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It’s time for the good news first: in recent weeks, the stock market has soared considerably, which means that your 401(k) retirement account is looking forward to a bright future.  The bad news? The damage that the recession has done – and could potentially continue to do – won’t be undone in just a few weeks.  In fact, it’s going to take some work to get your retirement savings back on track where they belong.  But don’t worry, you won’t have to take up a second job as an investment advisor; just follow these easy steps to revive your 401(k) retirement account in no time:

Stop Guessing About That Bottom Line. Sure, the recession has ravaged our savings and investments; but could it be that a little bit of education can go a long way?  When it comes to your retirement, it’s certainly true: the more you know about how your 401(k) retirement account is doing – and how much you’ll need to reach your retirement age – the less stressed you’ll be about retirement.  Additionally, figuring out the bottom line of your retirement savings will let you know if you need to scale back or start reinvesting.  It’s safe to say that when it comes to retirement, ignorance is certainly not bliss!

Cut Expenses.  As you approach your retirement age, you may think that it’ll be easier to saving more aggressively for retirement; after all, your mortgage payments will be smaller and your kids will be grown.  However, if you’re still paying for your kid’s college or considering that second home, it’s time to become aggressive with your savings, since your retirement should be your number one priority.  Besides, student loans exist for a reason!

Go In For A Tune-Up. If you have a 401(k) retirement account, schedule an appointment to talk with your investment advisor about where you are right now.  Does he or she recommend safe investments as you approach your retirement age, or can you consider an early retirement?  Whatever the case, your investment advisor will shed some new light on where you stand in regards to those retirement dreams.

For more information on smart retirement planning, visit www.kenhimmler.com, the IRA and 401(k) experts!

So how do you set the right goals that set you up for retirement success?  Follow these simple steps and you’ll see results in the form of more dollar signs:

• Forget the idea that Social Security will set you up for a decent retirement.  To set realistic retirement goals, you need to get comfortable with the idea that you’ll need to eliminate Social Security from your thoughts entirely.  While these checks will provide a supplemental income each month, they’ll hardly pay for your monthly utility bill; so set goals that involve just your savings and investments.
•  Figure out what your retirement age is going to be.  Although you can guess at your retirement age, this will definitely be influenced by how much you’ve already saved and how much you’re planning to put aside.  If you can save enough to reach your retirement age, then fine; if not, considering pushing up the date by a few years to give your savings and investments more time to grow.
• Approaching your investment advisor with a concrete goal in mind is one of the best ways to map out your retirement planning.  To get a firm number to approach your advisor with, search online for a free retirement calculator that can help you determine how much you should save in order to retire comfortably.  Once you’ve got this number in mind, it’s time to plan your savings and investments around it – and enjoy the kind of retirement that you’ve always dreamed about!

For more information on smart retirement planning, visit www.kenhimmler.com, the IRA and 401(k) experts! 

Well, that’s what many financial experts are proclaiming anyways.  Thanks to the perfect storm of future inflation and the depleted funds of Social Security and Medicare, more people than ever are starting to break a little sweat when they think about the health of their retirement savings; some are even tempted to pull out altogether for a couple of years just to avoid the economic crisis.

However, just because the economic forecast is less-than-desirable doesn’t mean you should immediately fire your investment advisor and pull out of your 401(k) retirement fund; rather, the key is to be smart and use the time you have to counteract inflation and Social Security with savings of your own.

If you think that your savings and investments are safe from any future catastrophes, let’s take a look at some scary figures to get you in gear.  Economic experts have indicated that Medicare and Social Security deficits are likely to spring up starting in 2010 – just a few months from now.  With a likely deficit of almost $1.25 trillion soon upon us – and a depleting number of younger people who will be funding the baby boomer generation’s retirement – it’s no longer enough to count on your Social Security checks to see you through.  What’s more, inflation is set to skyrocket prices within the next decade; so if you’re on the brink of retirement, make sure your savings and investments are as healthy as possible.

