Budgeting

How To Use A Retirement Withdrawal Calculator To Retire Sooner

June 3, 2020 By Tamila McDonald Leave a Comment

When you plan your retirement, there’s a lot of math involved. As a result, many people turn to retirement withdrawal calculators to estimate what they will have available when the time comes based on their actions today. However, by using a slightly different approach, you can actually figure out how to retire sooner by using a retirement withdrawal calculator. If you want to see how that works, here’s what you need to know.

Choose a Robust Retirement Withdrawal Calculator

Not all retirement withdrawal calculators are created equal. Some have more options and features, allowing you to tweak various inputs, adjust certain assumptions, and make other changes. That will enable you to experiment by altering your scenario, making it easier to visualize how specific adjustments to your investment strategy could pay off.

Different calculators offer different benefits, so you may want to explore a few along the way. Here are some great starting options that are worth exploring:

If your goal is to potentially retire before you are eligible to make withdrawals from your retirement account without a penalty, then you may want to explore the Wells Fargo Early Distribution Costs Calculator. It helps you assess the tax implication and fees if you take distributions from a 401(k), 403(b), 457(b), or similar plan before reaching full eligibility age.

Define What Early Retirement Looks Like

For many, early retirement doesn’t involve fully stepping away from the workforce. Instead, it’s a transition into a different kind of professional life. For example, it may include leaving a full-time, high-stress job and shifting into a less demanding part-time role. Alternatively, you may want to freelance occasionally, only picking up projects that feel like a great fit.

Before you do any additional calculations, define what early retirement would look like for you. Determine whether you could have a source of income aside from your retirement savings. That way, you can factor that into your math, allowing you to get a better idea of when walking away from your current professional paradigm is viable.

Assess Every Figure Carefully

When you use a retirement withdrawal calculator, you have to make some assumptions. For example, you have to estimate how much you’ll need each month and what you’ll pay in taxes. The issue is, many people get these figures wrong, at least to a degree.

For instance, when it comes to monthly income requirements, are you factoring in the cost of your mortgage? If yes, is that going to be an expense you’ll shoulder indefinitely? In many cases, your mortgage may disappear before or not long after you retire. That eliminates a major cost that you’ve incidentally assumed you are covering until death, dropping your monthly income needs dramatically for at least a portion of your retirement.

Similarly, using your current tax rate in the calculation might be a mistake as well. You need to see if your income needs will decline during retirement. If so, then you might fall into a different bracket.

Many people also forget to factor in Social Security benefits. As a result, they mistakenly believe they’ll need to pull out more from their retirement account than is necessary to provide their target monthly income.

It’s important to factor in Social Security when you plan for retirement. You can head to the mySocialSecurity portal to see a personalized estimate of what you’ll receive once you are eligible, making it easier to account for this income source while you’re planning.

Ultimately, you want to take a hard look at every figure the calculator requests. Make sure what you are inputting is an accurate reflection of how things will proceed. While being perfectly spot-on isn’t possible, as there are situations that are challenging to predict, you want to be reasonably close. That way, you can see how far your money will actually go.

Decide How to Make Early Retirement Possible

After going through the steps above, you may discover that you can already plan on retiring early. For some, no changes will be necessary to make that happen.

However, if it looks like you are falling short, you can make choices based on the data you’ve collected. You might determine that saving more in your retirement account, opening and funding a secondary account, or saving and investing separately is the best move. Securing a higher income could also be an approach, giving you more money to set aside. At times, finding ways to cut your expenses can be the simpler road, reducing your monthly income needs so that your account can support an early retirement.

In the end, multiple paths could be viable possibilities. And, with the retirement withdrawal calculator, you can estimate the impact of every decision. That way, you can select an approach that bests meets your needs, ensuring your retirement dreams can come true.

Can you think of any other ways people can use retirement withdrawal calculators to retire sooner? Share your thoughts in the comments below.

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Crestor Lowers Bad Cholesterol, Saves You $390 on a 90-Day Prescription

June 2, 2020 By Allen Francis Leave a Comment

Did you know that over 102 million Americans suffer from high cholesterol levels? Over 35 million Americans with high cholesterol are at advanced risk of developing heart disease, hypertension, stroke, or suffering a heart attack. That why you should know that Crestor lowers bad cholesterol.

High cholesterol levels create advanced risks of plaque buildup in arteries and the narrowing constriction of blood vessels in people.

Crestor, a cholesterol-lowering medication manufactured by AstraZeneca, has been clinically proven to significantly lower high cholesterol in patients.

Over 4 million people have been prescribed Crestor so far.

