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How To

How to Save for Retirement



How to Save for Retirement

Retirement. A phase you look back at the bygone days of your professional life and look forward to the second innings that is in store. It’s the period in life that eventually sets in, with a different life to experience. The quality of your retired life depends on the goals and finances planned and executed through the heydays.

Investing and Retirement

The word retirement rings the bell of investment with a solid foundation to successfully counter uncertain times. Retirement should not be a burden to overcome but a stage to relive fond memories. And, for this to happen, thoughtful planning of finances and investing cannot be stressed more.

Remember, investing predominantly focuses on ensuring a secured retired life. Of course, you may have several goals in life that can be achieved by investing. But financially sound retirement is the common chapter everyone looks forward to.

Saving or investing for retirement is a big chapter and needs you to apply your mind and soul into the system. If you don’t plan your investments diligently, you run the risk of not being able to maintain the standard of living you wish or need when you retire.

There are several aspects to look into while investing for the future, retirement in particular.

How much money do you need to retire?

It’s subjective, and it depends on your personal goals, your traits and your outlook towards life.

  • Are you looking ahead for a world tour?
  • Do you intend to move to a plush condo?
  • Are you looking to live life relaxing in the countryside?
  • Do you want to own a luxury car?
  • Are you interested in golfing?

The list is almost endless, and each lifestyle or wish demands you know your finances well.

There is no fixed formula to save for retirement. However, the ideal way would be to save:

  • At least your annual income by age 30
  • Three times the annual salary by age 40
  • Six times your annual salary by age 50
  • Eight times the annual income by age 60
  • Ten times your annual earnings by age 67

Let’s discuss about this in detail later in this article.

When should you start saving for Retirement?

Again, there is no specific age cut-out to begin saving for retirement. However, the sooner you start, the better. In other words, starting to save for retirement early gives your money a longer period to grow into a substantial amount. This practice ensures compound growth and, in turn, can increase your money by several folds.

Whatever your earnings, make sure to keep aside a certain amount to boost your emergency fund. Also, keep looking for ways to increase your earning capacity to increase your savings.

Tips to Boost your Retirement Savings

Follow these tips to grow your nest egg and to retire peacefully:

Start Today

Start investing right away and let compound interest reinvest your savings and work for you. The more you invest during your younger years, the higher the accumulated amount will be.

Take advantage of your employer’s 401(k) plan

It’s a tax-deferred investment plan that employees can use it to their advantage. You can also increase your contribution to that account. Eventually, you can open a Roth IRA account to save income after taxes to avoid higher tax bracket in retirement.

Satisfy your employer’s match

Try to match your employer’s 401(k) plan to enjoy complete advantage of the plan. The 50% additional amount from your employer is essentially your free money to utilise.

Utilise catch-up contributions as you age

While nearing age 50, you can enjoy benefits beyond the prescribed limits of the IRA and 401(k). These catch-up contributions help boost retirement savings beyond age 50.

Switch your savings to auto mode

Making automatic retirement contributions every month helps constantly grow your nest egg. You can invest assets automatically in select funds through Merrill Edge Automatic Investment Plan.

Control your spending

It’s one of the secrets to increasing your savings. Make a list of your needs and wants and look for all the places where you can reduce or avoid spending. By this way, you can track your money efficiently and increase your investment.

Always set realistic goals

Investing also means setting benchmarks in the process and making necessary changes to achieve those goals. You can calculate how much you need to save in order to achieve your financial goals during retirement.

Be wise with extra funds

Got extra money? Got a raise? Don’t just spend that money. Instead, increase the percentage of investment and plan for a financially robust retired life.

Postpone receiving your social security payment to a later age

You begin to receive social security payment benefits at age 62. But, delaying receiving it until age 70 increases the accumulated amount. The additional income increases quickly and makes a significant difference to your retired life.

Let’s now go through detailed investing planning based on the age group.

Investing in your 20s

As you reach the end of your 20s, make sure to have at least your annual income in your retirement account. This is also the stage to start building your emergency fund. You can start small and draw cash from your emergency fund without touching funds from your retirement account.

This is also the stage to leverage the benefits of your employer’s 401(k) plan. You can also consider a Roth IRA account.

20s is the ideal phase to invest in stocks. With a long investment period, its perfect to handle the market dynamics and invest methodologically.

