When Might Be The Best Time To Start Saving For Retirement?
Written by webtechs

Start Saving For Retirement Now!

Saving money is the first step towards retirement. So when exactly is the best time to start saving?

When To Save For Retirement

The experts suggest that everyone begin saving for retirement as soon as they can. While this maybe seems easier said than done, there are multiple options available for young people to start saving money. A great way to start saving is by putting away 10% of your monthly income each month. If you put 10% of your $5,000 monthly income, this will equal $500 of savings. Putting away $500 per month will lead to $6,000 in yearly savings. Doing this in your 20s can certainly help cover for any stock market dips.

A recent survey conducted by Charles Schwab revealed that Americans believe they need to save $1.7 million by the age of 65. If this is a goal of yours, you will need to save at least $500 per month, starting at age 25. In some cases, saving this amount each month can be nearly impossible. Many 25-year-olds are struggling in the job market and/or busy paying off students and raising a family. If you must kick retirement savings down the road, the amount you’ll have to save each month will undoubtedly increase.

How To Save Money

If you simply can’t afford to begin saving money in your 20s, the experts say the next best time to begin saving money is right now. Put away any dollar amount that you can afford at this point. If offered, jump on your employer’s 401(k) plan right away. Opening a traditional IRA can provide more investment options than the typical 401(k) plan. An IRA will impose a limit of a $6,000 contribution for anyone under age 50.

Thankfully, there are several other ways to begin saving money. If you can’t invest in an IRA or 401(k) plan, it doesn’t mean that saving money is out the window, fortunately. Start by putting away any extra or unexpected cash flow. This could be anything, from bonuses to birthday checks. Try to avoid any luxury purchases, if possible. Put any and all spare change away in the bank. Picking up a part time job could also prove beneficial in the long run.

Age When Americans Start Saving For Retirement

Here’s a look at the age groups when Americans typically begin saving towards retirement:

  • Ages 20-29: 39%
  • Ages 30-39: 25%
  • Ages 40-49: 15%
  • Ages 50-59: 6%

All data is according to Morning Consult.

How To Save For Retirement Without A 401k

Different Ways To Save For Retirement

If you are not offered a 401(k) plan through an employer, there are still many ways to save money now. Try these three savings options.

Contributing to a CD (certificate of deposit) tends to be one of the safest investment options. It is so safe because the federal government insures CDs to never lose value. Another plus is that money can be withdrawn from a CD at any time desired. Being able to withdraw at any point is crucial for anyone encountering unexpected hospital bills, car payments or other bills.

Even if you have already contributed to a CD, opened an IRA and Solo 401k, you can still open a health savings account. The two biggest benefits of an HSA are the tax-free withdrawals and large potential for growth. The only downside is this money cannot be pulled without penalties until after age 65.

Also known as a self-employed 401k, a solo 401k is ideal for those not expecting to make a large yearly income. A solo 401k offers individuals the opportunity to contribute twice, once as an employee and once as an employer. Individuals can contribute their entire yearly income as long as that figure does not exceed $19,500. Employers may only contribute up to 25% of yearly earnings. Solo 401k contributors’ spouses are also eligible for this plan.

Canyon Winds Retirement Offers Assisted Living in Mesa, Arizona

Canyon Winds Retirement is an assisted living facility in Mesa, Arizona. To schedule a tour of our assisted living facility, contact SLS Communities or for more information please call us today at 480-780-1037.

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How To Retire At 50
Written by Brian B

How To Retire At 50

Are you planning on retiring by the age of 50? Follow our quick and easy how-to guide below!

Step 1. Decide To Retire Early

The first step is, perhaps, the most difficult one. If you want to retire early, it’s such an advantage if you decide on this at a young age. Make this a goal so you can start saving money to achieve your dream. You will give yourself a better chance to retire at 50 if you decide on this at age 30 instead of 40, of course.