Crestor can also lower LDL, the, “bad cholesterol,” and triglycerides, a type of fat.

Additionally, as Crestor lowers bad cholesterol levels, it simultaneously increases good levels of cholesterol as well.

If you suffer from high cholesterol, you should ask your doctor about Crestor.

You may be eligible to save over $390 with a Crestor Savings Card on a 90-day prescription supply.

If this sounds interesting to you, let’s discus Crestor.

Crestor

Rosuvastatin calcium is a medicine known as a, “statin.” Statins are a class of medicine that lowers fat buildup and accumulation in arteries.

They effectively lower bad cholesterol levels and reduce the risk of heart disease, strokes, hypertension, and heart attacks.

Rosuvastatin calcium is sold under the commercial brand name Crestor.

How Crestor Lowers Bad Cholesterol

Bad cholesterol is also known as low-density lipoprotein. LDL and lipids like triglycerides, a kind of fat, are bad for the body. They cause plaque accumulation in blood vessels, harden them, and cause them to constrict abnormally.

It’s important to be tested for the presence of LDL and triglycerides in your blood stream. They are hard to detect and must be specifically tested for. Ask your doctor about LDL and triglycerides testing if you think Crestor may be right for you.

Crestor lowers bad cholesterol in 2 ways.

Cholesterol is created in the liver. Crestor chemically blocks the enzymes in the liver known for creating cholesterol.

Crestor also incrementally breaks down cholesterol already in the bloodstream.

Also, while Crestor lowers bad cholesterol levels, it can simultaneously increase good cholesterol levels.

Good cholesterol is known as HDL, or high-density lipoprotein. HDL absorbs cholesterol in your bloodstream and ferries it back to your liver. Your liver then flushes it out your body. You want high levels of HDL in your body because it lowers the risk of stroke and heart disease.

Talk to your doctor about being prescribed Crestor today. You may experience improved cholesterol levels in under a month.

Potential Side Effects

Be aware that it isn’t just enough to get a prescription because Crestor lowers bad cholesterol.

You’ll have to exercise regularly and adopt a healthier eating lifestyle. That means cutting foods high in trans fatty acids out of your diet. Otherwise, you may not see significant results even after being prescribed Crestor.

Do not use Crestor if you are:

Pregnant, suspect you’re pregnant, or are nursing
Have preexisting liver problems

The potential side effects of using Crestor include:

Nausea
Headache
Abdominal pain
Muscle ache

Consult with your doctor to make sure Crestor is right for you.

Talk To Your Doctor Today About Crestor and Potentially Save Hundreds of Dollars

With a Crestor Savings Card, you can save $130 on 30-day supply, $260 on a 60-day supply, and over $390 on a 90-day supply for your next prescription.

Remember that Crestor may not be suitable for everyone. Your doctor may have to conduct several tests on you to determine your medical suitability for Crestor.

Contact your doctor today and ask about Crestor.

You can save a lot of money while Crestor lowers bad cholesterol levels in your body.

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Save $2,100 Annually on Prescription Copays With Lyrica

June 1, 2020 By Allen Francis Leave a Comment

Do you suffer from chronic, life-altering pain, nerve pain, pain caused by viral infection, or seizures? If you do, you should consider trying Lyrica. You can save over $2,100 on prescription copays with Lyrica through special offers.

Lyrica is a prescribed nerve pain medication that offers significant pain relief. Since 2005, over 16 million people have been prescribed Lyrica.

This medication is not suitable for use by everyone. Consult with your physician about trying it.

If your doctor decides that you qualify for Lyrica, you’ll save money as well as enjoy pain relief.

Save on Copays With Lyrica

Lyrica offers a copay savings card where eligible patients can save $4 per prescription monthly. Depending on your medical condition and eligible insurance plan, you could save over $2,100 annually on your Lyrica prescription.

If you want to be prescribed Lyrica, but are uninsured, the Pfizer RxPathways® program may be able to help.

Pfizer, the manufacturer of Lyrica, has a network of medical assistance programs offering financially disadvantaged patients copay savings and insurance support opportunities.

The uninsured and financially disadvantaged may even be eligible for free Lyrica medication. This would ultimately depend upon certain qualifying conditions via the Pfizer RxPathways® program.

There is no doubt about it. You can save a lot of money on a prescription copay with Lyrica.

Interested?

Let’s discuss the basics of Lyrica and the medical conditions it treats.

What is Lyrica?

Pregabalin is a nerve pain medication that is sold commercially under the brand name Lyrica.

Lyrica is an FDA-approved medication that is used to treat chronic, exacerbated nerve pain in adults.