Investing in your 30s

This is the stage to boost your emergency fund and have at least double the annual income saved in your retirement account. It’s also great to tie up with your spouse financially and plan together for retirement.

You can speed up your retirement savings through an automated direct deposit.

Saving in your 40s

Your savings by the end of your 40s should ideally be four to six times your annual income. It’s that phase to get rid of debts without getting too conservative. All these years of savings for your children’s education come to the surface.

Put whatever additional money you have to your retirement account.

Saving in your 50s

Close to 60 and, you should have almost eight times your yearly earnings. Catch-up contributions should be utilised wisely and, a substantial percentage should go into your retirement account. It is here that you decide your retirement budget depending on the lifestyle you have planned. Also, keep medical costs in mind and plan accordingly.

Saving during the golden age

Come retirement and, consider using your social security benefits to your advantage. This is the surplus amount in your retirement fund you can claim.

Retirement savings barriers to overcome or take control of

Cost of living

When you receive a hike, don’t spend the additional raise for a fancier lifestyle. Instead, follow a monthly budget and stick to a fixed savings plan. See what you can do away with and make sure not to go above that which ensures you a comfortable life.

Excessive spending on kids

Doing many things for your kids’ is a good intention, of course. However, overspending on kids drains your nest egg and investment too.

Medical expenses

Health can take a hit anytime and, in most cases, we are not ready for it. However, it’s advisable to open health savings account that comes with some major benefits. A tax-deferred medical savings plan covers almost the entire medical expenses subject to conditions.

Credit card debt

This is a major savings spoiler. Just remember, your credit card debt is nothing but consuming your future money that can rather be invested. Make sure to keep your credit card debt in limits. And, once you have paid off the bills, avoid the temptation to the maximum.

Avoid taking a 401(k) loan

Your retirement account stabilises your future. And, your 401(k) account adds immense benefits to your retirement funds. Here are some top reasons to avoid taking a loan from your 401(k) account:

Making contributions becomes difficult or impossible

There are select plans that don’t allow contributions until the current outstanding loan is paid off.

Additional fees will be charged

Your 401(k) account includes setup fees, annual costs and other costs. Though they are low on interest, drawing funds from the account increases the amount of fee to be paid.

Pay checks can get smaller

Pay check deductions are levied on most 401 (k) plans. It’s a double blow since you are paying out of your saved lower monthly income.

The risk of default is costly

Here, the loan that ends up as default invites income tax and penalty charges. Withdrawal can also show up as taxable income and reduces tax returns over the long run.

Loss of asset protection

401(k) accounts offer asset protection from creditors by Federal law. Drawing money from this account waives this protection, leading to increased losses.

Avoid taking a 401(k) loan by:

  • Increasing monthly savings
  • Keeping savings account easily accessible
  • Replenishing your emergency fund in case you borrow money from it

How To

Guest Posting



Guest Posting 1

The internet has set up brands at every corner of the street and getting people to visit yours is a mix of skill and art. The attempts to layout customer roadmaps to your brand which aren’t abandoned are not new and the struggles are the same as before. In fact, the struggle to have your brand heard has piled up as competition keeps emerging and viewer attention span keeps getting fragmented. This has led to a surge in brands using conventional advertisements to highly compress their message to the audience.

This is not the best gameplan to bet on. Ads are perceived by many as intrusive, insincere and housing an ulterior motive. The audience is bombarded with ads from every angle and making it shorter does not really help. Most people don’t react the same way to guest posting.

A guest post is a piece of brand journalism which lives on a publisher’s website. Sponsored posts are an advertorial piece of long-form writing that is created to be highly engaging. They avoid the intrusive and abrupt conventional-approach of ads and indulge in a more respectful and subtle modern-approach for recommending your services or products.

Choosing the right platforms to publish your guest post is crucial as the platform is seen as your partner and representative. Your chosen platform must balance between writing a blog post and a traditional advertisement, stray away from being intrusive and stick with being subtle and respectful. At Global Banking and Finance (GBAF), we offer the opportunity to bank on our decade-long experience and expertise in writing balanced content like this.

How Can Guest Posts on GBAF Help You?

Constantly investing time and effort into writing and publishing on your blog is great for fostering and strengthening your already existing audience relationship but this doesn’t help you reach a new audience.

