I am working on my latest plan for retirement right now. In fact I am getting closer to a point where I might be able to put together a practical plan for early retirement. The big thing is to figure out what to do about health insurance in between quitting my job and the date when I would become eligible for medicare. I was looking at medicare advantage plans 2014, but in truth I was not really sure what I am going to do or what I need to do if I am being totally honest about the situation. It is not something that is all that easy for me to understand in all honesty. It is not that apparent to a simple person like myself, all my years as a professor of histoy have not prepared me very well to decipher the language that these people use to describe what they are talking about. Read more…
I just turned 65, and I’ve been thinking more and more about retirement. I know that once I stop working, I’m going to be on a limited budget and my spending habits are going to have to change a bit. I’ve invested over the years, so I will be comfortable. However, I still want to cut out unnecessary spending. Since I won’t be driving as much, I’m going to do some research on direct auto insurance and find ways to save money on my auto insurance policy. There are other bills I’m going to examine, but I thought I would start there.
As I mentioned, since I won’t be driving as much, I really think I can cut my auto insurance bill down. Read more…
I was spending a lot of time looking at the credit card bill when it came in to see if my daughter had any extra charges that I was not aware of. I gave her a credit card in her name because I thought it was important that she learn how to be responsible with money. She is in college and I knew that she would get her own credit card if I did not give her one that was linked to my account. I saw that there was a coupon for cheapest car insurance and a few other ads that came with my credit card bill. I was really surprised to see that there were so many different ads that were in with my bill. I thought that from a marketing point of view that it was genius and I should call the insurance company to see if they could actually save me some money.
I called and talked to a great agent that asked me some information about myself and my cars. I was more than happy to tell the agent all the information that she wanted to know because I wanted to make sure that I would be able to save some money. I had to get my current insurance policy out and tell her what all of my coverages were to make sure that we had an apples to apples comparison as that was the only true way to know if we were going to be able to get a great deal on our car insurance. My husband came home from work as I was on the phone, and I told him that I was talking to an insurance company and he rolled his eyes at me. Then, I showed him how much money we could save and he was really happy.
I own a club that allows people to pay a little bit of money and in return we meet once per week to talk about our doll collections and it is one of the best ways to get to see what other people do when they are looking to buy or sell a new doll. I do charge money for this because many doll collectors do not know where to find each other and I am the networking person for all of them. The clubs associations auditor around the sunshine coast advertised their services and they were going to be able to audit my club if I wanted to.
Hey check out this graphic that shows the steps to becoming a CPA. Notice that its not really very difficult but does take some time. If you follow this process than you can reap the rewards of a good solid job and income!
Consolidation Loans can sometimes be the best way to consolidated debt and helpful tool for handling and settling it. Nevertheless, they’ll only be useful in the long term if you can be monetarily disciplined enough to alter your spending habits. Below are some suggestions to help you reach that point.
You need to additionally do your part before proceeding to combine your credit card debt. Confirm the legitimacy and credibility of the institution you are going to use. Ensure that there are no unseen costs. Some business supply services with a really minimal cost, yet while doing so, behind the scenes they ask for a certain amount aside from what was originally concurred. A good source of info can be found at Finance Loan Direct.
If you understand all the specifics of your cards and standing, it’s easier for you to get started. Meanwhile, in speaking with the specialists, be straight forward in informing them that you’re searching for the most effective bargain. In this way, you have higher possibilities of being provided the best bundles in combining your financial obligations.
Combining your debt into a house equity loan or line of credit– while a reasonable approach in some instances– puts your house in danger.
If you use a residence equity loan, line of credit or cash-out re-finance to combine your debts, acknowledge you are will be giving the financing the pink slip to your residence. It could seem like an excellent suggestion– specifically with today’s astonishingly low rate of interest, yet you’re going from unsecured debt to debt that’s secured by a crucial possession: your home.
If you’re taking into consideration leveraging your residence’s equity as the best way to consolidate credit card debt at a reduced rate of interest, make certain you can make this extra payment. Remember, make sure you still have at least twenty percent equity in your house by the time you take out your credit line or second home loan. If you default on the financing, you’re at danger of foreclosure—similar to if you defaulted on your initial home mortgage.
Here’s an investment opportunity for you to consider. Toronto, Canada-headquartered Yamana Gold Inc. produces gold and other precious metals through mining and related activities, including exploration, extraction, processing and reclamation.
