US Media Studios Shares Retirement Fund Tips

As more Americans approach the age to retire, it pays to review when to take the required monthly distributions. US Media Studios shares retirement fund tips.

Monthly 401(k) Distributions

In most circumstances, the soonest someone can start receiving  monthly distribution from their 401(k) account is at age 59 ½ without being taxed an extra 10 percent early withdrawal penalty.  It’s also beneficial to know that there is no 10% penalty tax if someone retires early because of a qualifying disability or can claim financial hardship. But generally speaking, the US IRS says minimum monthly distributions from a 401(k) must start April 1 following the later of the calendar year when a worker reaches age 70 ½ , or they retire. There are other exclusions too. Take time to review the rules for retirement monthly distributions in your plan.

IRA Accounts

Workers who have an IRA must start taking the required monthly distributions once they turn 70 ½ . But if a worker is still working and doesn’t need the income, it’s best to roll the IRA into a 401(K), if the plan allows it. An exception to this rule relates to Roth 401(K) plans. The monthly distributions are tax-free since they the deposits should have been treated as taxable income while working.

The Four Percent Assumption

The old assumption that a four percent yearly withdrawal would be the perfect amount to add to any other retirement income is a bit outdated for today’s older working and soon to retire employees. Inflation is higher than it was back in the early 1990s.  Today, retirees could need more than a four percent withdrawal rate. US Media Studios notes that the four percent assumption would net a retiree less than they need make ends meet, and would need to be adjusted up, meaning less money in retirement accounts to carry a retiree through several decades of retirement.

In Closing

As financially challenging as it can be with the economy, high prices and jobs outlook today, it pays to deposit as much money as one possibly can into 401(k) and IRA retirement accounts. Many small to medium-sized employers have already stopped matching funds. Keep on adding funds to retirement accounts. Try not to take any withdrawals until absolutely necessary. If financial advice is needed, ask a trusted friend for a referral, a financial institution, veterans’ organization, or a representative from the retirement plan you have now.

US Media Studios Shares Retirement Tactics for Boomers

A search on any website about financial or retirement news will usually turn up several articles geared toward the Millennial generation. US Media Studios takes time to share some retirement tactics for Boomers instead.

For the Baby Boomer Generation

Employees in their 50s and 60s spend most of their careers working hard, working long hours, and socking away money in retirement accounts. They know if or when they can retire. They know how much more they need to save before they can retire. They have a solid understanding about health care, social activity and perhaps even part-time work they might engage in after full-time works ends.

It is also essential that career employees in their 60s know that retirement account withdrawals are permitted and without penalty. If older workers in their 60s are let go, they can withdraw and use some of their retirement savings to help with expenses. There are circumstances, such as unexpected medical expenses, which can force someone to dip into savings also. However, it is best to avoid that and to continue to save as much as possible before finally retiring.

US Media Studios reminds that employees in their 60s might want to keep working until they have a good nest egg stashed way. Most 401(k) plans have catch-up limits. Workers can contribute up to $23,000 a year. Roth IRAs have a limit of $6,500. It’s best to diversify savings accounts so not all of the savings “eggs” are in one basket. The best bet is to keep working as long as possible or as long as one can afford to. Use retirement savings to live from as a last resort.

US Media Studios Focuses on the Benefits of Senior Wellness

Senior wellness centers are located throughout the country in communities where their services are needed the most. The centers provide more than just exercise classes and group card games. Many older Americans find and reap the benefits of these gathering places.

 Senior Community Center Benefits

There are 11,000 senior centers throughout the U.S., according to the National Council on Aging. Different centers focus on different goals, depending on the needs of the community. Senior wellness includes health and fitness awareness and activity, regularity in getting daily movement, healthy eating, and social activities which keep folks connected to other people in the community and their families. These centers also offer arts classes, free nutritious meals, free movies, and excursions to local sites such as museums, grocery stores. What’s to lose?

