well worth it.

Once you’ve maxed out your retirement funds, take a look at your personal budget. Sit down and find out where all your money is going, and where you can save. Pay off high-interest credit card debt as fast as you can, refinance car or home loans, phase out your more expensive habits or hobbies; do whatever it takes to save a few extra dollars per month towards your nest egg.

Also, don’t rule out working a few more years. Many people love their jobs, have friends at work, or enjoy being part of the everyday work force. If you don’t have grand plans of jet-setting around the world during your golden years, then there’s nothing wrong with punching the clock for a little while longer. It’ll give you something to do while definitely sweetening the pot when you do decide to retire. Done with working for the man? Then consider taking something part-time or even launching your own start-up. It could be something you’ve always been interested in, but never had the time or drive to actually do. Who knows, it could be something you make money on and will enjoy well into retirement. Nothing wrong with that.

However you choose to build your long-forsaken nest egg, don’t wait a minute longer. When it comes to saving for retirement, time is money.

 

Start Investing Early in Your  Career, Job, Profession & Employment


The time to start investing is when you are young. If you have a college degree and you start investing immediately after you graduate and get your first job, it is possible to retire as a millionaire. Find an employer that will match your 401K contribution.

investment, 401K, retirement, millionaire

You’re young, you just landed a new job and you’re going to be getting a decent paycheck. You also have bills to pay and there are also a few items that you’ve always wanted so now you can finally afford them.

Investing for your retirement may be the last thing on your mind at the start of a new  Career, Job, Profession & Employment
. Take some advice from those with a little more experience: Start investing early in your  Career, Job, Profession & Employment
. Start from day one and you will never miss that money you’re setting aside. If your company has available a 401-K or a TSP program, jump on the band wagon immediately. If you don’t have these programs at your disposal, you can still start an IRA and the concepts stated here are applicable as well.

It really does it make a difference when you start contributing. It is important to invest in your retirement account early in your  Career, Job, Profession & Employment
 for two reasons. First, if you’re fortunate to receive matching contributions, you don't want to miss out on those added contributions that are a significant part of your retiremen
t benefit. Second, the longer contributions stay in your account, the more you stand to gain. Your money makes money in the form of earnings, and those earnings in turn make money, and so on. This is what is known as the "miracle of compounding." As money grows in your account over time, the proportion resulting from earnings will become larger compared to the proportion resulting from contributions.

The size of your account balance is going to depend on how much you (and your company if they match funds up to a certain percentage) contribute to your account and how your account grows as a result of earnings on your investments. To get an idea of what your retirement account could be in the future, look at the following projections.

Assume that you are an employee eligible for organizational contributions, that you are earning $28,000 each year, and that you receive no future salary increases. You choose to save 5 percent of basic pay each pay period; therefore you receive total organizational contributions of 5 percent. The growth projections below are for an assumed annual rate of return of 7 percent on your investments.

After five years your account balance would be almost $17,000; after ten years your balance would increase to $40,000; and after contributing for twenty years, your account would have a balance of $122,000. Clearly your balance would continue to increase each year. If you contributed for forty years, which is fathomable if you start a job at 23 and want to retire at age 63, your account balance would be $615,000. That’s over half a million dollars folks! Just from contributing 5% of your income from the day you start work!

Looking at the numbers, it’s hard to imagine why someone wouldn’t start investing immediately!

 

Your Job Is Not Necessarily For Life. Should You Switch  Career, Job, Profession & Employment
s?


Executive search firms regularly come across people who have decided to switch  Career, Job, Profession & Employment
s. There was a time where you chose your profession and stuck with it until retirement and many people still follow that path. An increasing number of people, however, are deciding to give up their first choice and try something new. For many, it is a move to a new country, or an exploration of a new skill, but for others, it’s moving the skills they already have to a new sector.

If you’re...

Executive search firms regularly come across people who have decided to switch  Career, Job, Profession & Employment
s. There was a time where you chose your profession and stuck with it until retirement and many people still follow that path. An increasing number of people, however, are deciding to give up their first choice and try something new. For many, it is a move to a new country, or an exploration of a new skill, but for others, it’s moving the skills they already have to a new sector.

If you’re taking the plunge and switching  Career, Job, Profession & Employment
s, can you convince an executive search agency that it’s all for the best? How do you demonstrate that you haven’t lost any of your abilities?

Switching  Career, Job, Profession & Employment
s is a brave thing to do. It can affect your income, your working hours and even where you live. It’s not a decision that people take lightly, and it’s one that’s viewed differently by everyone. If you take a  Career, Job, Profession & Employment
 break to travel or to study, you should be prepared to turn that experience into positive ways you can contribute to your new company.

Executive search firms look for the right candidates for the job. If you have switched  Career, Job, Profession & Employment
s or taken a break and want to sign on with an executive search firm, then it’s a good idea to make an appointment to go and see them. This will allow you to sit face-to-face with the consultant and explain why you took a year out, or why you decided to change from medicine to law. Whatever your experience, you should be able to use elements of it to illustrate how you could be valuable to a company in a senior position.

For example, if you spent your time volunteering for a charity and working in Africa, you will have gained better communication and diplomacy skills than most people. If you were involved in a building project, you can illustrate how you managed to project, getting people to work together as a team to achieve a common goal. Whilst sorting out a problem business area isn’t the same as building a school, the things you learned from your project can be applied in any situation.

It’s not whether you have changed  Career, Job, Profession & Employment
s that interests an executive search firm; it’s why, and what you’ve learned that could benefit their clients. It could be that your  Career, Job, Profession & Employment
 switch gives the client exactly what they’re looking for. It’s up to you to turn it into the positives that could win you your next job.




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