Steps to Retirement - Practical steps towards a better retirement
Some suggested practical steps that people can take to improve their financial wellbeing in retirement:
- Start saving early
Retirement can seem a long way off when you are young. Nevertheless, it is crucial to start making retirement plans as early as you can. - Know how much you need
Start thinking about the kind of lifestyle you want when you retire and how much you will need to fund it. - Refill the pot
It is easy for retirement savings to suffer when times are hard. With the worst of the global economic downturn behind us, start thinking how to replenish any depleted funds in your retirement pot. - Expect the unexpected
Unforeseen life events can damage your retirement savings. No one can see into the future, but do consider what could happen and how this will impact your financial planning.
“There is no quick-fix solution – but the key for people everywhere is to focus on finding the means to save a little for their future, now. We know that budgets are increasingly stretched – but even the smallest amounts saved can help reduce the long-term effect of these challenging times, and make the likelihood of a comfortable retirement all the more real.”
Charlie Nunn, Group Head of Wealth Management, HSBC, said:
The Global Financial Hangover
Note:
*The Future of Retirement A balancing act was published in January 2015. The report represents the views of 16,000 people in 15 countries: Australia, Brazil, Canada, France, Hong Kong, India, Indonesia, Malaysia, Mexico, Singapore, Taiwan, Turkey, the United Arab Emirates, the United Kingdom and the United States. The findings are based on a nationally representative online survey sample covering people of working age (25 and over) and those in retirement. The survey was conducted by Ipsos MORI in August and September 2014. You can read the full report at www.hsbc.com/retirement
*The Future of Retirement A balancing act was published in January 2015. The report represents the views of 16,000 people in 15 countries: Australia, Brazil, Canada, France, Hong Kong, India, Indonesia, Malaysia, Mexico, Singapore, Taiwan, Turkey, the United Arab Emirates, the United Kingdom and the United States. The findings are based on a nationally representative online survey sample covering people of working age (25 and over) and those in retirement. The survey was conducted by Ipsos MORI in August and September 2014. You can read the full report at www.hsbc.com/retirement
March 2015 Robert Kyosaki
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Kiosaki says time and again, "he hates rules but we need them", the key is to understand how things work, then use this knowledge to our advantage.
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More than two thirds of people of working age fear that they will run out of money during their retirement, according to a new commissioned report. The global economic downturn has made it even harder for people to put money aside, with 40 per cent saving less for their retirement since the downturn, the report said.
The Future of Retirement A balancing act is the latest in a series of reports providing insights into the issues associated with ageing populations and increasing life expectancy around the world.
Almost two in five people of working age surveyed were not saving for retirement at all
but while retirees stressed the importance of planning early, almost two in five people of working age surveyed were not saving for retirement at all.
Many people had cut their levels of retirement saving since the economic downturn. More than 80 per cent said that unexpected events had made it significantly harder for them to set money aside. For some, this was because they had lost their job or seen their income fall. For others, it was because a life-changing event such as an accident or illness had stopped them or their spouse from working.
One in ten people of working age today thought that they would never be able to retire fully from paid employment.
Saving in small denomination gold bullion 999.99% pure kinebar is safe and affordable for everyone
The Future of Retirement A balancing act is the latest in a series of reports providing insights into the issues associated with ageing populations and increasing life expectancy around the world.
Almost two in five people of working age surveyed were not saving for retirement at all
but while retirees stressed the importance of planning early, almost two in five people of working age surveyed were not saving for retirement at all.
Many people had cut their levels of retirement saving since the economic downturn. More than 80 per cent said that unexpected events had made it significantly harder for them to set money aside. For some, this was because they had lost their job or seen their income fall. For others, it was because a life-changing event such as an accident or illness had stopped them or their spouse from working.
One in ten people of working age today thought that they would never be able to retire fully from paid employment.
Saving in small denomination gold bullion 999.99% pure kinebar is safe and affordable for everyone
100% Free Gold Savings Accounts . Karatbars International GmbH
The advice from those who have already retired is clear: it pays to start planning early.