This step seems like common sense, but it can be very tough while raising a young family and/or climbing the corporate ladder. Life will certainly get in the way at times, so focus is crucial when early retirement is the plan. The financial experts suggest picking up an additional part-time job or asking for a raise to maximize your potential retirement savings.

Step 2. Save Money Now

Saving money can actually be a lot easier than you may believe. Experts say you need to use the four-percent rule when saving. This rule says that your savings needs to last 30 years, as long as you withdraw four percent of said savings during year one of your retirement.

For example, if you plan on living on $250,000 for the next 30 years, then your goal should be to have $750,000 saved in the bank. First, determine how much you can live on during retirement to come up with a proper estimate.

Step 3. Smart Investments

The younger you are, the more room you have for risky investments. Financial experts believe that even if the market crashes while you’re in your 20s, you can still regain enough wealth to have a healthy and successful financial life.

Individuals aiming for early retirement are usually advised to stay away from risky investments. Instead, take a conservative approach to the market. Ensure that you diversify and factor in Social Security benefits when coming up with an early retirement budget.

Step 4. Lifestyle Adjustments

Lifestyle adjustments are necessary, yet they don’t have to be drastic when planning for an early retirement. Every individual trying to retire by 50 should re-evaluate all current spending habits, savings and investment options.

It’s important to rid yourself of any unnecessary expenses. Typically, this will consist of eating out often, taking multiple vacations and attending expensive events or shows. You should pay off any debts or loans as soon as possible.

Step 5. Have Contingency Plans

Early retirement offers a few questions, including:

  • Should I pick up an additional part-time job?
  • How many income streams will I have before and during retirement?
  • Should I take any Social Security benefits early or wait until retirement age?
  • Is my life insurance plan good enough?
  • Can I afford long-term care, if needed?

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Canyon Winds Retirement is an assisted living facility in Mesa, Arizona. To schedule a tour of our assisted living facility, contact SLS Communities or for more information please call us today at 480-780-1037.

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Best Retirement Party Games
Written by Brian B

Best Retirement Party Games

Check out 5 of the best retirement party games below!

Two Truths And A Lie

There are a few ways this game can be played in a retirement party setting. One way is to have guests come up with two true stories about the retiree with one lie snuck in between. Or, you can choose to have the retiree tell two truths and one lie about themselves. All guests can take a crack at guessing which of the three anecdotes is a lie. Each guest should receive three index cards to write down their guesses.

Never Have I Ever

You can use a traditional bingo board setup for this game. Instead of numbering the bingo spaces, though, insert some crazy items. For instance, these boxes can include travel stories or something revealing about certain individuals. The goal of the game is to get someone to cross off five individual items the fastest. Crossing off five in a row in any direction the quickest results in victory.

The Bucket List

All party guests will enjoy this game! Place one box either in the front, center or back of the room. Instruct each guest to write one item on their bucket list. You can either pull these cards and read them aloud to the group at the end of the party or turn this activity into a guessing game. If you want to turn this into a game, hold a contest where the crowd or retiree must guess which person wrote the selected bucket list item.

Bucket List

Guess That Beer

This game is sure to be a crowd-pleasing activity! Participants should be blindfolded while drinking a selected beer. Then, have the participant guess what they are drinking. Of course, this game could also be played with wine instead of beer. Begin by pouring three ounces of beer/wine in a sampler glass. Try to make the selections as diverse as possible for a fun yet challenging guessing game. For example, a stout, cider and pilsner could be used.

Talent Contest

A staple at parties of all kinds, a talent contest is one of the most entertaining games you can play. Make everyone participate to reveal as many hidden talents as possible! Give everyone a minute to collect themselves, then draw a random order for participation. Have the retiree either participate in the talent contest or act as the judge. Make sure the winner gets a prize at the end of the contest!

Canyon Winds Retirement Offers Assisted Living in Mesa, Arizona

Canyon Winds Retirement is an assisted living facility in Mesa, Arizona. To schedule a tour of our assisted living facility, contact SLS Communities or for more information please call us today at 480-780-1037.