Lead by Chairman and CEO Peter Marrone, Yamana has properties involved in the production, development, and exploration of gold and other precious metals throughout the Americas, including Brazil, Argentina, Chile, Mexico and Colombia. Yamana Gold Inc. operates in five segments: Brazil, which includes Chapada, Jacobina, Fazenda Brasileiro, development projects in the segment; Chile, which includes El Penon, Minera Florida, development projects in the segment; Argentina, which includes Gualcamayo, development projects in the segment; Mexico and other, which consists of Mercedes and other development projects, and Canada.
Mr. Marrone founded Yamana Gold Inc. as President and Chief Executive Officer in 2003, and was appointed Chairman of it in 2007. Mr. Marrone served as a Strategic Advisor of Vaaldiam Resources Ltd. Prior to Yamana, he served as an Executive Vice President and Managing Director of Investment Banking at Canaccord Capital Corporation from 2001 to 2003, and was a Partner at the law firm of Cassels Brock & Blackwell LLP, where he practiced in the area of securities law with a strong focus on mining and international transactions. He served as Corporate Secretary at Centrinity Inc. Peter Marrone has more than 25 years of business and capital markets experience and has been on the boards of a number of public companies and advised companies with a strong South American presence. Mr. Marrone holds a Bachelor of Laws degree and was a Partner at the law firm of Cassels Brock & Blackwell LLP, where he practiced in the area of securities law with a strong focus on mining and international transactions.
The company acquired Extorre Gold Mines Ltd. in 2012 and it now plans to continue to build on this base through existing operating mine expansions, throughput increases, development of new mines, the advancement of its exploration properties and by targeting other gold consolidation opportunities with a primary focus in the Americas.
Yamana Gold (NYSE: AUY) last issued its quarterly earnings data on February 20, 2013, when it reported $0.26 EPS for the quarter, thus beating the Thomson Reuters consensus estimate of $0.25 by $0.01. It had revenue of $629.50 million for the quarter, compared to the consensus estimate of $674.11 million. During the same quarter in the prior year, Yamana posted $0.25 EPS. Its quarterly revenue was up 10.7% on a year-over-year basis. On April 13, Yamana Gold Inc. had a stock (NYSE:AUY) price of $13.27, market cap of $9.98 billion, average volume of 3.56 million, P/E ratio of 22.17, EPS of $0.60, dividend of $0.07, dividend yield of 1.97%, and an ex-dividend date of March 26, 2013. On average, analysts predict that Yamana will post $1.08 EPS for the current fiscal year.
The company specified on April 10 that it will release its 2013 Q1 results after market close on April 30 followed by a conference call and webcast on May 1, 2013 at 8:30 am ET. Yamana will host its annual meeting of shareholders on May 1, 2013 at 11:00 am ET.
Following the lending crisis of 2008, homeowners and potential buyers are more wary than ever when it comes to purchasing a home. Still, everybody wants to be able to afford a place to put their hat so long as that place leaves them enough money to buy a hat. Mortgage insurance helps provide homeowners with a lower down payment, while keeping the lender safe and secure from any possible defaults.
Typically, if a borrower is asking for an amount that exceeds 80% of the complete price, the lender will require mortgage insurance as a protective measure. This generally includes a premium paid along with other payments, and may be paid by either the lender or the borrower.
I’m Covering Who?
Mortgage insurance covers the lender, not the borrower. The lender gets protection against the borrower in the case that they default on the loan payments. A potential homeowner may not see the point in paying for something that’s not even going to cover them, but it is usually a requirement if the borrower is paying less than the 20% down payment. The less a borrower is putting down initially, the more it becomes a risk for the lender.
If mortgage insurance has been required by your lender, the borrower has no say in the insurance company or the negotiation of the premiums.
How it Works
If someone wishes to purchase a home for $200,000, but can only pay 5% of the required down payment, the lender will inform you that mortgage insurance is needed. The borrower pays the premium for the insurance and moves their stuff in. Down the road, should a borrower stop making payments, the insurance company will pay the lender $30,000, since that is the %15 the borrower did not have to pay initially. The payment from the insurance company will be paid after foreclosure.
Stopping Mortgage Insurance
If a time comes when your equity reaches 20%, you may be eligible to have the insurance payments stopped. If a borrower is considering taking this route, it would be best to ask the lender what the options are for cancelling the mortgage insurance down the line.
Should that time come, most lenders will ask for proof that equity has reached 20%, a secure position, and may even ask for an independent appraisal. Again, the borrower has no say in who does the appraising. Different companies have different rules, and they should be learned before signing any contracts.