Community and City Support

Communities and cities which support senior wellness and/or community centers tend to have better attended centers. Work with area YMCAs, schools, and also with universities, community and four year colleges can yield better attendance, which leads to healthier seniors. US Media Studios notes the benefits of senior wellness are far greater than improved physical health. Social activities remind older people that they are valuable. A widow or widower that spends most of the time alone, feeling lonely, is less likely to take good care of their health. Imagine if that same person joined a wellness or fitness class, or perhaps went to a free movie with a friend once or twice a week. Senior wellness has many benefits which are measured beyond health and fitness. Find the nearest senior community center here. 

US Media Studios Reviews How to Prevent Retirement Pitfalls

We long for the day when we can retire, relax and enjoy life without the stresses of work. We plan for it, save for it, and eventually reach it. Don’t let the pitfalls of retirement get in the way.

Live Healthy

Health problems can interrupt the most well-thought of retirement plans. Not only do these obstacles mean expensive hospital stays, ambulance bills, reduced mobility and activity, there is also the probability of not having the best health insurance to help pay the bills. Start today living a healthier life. Get plenty of rest. Eat a well-balanced meal every day, rich in vitamins and nutrients. Stay active by walking, biking, or some other favorite way of movement.

Build a Solid Financial Savings Net

Pensions are great, if offered by an employer. Some pension plans fall apart when companies are bought or merged. A work life’s worth of savings can whittle away by administration fees. Retirement savings plans, such as a 401(K), are offered to give employees the chance to start saving for their after-work life. Add as much as possible into these plans now. Social security saving distributions may or may not be as much as hoped for. There’s no counting on it. US Media Studios reminds readers to work out household financial budgets, both for expenses and savings. It pays to stay on top of personal finances.

Remain Social

Retirement can be lonely for those who lost their spouse or loved one. Retired couples who are still together can still face loneliness. Let this not be the situation for anyone. Stay connected with family and friends. Seek adventures for meeting new people, enjoying new interests, and remaining social. Often, this is one of the keys to a happier, more fulfilling life in later years. Plan excursions. Hit the golf course, baseball field, yoga mat or arts class with confidence and grace. Life is not over when we retire. It’s a whole new way of living, loving, and appreciating what all the hard work of a long career paid for. Grab it by the horns.

US Media Studios Relays Three of the Top Financial Tips

Financial advice can be found everywhere on the Internet. From retirement saving guidance to child college funds, there is no lack for info. There is, however, some pretty basic advice almost anyone could use.

Save, save save. This is usually the financial advice mantra spoken and read time and again on television, in the media and on the Internet. US Media Studios concurs.

Emergency funds are necessary to have to prevent financial catastrophe. Save one percent of regular pay every pay period, and have it automatically deposited into a savings account. Name the account when you set it up, as a reminder to yourself. At least three months of savings are needed to avoid serious debt and financial trouble in an emergency.

Insurance for the big, valuable items you own. Insurance protects you from the things that can flatten you financially, if something major happened to them. Examples are vehicle accidents, catastrophic weather events like tornadoes or flooding. Higher limits mean higher deductibles to pay, but in the long run, this protects you financially.

Credit cards and credit card debt are major financial obstacles to break through for many people. Carry a few cards, charge only 10 percent of the credit limit each month on them, and pay off balance every month. Look for a low interest rate card, or if you have one, transfer the balance onto that card and pay it off. Once that’s done, find the best rewards card that offers 1.5% back on charges. US Media Studios believes we can all be financially healthy as long as we stay on top of it.

 

US Media Studios Explains How Americans are Prepared to Retire

It seems there is a lot of bad news in the nation about how prepared the next generations are for retirement. While many people plan to keep working through their retirement years to be able to meet monthly household expenses, US Media Studios learns there is good news comes that 45 percent of the working public is on track to live comfortably after they reach retirement age.

It is essential that retirement savings tools and resources are used to calculate how much will be needed. But here are some other tips from Fidelity to help everyone obtain what need financially to have a decent retirement:

• Save 15% of pay. If the employer matches contributions, that counts.
• Replace retirement portfolios that are too conservative or aggressive with one that allocates according to age guidelines.
• Work until the full retirement age of 66 for early boomers, and 67 for those younger than that – not age 65 as most retirement calculators figure.

As US Media Studios often reminds readers, if health and lifestyle permit, work longer, perhaps part-time, as a contractor or as an adviser. Keeping busy and active are keys to a longer life. And isn’t it better to have a longer life when the savings are there to support it?