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Retirement Jokes
Written by webtechs

55 Best Retirement Jokes

Enjoy some of the best retirement jokes below!

Best Jokes About Retirement

1. My wife and I have started aggressively planning for our retirement, and by that I mean we’re playing the lottery 3-5 times per week.

2. If the music’s too loud you’re too old.

3. I’ve learned that saying “oh, this old thing?” isn’t an appropriate way to introduce an elderly relative.

4. I love coffee. It’s Redbull for old people.

5. Regular naps prevent old age, especially if you take them while driving.

6. “It’s paradoxical that the idea of living a long life appeals to everyone, but the idea of getting old doesn’t appeal to anyone.” – Andy Rooney

7. “In retirement, I look for days off from my days off.” – Mason Cooley

8. The company gave me an aptitude test and I found out the work I was best suited for was retirement.

9. “Sometimes it’s hard to tell if retirement is a reward for a lifetime of hard work or punishment.” – Terri Guillemets

10. “I have long been of the opinion that if work were such a splendid thing the rich would have kept more of it for themselves.” – Bruce Grocott

11. “Work is the curse of the drinking classes.” – Oscar Wilde

12. “I think that retirement is the first step towards the grave.” – Hugh Hefner

13. “Often when you are at the end of something, you’re at the beginning of something else.” – Fred Rogers

14. “I need to retire from retirement.” – Sandra Day O’Connor

15. “Retirement is not in my vocabulary. They aren’t going to get rid of me that way.” – Betty White

16. What’s the difference between people and tin foil? Tin foil doesn’t wrinkle as it oldens.

17. To be old and wise, you must first be young and stupid.

18. How can you tell that you’re getting old? You go to an antique auction and three people bid on you!

19. I was thinking about how people seem to read the Bible a whole lot more as they get older. Then it dawned on me – they were cramming for their finals.

20. You know you’re getting old when you have more candles on your cake than friends at your birthday party.

21. When is a retiree’s bedtime? Three hours after he falls asleep on the couch.

22. Age is an issue of mind over matter. If you don’t mind, it doesn’t matter.

23. It’s better to pay full price than to admit you’re a senior citizen.

24. How many retirees to change a light bulb? Only one, but it might take all day.

25. The older you get, the more you need to keep a fire extinguisher close to the cake.

Retirees Laughing

26. Retirement kills more people than hard work ever did.

27. “I never had the sense that there was an end; that there was a retirement or that there was a jackpot.” – Leonard Cohen

28. “Aging seems to be the only available way to live a long life.” – Kitty O’Neill Collins

29. “You have to put off being young until you can retire.” – Unknown

30. “A retired husband is often a wife’s full-time job.” – Ella Harris

31. “I always likened retirement to falling off a cliff, and then you have to kind of brush yourself off.” – Steve Young

32. “When a man retires, his wife gets twice the husband but only half the income.” – Chi Chi Rodriguez

33. “Retirement at 65 is ridiculous. When I was 65 I still had pimples.” – George Burns

34. “Except for the occasional heart attack, I feel as young as I ever did.” – Robert Benchley

35. “The trouble with retirement is that you never get a day off.” – Abe Lemons

36. Children are the leading cause of old age.

37. Work hard and save your money and when you are old you will be able to buy things only the young can enjoy.

38. Don’t mess with old people, life imprisonment is not that much of a deterrent anymore.

39. Retirement is wonderful. It’s doing nothing without worrying about getting caught at it.

40. Money isn’t everything but it sure keeps you in touch with your children.

41. Be nice to your kids. They’ll choose your nursing home.

42. The best time to start thinking about your retirement is before the boss does.

43. “The really frightening thing about middle age is that you know you’ll grow out of it.” – Doris Day

