5 Tips For Preparing For Retirement

Retirement can be an exciting time in your life. You’ve completed your life’s work, and now it’s time to reap the rewards of your efforts. Thinking about retirement is not only for those of retirement age. Saving for retirement is best started early. Here are five tips to help prepare you for retirement, whatever stage in life you may be in. 

Start Investing Early

That’s right! Ideally, you should start saving for your retirement in your 20s. This gives you the maximum amount of time to invest into your retirement and form a solid foundation of discipline for managing your finances. Retirement is one of the great experiences in life. 

Solid planning early on can ensure that your retirement is enjoyable and that you’re able to financially sustain it. Make a plan, create a budget, and begin investing as soon as possible. Monitor your accounts, make sure you’re contributing as much as you possibly can to each one.

Find the Right Plan For You

Generally, there are seven types of retirement plans which you can choose from:

• 401k or 403b offered by your employer
• Solo 401k
• SEP IRA
• Simple IRA
• IRA
• Roth IRA
• Health Savings Account

The 401k or 403b plans are offered by many employers. You can save up to $18,000 per year, and if you switch employers the account will roll over to your new employer. 401k plans are usually offered by for-profit companies, while public servants have access to 403b plans which include contributions by the employer. 

A solo 401k is available to sole proprietors, and you can make contributions to this account as an employee of the business and as an employer.

A SEP IRA, or simplified employee pension, is used by small businesses. You can contribute up to 25% of your income or up to $53,000 to this type of account over the course of the fiscal year. If your business has employees, you will have to make contributions to their accounts if they meet certain requirements. 





A Simple IRA is a simple savings account in which you can deposit up to $5,500 per year. The money grows at a set interest rate completely tax free. Anyone can set up this type of retirement plan. You are able to contribute to a simple IRA and a 401k simultaneously.

A Roth IRA is an account in which you contribute after-tax dollars, which get no extra deduction. You can withdraw whatever you’ve deposited at any time without tax obligation, and there’s no mandatory withdrawal age.

A health savings account is an account offered by certain health insurance companies for medical expenses. The company will set aside money for you from your deductible payments in an HSA, allowing you access to healthcare when your medical expenses aren’t covered by your insurance plan.

Whatever plan you choose, make sure you are contributing the maximum amount each year, if possible. You can really never have too much money, as you’ll need to account for things such as medical emergencies or sudden expenses along with your everyday spending.

Pay off Your Mortgage

One of the biggest expenses of your life is bound to be your mortgage payment. Your house is more than just a place to take shelter however, it can actually provide you with equity that can be accessed later on. 

As with any loan, it’s important to pay off your mortgage as soon as you can, but especially before you retire. The last thing you want to worry about is making your mortgage payment when you’re not working anymore.

Pulling from your retirement savings for the mortgage can drain your accounts very quickly, possibly forcing you out of retirement to make the payments. Be sure to get your house paid for before retirement, and save yourself one more expense. 

If you need help managing or getting out of debt, there are many debt consolidation and settlement services online or in person. Find debt payoff tools on sites like Get Out of Debt, and start to take control of your debt before it’s time to retire.

Plan For Inflation

As much as we hate to admit it, prices rise on everything eventually. Fluctuations in the prices of goods and services, labor costs, and the value of the dollar all affect inflation. The amount you originally paid into your retirement fund may not be worth the same dollar amount it was forty years ago, or even ten or twenty years ago.

Inflation is always changing, and the value of the dollar fluctuating. When investing in your retirement it’s essential to remember this fact. You may have to invest a little extra into your accounts, to ensure that your money will last for the duration of your retirement. Try to cut down travel and leisure expenses in your retirement to account for inflation. Enjoy yourself, but be wary of your spending.

Focus On Your Health As A Pre-Retirement Condition

Your physical health should be a top priority at any point in your life. Health problems create complications and often are a drain on your wallet and savings accounts as well. Retirement is no different in this aspect. 

Medical bills can add up quickly, draining the money you’ve set aside for enjoying your retirement. Who wants to spend their retirement in a hospital bed or their entire IRA account on medical bills?

