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Category: Retirement

It’s National Retirement Security Week!

It’s National Retirement Security Week!

Happy National Retirement Security Week! Congress has designated the third week in October as National Retirement Security Week. Let me ask you – How secure is your retirement? Could you use a checkup? The National Association of Government Defined Contribution Administrators has put together a website filled with quick tips for getting started and maintaining your momentum in saving for retirement. Check out the NAGDCA website here, and watch their quick promo video below: “Buying” Your Retirement? Believe it or not, the…

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Why I Won’t See My New Raise

Why I Won’t See My New Raise

I’m getting a raise! This year, my city council voted to give every city employee a 2.5% raise, effective July 1. They also adopted an education incentive program for our public safety employees. Every police officer and firefighter with a college degree (associate to doctorate) will get a bump in pay, based on the level of degree they have and their salary. My bachelor’s degree will get me an extra 3% of my salary on every paycheck. (Yes, I know…

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How Fees Affect Your Retirement Savings

How Fees Affect Your Retirement Savings

If you knew of a way to have $125,000 more saved in your retirement accounts when you retire, would you be interested? It’s legal and doesn’t require any hard work. You can do it, simply by paying attention to fees. By owning funds with low fees, you keep more of your money in your account and out of the pockets of a fund company. The best way to know what you are paying to own a fund is by looking at the expense ratio. The Expense Ratio…

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Avoid These 5 Retirement Savings Mistakes

Avoid These 5 Retirement Savings Mistakes

Who, me? No one likes to admit they’re making (or have made) a mistake. Sometimes, you don’t even know you’re making one. Ever heard the phrase “You don’t know what you don’t know?” This applies to all aspects of life, including retirement savings. It might take someone pointing out your mistake for you to realize you’re making it. I wish someone had pointed out mistakes I had made with my retirement savings long before I realized them for myself. Below are…

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What To Know About Your Pension

What To Know About Your Pension

We just wrapped up National Retirement Security Week. Now is a great time to take a peek at your retirement accounts and increase your contributions. Also make sure that your fees are as low as possible and your allocations are correct. I personally started contributing 5% of my gross salary to a Roth 401(k). This is in addition to my regular 401(k), Roth IRA, and other retirement contributions, including my pension. I’m working hard to set my family up for…

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How Much Do You Need To Retire?

How Much Do You Need To Retire?

The other day, a fellow firefighter told me he’d like to sit down with me and talk about money, and specifically, retirement. I agreed and told him to start thinking about where he’d like to begin. He said, “I’d rather focus on where I want to end up – I don’t want to have to work in retirement.” He had clearly outlined a major retirement goal for himself, and in doing so, identified a specific need. He’ll have to have enough…

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