44. Sometimes the best part of your job is retirement.

45. Retirement: It’s not the end of your life, it’s the end of your bank account.

46. I hope you like Saturdays, because every day just became Saturday!

47. Congratulations on deciding life is more important than work. What took you so long?

48. Retirement is like one big sick day without the sick pay.

49. When did being unemployed become something to brag about?

50. We all aspire to retire, and then what?

51. You’re retired – goodbye tension, hello pension!

52. What do you call someone who’s happy on Mondays? Retired!

53. The best part about being retired is never having to request time off.

54. Retirement: No job, no stress, no pay!

55. “God’s retirement plan is out of this world.” – Unknown

More Retirement Jokes:

One Liners

Retirement Quotes

Aging Quotes

Funny Aging Quotes

Lifestyle Quotes

Getting Older Quotes

Couple Enjoying Retirement

Canyon Winds Retirement Offers Assisted Living in Mesa, Arizona

Canyon Winds Retirement is an assisted living facility in Mesa, Arizona. To schedule a tour of our assisted living facility, contact SLS Communities or for more information please call us today at 480-780-1037.

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Low-Stress Jobs After Retirement
Written by Brian B

15 Low-Stress Jobs After Retirement

Here are the 15 best low-stress jobs after retirement!

1. Writer/Editor

Any writing or editing position is perfect for retirees with prior experience in either of the fields. The beauty of these positions is the majority of them can be done from home. This is ideal for seniors looking to work from home during the ongoing pandemic. Anyone with writing experience can find writing online to be a very profitable hobby. No experience in writing is still okay! There are many websites in need of bloggers these days. Of course, some of these positions may start as unpaid, but they will provide valuable experience.

Pros:

  • Schedule flexibility.
  • Create a portfolio of work.
  • Make professional connections.

2. Tutor

If you wish to pass on knowledge you’ve gained during your academic or professional career, a tutoring position may be for you. Begin by tutoring younger students in need of extra help. Private tutoring can be performed in either the comfort of your own home, the student’s home or a public library. Many parents are seeking experienced tutors nowadays. This is a great way to earn some extra cash and develop relationships.

Pros:

  • Work remotely.
  • Set your own rates.
  • Schedule flexibility.

3. Tour Guide

This is a very popular position for any retiree to take. There is nothing stressful about leading tours, especially in an area near and dear to your heart. In most cases, you will be dealing with happy travelers just looking for a relaxing and fun adventure. This job my be your best bet if flexible hours are desired. Most tours tend to run on nights and weekends.

Pros:

  • Social interaction.
  • Pass on knowledge.
  • Excellent learning opportunity.

4. Data Entry

If you are looking for a position that allows you to work remotely, it’s tough to find a better gig than a data entry position. Data entry differs from customer service in that you will not have to speak on the phone and interact with individuals all day. Anyone applying for these positions must own a computer and be tech-savvy. You can always take online tests to improve your typing skills and speed.

Pros:

  • Work remotely.
  • Set hours/pay.
  • Sharpen computer skills.

5. Customer Service

Especially during the pandemic, the majority of these positions shifted to at-home responsibilities. Most customer service roles will involve taking incoming phone calls, and engaging in chats/emails. Access to high-speed internet and landline telephones are necessities.

Pros:

  • Social interactions.
  • Constant work.
  • Set pay rate.

Top 5 Best Part Time Jobs For Seniors At Home

6. Musician

Perhaps playing an instrument was something you had to put on the backburner during your working days. Well, now is the time to pick the instrument back up! Check online to see if there are any music opportunities near you. Is a band full of retirees seeking a guitar player or is a restaurant looking for a soft pianist?

Pros:

  • Sharpen technical skills.
  • Set your own rate.
  • Schedule flexibility.

7. Career Coach

The younger generations are constantly seeking guidance when it comes to career paths. You should consider the idea of becoming a career coach; passing on your valuable knowledge and experience. If you are constantly referencing how you’ve seen it all during your career, now’s the time to prove it! Online video platforms like Zoom and Skype make this position easy to do from home.

