Automating Your Savings is best for the Long Term
When thinking about long term saving, one of the most effective ways to reach a goal is to set up automatic withdrawal of funds. Initially, you may feel the difference in not having that extra money, but before long, you will adjust and will get used to it. Your budget will make sure that if it’s not there you don’t miss it…
TIP 1: Focus on starting today.
Especially if you’re just beginning to put money away for retirement, start investing as much as you can now, and let compound interest – the ability of your assets to generate earnings, which are reinvested to generate their own earnings – have an opportunity to work in your favor.
TIP 2: Contribute to a 401(k).
A 401(k) plan allows you to contribute pre-tax money so that you can invest more of your income without feeling it as much in your monthly budget.
TIP 3: Meet your employer’s match.
If your employer offers to match your 401(k) plan, make sure you contribute at least enough to take full advantage of the match.
TIP 4: Open an IRA.
Contributions to a traditional IRA may be tax deductible depending on your income and whether or not you and/or your spouse are covered by a workplace retirement plan. If you make less than $127,000 a year – or less than $188,000 for joint tax filers – a Roth IRA may be an option.
TIP 5: Automate your savings.
Make your savings automatic each month and you’ll have the opportunity to grow your nest egg without having to think about it.
TIP 6: Rein in spending.
Examine your budget. You might negotiate a lower rate on your car insurance or save by bringing your lunch to work instead of buying it.
TIP 7: Set a goal.
Knowing how much you’ll need makes investing easier and more rewarding.
TIP 8: Increase your contributions.
Once you’ve set a goal, you’ll likely need to increase your retirement savings over the years to pursue it. Plan to increase your contribution percentage every time you receive a raise.
TIP 9: Stash extra funds.
It’s tempting to take that tax refund or salary bonus and splurge on a new designer purse or a vacation. But don’t treat those extra funds as found money. Treat yourself to something small and use the rest to help make big leaps toward your retirement goal.
TIP 10: Consider delaying Social Security as you get closer to retirement.
The delayed retirement credits range from 3% to 8% annually, depending on the year you were born. Pushing your retirement back even one year could significantly boost your Social Security income during retirement.
Recognizing the need to save is the first step. Understand how much you want to sock away for retirement, and find ways to increase your contributions. Making the effort now will help make your retirement something to look forward to instead of something to worry about.
Protect Yourself From The Summer Sun
As the warm weather approaches we must be mindful of how the sun’s rays affects our bodies and mind. We should avoid direct contact, wear proper protective clothes and creams, be well hydrated, pace ourselves in outdoor activities and enjoy the shade as much as possible. Remember the sun is only doing its job!
CEO
Mt. Zion FilmsWorks
My name is C. Wyleek Cummings. I am a 5 year cancer survivor. Once I was diagnosed with cancer, my attitude towards recovery was Immediate and sure. In a effort to rid my body of Hodgkins Lymphoma, and survive chemotherapy and radiation therapy, I knew that I had to rely on a higher power. The therapy was grueling but faith carried me through. I began receiving therapy just as I was completing my student teaching experience at Whittaker Elementary School. I would go on to earn a Master’s in the Art of Teaching (M.A.T.). It was not without its’ challenges. Challenges that were overcome by faith and determination. I completed radiation therapy on April 30th, 2009. Many days I would have to go directly to take chemo treatments right after teaching.
After being five years cancer free, I decided that it was time for me to help give back. Operation Gump: A Mile In My Shoes was born out of the need to share God’s miracle of survival in my life. I wanted to encourage the public on ways to prevent cancer and other health related diseases by promoting physical exercise and a change in diet. The main objectives with Operation Gump was to run at least one mile each day during the month of October, which is Breast Cancer Awareness Month; get the public to run with me and finally to get the public to donate at least one dollar for each mile run. The project was a success in 2012! All of the funds raised went directly to the American Cancer Society. As a result of the Operation Gump efforts, I started a video series entitled, The Gump Chronicles, which focused on individuals who have either fought cancer or who have had loved ones that experience cancer in some form. My prayer is that in 2013 I am able to reach more people through these efforts. I am targeting children from the ages of 6-17 and young adults from ages 17-25 who live in low income communities by encouraging them to make healthy lifestyle choices that prevent the onset of health related issues.
During Operation Gump 2012, I was also able to compile the stories of cancer survivors to use as part of my culminating ceremony presentation, and the plan is to do the same for 2013. All monies raised will be handed over to American Cancer Society representatives. Cancer survivors can post their stories on the Operation Gump page at http://www.facebook.com/?skwelcome#!/OperationGump or email them to mtzionceo@gmail.com.
I want to use my life and my experience as an inspiration to others, because once upon a time, if a person was diagnosed with cancer, it was certainly a death sentence. We’ve made such strides in dealing with cancer. We’re not there yet, but we’ve made strides and people are living a lot longer. There are things that we can do to be as preventive as possible. We can eat healthier and make other healthy lifestyle changes. We can become more active and essentially help save ourselves. I want to use my own story as inspiration. That’s really what Operation Gump is. It’s an act of faith, and I want my life to count for something. I figured it would be the proper thing to motivate people.
Individuals who would like to donate to, participate in or volunteer with Operation Gump: A Mile In My Shoes can call Cummings at 617-901-2247 or email him at mtzionceo@gmail.com.
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