This type of insurance should not be confused with home insurance, which protects your home in the event of damages, theft or natural disasters. This type of mortgage insurance covers nothing except the lender and the possibility of default.
People are now using online tools called retirement calculators. These tools help people in projecting an estimation of the amount they are going to need for retirement. These tools are already all over the internet as almost all of the companies that offer financial services provide their own calculator. Many of these calculators have their differences thus they all have different strengths and weaknesses. Below is a review of the Fidelity Retirement Calculator that may help you in choosing your calculator.
The Fidelity Retirement Calculator allows you to input 5 items then it will give you a projection of what you will have available under both average and below average market conditions. These 5 items include your age, annual income, your savings, monthly contributions, and investment style. The tool will help you compare what you may have available with what it projects you will need. It has an assumption that at retirement you aim to replace 85% of your pre-estimated income before taxes. It estimates your Social Security benefits but does not provide the option of including pensions or other sources of retirement income. It aims to cater people under the stage of pre-retirement. It is not intended for those who are already in retirement or those who have other sources of retirement income other than invested assets and Social Security.
You will be able to save time through using this tool as it only takes no more than 5 minutes. It also uses 250 Monte Carlo simulations which help in showing what might happen to your investments over different market conditions. The process is also interactive as its inputs are in the form of interactive videos. It will talk you out through the 5 input videos. Modifying assumptions is also possible in this tool. This will help you change the output and see how that affects your goal. The output is in both numerical and bar graph format. The assumptions are also explained and are laid out in a page. The thing that should be improved in this is its explanation as it is difficult to follow. The explanation is in paragraph form while it could have been easier to follow if it was line itemed and sectioned off. It takes about 10-15 minutes just to read this section.
Like all other retirement calculators, it also has its disadvantages. The tool only works for individuals while other calculators offer services for couples. It also automatically assumes an age 93 for life expectancy which you can’t modify. Aside from the life expectancy, it also has an automatic assumption of 2.3% for inflation which you can’t modify. It will not allow you to input other retirement incomes like pensions. All savings and assets should also be input together regardless if they are taxable or tax deferred. Its lack of accurate tax calculations is its main drawback like many online calculators. It is important for retirees to have custom advice about when to take pensions, Social Security and how much to withdraw from which type of accounts. It can make a big difference in the amount of after-tax retirement income.
A lot of people plan for their retirement by only accumulating as much money as they could. However, there are now available tools on the internet that could help in doing retirement planning. These tools are called retirement calculators. Almost all companies which are into financial services offer this type of calculator. The Optimal Retirement Planner (ORP) is among those calculators that excel in providing help during retirement planning. When you’re looking forward to having your retirement, it is a great help to focus on optimizing withdrawals and Roth conversions to minimize taxes. This is where the ORP comes in handy.
Unlike other retirement calculators, the Optimal Retirement Planner doesn’t just calculate a final number. It helps you in accessing your retirement accounts in the best possible way. It is considered as a retirement decision support system (RDSS) which schedules your retirement savings and withdrawals. This enables you to maximize the amount of after-tax money that is available for you to spend throughout your retirement. This tool can be run like your usual retirement calculator. It requires your typical retirement planner information which include your age, account balance, pension, income, Social Security benefits, annual retirement savings, and age to retire. Other financial based question will also be asked to support your given information. If you have all your information ready the input screen should be quick to run through. The outputs that this too generates make the ORP a unique retirement calculator. Below is a list of the output schedules by year:
- Contributions to retirement savings accounts
- Annual after-tax income
- Withdrawals from retirement savings accounts
- IRA to Roth IRA rollovers
- IRA to After-tax Account transfers
- Annual personal income tax bracket
- Annual retirement account balances
This is will give you a good opportunity to plan your withdrawals every year. It also provides you with an overall roadmap to all your financial transactions. This tool gives its users a chance to run multiple scenarios to enable them to know how each scenario affects their savings. It will also allow you to save your input parameters using cookies. However, it is still recommended that you save the information in excel when you’re done. An explanation of the report will also be provided. It is important though that you read through the article to understand the outputs and the model’s limitations.
The ORP strategy is based on maximizing the lower tax brackets in your current tax environment. One of the drawbacks of this strategy is that the tax brackets can change over time. You will have to apply common sense to the outputs and clearly understand what it is suggesting and why. This is because the calculator doesn’t have any way to account the possible changes. If you haven’t given this calculator a try, I suggest that you consider this as one of the calculators that you would want to run your numbers with. You will be very interested in the kind of strategy it will be recommending you for your planned retirement.