In America the retirement age has been traditionally considered to be 65. Economic uncertainty, insufficient savings, and other factors are causing workers to postpone retirement longer than ever. The financial blog Lemon examined the results of Gallup’s recent Economy and Personal Finance poll about when today’s workers intend to retire. The results of this poll can be seen in the infographic at the bottom of this post.
Common Investors’ Mistakes
Investors make the same mistakes over and over again. They are all well documented, but rarely do we try to recognize our errors, evaluate the decision making process, and finally, avoid the mistakes in the future. One of my favorite financial bloggers, Barry Ritholtz, recently wrote an article for The Washington Post listing Investors’ 10 Most Common Mistakes. Here are three and how we combat these mistakes with the Snider Investment Method.
Run the Numbers
Fewer than half of Americans have calculated how much they need to save for retirement. Even though we are consistently prodded with advertisements and resources urging us to estimate how much we will need. Americans are still choosing to ignore the advice of financial experts.
Investment Tax Basics
Americans have been paying taxes on their earnings for almost 100 years. During that period of time, tax laws have continually changed and have certainly increased in their level of complexity. Although no one enjoys paying taxes, at Snider Advisors, we like to remind our clients that taxes are an inevitable part of making money – and you should never let the tax tail wag the investment dog.
Filial Responsibility Laws: Your Parents Your Responsibility
When John Pitta’s mother couldn’t pay her nursing home bill, he was sued for almost $93,000. The nursing home won the case, so Pitta appealed. But because his mother was considered indigent and Pitta had the financial resources to cover his mother’s bill, he lost the appeal and the courts required him to pay.
Common, but Misleading Retirement Advice
Saving for retirement is one of the most daunting tasks the average person will face during his or her lifetime; because of this it comes as no surprise that everybody seems to have a different strategy for dealing with the problem. While there is no one correct solution for retirement planning, many widely accepted theories have been created that may not be entirely true. It is important to thoroughly analyze all the pieces to your retirement plan and make sure that your plan is build on a strong foundation. Here are a few widely acknowledged, yet often misleading pieces of retirement advice.
5 Sure Fire Ways to Hinder Your Retirement
Many of us look forward to a retirement full of travel and relaxation. But having a successful retirement requires a lot of early planning. You can’t just expect for all the pieces to fall into the right place if you aren’t taking proactive measures to improve your financial situation. Here are a few common planning errors that can drastically reduce your chances of retiring comfortably.
How the Stock Market Works Part I: Exchanges
The Snider Investment Method utilizes purchasing stocks and selling options like many other investment strategies. The moment an investor buys shares at market price, like magic, the shares usually appear in the account almost instantaneously. Many people accept the magic behind the process and move on. However, behind the scenes there is a lot more going on than a sprinkle of magic dust and whispers of abracadabra. There are many parts on the back end, from the exchanges, brokers, specialists, and market makers. This article will focus on the exchanges.
ANSWERED: The Top 9 Questions Potential Clients Should Ask Advisors
I recently read an article on the Top 9 Questions Potential Clients Ask Advisors. Having been in many meetings with potential clients, some of these are more common than others. Overall, I thought it was a great list for someone interviewing potential advisors. I’ve never had to sit on the other side of the table in one of these meetings, but these are questions you should ask and answers you should know about your investment advisor. Here are my responses to the top questions:
Should I contribute to my IRA, 401(k), or Savings Account?
Saving is a critical part of your personal financial success. But how much, when, and where you save can also have an important and lasting effect. When you have multiple accounts, you may not be sure where to start, but answering a handful of questions will help you prioritize the order in which you should make contributions to the various accounts available to you.
