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Are Your Retirement Savings Enough?

Make sure your retirement egg is big enough to handle unexpected problemsOften when people consider their

retirement savings, they think of how much they will need to live on while they aren’t working. Unfortunately, there is a lot more to consider when calculating how much money to save away. The Equifax Finance Blog points out many additional costs which need to be planned and saved for in a recent article, “

Preparing for the Worst: Evaluating Your Emergency Fund and Cash Savings.”

In addition to the normal retirement savings, like maintaining quality of life and preparing for trips and other fun, it is very important to plan for emergencies. A fund of anywhere from three to six months of expenses should be saved for emergencies and that is just the beginning. A fund of that size might get you through one or two relatively minor emergencies, but there need to be additional savings as part of your

financial goals, too. (Continued…)

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Winter is Coming: Where to Put Your Acorns for Retirement

Plan Ahead and Save Now to Enjoy RetirementWith uncertainty before us about the state of Social Security and Medicare funding, it’s now more important than ever to have a serious plan about your post-retirement income. After working hard throughout your career, you want to enjoy the time you’ve earned, after all. Financial expert Jeff Rose explains in his article “

How to Calculate Your Retirement Savings and Retirement Date” on the Equifax Finance Blog how to avoid having to work again after retirement.

Rose suggests that you consult a financial expert to best map out your economic future, but also offers a few general ideas on

retirement planning. Since a lot of people are skittish about the stock market given the tumult of recent years, he suggests that people invest in bonds and CDs. Bonds are debt securities in which the holder of the bond lends money to a safe institution, typically to the government, at a low interest rate. CDs, or Certificates of Deposit, are time deposits that are also very safe and work like savings accounts that are locked in for a certain period and then rewarded interest, usually benefiting a bank, credit union or other financial institution.

With both of these, there is still interest growth but at a very low level which corresponds to their high safety. Rose suggests that while these are good, some risk is required to keep your investment portfolio growing with you. Some stock investments are necessary, and a 25-75 stocks to bonds and CDs mix is recommended as a good place to begin your portfolio.

There’s a lot more to read in the article, from where to start to how to calculate your date of retirement and avoid sneaky pitfalls. For more information about retirement planning, taxes, credit trends, real estate and everything else to save money and live better, check out the

Equifax Finance Blog.

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Financing Your Retirement Home by Firing Your Broker?

For 50-Plussers, the last few years have been a roller coaster in terms of retirement savings – too often on the downward slope of things, unfortunately. And while the downward slopes are the most fun on a real roller coaster, they’re the scariest when you’re counting on your investments to fund your retirement.

There’s been a lot of talk, and a good deal of controversy, about reverse mortgages. While the government-backed loans, which pay seniors cash based on the equity in their homes, have proven sound in certain situations, they are not available for houses above certain values ($625,500 in 2009). For these homeowners, proprietary – or  privately held – reverse mortgages can provide higher loan amounts but come with higher costs.

What’s someone in his or her 50s – too young for a reverse mortgage and hoping never to need one – to do? A thousand financial advisors probably have a thousand answers to that question. But one answer emerged recently on the

Equifax Personal Finance blog and it merits a second look. It’s called “

A Rescue Plan for Your Retirement Portfolio.”

The advice was posted by Dan Solin, author of The Smartest Retirement Book You’ll Ever Read” and two more “The Smartest…” titles on 401ks and investments. And while the startling advice seems a little daunting, it comes with plain and simple instructions. Solin shares facts that demonstrate this approach will earn you more money in the long run. He doesn’t say so explicitly, but it stands to reason that making more money on your investments will make buying that retirement home much easier when the time comes.

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