06:41am PDT, 10/30/14

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Simplify Your Life

Listen at 3:40pm all this week for your tip from Comerica

Simplify Your Life sponsored by Comerica Bank 3:40pm 

If you’ve had to switch jobs recently, you know how stressful it can be. Make sure you take care of your 401(k) from your previous company’s plan. You can leave your funds alone, roll them over to your new company’s plan, or cash out.  New employees at a company should also consider saving through an IRA, which can provide either tax-deferred or tax-free savings until retirement.  There may also be a lapse in health care coverage from one job to the next. Extra savings can help pay for temporary coverage.
None of us like to be surprised by unexpected expenses that strain our financial resources.  A few important steps can help you plan for your financial future.  First, create a budget to help you know where your money is going and where there’s room for savings.  Second, look for opportunities to save: carpooling or taking public transportation, cooking at home more often, or taking your lunch to work.  Third, remember that setting a savings goal of 10 percent of your monthly income is a good target.
Today’s tough economic times create an air of uncertainty about retiring.  Experts estimate you will need 70 to 80 percent of your annual income to retire.  The more you save now, the better off you will be.  Eliminate as much of your debt and unnecessary expenses as possible as you approach retirement years, and make sure your budget addresses your long-term needs.  It’s a good idea to work with a financial adviser who can take a close look at your financial portfolio and help you decide the right savings vehicles.
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