Guest posting opportunities on our platform gives you access to an untapped audience base. This is a significant advantage in two ways:

  • Familiarity: We have built our audience through our authentic, thought-provoking and storytelling writing nature. Our audience is familiar and receptive to this writing style. When we adapt your content in the same format, it allows your content to have better reception compared to traditional ads. Also, your content will adapt to the environment of content which makes it feel natural and less abrupt or intrusive.
  • Trust: When a consumer learns about your brand through someone they trust (someone like a renowned brand, friend, some industry authority, etc), they are more likely to trust you, too. Our audience’s trust means a chance for your brand’s voice to be heard. It also means having customers who have completed their journey of brand choice. When they choose you, it will be an additional choice of transition from our platform rather than a new choice of approaching you. They only have to go half-way.

With amplified brand reach and redefined trust, your brand visibility and credibility will be boosted. We also help you boost visibility by leveraging our social media channels which currently have 135k followers and keep growing every day.

Another major area of impact when doing guest posts with GBAF is the focus, delivery and expertise of writing. The audience members will engage with your content much more than they do with your traditional ads. This will increase the chances of convincing the customers who doubt, skepticize and speculate becoming customers of your brand from afar. Writing to deliver your promotion with value-driven content also allows you to plug in a recommendation at a crucial point of the problem with your brand as the solution.

Lastly, value-driven content avoids the intrusive BUY THIS! style of writing. Here, the focus is on communicating your knowledge and therefore allows you to establish yourself as a thought-leader in your niche.

All of these combined benefits act as a catalyst to boost your brand reach, funnel attention to your brand, gain a competitive advantage and knock down all other challenges presented in separating yourself from your competition.

Final Thoughts

Brand adoption is slow. Abandoning an old familiar brand route for a new one is difficult. People rarely reach out to brands and they sprint the other way if they see brands reach out to them through conventional and dull ads. In such a deadlock scenario guest posts can provide the perfect strategy to bet on.

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How To

Why Guest Posting is Your Best Bet



Why Guest Posting is Your Best Bet 2

In a scenario where new businesses are popping up everyday, one of the major challenges brands face is that of devising an organic and effective way to get the attention of their target audience. And one of the first solutions that comes to mind is the internet and consecutively, digital marketing. Even though its all-pervasive nature has made it both super-easy to reach people across the globe, the internet also comes with its own set of challenges. In this article, we will discuss the tough-to-crack parts of digital marketing, things that almost every brand representative or marketing executive has to face in the present date.

The oversimplification of digital communication has deceived many brands into believing that it’s the only way to reach their audience. However, the reality is hardly so. Today, there are more platforms and media formats than there have ever been before and newer ones keep emerging everyday. As a result, the netizens have developed a rapidly decreasing attention span. As a result, brands are wrestling to fit their message into as tiny a space as possible in what can only be called conventional methods of advertising.

For many brands, digital marketing proves to be an ordeal that takes years to crack, all the while draining the brand’s potential for more business and/or larger reach. It is worth noting that one of the major challenges that most businesses face is that of people avoiding ads altogether; no matter how good your ad is, chances are that people don’t want to see it, resulting in zero engagement. The second and bigger challenge is that short messages don’t convert those who are unaware of your brand, to brand loyalists. Instead, these ads are likely to affect only those who are already considering buying into what your brand is offering, which might be a small share.

This is where Global Banking & Finance Review (GBAF) comes in. We offer you the opportunity to overcome both the challenges (and more) in one go through our guest post services.

Guest Posts Have An Edge Over Normative Advertisements

Guest posts are advertorial pieces of long-form writing, created with an aim to engage the audience by taking away the impression of normative ads. How? Sponsored posting articles are so designed that they address the audience’s demands or queries, and also offer your brand as a solution instead of point-blank marketing. Consequently, this makes the audience spend a longer time engaging with your brand than they would do with, say, a pop-up ad. Through a guest blog post, your brand has the space to engage in a fair exchange because the article delivers value to your audience rather than being a conventional sales-driven advertisement.

To sum it up, sponsored posts fall right on the sweet spot between a blog post and a traditional advertisement on the spectrum of advertising.