It can also be prescribed to children under exacting conditions.

Lyrica is formulated to calm and temporarily suppress the pain caused by overactive and/or damaged nerves.

Some scientific studies suggest that Lyrica works by reducing and/or chemically suppressing electrical pain signals transmitted to the brain from damaged or overactive nerve cells in the body.

So, what chronic pain conditions and diseases can Lyrica successfully treat?

Medical Conditions That Are Treatable with Lyrica

Lyrica can be an effective pain management medication for the following conditions:

Fibromyalgia: Fibromyalgia is a chronic pain disorder condition which causes chronic and/or reoccurring pain. Sufferers experience untreatable and unending pain amplification on the nerve, muscle, and/or skeletal level.

Scientific research suggests that fibromyalgia significantly amplifies pain signal reception in the brain.

Spinal Cord Injury Nerve Pain: When you suffer a traumatic injury or cut to your spinal cord, the nerves in the area can become irrevocably damaged.

Abnormal pain signal transmissions between the brain and spinal cord injury site can agonizingly amplify or fluctuate for extended periods on a chronic or reoccurring basis.

Shingles Nerve Pain: Shingles is a blistering, painful body rash caused by the same virus which causes chickenpox.

The virus that causes shingles can lie dormant in the human bodies for decades. Nerves at the site of the rash can become damaged and amplify pain signals to the brain after the rash disappears.

Partial Onset Seizures and Epilepsy: Abrupt, abnormal electrical signal activity may cause partial onset seizures in some adults. Abnormally overactive nerve activity can be a cause of epilepsy.

Lyrica can provide significant pain relief in sufferers of these medical conditions.

Side Effects

Lyrica can cause serious side effects in some patients. These include:

Allergic reactions
Facial swelling
Hives
Blister
Shortness of breath

Those experiencing emotional health concerns and/or suicidal thoughts should not take Lyrica.

Talk to Your Doctor About Lyrica Today

Over 50 million Americans suffer from chronic pain.

If you suffer from chronic pain, talk to you doctor about Lyrica today.

If you qualify, you can save over $2,100 annually on prescription copays with Lyrica.

Or, even qualify for free medication through the Pfizer RxPathways® program.

If you suffer from chronic pain, you can’t afford to miss out on the pain relief, and financial savings, Lyrica offers.

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5 Things I Did Wrong with My Challenge to Spend No Money in May

May 28, 2020 By Kathryn Vercillo Leave a Comment

Back at the end of April, I realized that I needed to save a lot of money really quickly. I decided to set myself a challenge to spend no money in May. Of course, I knew that I would have to pay certain things, such as rent. But I decided to try not to spend anything above and beyond the unavoidable costs of living. It seemed like a good idea. However, I failed at it. Here are the five things that I did wrong with my challenge to spend no money all month.

1. Failure to Set SMART Goals

If you want to make and stick to a budget, then one of your best bets is to use SMART goal setting. This would ave served me well with my challenge to spend no money. If I had been more specific, creating measurable goals for myself, then I might have stuck to the plan better. Instead, my plan was too vague.

My plan was simply not to spend money unnecessarily. I defined necessary as: “

2. Ignoring the Strength of My Cravings

The number one thing that I consistently spend too much money on is food. I spend money on farm food delivery, ordering takeout, getting stuff at the grocery store, shopping at the farmer’s market. I buy high-quality, local, small batch food. It’s not cheap.

I told myself that I was going to be able to just “shop the fridge” for the entire month of May. Technically, I have plenty of food in my pantry and my freezer. I got a big farm food delivery right at the start of the month. I should have been able to stick to my challenge to spend no money on food.

Nevertheless, I broke down within the first third of the month. I got bored of the food I had at my house. I developed stronger and stronger cravings. Tasty, satisfying food sounded too good to pass up. In this instance, I think I should have budgeted for a certain amount of treats. I didn’t, so I just let the entire plan fall by the wayside.

3. Giving Up Too Quickly

My big failure, truly, was not getting back up on the horse once I fell off. For example, once I ordered takeout once, I gave in. I didn’t try all that hard to stick to my challenge to spend no money all month. I let myself fall into that pattern of, “well, I already messed up, so I might as well not bother now.” I didn’t go crazy spending money on everything, but I did stop trying to restrain myself on food spending. Inevitably, that led to other slip-ups as well.