We concede that it can be very difficult to save anything when jobs disappear, there are older parents to care for, adult children come home to live, and health challenges around every corner. The trick is to have retirement savings automatically deposited from paychecks into retirement accounts. Out of sight is out of mind and out of mind is money socked away for the time when is just that – work. And it’s time to leave.

US Media Studios Reviews Retirement Savings Plans for Boomers

As baby boomers face retirement in the coming years, most are not financially prepared to live the life they envision. In fact, many plan to keep working as long as possible to keep earning money. Others plan to work part-time jobs to keep some income coming in. US Media Studios reviews retirement savings plans for boomers.

A recent survey from TransamericaCenter for Retirement Studies (PDF) found that two-thirds of the baby boomers they interviewed plan to keep working past age 65 or don’t plan to retire at all. This is a common plan among workers age 50 and up. With fluctuating pay rates, periods of lengthy unemployment, poor job opportunities, and illness, it is increasingly more difficult to save for the non-working years. The little most people can put away in a retirement plan barely adds up at the end of the year.

More than one-third or 39 percent of those surveyed said they expect to earn income by working into and during retirement. Part-time and contract work are two employment types that help retirees make ends meet or give them a little extra padding in the wallet. But many people expect to earn the same salary in retirement as they do when working full-time, even though this is not realistic.

US Media Studios finds it alarming that one-third or 35% haven’t made a retirement plan, and only 14% have a written plan. As most people know, a household budget keeps expenses in line. It makes sense then to have a written retirement plan.

Workers in their 50s might want to reduce living expenses, have automatic withdraws from payroll checks to deposit into retirement accounts, and work with a financial professional to hammer out retirement plans. Retirement comes sooner than most of us expect. 

US Media Studios Highlights Overseas Retirement Ideas

If retiring to an over 55 community does not sound like an appealing option, consider relocating overseas. US Media Studios highlights the benefits to retiring overseas.

More Americans are moving to other countries when they retire to live better and enjoy a longer, more fulfilling life. Mexico and Costa Rica are the top two overseas countries people are choosing. Both offer a very affordable cost of living, decent healthcare (near city centers), culture and a plethora of activities. Budget-conscious retired folks might want to think about moving to Nicaragua or Ecuador as both considered prime overseas locations with a very low cost manner of living.  Europe also is a good place to look, as is Panama and Belize.

US health insurance and Medicare does not transfer overseas. But many countries have their own health care plans and medical services are less than what we pay in America.  Housing is one of the biggest budget concerns for retirees everywhere. Some overseas locales offer low-cost rental homes. Living outside of city center is generally less expensive than living in the city itself. But it also means travel costs to the city for more sophisticated medical care, if needed. US Media Studios suggests readers explore and research all living options in other countries before making the move. One of the best resources for cost of living comparisons is Numbeo Cost of Living. Another good site to use is Expatistan Cost of Living.

USM Studios and Retirement Strategies for Boomers

It is cold, hard fact that Baby Boomers may have to work longer in order to save more for retirement. In fact, USM Studios learns that more than half of working people who were born between 1946 and 1964, feel they will have to work forever.

The Great Recession took its toll on many people and their investments. Hard-earned invested money went right out the window when the stock market crashed. Along with it, employers dropped their end of 401(k) contributions. Wages have barely budged past the stagnant stage leaving middle-aged workers to find ways to save for a retirement of downsized living. A recent study found that 36% of those asked expect to reply on Social Security even though the federal agency keeps mentioning it may fall short. USM Studios, Inc. offers a few retirement strategies for the Baby Boomer who may be behind in saving:

Re-work the household budget to find extra savings from company 401(k) funds, IRAs and other savings vehicles.

Pay yourself first. Set up automatic transfer from checking to savings to occur monthly and pay yourself before paying other bills.

Reduce debt with a plan and stick to it. Don’t overextend yourself in order to pay off debt quickly.

Put away any extra money in a CD or IRA. Stash tax refunds in retirement accounts too.

With fortitude, perseverance and steady employment, Boomers can have a comfortable retirement.