Pros:

  • Make connections/relationships.
  • Pass on knowledge.
  • Work remotely.

8. Pet Sitter

Yes, there is a way to get more animals in your life! Dog walking and/or pet sitting are services that many busy adults often seek. In addition to spending time with some new furry friends, this is also a great way to get exercise. When owners go on trips, you can always offer to spend the night(s) with their pets. There are many apps that make this service quick and easy.

Pros:

  • Set your own rates.
  • Interactions with animals.
  • Determine your own schedule.

9. Hairdresser

If this is a hobby of yours, it’s time to make some extra cash for it! Anyone with prior experience and a touch of style can start a hairdressing business right from home. Combine your hobby with social interactions and this can be a very rewarding position for retirees.

Pros:

  • Work from home.
  • Set your own rates.
  • Social interactions.

10. Photographer

Photography is a great hobby for retirees with a passion. Start by booking smaller jobs, and that experience could eventually lead to getting booked for company events or weddings. It’s very easy to become a freelance photographer and get paid by using various online apps.

Pros:

  • Turn hobby into profession.
  • Set your own rates.
  • Set your own schedule.

11. Librarian

You may have always been a bookworm, but finding the time to read was difficult while working and raising a family. Retirement provides the opportunity to read more than ever before. Some of the benefits of this position include peace and quiet, steady income and hours.

Pros:

  • Set schedule and pay rate.
  • Peace and quiet.
  • Access to books and computers.

12. Sell Crafts

This is becoming a very popular way for people to make money on the side. Create various things like paintings, vases or even scarfs. Then, put these items up online to see if there is a market for your work. Markets and fairs can also still be utilized for these purposes.

Pros:

  • Creative freedom.
  • Set your own prices.
  • Create an audience/following.

13. Mentor

With this position, career coaching and tutoring can be combined into one. Seniors who love sharing information and guiding younger ones through difficult times will excel in this role. Make some new friends and relationships by becoming a mentor.

Pros:

  • Creates meaningful relationships.
  • Share experiences.
  • Set pay rate.

Top 5 Best Part Time Jobs For Seniors At Home

14. Interior Designer

Passion can lead to pay if you decide to pursue interior designing during retirement. Do you often find friends and family asking for your opinion regarding designs and layouts? Well, this could be the perfect job for you then. Interior designing is certainly possible to do virtually.

Pros:

  • Work remotely.
  • Turn passion into pay.
  • Set rates.

15. Paid Surveys

Do you want to work and earn cash on your own schedule? Filling out paid surveys may be the best way to do that. Many companies will pay individuals for their thoughts on new products and services. These surveys help to guide marketing and developing departments.

Pros:

  • Work when you want to.
  • Help local companies.
  • Social interactions.

Canyon Winds Retirement Offers Assisted Living in Mesa, Arizona

Canyon Winds Retirement is an assisted living facility in Mesa, Arizona. To schedule a tour of our assisted living facility, contact SLS Communities or for more information please call us today at 480-780-1037.

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Can I Retire At 60 With 500K
Written by Brian B

Can I Retire At 60 With 500K

If you are pondering the idea of retiring at age 60 with 500K saved, you will be happy to know this can become a reality! Here is our complete how-to guide for saving towards early retirement.

How Can I Retire With 500K?

While common sense tells us you’ll need to save $1-$2 million dollars for retirement, that figure is simply unobtainable in some cases. 500K can be enough to retire on for many people these days. Yet, that doesn’t mean the saving process will be simple. With strict budgeting and the possibility of one or two individuals receiving a pension income or social security, this goal can become a reality.

The financial experts suggest following these three steps when saving for retirement by age 60:

  • Strict Budgeting.
  • Save Early And Often.
  • Location Consideration.

Strict Budgeting

One building block towards a stable financial future is enjoying your current lifestyle while planning for retirement at the same time. Make sure all basic living expenses (healthcare, housing, utilities and transportation) are on a strict budget moving forward. Are you unsure how to come up with the best budget possible? The experts recommend going over all your bills from either the past month or year to determine a budget.