The lesson here is that as soon as you make a “mistake” in any plan, you should get right back to the plan. Don’t wait. If you’re on a diet, and you eat a bite of chocolate cake, that’s okay. Be gentle with yourself. However, don’t use it as an excuse to eat the whole slice, then the whole cake, then cake every day for a week. The same thing is true when it comes to money challenges. If you spend, it’s not a license just spend more. It should be incentive to start anew with the original plan.

4. I Let My Puppy Change My Plans

What can I say? I have an adorable young puppy who currently dictates a lot of the choices that I make. It’s hard raising a puppy! It’s also expensive.

Of course, I accounted for some of the puppy’s costs in my original challenge to spend no money in May. I spend a lot of money on my dogs’ food. I knew I wasn’t going to “shop my fridge” for the dogs. Therefore, their food costs were part of my “must spend” exceptions. That’s okay.

However, there were a lot of costs I didn’t anticipate. I could have resisted most of them, and yet I opted not to. For example, I decided that my puppy needs to start going out twice per week with a dog walking pack. I just can’t give him the exercise that he needs without compromising my own work flow. I did consider fee-free options. For example, I thought about partnering with another local pup owner, offering to take their dog twice a week if they would take mine twice per week. But ultimately I decided that the ease and convenience of an established pack made the most sense.

They don’t invoice me until the end of the month. Therefore, I technically didn’t break my challenge to spend no money. I won’t pay them until June. However, I’m aware I’m accruing unplanned costs. Moreover, it led to additional immediate spending. He didn’t have a good collar or a tag with his phone number on it. I didn’t want him going out without me if he didn’t have those things. So, off to the puppy store we went.

And we are actually going to have to go again, because I just realized today that this chews-everything puppy chewed his collar to the point that it won’t work anymore. Speaking of chewing things, I also paid to replace my phone charger cords because he chewed through those. Ah, the unexpected costs of a puppy.

5. Failure to Tie The Challenge to My Deeper Values

Ultimately, I think the real problem is that I wasn’t truly committed to my challenge to spend no money. I didn’t pay attention to the “R” part of SMART goal-setting, which is the rule that goals must be “relevant.” In other words, you are most likely to stick to a goal if you find that it ties in to your deeper core values. I do think saving money is important. But I hadn’t really done the deep work around this.

I wanted to save money because I was feeling the strain of financial changes. However, I suppose that deep inside, I resented those restrictions. Since I hadn’t tied the goal to things I believe in, it was easy to slide off track. Once I had, it was easy to just keep sliding.

So, I’ll have to rethink things. I do still need to save money. Should I try another challenge to spend no money in June? If I incorporate what I learned here, I might be able to make it work. But perhaps a stricter budget with some freedom to spend a little might work out better for me. I’ll have to think on it.

What most often holds you back from sticking to your financial goals?

Save Up or Reduce Principle During Zero Interest Period

May 22, 2020 By Trey LaRocca Leave a Comment

COVID-19 has led to some very unique measures on the part of the US government. With $1,200 stimulus checks and increased unemployment benefits, it is no wonder that student loans got worked on. The current measures regarding student debt include a zero-interest period. So, there are a couple things this could mean for you. As a result of these measures, one could actually suspend loan payments completely for the duration of this benefit. This will help you save up an emergency fund for times like these. On the other hand, you could take the opportunity to pay straight out of the principle of the loan, decreasing the interest you’ll be charged afterward. Both seem to be pretty smart choices, so we will dive into a video to discuss what is best.

In Summary

It largely depends on your situation. as with most financial decisions, your current debts and assets will change the answer. If you have a lot of other high-interest debt, it will probably pay off to get rid of some. Not only that, but if you have no savings, now is a great example of a time where they would have come in handy. SO, if either apply to you, you should probably suspend and save. If you are otherwise debt-free and have decent savings, you may benefit from reducing the principle on your loan. Doing this could save you a decent chunk of change in the long run on interest, and could help you prepare better for the future.

I hope this video helped you make your decision. The primary focus right now should be your financial security, so don’t worry as much about gains in a time like this. While many people may be able to score big in stocks right now, you can still count yourself lucky if you only come out of this with what you had before. Not very many people will be able to say the same.

Here’s 10 Ways To Handle A Pay Cut

May 15, 2020 By Tamila McDonald Leave a Comment

Due to the coronavirus pandemic, over 33 million Americans have lost their jobs. But that’s only the tip of the iceberg. Some companies – in a valiant attempt to keep their employees on staff – issued massive pay cuts to make ends meet. Even medical professionals aren’t immune, with 21 percent of doctors either seeing their wages slashed or being furloughed. Figuring out how to handle a pay cut is daunting. But there are some steps that can help. If you’ve got to deal with an income reduction, here are ten ways to make the situation easier to manage.