Exercise and monitoring your diet are great ways to stay fit and healthy. Be sure to make your annual check-ups and blood work appointments with your physician, and take all 

medications as needed.

Don’t Forget…

Whether you’re 27 or 47, retirement is important to think about. Put a plan in place that’s right for you and start investing in your retirement right away. The peace of mind you’ll feel when the time comes to retire, and your finances are in order cannot be understated. Remember to save the maximum amount each year, monitor your accounts, and pay off large debts before you retire.

Individual Tax Return Online: Filing Income Tax Online Through Easy Steps

The Income Tax Act of 1961 states that any individual, whose total income in the previous year has not exceeded the maximum amount of exemption, will not be chargeable of tax however, they should file their income tax returns or ITR. 

Filing individual tax return online is known as e-filing of return. You can either seek the help of a professional or you could file the returns all by yourself at the comfort of your home.

E-filing or the electronic filing system refers to the submission of income tax returns online. The filing of the income tax returns includes two different ways where one can either go to the Income Tax department or submit the necessary files or documents or you could do that easily through a few online steps from your home. 

Due to the recent development of technology the online procedure of filing income tax returns has been gaining a lot more popularity. Compared to the offline filing of income tax returns, individual tax return online does not contain any sort of tedious paperwork which this method is why is preferable to the majority of the people nowadays.

Steps on Filing Individual Tax Return Online

Income tax filing requires certain official documents without which the process would not be complete. The required documents are PAN card, Aadhar Identity card, bank account details and your investment details. When you are filing your individual tax return online you will be given an online form in PDF form which you have to download and put in all the information that is required. 




The form will also demand your salary details. Enter all the necessary information which will include the investment details along with the deductions which are to be claimed. 

If you have a non-salary income, then you could mention freelance income or interest income. The last step includes you to put in all the bank account details that are necessary.

Advantages of Filing Individual Tax Return Online

E-filing is preferred by the majority of the people nowadays because of the advantages it possesses. The taxpayers tend to avoid the tedious paperwork that is involved with the offline processes of filing individual tax return online. 

1. Fast Processing: Filing your income tax returns online makes the Income Tax department acknowledge it more promptly. A major benefit one can get from e-filing is the fact that one can easily get their refunds in a faster manner than when one files their tax returns offline.

2. Convenience: The e-filing option is available 24/7 which makes it easier for anyone to file their individual tax return online from any device. It is way more convenient than of an option than offline tax return filing.

3. Accuracy: When you proceed with the process of e-filing you are provided with the electronic connectivity along with the validations which make it seamless. There is also very little room for error since the software required for the e-filing process makes sure that you make the least amount of errors.

4. Confidentiality: When you file your income tax returns offline there is a high chance that your information might get leaked but filing your tax returns online makes sure that you are safe and protected through the secured portals.

5. Convenient to Use: The online system of filing your tax returns provides you with all the steps that are required for you to fill, which makes it easier to file your individual tax returns online.

Conclusion:

After reading this article you must have understood that e-filing of income tax return is very necessary if you want to show your accurate income to the income tax department and it doesn’t matter if you are not earning more than required amount of taxable income, but you should file your return every year. 

The major benefits that are provided by the online tax filing are the reason that the majority of the taxpayers are following this process more frequently.

The Factors That Determine The Price Of Your Home

There are several factors affecting the price of your home. To better understand the housing market and its conditions and to know what price to expect, get familiar with those factors.

1. Property location

When it comes to location, there are actually a few factors here included:

• for families with children, the vicinity of the local schools is of great importance
• for those looking for a prospective job, employment opportunities in the vicinity are a big plus
• younger buyers, but also buyers of other ages, will appreciate the proximity of shopping centers, as well as recreational and social centers.

In most cases, even one of these three factors will up the price of the property. The more factors your property has - the better the value is.

2. Comparable properties

Properties in your neighborhood will also have an impact on the price of your property. Real estate agents will always do research on prices of recent sales of homes with similar features as your home, which will to a certain extent dictate the value of your property, too. 

The problem can be short sales and foreclosures which often lower the price of all the neighboring real estates. These comparable properties are what most influences appraisal - the nearby sales with similar conditions will probably dictate the price.