Figure out exactly which expenses you can cut back on and how you can make those sacrifices. If retiring at 60 is your objective, do not wait until your 40s to start saving! Come up with the answers to these questions when formulating a budget:

  • How much money do you spend on food each month?
  • How much money do you spend on housing each month?
  • How much money do you spend on entertainment?
  • Do you plan to support your children with an educational savings account?
  • What type of health insurance do you plan on using in the future?

Save Early And Often

This step should go without saying, but the more money you save throughout your lifetime, the better off you will be when it comes time to retire. Making and saving as much money as possible while you are young and working is crucial towards obtaining your desired outcome. Thankfully, there are several different savings options nowadays.

First, start by asking your boss for more earnings opportunities, whether that means more hours or bonuses. Always take advantage of those extra opportunities and see if your employer will match any amount fully towards your retirement plan. Opening either a traditional or Roth IRA is another great way to save money.

Location Consideration

One of the toughest parts about saving for retirement is evaluating your current living conditions. If possible, it is suggested to consider moving to an area with lower housing prices. Of course, this is certainly a difficult task for working adults who may also be raising a young family.

Luckily, moving to a cheaper area can apply to retirement rather than your current situation. With 500K in the bank, it’s wise to expect you won’t be living in the most luxurious area in the world during retirement. It is smart to never live above your means, even during retirement.

Retirement Savings

When  To Start Saving For Retirement

Financial experts say everyone needs to start saving as soon as they possibly can. Now, that is easier said than done, of course. There are many ways for young people to begin saving, though, even if it is a small amount to start. Try putting away 10% of your monthly income. If you put 10% of $5,000 away, this will give you a grand total of $500 saved each month. $500 each month will then translate to $6,000 saved for the year. Saving 10% each month starting in your 20s can help cover for any potential dips in the stock market over the years to come.

Americans believe they need at least $1.7 million saved in order to retire comfortably by age 65, according to a Charles Schwab survey. If that is the goal, these individuals will need to save close to $500 per month starting at age 25. This may not be possible for many 25 year old’s currently struggling in the job market, paying off student loans or beginning to raise a family.

Average Age When Americans Start Saving For Retirement

Here is a look at typical age groups when Americans will start saving towards retirement:

  • Ages 20-29: 39%
  • Ages 30-39: 25%
  • Ages 40-49: 15%
  • Ages 50-59: 6%

*Data according to Morning Consult.

Canyon Winds Retirement Offers Assisted Living in Mesa, Arizona

Canyon Winds Retirement is an assisted living facility in Mesa, Arizona. To schedule a tour of our assisted living facility, contact SLS Communities or for more information please call us today at 480-780-1037.

More Articles About Senior Living

When Might Be The Best Time To Start Saving For Retirement?
Written by Brian B

When Might Be The Best Time To Start Saving For Retirement?

Saving money is the first step towards retirement. So when exactly is the best time to start saving?

When To Save For Retirement

The experts suggest that everyone begin saving for retirement as soon as they can. While this maybe seems easier said than done, there are multiple options available for young people to start saving money. A great way to start saving is by putting away 10% of your monthly income each month. If you put 10% of your $5,000 monthly income, this will equal $500 of savings. Putting away $500 per month will lead to $6,000 in yearly savings. Doing this in your 20s can certainly help cover for any stock market dips.

A recent survey conducted by Charles Schwab revealed that Americans believe they need to save $1.7 million by the age of 65. If this is a goal of yours, you will need to save at least $500 per month, starting at age 25. In some cases, saving this amount each month can be nearly impossible. Many 25-year-olds are struggling in the job market and/or busy paying off students and raising a family. If you must kick retirement savings down the road, the amount you’ll have to save each month will undoubtedly increase.