Retirees around the world choose a number of ways to fund their retirement.
- Cash deposits
- Property and pension schemes remain popular options for around three in five. But a minority of retirees also turn to less traditional investments. Around a third of those surveyed own or plan to own
- Jewellery
- Gold or diamonds. Smaller numbers place their faith in
- Antiques (15 per cent)
- Art (14 per cent)
- Classic cars (11 per cent)
- Fine wines (10 per cent).
Choosing how to save or what to invest in is only part of the challenge. Many people find it difficult to estimate how much they will need to fulfil their hopes and ambitions in retirement. Around 30 per cent of retirees say that they do not know how much they need to save. In Argentina 2001, many suffered losses of more than 75% of their life savings when the country defaulted on its debt, today people are still wary of banking institutes and the only viable means of savings is the purchase of USD on the "blue dollar" market.
The amount will vary significantly from person to person. Some will spend money on healthcare, support other family members or treat their grandchildren. Some will aspire to use their retirement to fulfil lifelong ambitions – whether it be to learn a new skill, support a charity or travel the world.
For 30-year-olds, the end of their working life might seem a very long time away. But even a small amount saved now can increase their chances of enjoying a comfortable, fulfilling retirement.
Parts of this page has been sourced via the report of Charlie Nunn
- news-and-insight/2015/lifelong-ambitions
Self-Directed IRA and 401K Rollovers
In Self-directed retirement account which include but may not be limited to Sep IRA’s, Roth IRA’s and rollovers from certain qualified retirement plans such as a 401(k)’s and 403(b)’s, and TSP’s you are able to make your own investment decisions which add to options which are not typically available with more traditional accounts. Self-Directed IRA’s allow you to take a more active role in determining your asset mix and give you the ability to expand your retirement account holdings beyond traditional stocks, bonds and municipal funds. Instead of being locked into an asset group chosen by a fund manager, you can invest in what you know and understand.
If you want to own gold within a retirement plan the question you should ask yourself is: Why?
The answer is simple. Gold is an asset that is not simultaneously anyone else’s liability. For the conservative individual who is concerned about out-of-control spending by Congress and the uncontrolled expansion of the monetary base by the Federal Reserve – the answer is most definitely “yes”. These are troubled times and gold has always been the ultimate hedge against economic volatility and crisis.
The next question you need to ask yourself is; do you believe you need to own gold? If the answer is yes, then holding gold (the physical metal) within your retirement vehicle may be for you. You may transfer all or part of your liquid retirement assets into gold.
If your goal is to diversify your retirement strategy so that your overall financial situation is not compromised by economic instability; gold is “real” money. It cannot be printed or debased. If you are wondering when to purchase gold you probably should not wait for market timing to attempt to achieve a “more attractive” price that may or may not occur; rather dollar cost averaging is a better plan.
Gold is the only globally recognized currency, or acceptable form of payment that government’s or central banks cannot print. It is the way that individual countries settle their debts. This quality makes it a good fit for a well-diversified, long-term retirement portfolio.
All the rules, including those related to tax treatment that apply to conventional retirement plans also apply to self-directed plans. In most cases, conventional plans do not allow for diversification into physical gold due to the special circumstances that accompany precious metal ownership – storage, insurance and custodial issues. Generally, the client planning for retirement who wants to purchase physical gold, (such as bullion) will need to establish a new account with a trustee that allows self-directed retirement plans. The individual then transfers funds from his /her current trustee to a new trustee that handles and specializes in this type of transaction.
Self-directed trustees do not give investment advice. They simply provide the administrative and reporting services, and work with various vendors like Karatbars International, GhmB, that offer a very specific type of precious metal investment which is allowed under the Internal Revenue code. The trustee will charge a fee for their services and those charges should be listed on the company’s website and disclosed up front. The client will then know what the costs will be prior to going forward and can properly determine if this is an opportunity they want to pursue.