3. Updates and upgrades on the property

There will be some buyers who want to buy a property that they can upgrade on their own, but most of the time, buyers want a property where they can move in fast and simple. Consequently, they are ready to pay a premium for that possibility. 




Kitchen and bathroom improvements are definitely the most desired features by many buyers because that way they don't have to spend a lot of money to upgrade them and to experience a lot of headache in the process. Also, a brand new roof will definitely be worth investing, as many buyers appreciate a new, quality roof on an estate.

4. Property characteristics

The property itself will affect the price, but many sellers don't know how or which elements affect it. First of all, the type of house is important, whether it's detached, semi-detached or terraced. 

Its style can also make a difference - if the curb appeal is unique or there is some other impressive factor, it will certainly rise up the price. Also, if the property has some historical connections due to its age or, on the other hand, it's a new property with modern characteristics, it will also have an impact on the price. 

Still, professionals in Curtis valuations and other similar companies recommend you inform yourself on how exactly these features will impact the price.

5. Property size

Size of the property is important as it is connected to the occupied land which the property is on. The land itself actually impacts the value of the property. Its size can be very similar to the size of the property or it can really differ - it's best to know for sure before you put the property up for sale. Knowing the size can also be of use in the appraisal process.

6. Planning and building regulations

To build a property today, it's necessary to acquire a planning permission and building regulations. While a planning permission includes the size, shape and design of the property, building regulations include technical aspects and the construction process. 

If the property doesn't have these formal documents, it could be demolished due to illegal conditions under which it has been built.

Of course, there are other factors related, including:

• construction method - pitched roofs in slates or brick and stone walls together with a thermal block inside are preferable;
• repairs on the property - depending on the seriousness of the repair and the cost needed for it, it could decrease the value of the property.
• environmental factors - if the property is in the area prone to floods or severe storms, it's necessary to check its susceptibility to the environmental hazard such as those.
• sustainability - in the years to come, the aspect of sustainability and energy will be more and more important.

Final comment

As you can see, the price of your property is not dependable on one factors, but many of them, which are also dependable among each other. Some factors can't be changed or influenced, but you can do your best with the ones that can be.

5 Ways to Make Your Savings Last Through Retirement

The typical life span in the U.S.A. increased considerably to about 80 in 2018.

If you retire at 65, a 30-year retirement is quite possible. Here are 5 ways to make your savings last.

1. Make 1.85% on your cost savings with a high-interest account.

If you have $250,000 in a high-interest account and keep it there over 20 years, you 'd earn $110,712 in interest.

The CIT Bank Money Market Account uses 1.85% interest and doesn't charge any service fees. You can open an account with a $100 minimum deposit.

2. Work with a financial consultant.

These professionals can supply expertise on how best place you assets in the best places, make wise financial investments and maximize your pension contributions. 



Financial advisors can also direct you to find out the very best order to withdraw from your accounts, so you do not lose out on important compound interest or prospective tax rewards.

3. Downsize your large home and think about a low-tax state.

Real estate is among the biggest expenses for retirees, even if the home mortgage is settled. Many individuals purchase big houses when raising children.

4. Avoid typical financial mistakes.

A financial advisor can direct you to optimize social security benefits and advise on when to begin accepting them in the most tax-efficient method. They're likewise extremely skilled in assisting individuals lessen capital gains taxes and preventing paying penalties on pension circulations.

5. The Best Way to Make Your Retirement Savings Last.

There are a number of highly qualified financial consultants in your town. Nevertheless, it can be daunting to select one.

This brand-new tool makes it simple to discover the ideal financial consultant for you. Now you can get matched with as much as 3 regional fiduciary advisors that have passed an extensive screening process.

5 Facts About Credit Cards Every Young Adult Should Know

Young adults falling between the ages of 21 and 25 are now entering the workforce. Many of them are turning entrepreneurs and taking more financial risks as the demand for credit cards grow year after year. However, young adults often lack financial wisdom and guidance.