How To Save Money

If you simply can’t afford to begin saving money in your 20s, the experts say the next best time to begin saving money is right now. Put away any dollar amount that you can afford at this point. If offered, jump on your employer’s 401(k) plan right away. Opening a traditional IRA can provide more investment options than the typical 401(k) plan. An IRA will impose a limit of a $6,000 contribution for anyone under age 50.

Thankfully, there are several other ways to begin saving money. If you can’t invest in an IRA or 401(k) plan, it doesn’t mean that saving money is out the window, fortunately. Start by putting away any extra or unexpected cash flow. This could be anything, from bonuses to birthday checks. Try to avoid any luxury purchases, if possible. Put any and all spare change away in the bank. Picking up a part time job could also prove beneficial in the long run.

Age When Americans Start Saving For Retirement

Here’s a look at the age groups when Americans typically begin saving towards retirement:

  • Ages 20-29: 39%
  • Ages 30-39: 25%
  • Ages 40-49: 15%
  • Ages 50-59: 6%

All data is according to Morning Consult.

How To Save For Retirement Without A 401k

Different Ways To Save For Retirement

If you are not offered a 401(k) plan through an employer, there are still many ways to save money now. Try these three savings options.

Contributing to a CD (certificate of deposit) tends to be one of the safest investment options. It is so safe because the federal government insures CDs to never lose value. Another plus is that money can be withdrawn from a CD at any time desired. Being able to withdraw at any point is crucial for anyone encountering unexpected hospital bills, car payments or other bills.

Even if you have already contributed to a CD, opened an IRA and Solo 401k, you can still open a health savings account. The two biggest benefits of an HSA are the tax-free withdrawals and large potential for growth. The only downside is this money cannot be pulled without penalties until after age 65.

Also known as a self-employed 401k, a solo 401k is ideal for those not expecting to make a large yearly income. A solo 401k offers individuals the opportunity to contribute twice, once as an employee and once as an employer. Individuals can contribute their entire yearly income as long as that figure does not exceed $19,500. Employers may only contribute up to 25% of yearly earnings. Solo 401k contributors’ spouses are also eligible for this plan.

Canyon Winds Retirement Offers Assisted Living in Mesa, Arizona

Canyon Winds Retirement is an assisted living facility in Mesa, Arizona. To schedule a tour of our assisted living facility, contact SLS Communities or for more information please call us today at 480-780-1037.

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How To Save For Retirement Without A 401k
Written by Brian B

If An Employer Does Not Offer A Retirement Plan, What Might Be Another Way To Save For Retirement?

Saving enough money for retirement without a 401k plan is possible! If you are searching for “how to save for retirement without a 401k“, this article will offer five tips on how to save enough for the future.

Saving Money Without A 401k

Take these five steps in order to save enough money for a happy and healthy retirement:

  • Open An IRA
  • Save Tax Returns
  • Contribute To A CD
  • Health Savings Account
  • Open A Solo 401k

Open An IRA

For individuals without a 401k plan, opening an IRA tends to be the most popular alternative. The two most common IRA packages are the Roth IRA and traditional IRA plans. Both are great investment options for those looking to save for retirement. Anyone who wishes to open an IRA must be currently earning an income; this is basically the one and only requirement. However, if you are unemployed yet married to someone earning an income, you are eligible to open an IRA. This is a common plan chosen by self-employed workers.

Save Tax Returns

It may be difficult in the short term, but saving any and all tax returns will prove fruitful in the long term. Everyone’s gut instinct is to spend the return, but refrain from doing so if you plan to retire without a 401k. Saving tax returns is the simplest way to compile savings today. IRS Form 8888 allows taxpayers to deposit refunds into two or more savings accounts.

Contribute To A CD

Contributing to a CD (certificate of deposit) tends to be one of the safest investment options. It is so safe because the federal government insures CDs to never lose value. Another plus is that money can be withdrawn from a CD at any time desired. Being able to withdraw at any point is crucial for anyone encountering unexpected hospital bills, car payments or other bills.

