Tip #287: 9 Tips To Help You Prepare For Retirement

There Is A Lot More To Know About Retirement Than Most People Realize.

Retirement is expensive, and for the overwhelming majority of us, retirement is absolutely essential. If you want to avoid pulling your hair out over stress during the later stages of your employment, you better learn all that you can now and draw up a plan based on what you learn.

9 Tips To Help You Prepare For Retirement:

1. Know Your Retirement Requirements - Experts estimate that you will need about 70% of your preretirement income in order to maintain your standard of living after you retire. For lower earners, up to 90% or more might be required.

2. Learn About Social Security Benefits - Social Security only pays, on average, about 40% of preretirement earnings. That means the remaining 30-50% needs to come from money you set aside. To learn more about Social Security benefits, call the Social Security Administration at (800) 772-1213.

3. Pension And Profit Sharing Plans - There are all sorts of benefit plans out there: Benefits from previous employment, benefits from a spouse's plan and any benefits currently available to you. Request an individual benefit statement from your employer to learn more, and learn more about protecting your pension by consulting an expert.

4. Tax-Sheltered Savings Plans - The most common of these is the 401(k) plan, although there are several other types of tax-sheltered savings plans. The best thing you can do for yourself is to sign up for a 401(k) plan and contribute as much as you can. It can lower your taxes and accumulate more money over time through compound interest and tax deferrals.

5. No Plan Where You Work? Ask For One - Not every retirement solution is complex. Simplified employment pensions are available to certain employers. So if your employer does not offer a retirement plan already, suggest that they do and recommend ordering IRS Publication 590 for more information.

6. Individual Retirement Accounts (IRAs) - Another smart investment is an Individual Retirement Account, into which you can put up to $4,000 a year and gain tax advantages. There are two types of IRA - the traditional IRA and the newer Roth IRA. What separates the two is the treatment of your contributions and withdrawals. Also, the after-tax value of a withdrawal differs based on the type of IRA selected.

7. Resist Tapping Into Savings - Dipping into your retirement savings is a big no-no. Doing so will result in loss of principal and interest, and could possibly even compromise your tax benefits. When changing jobs, immediately move savings directly into an IRA or a new retirement plan.

8. Get Started Sooner, Not Later - There is no right or wrong time to start saving. The best time is now - to get a jump on things. The sooner you start putting away for retirement, the more time that money has to grow.

9. Do Not Hesitate To Ask Questions - These tips are only designed to provide casual insight into retirement planning. You should use this e-tip as a springboard to conduct more extensive research on your own. Pose questions to anyone who might know something about this subject - your employer, your union, your bank, your financial advisor, etc. Get some advice, get a plan, then get started.

Summary: Proper preparation for retirement calls for more than just signing up for a 401(k) and shoveling money into it regularly. If you want to come out on top when you retire, you need to realize that retirement is expensive. Develop a plan, set goals and stick to it. If you learn the system inside and out and get a jump start on your savings you will be retiring in style when the time comes.

Tip #286: How Telecommuting Can Benefit You & Your Business

Telecommuting Can Save A Business Money.

Think about it. Why shell out for an employee's work-related expenditures, like gas, if they can perform their tasks just as efficiently from the comfort of their own home? Furthermore, money can be saved by downscaling the office space required to run your business.

5 Things To Consider About Telecommuting:

1. Telecommuting As Compensation - As I mentioned earlier, telecommuting is on its way to becoming a norm in the workplace. Work-related costs, such as gas, are causing many businesses to compensate employee expenses. Among their various options, telecommuting is one of the most affordable.

2. Is Telecommuting Viable For You? - As nice as it would be to call a trip downstairs your ride to work, not every job can be performed from home. This is something you should consider before hastily pitching your telecommuting proposal. But if your job can be performed via e-mail, remote desktop, internal messengers and/or video conferencing, telecommuting might be right for you.

3. The Cost To Telecommute - Telecommuting can be cost effective, yes, but that does not mean it is 100% of the time for 100% of the businesses out there. For as much as you think telecommuting could save you, it could also cost you. Think of what you may need at home: an extra phone line/work cell phone, fax machine, work-dedicated computer, broadband internet connection and the proper space to conduct your work.

4. Document Your Expenses - One of the perks of telecommuting is the potential for a home office deduction come tax time. However, claiming a home office deduction can be tricky. There are a lot of IRS hoops to jump through for this claim. The best thing you can do is to get everything in writing. Get a letter from your employer outlining how the arrangement benefits the business, not just you. Also, keep tabs on all your work-related expenses, like those mentioned above in Tip #3.

5. Put Your Employer's Needs First - When proposing a telecommuting arrangement, always spin your angle so it emphasizes the benefits of your employer and not what it can do for you. Be sure to present some hard facts, like statistics, as they tend to strengthen your cause more so than an emotional appeal.

Summary: The rapid onset of new technologies in the past forty years has drastically altered the office landscape. Soon it will be just as common for a business to operate virtually as it is to run one conventionally. There are several things to consider before making the switch to telecommuting, however. In particular, focus on how telecommuting benefits the business, not you. Make sure you will be able to do your job just as well at home, without any loss to productivity or efficiency.

Tip #285: Think Green: 7 Tips To Reduce Paper Waste

These days, "thinking green" is part of our every day lives - including the workplace - but it does not require a major overhaul to make this a reality for your business. In fact, some battles can be won simply by shifting attitudes, like the attitudes towards paper usage.

Going Green WILL Save Your Business Money.

There are many efficient ways to reduce the amount of paper your company uses. Some only require the click of a mouse, e.g., changing print margins on a word document from the default 1.25'' to 1". By making this change through your business, you can reduce paper usage by 8%. It really is that simple.

6 Tips For Reducing Office Paper Waste:

1. Use Both Sides Of The Paper - This should be obvious. By using the front and back of a piece of paper, you cut your paper use - and paper costs - in half. There is no reason for multiple paged documents not to be printed double-sided. For one-sided documents intended for one-time use, reuse the blank side for draft work or scratch paper.

2. Only Print What Is Necessary - Any time you go to print, ask yourself if it is really necessary to print the item in question. If only some of the page requires printing, be selective about what you print. That is, use "print selection" to print exactly what you need instead of printing the whole page or document.

3. Go Electronic Whenever You Can - Nowadays sending information electronically is almost always faster and more secure than sending information out over fax or mailed letters, and in the process cuts down on paper usage.

4. Start Recycling In The Office - If your office is not already recycling paper products, now is the time to start - especially since it will save your company money. Furthermore, consider purchasing recycled-content paper made from paper pulp recycled without the use of chlorine, as it helps protect against air and water pollution.

5. Maintain Your Printers/Copiers - Properly maintained copiers are less likely to jam or error while printing, which results in wasted paper. Since printing in an office is unavoidable, it is generally smart to keep copiers and printers in good repair anyway.

6. Think Smart When You Print - Excess paper can cost you money in many ways. For instance, a 10-page single-sided report being mailed out will cost twice as much in paper usage and additional postage charges. By printing double-sided, you will save money in a variety of ways.

Summary: It might not seem like much, but changing your printing and paper usage habits in the workplace can go a long way. This small change requires no costs and absolutely no sacrifice, but still saves your company a bundle in paper costs while exercising green business practices. So if for no other reasons than the ones listed above, you should go green and get the most from your paper. If nothing else, it is just smart business.

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