Retirement problems

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The Number One Obstacle to Retirement

DR, On Friday June 18, 2010, 3:16 pm EDT

At first it would seem that the biggest obstacle to retirement is not having enough money. Most people simply don't have enough in the bank to retire comfortably. While that is certainly a big part of the equation, it's just the tip of the iceberg. Why don't many people have enough money to retire? They didn't save enough, of course. But why didn't they save enough? And that brings us to what is, for many, the biggest obstacle to retirement--debt. And the problem isn't just any debt. The problem is non-mortgage debt.

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Non-mortgage debt creates a triple-whammy when it comes to retirement. First, during your working years you have less to save toward retirement because you must make payments on your debt. Second, unlike a mortgage payment that goes toward a home that over the long term goes up in value, consumer debt usually goes to pay for things that have no lasting monetary value. And third, in retirement you need more income because, in addition to your regular monthly expenses, you must keep making payments on the non-mortgage debt you've racked up. As a result, many save less during their working years and need more during retirement.

In a recent study commissioned by Scottrade, for 63 percent of Americans, debt was an impediment to retirement savings in 2009. And 61 percent of Americans expect debt to limit retirement savings in 2010. While there are no easy answers to the problem of debt and retirement, here are some basic strategies that may help you save more and climb out of debt as you work toward your golden years.

1. Stop borrowing. No matter how much consumer debt you have, the absolute most important step is to stop going into more debt. You cannot climb out of the hole until you stop digging.

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2. Save first. While some advocate ridding yourself of all non-mortgage debt before saving for retirement, this strategy can backfire. Not unlike dieting, you may find the discipline to stay out of debt elusive. So like eating your vegetables first, make saving for retirement a priority today. Even if you save just a few dollars a month, the money will grow and you'll begin developing good investing habits. Saving first is particularly important if your employer offers a company match for 401(k) contributions.

3. Scale down your budget. To borrow from dieting again, one of the biggest mistakes we make when trying to lose weight is to go extreme. We count every calorie and significantly restrict the foods we eat. Such extreme strategies rarely work in dieting or money. So rather than counting every penny you spend and denying yourself every indulgence, pick the one or two categories of spending that really cause you to overspend. This may include eating out, buying clothes, or, if you're like me, spending on gadgets. For just these categories, set a reasonable budget and stick to it. You'll find the approach much easier to follow than budgeting every dime you spend, and you'll be more likely to stick with it.

4. Plan for the unexpected. We often go into debt to handle emergency expenses. While we can't guarantee we'll have enough money to handle every situation, saving up an emergency fund in a high interest online savings account reduces the likelihood that an unexpected expense will send us into more debt.

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5. Plan for the expected. As important as planning for an emergency is, we also should be planning for large, anticipated purchases. Whether it's buying your next car, taking a yearly vacation, or paying for a wedding, these big expenses can sink you deep into debt if you are not careful. So rather than letting these big expenses creep up on you, start saving long before you'll need the money.

Saving for retirement isn't easy. If it were, we'd all have enough to retire comfortably. But we can greatly improve our chances of having enough money in retirement if we keep our debt under control.

A Simple Way to Become Wealthy

A Simply Way To Become Wealthy

Ryan Guina, On Tuesday June 15, 2010, 4:23 pm EDT

My first real job was as a junior enlisted member of the United States Air Force. I had great benefits, but as a low ranking enlisted member my take home pay wasn't worth bragging about. I was earning a comfortable living for a 19-year-old, but I didn't think I had enough money to invest. It turns out I was wrong.

A talk with one of my mentors, a senior enlisted member in my squadron, made me rethink the way I viewed investing. During one of our conversations I brought up the topic of investing and mentioned I would like to start in a couple years when I had more money. He listened to me give several excuses why I couldn't invest and then he said something that changed the way I think and act about investing.

He told me saving and investing wasn't hard, you just have to treat it like a bill. He said, "When your paycheck comes in each month, you pay your bills, right?" I nodded. "So treat investing like a bill. If you want to max out your Roth IRA, divide the maximum contribution by 12 and send that amount to your investment account each month. If you want to make it easier, then go to the finance office and set up an automatic allotment from your paycheck and you'll never think about it again."

It turns out he was right. It's not that I didn't have enough money to invest. I just wasn't prioritizing how I used my money. Treating investing like a bill forced me to make investing part of my budget. I followed his advice and set up an automatic withdrawal from my paycheck and I began investing in a Roth IRA. I maxed out my IRA contributions in each of the eleven years following our conversation. That 15 minute conversation literally changed my life and might just make me a millionaire by the time it's all said and done.

This concept of paying yourself first applies to different types of investments as well. Perhaps the most common way to take advantage of automatic investing is through an employer sponsored retirement plans such as a 401(k) plan, 403(b), 457(b), or the Thrift Savings Plan. You can also apply this to savings goals, Roth or Traditional IRAs, or taxable investments. In fact, many brokerage firms will waive account minimums if you agree to fund your account with a minimum contribution each month. Some brokerage firms even offer lower transaction costs with automatic investments.

Here are three reasons you should consider automatic investing.

It's easy. You don't have to remember to do it. Just set it up once and you know it will get done.

There is no emotional barrier. It can be difficult to write a check each month for a future goal when you have current wants you could easily fulfill with those funds. Automatic investing makes it easier to stick to your long term plans.

You don't try to time the market. Market timing is almost always a losing battle. For the average investor, dollar cost averaging can be a great way to avoid market timing and ensure you get your money in the market for a longer period of time. Automatic investing gives you the greatest opportunity to realize the growth of compound interest.

Ryan Guina is a U.S. military veteran, writer, and professional in the corporate world. He blogs at Cash Money Life and Military Finance Network.

My own two sense has to do with following the Dave Ramsey formula, and another very good book to read is "The Richest Man in Babylon"

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