Health Savings Account

Even if you have already contributed to a CD, opened an IRA and Solo 401k, you can still open a health savings account. The two biggest benefits of an HSA are the tax-free withdrawals and large potential for growth. The only downside is this money cannot be pulled without penalties until after age 65.

Open A Solo 401k

Just because you don’t have a traditional 401k, it doesn’t mean you can’t open an alternative savings plan. Also known as a self-employed 401k, a solo 401k is ideal for those not expecting to make a large yearly income. A solo 401k offers individuals the opportunity to contribute twice, once as an employee and once as an employer. Individuals can contribute their entirely yearly income as long as that figure does not exceed $19,500. The amount will differ when contributing as the employer, though. Employers may only contribute up to 25% of yearly earnings. Solo 401k contributors’ spouses are also eligible for this plan.

When Might Be The Best Time To Start Saving For Retirement?

The experts suggest you start saving for retirement as early as you can. Seems like this is easier said than done, though, right? Well, there are many ways for young people to save right now. Try to put away 10% of your monthly income as a start. If you put away 10% of your $5,000 earned each month, you will have saved a nice $6,000 for the year. Saving 10% each month will help protect you against any unexpected bills or dips in the stock market.

Americans believe they should have at least $1.7 million saved by age 65, according to a Charles Schwab study. In order to hit that mark, you must save $500 per month starting at age 25. It is a lofty goal, but deciding on retirement age and how much you’ll need to save will pay off in the future.

Here’s a look at typical age groups when Americans begin saving money for retirement. All data is courtesy of Morning Consult.

  • Ages 20-29: 39%
  • Ages 30-39: 25%
  • Ages 40-49: 15%
  • Ages 50-59: 6%
Retirement Party Ideas For Coworker
Written by Brian B

Retirement Party Ideas For Coworker

If you are searching online for “retirement party ideas for coworker,” then this article will provide you with five great suggestions to make your upcoming party a hit!

5 Retirement Party Ideas

Here are five simple ideas destined to please your coworker on his or her special day!

1. Create A Fun Playlist

Creating a fun playlist of music can instantly set the mood of the party. After all, what is a party without some upbeat music anyway? A popular way to go music-wise is to provide some foreshadowing. Songs like “When I’m Sixty-Four” and “Take It Easy” are perfect for your co-worker’s next chapter in life. Take note of what he or she regards as some of their favorite songs, and make sure to put them in the rotation, as well.

2. Invite Friends And Family To Attend

It’s all too common and easy to forget about this while planning a party. However, inviting friends and loved ones to attend the party is a necessity. With friends and family involved, the party may go from fun to unforgettable for your beloved co-worker. Inviting loved ones to attend the party will really show that person how much they’ve meant to the company throughout their tenure. This will also help other employees understand the person they are honoring even better. Encourage a loved one to give a speech, if they wish.

3. Retirement Party Games

This is an essential part of the party planning. Have a few fun games ready to go. A popular option is doing some sort of trivia. Perhaps you could personalize the trivia by making it about your co-worker’s life or career. Having the honoree answer all the questions or react to all the answers could create the most humorous highlights of the night. Classic games, such as musical chairs, can work too.

4. Pick A Party Theme

For most, retirement parties are all about reflection, either on life or career. Opting for a nostalgic party theme is always a hit! A nostalgic theme can take a co-worker back to simpler and more peaceful times. Begin by taking a stroll down memory lane, when the co-worker first started at his/her current company. The party’s theme is, of course, another great time to get friends and family involved.

5. Give Meaningful Speeches

With all the fun that’s been had throughout the party, it’s important to send the honoree off with an emotional goodbye. Most retirement parties will end with a series of speeches. Co-workers can reflect on a few quick memories each or send a few close friends to the front of the room to honor the man/woman of the hour. It wouldn’t hurt to let the honoree take the microphone at the end of the evening, as well!

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