Here’s Why You Should Run Guest Posts on GBAF

At GBAF, our team understands the importance of the environment in which your brand is introduced to an audience, something that leaves a lasting impact on their minds. It goes without saying that this very impression will influence and drive their future decisions on whether they want to engage with your brand and buy what you’re selling. Hence, it is our staff that is usually responsible for writing the posts that go up for your brand on our website. This allows for the sponsored post to merge in seamlessly with the existing content in our website instead of sticking out like a sore thumb. The aim in doing so is to create these posts in a way that does not distract or seem abrupt as guest posts are meant to be adaptive to an existing environment. So, even though it is essentially promoting your brand, a sponsored post is more of a brand journalism piece than an ad.

On our platform, we understand the importance readers attach to authenticity and value. This also allows GBAF to have a firm grip on introducing your brand effectively while simultaneously catering to the audience’s needs. Our team works around the clock to gain our audience’s trust by continually delivering authentic and value-driven content to our readers for more than a decade. When you partner with us, that resource pool is easy to tp into. When a consumer learns about your brand through a reliable source (for instance, someone like a renowned brand, friend, some industry authority, etc), they are more likely to trust you, too.

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How To

Why You Need to Take Guest Posting Seriously



Why You Need to Take Guest Posting Seriously 3

When customers are largely in control of marketing conversations, traditional advertisement has lost its touch. How you educate your prospects and out-educate your competitors now win the battle and generate leads.

If you’re the spokesperson of a brand or if it is your job to tell a story that your customers care about, you know how important it is to be generous, to share your ideas on a platform that promotes storytelling, and to position your brand as the most trusted partner for your customers.

The challenge with quick, easy micro-copy is that it fails to make an impact. It’s like a quick-fix that we try to use in everything we do. However, quick-fixes don’t heal a burning pain-point. A thoughtful, easy-to-read, user-friendly guide does.

At Global Banking & Finance Review (GBAF), we help you help your customers. Here’s how.

Guest Posting: How it Works

Guest posting is the art of telling your story to your audience without shoving it down their throats. It’s not an advertisement, but a thought-leadership content piece that educates & promotes your brand to your target audience without interrupting them.

  • Our editorial team works your content piece to present your brand on our website
  • The sponsored articles adhere to the context, the tone, the voice of your brand and represent it in the way you’d like to portray to your audience
  • The content piece is lucidly written and only does one job, i.e. educating your audience
  • The piece is long-form of content that allows your target audience to engage with your brand longer (much more than an advertisement)
  • It doesn’t distract, interrupt, or intrude the audience
  • Sponsored posts are designed and articulated to solve the audience’s pain-point and showcase your brand as a solution-provider

Why Should You Run Guest Posts on GBAF?

GBAF is a platform that garners a community of over 135,000. Here are four reasons for which you should run guest posts on GBAF:

  1. We help you increase the engagement with your audience: We don’t depend on surveys to understand what your target audience wants. For the last ten years, we have been serving various kinds of readers. And we know them personally. Thus, we know how to place your content to increase engagement.
  2. We put your audience ahead of the marketing funnel: When you run an ad, you start from scratch. And as a result, the first step is always to start with the beginning of the marketing funnel. When you publish a guest post on our platform, your target audience already begins to trust you since we’ve put years of work in building the community.
  3. We help you generate leads: An ad is interruptive. When you submit a guest post on GBAF, it teaches instead. And directs the audience to take action. As a result, you generate more leads. In this era of marketing, the brand that educates better, profits more.
  4. We offer you cost-effective solutions: When you run sponsored articles on GBAF, you’re in charge of your budget. You decide how much you’d like to spend per month. And we support you with cost-effective solutions backed up with the results so that you can calculate your ROI upfront.

How to Submit a Guest Post on GBAF

  • Check categories:
  • B2B: CSR, Green Tech, AI & Big Data, Ongoing Training for Employees, Manufacturing
  • B2C: Travel Destinations, Trends on Buying a Home, Working Remotely, Electronics
  • Follow guidelines:
  • Format: Word format
  • Send at: [email protected] (or use this page to submit a guest post)
  • Length: 750 – 1000 words
  • Image: We need an image of the author (specifications: width – 800 px. & heigh – 600 px.) with original credits
  • Additional requirements:
  • Author Bio: Provide an author bio (name, title, affiliation, bio, and contact). You can add a link
  • Profile: Give a brief overview of the company, key information about the company, major projects, certifications, and company logo. Please submit the profile in word format

We review your submission and if it adheres to our submission guidelines and quality standards, we will connect with you before publishing the article.

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