Get Financially Fit! | Saving For Retirement

Do you find yourself wondering how much money you should save for retirement or if you are behind in saving? Unfortunately, there is no one size fits all answer. How much you should save depends on what kind of retirement lifestyle you want to live as well as other factors such as debt load, income streams and retirement goal date. Mary Beth Storjohann, certified financial planner and contributor to U.S. News & World Report shares with us How to Know if You're Saving Enough for Retirement.

As a financial planner, one of the most common questions I am asked is "How much money should I have saved?" or "How far behind am I in saving for retirement?" My answer? It depends.

There's no one size fits all solution when it comes to how much you should have stashed away for your retirement. What you need will differ from those around you. Here's how to track your progress toward saving for retirement:

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Get Financially Fit! | Tips for New Grads

New grads often times are offered many tips and tricks for making it out in the "real world." It can be
a little overwhelming. Geoff Williams, contributor to U.S. News & World Report, shares with us just 5 Must-Know Money Tips for New Grads.

If you have a son or daughter graduating from college this spring, or if you're the son or daughter in question reading this, it may have occurred to you that figuring out how to pay for college was the easy part. Your real financial education is about to start: that is, how to best manage the money you're going to make.

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America Saves Week 2016 | Daily Savings Focus: Save for Retirement

Wednesday, February 24: Save for Retirement

Saving now for retirement will ensure that you have enough money to have a comfortable standard of living when you stop or reduce the amount of hours you work. Participate in a work-related retirement program, open up a Roth IRA, or open a free and easy myRA account. Already saving? Increase the amount you save toward retirement by 1% in 2016.

WESTconsin can help! Check out our Individual Retirement Account (IRA) page or call your Member Services Representative at your local WESTconsin office and start saving today!

Social Security and Your Retirement Seminar

Register today for our Social Security and Your Retirement seminar on Wednesday, November 11, at 6 p.m. at our Hudson office. Click the following link to learn more and register online: http://ow.ly/UkTP0

GOBankingRates | 5 Signs You Have a Spending Problem

5 Signs You Have a Spending Problem

By Cameron Huddleston

July 31, 2015

One in five Americans spent more than what they earned in the last 12 months, according to a Federal Reserve Board survey released in May. Some might be relying on credit or dipping into savings to cover their spending because they are having trouble making ends meet. And, some might be simply living beyond their means.

Regardless of the reason your spending exceeds your income, “overspending is harmful because it could be a sign you’re out of control with your finances,” said Leslie H. Tayne, an attorney who concentrates in debt resolution solutions and author of “Life & Debt.” Your overspending might be making it hard to pay bills, have money for emergencies and save for the future. It could also lead to serious consequences, such as bankruptcy.

Here are five warning signs that indicate you are spending too much, how your overspending can hurt you and how to get your spending under control:

Steps in Preparing for Retirement

By Jana Castanon Media Relations/Community Outreach for Apprisen

No matter your age, retirement will be here before you know it.  However, according to a poll by the Employee Benefit Research Institute, only 13% of consumers felt very confident that they were prepared for retirement.  That’s a scary statistic. What about the rest of us?  Where are we going to be when that time comes?  But it doesn’t have to be that way.  It’s never too late to start saving for your future.  Here are few tips to get you on track in order to meet your retirement needs.

Retirement - Getting On Track At Any Age

Retirement - Getting On Track At Any Age
Written by James Lander 

Source: America Saves

With the average life expectancy 30 years longer today than it was 100 years ago, saving adequate funds to live comfortably through a long retirement has become more challenging.

The path to retirement is filled with unexpected detours, but with persistence, planning, and a pledge to help motivate you to save towards your goals; you can go a long way toward building financial security. It’s never too late to start saving towards retirement.

By setting some realistic goals, creating a plan, and establishing an automatic payroll allotment, you can build a nice little nest egg that can help you live a more comfortable retirement. Regardless of when you start, certain strategies can increase your odds that you'll achieve your retirement goal:

Plan For Your ‘Someday’ With These 3 Easy Ways To Save

Plan For Your ‘Someday’ With These 3 Easy Ways To Save

Written by Tammy Greynolds, America Saves

Working hard, paying bills, and putting money aside for your needs and wants in the “now” are so often automatic in our day-to-day lives – so why aren’t we thinking about or planning for the future? According to the 2015 Retirement Confidence Survey from the Employee Benefit Research Institute, nearly one-third of workers have almost no retirement savings or investments (< $1,000), and a staggering 57% are underprepared with less than $25,000 for retirement.

How Much Of Your Income Should You Save?

How Much of Your Income Should You Save?

By Rob Berger Contributor, Forbes

There’s no question more fundamental to personal finance than how much money we should save. Our savings rate is the cornerstone of virtually every other decision about money we make. It affects everything from buying a home to saving for emergencies to retirement.

5 Money-Management Musts for New Grads

by Center for Personal Finance editors

McLEAN, Va. (5/19/15)—This spring will bring a lot of "firsts" for many college grads including first jobs and first paychecks (USA Today May 4).

In the months after graduation, financial experts agree on five things every new grad should be doing with his or her money:

• Create a spending plan. Understanding how much money you have coming in as well as going out is the first step you must take in keeping a successful budget. Become familiar with the difference between your gross pay and net pay so you know what you'll actually have left to live off of after monthly financial commitments.
• Pay yourself first. Start saving in an emergency fund—even if you only can stick a minimal amount aside each paycheck, that amount will add up quickly.
• Develop a student loan repayment plan. Understand financial obligations and how long it will take you to pay off debt. Get up to speed on details about your loan and pay attention to interest rates. Visit your credit union for information about refinancing or other student loan repayment options.
• Understand company benefits. Once you get a job, make note of important dates such as deadlines for signing up for health insurance and when you'll be eligible to participate in your company's retirement plan. Also become familiar with your company's vacation policy, corporate discounts, public transportation benefits and the like.
• Start investing in a retirement plan. Whether you open an individual retirement account (IRA) at your credit union, or a 401(k) through the company you work for, start saving for retirement now. It probably seems like retirement is so far away that you don't need to worry about it yet, but now is when time is on your side and the benefits of compounding interest are highest. If your company offers to match your contributions to your 401(k), contribute at least the amount you need to in order to get the match. If you don't, it's like leaving free money on the table.

America Saves Week’s Daily Savings Focus: Save for Retirement

Friday, February 27: Save for Retirement 

Saving now for retirement will ensure that you have enough money to live a comfortable standard of living when you stop or reduce the amount of hours you work. Participate in a work-related retirement program or open up a Roth IRA. Already saving? Increase the amount you save toward retirement by 1% in 2015.

WESTconsin can help! Check out our Individual Retirement Account (IRA) page or call your Member Services Representative at your local WESTconsin office and start saving today!