One great piece of financial advice is to be cautious before availing a credit card. There are a lot of terms and conditions that one needs to fulfill and most youngsters are clueless about these. All new cardholders need to keep the following points in mind to reap maximum benefits out of their credit cards.

5 credit card features to remember:

Availing credit cards is very easy. Remembering the minute features and tips is a bit difficult but not impossible. Here are a few of those to consider:

• Options of credit cards are plenty: There are several types of credit cards for user-specific purposes. Two common types are general purpose cards which are usable anywhere and private label cards that are usable at select stores and service stations. Again, some cards offer attractive reward points when transacted for specific purposes. There are also secured and unsecured credit cards. To avail an unsecured card, you need a good credit history. 
• Apply for only 1 card initially: These cards are often tricky. Since you are a novice in this area, you may not know how to use a credit card wisely. Do not make heavy purchases initially and always settle your bills on time. This will teach you financial discipline besides enhancing your creditworthiness.

A great first card can be the Bajaj Finserv RBL Bank SuperCard. It combines the features of 4 cards into 1. Use it to withdraw cash from ATMs without incurring any interest for up to 50 days. Pay only a flat 2.5% processing fee.

• Compare cards before availing one: You must gather detailed information about the financial products from official websites of different lenders. Compare their features and benefits before you finally apply for a credit card. This will help you get the best card suiting your requirements. 
• Build an emergency fund: Emergencies strike without warning and can hamper your EMI payments. Medical emergencies, sudden home repairs, car repairs and a host of other issues corrode your credit. Hence, save as much as you can so that you don’t always have to rely on your card.
• Maintain healthy credit habits: Many young adults have bad credit habits due to poor financial knowledge. These habits include never checking credit scores, defaulting on repayments, using too many cards simultaneously, utilising more than 30% of the card limit, and maintaining no independent savings. These habits can weaken your credit history, and hence, lower your CIBIL score.

Tips for credit card beginners

There are a few terminologies that you should remember.

• Credit line/credit limit: It is the maximum amount on the card which a user can utilise. 
• Grace Period: The grace period denotes the interest-free time period within which one has to pay off the dues. Interests start to accrue post this period. 

Make sure to clear all your doubts before availing a credit card. It will help you to better utilise the card and enjoy its various benefits fully.

How Spry Seniors Financially Protect Themselves

In order to financially protect yourself, you need to take steps to understand your current financial situation. You’ll also need to set goals about the things that you want to be able to do with your life. 

Here are some of the methods that you can use in order to financially protect yourself and safeguard your future.

Determine Your Means

You have to understand where your money is going in order to take control of it. Keeping tabs on your monthly expenses is the first place to start. Determine your assets and examine your debt load. 

Ask yourself what it would take to decrease or eliminate your debt and how that would impact your life. Learning to live within your means now will ensure that you have a better chance of doing so after you retire.

Plan for the Future

Create a long-term plan for your future so that you can live your life to the fullest. Use professional financial planners to help you plan for your retirement. This will help you to set long-term as well as short-term goals. 



A part of being financially independent is making your money work for you instead of you having to work for your money. This is sometimes referred to as lifestyle planning so that you can set the goals that are important to you.

Have a Contingency Plan

Create a fund for emergency purposes and other types of unforeseen events. This may include you getting life insurance or having a long-term care plan in place. Many health insurance companies offer this type of insurance so that you won’t get stuck with having to pay for these expenses out of your own pocket. 

Unexpected medical bills could derail your ability to retire and retain your financial stability throughout your life.

Balance Your Budget

Balancing your expenses with your income is the first place to start when it comes to balancing your budget. The second step is to have more money coming in than is going out. This strategy will allow you to set extra aside other than what you’re currently putting away for retirement. 

Medicare can be a big help, but it doesn't cover long term stays in memory care or assisted living facilities. Unexpected medical bills could derail your ability to retire and retain your financial stability throughout your life.

Once you decide to retire, you won’t have a steady income flow and will be relying on your retirement savings. Beef it up so that you can handle whatever life has to throw at you.

Protecting yourself financially can sometimes mean that you need a little bit of help to achieve your goals. Use these tips so that you can be ready for a future of being financially secure.