Much has been written about the lack of retirement readiness, but savers still have a long way to go in meeting their future retirement needs. In the United States, only 27 percent of households are on track to cover more than 95 percent of total estimated retirement expenses, according to a recent study by Fidelity.
There are many things people do to sabotage their retirement plan. Cary provides some steps you can take to get yourself on track.
Saving for retirement doesn’t have to be overwhelming if you break it down into little steps. “Money is an intimidating topic to many of us,” says Cary Carbonaro, Certified Financial Planner, author of “The Money Queen’s Guide: For Women Who Want to Build Wealth and Banish Fear” and managing director of United Capital of New York & New Jersey. “And women often put others’ needs, like our kids’ hobbies or college, before ourselves. But we’ve got to have a vision about what we want for our future to help us get into the habit of saving.” Cary explains how to do it with relatively little pain and fuss
Financial planner and author of “The Money Queen’s Guide” Cary Carbonaro has steps to help you break away from debt.
4 steps to be free of debt
1. If you already are in debt, make a plan and goal to pay if off aggressively. For example if you owe 2,000 and can save $150 a month have that go towards the card and it will be paid off in just over 1 year.
2. Know what is coming in and going out every month. Use your smart phone, computer or paper and a pen to track every week. This is step 1 and you can’t achieve financial freedom without it.
3. Don’t use those credit cards if you can’t pay them off in full when the bill arrives, use your debit card or cash instead.
4. Pay off your higher interest cards first. See if you can use a balance transfer offer. They have fees to do this even if it is a zero percent for 12 months. You have to do the math to see if it is worth it for you. There is a great calculator online to help you figure it out. http://www.bankrate.com/calculators/credit-cards/credit-card-payoff-calculator.aspx
Financial advisor Cary Carbonaro, best-selling author of The Money Queen’s Guide: For Women Who Want to Build Wealth and Banish Fear, reveals that women are still far from being financially equal to men. Generally, women live longer than men but work for a total of fewer years, for lower salaries, and as a result they tend to accrue two-thirds less savings than men.
Find out how women can improve their financial situation and what they should do in the event of a divorce or the death of a partner.
With Memorial Day behind you, beach season has officially kicked off. Your vacation plans are in place: the deposit on the beach house has been made, your week away from the office has been approved, and you’ve got that new swim suit ready to go. Now it’s time to think about how you want to spend those lazy hours in the sun and sand.
You could grab a few of this season’s most popular ‘beach reads’ – all of which are undoubtedly light, fluffy and fairly mindless. Or you can take full advantage of your time off by selecting a book that will help brighten your financial future, yet is still easily digestible.