1. Create a Financial Emergency Budget

Many households have expenses they can slash in an emergency. Avoiding food from restaurants, eliminating cable, cutting back on streaming services, and similar moves can all make a difference.

If you need to be more aggressive, you can go even more bare-bones. For example, find opportunities to shrink your grocery bill by eliminating convenience foods, focusing on sale items, and embracing coupons. You could also ditch any purchased drinks and choose to drink tap water from home instead.

Your goal should be to focus on necessities first. Prioritize critical budget items like housing, utilities, essential food, and basic transportation. That way, you can make sure your money can sustain everything critical above all else. After that, account for any debt payments and recurring expenses (like insurance) that you need to cover.

If your new paycheck won’t handle your debts, then reach out to your lenders. Explain your pay cut and ask if they have any assistance programs. They may be able to lower your bill, at least for a while, or place you in a forbearance program, either of which can buy you some time and preserve your credit.

2. Tap Your Emergency Fund

If you’ve revamped your budget and spoken with your lenders, and are still coming up short, then tapping your emergency fund could be an option. It would give you a source of cash to cover any shortfalls, which is genuinely that savings account’s purpose.

However, it’s wise to only use this approach while seeking out an alternative. Unless your emergency fund is especially large, it may not last long. As a result, it’s best to use this as an interim solution, ensuring you have time to find a way to increase your income or have your original salary rate restored.

3. Sell Your Extra Stuff

While the coronavirus is essentially eliminating garage sale season this spring, that doesn’t mean you can’t sell some extra stuff to bring in more cash. Apps like Letgo are still running. Similarly, there’s always Craigslist and Facebook selling groups.

If you have an item that still has value, consider listing it. If the price is reasonable, you might be able to snag a buyer.

4. Launch a Side Hustle

Many side hustles require very little starting equipment and can be done from home. If you have the right skills, you can pick up some extra projects, allowing you to make up for some of your lost income.

Writing, web development, graphic design, and a slew of other skill areas all translate well to a purely online arrangement. Consider which of your skills could work in the digital landscape and then try platforms like Upwork and Fiverr to find people looking for what you have to offer.

5. Pause Your Investments

If you need to free up some cash, consider putting the pause on investing. Unless your brokerage requires a minimum monthly deposit to maintain your account type, there’s no reason not to step away for a moment. Usually, pay cuts aren’t permanent situations. Once your circumstances improve, you can always start up again.

6. Adjust Your Long-Term Goals

Sometimes, making ends meet after a pay cut isn’t an issue. However, that doesn’t mean you don’t have to reconsider how you save if you want to remain in good shape.

If maintaining your current savings rate is challenging, reassess your long-term goals. For example, you may need to take a break from saving for a house or another objective that typically takes time. Alternatively, lowering your monthly deposit could be enough, particularly if you just need a little breathing room.

Ideally, you don’t want to walk away from saving for retirement. If your contributions are tied to your paycheck, then that likely isn’t an issue. But if you were using an IRA, you may be tempted to take a break. While this can be a reasonable move if you’re in dire straits, if it isn’t a necessity, it’s usually best to make this form of long-term savings a priority over others.

7. Get a Roommate

Sometimes, finding ways to split household costs is the easiest way to get some space in your budget. If you know someone who is in a similar situation, it might be wise to join forces as roommates. That way, you have another person who is assisting with critical costs. Plus, you’ll both likely experience some financial benefits from the arrangement.

8. Sign Up for Partial Unemployment

If your hours were reduced significantly, you might be eligible for partial unemployment benefits. If you qualify, you can get an unemployment check to help cover some of your lost wages. Usually, it won’t make up for the entire shortfall, but it can make a difference.

It’s important to understand that partial unemployment eligibility requirements vary from one state to the next. You’ll need to review the details of your local program to see if you may be able to access those benefits.

9. Get a Part-Time Job

If your pay cut came with a reduction in hours, it might be wise to explore part-time opportunities that can help cover the difference. For example, even during the coronavirus pandemic, stores like Walmart and Safeway are hiring. While the wages may be lower than what you were previously making per hour, it could help during trying times.

10. Find a New Job

At times, pay cuts aren’t short-term. If it looks like your income from your employer won’t improve any time soon, then it may be wise to explore other options.

Depending on your skill set, this could be relatively simple. If what you have to offer is in-demand, you could snag a new position fairly quickly. Then, once you have a firm offer and start date in hand, give your notice to your current employer and head toward greener pastures.

Do you have any other tips that can help people handle a pay cut? Share your thoughts in the comments below.

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