Make an immediate appointment to talk with your investment advisor to assess where you are with regards to your retirement planning, and what you can do to get back on track.  While time might not be on your side if you’re of an older generation, those hitting 40-50 can still save aggressively with great results.  Apart from your 401(k) retirement fund, start contributing $500 – $1,000 a month for ten years to a brokerage IRA; assuming an 8% annual return rate, you can have anywhere between $268,002 and $550,000 by the time you retire at 65.

That’s a lot of cash to pad any unexpected bumps on the retirement road!

For more information on smart retirement planning, visit www.kenhimmler.com, the IRA and 401(k) experts!

Authored by Kenneth Himmler, Sr.

Yet if you want to reach retirement with a sizable nest egg – and have the funds to enjoy that Florida retirement that you’ve always dreamed of – then avoid these classic 401(k) retirement mistakes.

Not Rolling Over Your 401(k).  In the current economic climate, job changes and losses have been occurring at unprecedented rates; if this scenario sounds familiar, make sure that you roll over your old 401(k) to your new retirement plan.  Even if you lose your job and are tempted to just cash out your retirement savings to pay for bills, resist temptation, as you’ll lose out on precious time for your savings and investments to grow into even more money.

Here’s a simple rule to remember: if it’s money for retirement, don’t touch it until you actually reach your retirement age!

Not Netting The Full Employer Match.  If your employer still offers matching contributions to your 401(k) retirement fund, then make sure you contribute as much possible in order to get the maximum amount.  Turning your back on a full employer match – or not contributing to your 401(k) at all – is like turning your nose up at free money!

Take Out A 401(k) Loan.  What might sound like a smart idea at the time can very quickly lead to financial ruin, especially during the current credit crunch.  If you choose to take out a 401(k) loan to pay off those troublesome debts, you best be sure that you have job security, as losing your job means you’ll have to pay back the loan in full.  Instead of turning to your retirement savings as an answer to toxic debts like credit card bills, examine and change the behavior that got you there in the first place.

Investing In One Company.  Remember the debacle with Enron? Innocent workers lost their life savings when the company went bust, since their entire retirement savings were invested in the stock.  Make sure your 401(k) investments are diversified enough to keep your savings safe and sound.

For more information on smart retirement planning, visit www.kenhimmler.com, the IRA and 401(k) experts!

Authored by Kenneth Himmler, Sr.

There are financial risks when you cease working for good.  Your regular income is replaced by whatever sizable nest egg you have established plus fixed income from a pension and/or Social Security.  You want to be sure that your money lasts and continues to grow and earn interest even throughout your retirement years.  So what are the risks and how do you hedge against them?

Inflation

One solidly known risk is inflation.  Every year, the value of the dollar goes down.  What some individuals don’t realize when they start initially planning for retirement is how they may actually need in future dollars.  Today you might say you can live a good 20 years on a $750,000 savings, but in 30 years will you say the same thing?  Most likely not.

If you find you have under-saved at the point you reach retirement, you need to hedge against inflation.  Financial advisors believe that one of the best ways to accomplish this is to invest a portion of a savings portfolio into stocks.  A good equity fund with larger returns can help stretch your retirement accounts even while you are retired.  One should only consider this if they are in good health and expects to live past the average lifespan.

Investment Losses

As we have seen recently, retirement accounts can dwindle in value in a near blink of an eye, relatively speaking.  In just the last 2 to 3 years, many retirement accounts have lost much value due to a declining economy and descending stock prices.  If you find that your retirement savings has lost considerable value when it’s your time to retire, you may want to transfer much of your principal into less risky options, such as inflation-indexed bonds. 

Health and Lifespan

Most people can expect to live another 13 to 15 years once they retire around the age of 65.  But the actual number of years left depends a lot upon your health.  A retiree in reasonably good health may live to be 90 or even 100.  What happens if you outlive your available funds? 

Stable fixed income sources such as pensions, Social Security, and annuities may be the best way to mitigate against the risk of outliving your savings.  These income sources continue for life, and as long as you are alive, they will be there for you.