Karatbars IRA
Get More Info
Choosing the right gold product can be the difference between success and failure as a gold owner. This decision will help you to stay on track protecting your assets from uncertain economic conditions. If you select the wrong product your money could be diverted to a combination of bullion-related investments and/or derivative investments that are not truly asset preservation vehicles. Gold stocks for example, are first an investment in stocks, and gold bullion second. Precious metals ETF’s and certificates introduce systemic risk into the equation. These types of alternatives should be avoided by individuals looking to hedge against economic uncertainties like those that occurred in the 2008 financial crisis or the on-going sovereign debt crisis in Europe.
Other points to Consider:
In Self-directed retirement account which include but may not be limited to Sep IRA’s, Roth IRA’s and rollovers from certain qualified retirement plans such as a 401(k)’s and 403(b)’s, and TSP’s you are able to make your own investment decisions which add to options which are not typically available with more traditional accounts. Self-Directed IRA’s allow you to take a more active role in determining your asset mix and give you the ability to expand your retirement account holdings beyond traditional stocks, bonds and municipal funds. Instead of being locked into an asset group chosen by a fund manager, you can invest in what you know and understand.
If you want to own gold within a retirement plan the question you should ask yourself is: Why?
The answer is simple. Gold is an asset that is not simultaneously anyone else’s liability. For the conservative individual who is concerned about out-of-control spending by Congress and the uncontrolled expansion of the monetary base by the Federal Reserve – the answer is most definitely “yes”. These are troubled times and gold has always been the ultimate hedge against economic volatility and crisis.
The next question you need to ask yourself is; do you believe you need to own gold? If the answer is yes, then holding gold (the physical metal) within your retirement vehicle may be for you. You may transfer all or part of your liquid retirement assets into gold.
If your goal is to diversify your retirement strategy so that your overall financial situation is not compromised by economic instability; gold is “real” money. It cannot be printed or debased. If you are wondering when to purchase gold you probably should not wait for market timing to attempt to achieve a “more attractive” price that may or may not occur; rather dollar cost averaging is a better plan.
Gold is the only globally recognized currency, or acceptable form of payment that government’s or central banks cannot print. It is the way that individual countries settle their debts. This quality makes it a good fit for a well-diversified, long-term retirement portfolio.
All the rules, including those related to tax treatment that apply to conventional retirement plans also apply to self-directed plans. In most cases, conventional plans do not allow for diversification into physical gold due to the special circumstances that accompany precious metal ownership – storage, insurance and custodial issues. Generally, the client planning for retirement who wants to purchase physical gold, (such as bullion) will need to establish a new account with a trustee that allows self-directed retirement plans. The individual then transfers funds from his /her current trustee to a new trustee that handles and specializes in this type of transaction.
Self-directed trustees do not give investment advice. They simply provide the administrative and reporting services, and work with various vendors like Karatbars International, GhmB, that offer a very specific type of precious metal investment which is allowed under the Internal Revenue code. The trustee will charge a fee for their services and those charges should be listed on the company’s website and disclosed up front. The client will then know what the costs will be prior to going forward and can properly determine if this is an opportunity they want to pursue.
Karatbars IRA
Get More Info
Choosing the right gold product can be the difference between success and failure as a gold owner. This decision will help you to stay on track protecting your assets from uncertain economic conditions. If you select the wrong product your money could be diverted to a combination of bullion-related investments and/or derivative investments that are not truly asset preservation vehicles. Gold stocks for example, are first an investment in stocks, and gold bullion second. Precious metals ETF’s and certificates introduce systemic risk into the equation. These types of alternatives should be avoided by individuals looking to hedge against economic uncertainties like those that occurred in the 2008 financial crisis or the on-going sovereign debt crisis in Europe.
Other points to Consider:
- Make sure the trustee you choose is capable of administering the rollover as well as servicing your account.
- How long has the trustee been in business? Will they likely still be around when you retire?
- If your long term goal is long term asset preservation, do not purchase stocks, certificates or ETF’s
- If you intend to take possession of your gold at retirement, is it in a form that is easily shipped, carried and stored? Can you take a portion of your gold or will you need to take delivery all at once?
- Does the product you are purchasing need to be assayed or verified before you can sell it?
- Is the product you purchase from a LBMA refinery?