Retirees in poor health have another risk to manage.  Much of their retirement savings may be spent on health care costs and medications.  If a person has health issues before they retire, they may be wise to purchase supplemental health insurance that will increase the benefits supplied by Medicare, and even long-term care insurance to help provide an assisted living facility when you cannot live on your own. 

The financial risks imposed at and during retirement are never predictable.  However, along with planning as best you can ahead of time, there are things you can do during retirement to help make your money last.  Always contact and consult a qualified retirement wealth manager like www.kenhimmler.com or retirement asset management company  like www.iamllc.biz to help you form the best strategy with your money.

Authored By Kenneth Himmler, Sr.

Well, that’s what many financial experts are proclaiming anyways.  Thanks to the perfect storm of future inflation and the depleted funds of Social Security and Medicare, more people than ever are starting to break a little sweat when they think about the health of their retirement savings; some are even tempted to pull out altogether for a couple of years just to avoid the economic crisis.

However, just because the economic forecast is less-than-desirable doesn’t mean you should immediately fire your investment advisor and pull out of your 401(k) retirement fund; rather, the key is to be smart and use the time you have to counteract inflation and Social Security with savings of your own.

If you think that your savings and investments are safe from any future catastrophes, let’s take a look at some scary figures to get you in gear.  Economic experts have indicated that Medicare and Social Security deficits are likely to spring up starting in 2010 – just a few months from now.  With a likely deficit of almost $1.25 trillion soon upon us – and a depleting number of younger people who will be funding the baby boomer generation’s retirement – it’s no longer enough to count on your Social Security checks to see you through.  What’s more, inflation is set to skyrocket prices within the next decade; so if you’re on the brink of retirement, make sure your savings and investments are as healthy as possible.

Make an immediate appointment to talk with your investment advisor to assess where you are with regards to your retirement planning, and what you can do to get back on track.  While time might not be on your side if you’re of an older generation, those hitting 40-50 can still save aggressively with great results.  Apart from your 401(k) retirement fund, start contributing $500 – $1,000 a month for ten years to a brokerage IRA; assuming an 8% annual return rate, you can have anywhere between $268,002 and $550,000 by the time you retire at 65.

That’s a lot of cash to pad any unexpected bumps on the retirement road!

For more information on smart retirement planning, visit www.kenhimmler.com, the IRA and 401(k) experts!

Authored by Kenneth Himmler, Sr.

1. Diversify Your Retirement Savings

It seems that the word ‘diversify’ is overused with investment advice, but the meaning cannot be overemphasized enough.  Just like your mother always told you, you should never put all your eggs in one basket.  Diversifying is an investment strategy that optimizes your investment choices so that you capitalize on high returns while saving your wealth in tougher economic times. 

How do you diversify if you have lost a little or even a considerable value in your retirement savings?  If you have an employer sponsored 401(k), you could re-distribute some of your retirement savings into a low-cost IRA.  You can have more investment options and choices than with a 401(k) and receive some of the same tax advantages. 

For those with some years left to invest, a Roth IRA may be a good option.  Roth IRAs receive contributions after-tax, so the great benefit is taking distributions tax-free after retirement. 

2. Write Off Your Retirement Losses

You can write off losses from taxable investments from your income taxes.  Though you cannot deduct losses from traditional retirement accounts, such as 401(k) or a traditional IRA, you can deduct losses from a Roth IRA, which is a taxable investment.  This strategy requires selling the taxable investment and claiming a tax deduction of up to $3,000 on your tax return for the calendar year.  Losses greater than $3,000 can be carried forward into the next calendar year. 

3. Cut Expenses and Save More

One way to cut your retirement investment losses is to save more.  That means biting the proverbial bullet and reducing your expenses so you have more disposable income you can contribute to retirement savings.  Here are some ways you can start padding your retirement savings today:

• Maximize your 401(k) contributions – Have you opted for the maximum 401(k) contribution out of your paycheck?  Workers over 50 can contribute up to $22,000 of pre-tax earnings starting in 2009, and the cap is likely to increase year after year.

• Cut food & beverage spending – You can put $1,000 into savings in a year if you cut your morning latte.  Save another $2,500 – $3,000 if you bring your lunch to work rather than eating out every day.

• Household – Cable TV, internet, and phone costs eats away over $100 per month, and as much as $300 per month, depending on the service.  Reduce or even eliminate your cable service.  Eliminate your landline phone and stick with just a cell phone.  Find other ways you can save on household utilities.  The thousands you save each year can go back into rebuilding your retirement nest egg.

Your retirement investment value at the time of your retirement is all the value you shall receive.  Do what you can until then to make it the best value possible for your leisure years.  And as always, consult with a qualified retirement wealth manager like www.kenhimmler.com or retirement asset management company at www.iamllc.biz to help you make the best decisions about your retirement savings.

Authored by Kenneth Himmler, Sr.

Drinking.  Nothing’s wrong with a few social drinks here and there; yet a drinking habit can be one of the most draining expenses on your resources – money which could very well be put towards your 401(k) retirement fund or any savings and investments.  Look at how much you’re spending on drinks, even if you enjoy a cocktail or two during happy hour.  $3 a drink can quickly add up over time; and with the average American enjoying two beverages a day, this culminates into over $3,200 a year.  If put into a savings account earning 6% interest, that money can blossom into over $200,000 grand in just 20 years. 

That $3 can go a long way towards netting you a comfortable Florida retirement!

Smoking.  Not only are cigarettes bad for your health; they’re downright draining on your financial resources.  Assuming a person smokes a pack a day, this habit adds up to a hefty $2,000 at the end of the year (assuming packs are just over $5).  Once again, this is money that’s better used in your savings and investments.

If you quit drinking and smoking, financial experts claim you can accumulate up to half a million in retirement savings in about 20 years.  For those who’ve gotten a late start on retirement, this can be an awfully tempting figure!

Gambling. Taking a trip to Sin City now and then is fun – gambling away a potential retirement fund isn’t as entertaining.  If you think that winning the lottery or jackpot is your best bet to land a comfortable retirement, try putting your gambling money towards your 401(k) retirement fund instead.  Sure, it’s not as fun as the thrill of gambling – but when you’re living a comfortable retirement years from now, you’ll hardly remember missing out on the momentary thrill of purchasing a lottery ticket.

For more information on smart retirement planning, visit www.kenhimmler.com, the IRA and 401(k) experts!

Authored by Kenneth Himmler, Sr.

Take A Deep Breath.  Like with most statements, sticker shock is a normal feeling.  Remember when you first took out that mortgage?  How about when you discovered how much interest you’ve been paying on those credit cards?  Don’t let sticker shock regarding your 401(k) retirement fund overwhelm you; remember, you have plenty of time to make up for any losses incurred.  On the bright side, markets recently have been looking up, with consumers showing more confidence in the economy (www.msn.com).  This means that your savings and investments have already been gaining on any losses since 2008.

Take Action. You can sit and bemoan that your 401(k) retirement fund isn’t up to par – or you can take action to ensure that you’ll have a comfortable retirement!  Visit your investment advisor to see how you can boost your numbers by the time you reach your retirement age.  Whether you need to heavily invest in an IRA (putting aside $500 a month for ten years can net you up to $300,000, assuming an 8% return) or move your money to safe investments, your investment advisor will help you come up with a better retirement plan.

Cut Expenses.  For those on the edge of retirement, a smaller fixed income will definitely necessitate cutting any extra expenses.  Instead of paying for your child’s college education or buying that second home, use that money to vigorously invest in the market.  After all, who says that you’ll stop investing once you reach your retirement age?

The bottom line is that you shouldn’t regard your 401(k) retirement statement as final.  Thanks to savvy investments that will last well into retirement – along with smart budget cuts – you’ll have a long and happy retirement to look forward to.

For more information on smart retirement planning, visit www.kenhimmler.com, the IRA and 401(k) experts!

Authored by Kenneth Himmler, Sr.