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Illinois Teachers Lose Retirement Insurance Benefits

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It is now official. Illinois Governor Pat Quinn has signed legislation that takes away the free health insurance benefits that were promised to retired government employees, including teachers. The purpose of this legislation is to help balance the budget for the state of Illinois. There was a point in time when I was living in Illinois, and working as a substitute teacher. Back then, my hope was to find full-time employment as an Art teacher in one of the public schools in Illinois. That plan didn’t work out. The state was in the process of cutting away Art positions, and … Continue reading →

Planning for a Frugal Retirement

I used to think about retirement as a time when you get to live luxuriously and spend all of the money that you spend so many years saving. As my dad got closer to retirement I got scared because I knew that he had not saved alot of money. I knew that he had spent all of his money on us, his kids. I wanted him to come live with my so that I could give him a comfortable retirement. He wanted not part of this. Instead he chose to live frugally and he is very comfortable and happy in … Continue reading →

Tips for Retirement Planning

Every year you should take the time to evaluate your long-term financial plans. If you are very close to retirement, you might need to do this more often than once a year. Try to come up with a schedule that works for you. Look at it each year on your birthday, the New Year, each fall when school starts, at tax time, find a time that is best for you. During this time, your retirement plans should be part of this process. When you do sit down to review, consider these tips: 1. Every year we see inflation rising. Your … Continue reading →

Couple Retirement Planning

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Ideally, couples should plan their long range and retirement goals together. Of course, it isn’t always easy to formulate a plan that both agree on. As a couple, you will need to take the time to sit down and discuss both individual goals and joint objectives. If you take the time to work together and come to some agreement on mutual goals and expectations, you are far more likely to come out ahead. It is easier to gain financial momentum when a couple can combine their assets and strengths. You don’t even have to have the same goals to do … Continue reading →

Late Start on Retirement

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Are you getting a late start on saving for your retirement? While this is not ideal, it is not impossible to catch up quickly – if you take the aggressive approach. People are living longer these days, so even if you thought you would have enough… as you near retirement, you might discover you don’t. If this is you, then consider some of these following options. Start learning to live with less. Change your lifestyle before you retire. This provides you two bonuses – you can learn to live on less income and you can use this reduction in your … Continue reading →

Retirement and Future Plans

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Often in our income earning years, we focus only on our immediate needs and wants. However, this is a very shortsighted view, one that could hurt you down the road. When you are in your prime working years, you will be accumulating the most wealth. In order to ensure you meet your long-range goals and plan appropriately for retirement, you must focus on the future. The time during your working years is the best time to invest for the future. You have the most opportunity to earn money and you have the advantage of time to let it build. One … Continue reading →

Retirement Dilemmas

Retirement is one of those things that seem so far off. Therefore, planning for it often takes a backseat to many other problems and concerns. The sneaky part about planning for your retirement is the sooner you start the better off you will be. That means you do have to make some time to confront retirement plans… long before you need them. The trick is to make it simple and low maintenance. Spend a week determining how you will plan for your retirement – then do it. If you set it up the right way, you shouldn’t have to think … Continue reading →

Take Advantage of Automatic Savings Plans

Most of us are weaklings when it comes to money. There are so many fun things to buy and interesting ways to spend. How can we keep on track? The simplest way to ensure you actually save for the future is to use automatic savings plans. There are many ways to pay yourself first. Systematic investing through automatic accounts help you stay on track with your long term goals. One method of automatic saving is through your own bank. You can arrange to have an specific dollar amount withdrawn from your checking account each month, much like paying a bill. … Continue reading →

Education Savings Plans

Did you know that September is officially “College Savings Month? With the costs of college soaring each year (See my previous article titled College Affordability for more on this subject), most parents are going to need more than one month to save! All kidding aside, making September College Savings Month is an attempt to help make parents aware of different saving options and the value of starting to save early for their children’s college education. One of the most popular options, the 529 plan, recently got even more enticing. Last month President Bush signed the Pension Protection Act into law. … Continue reading →

Estate Planning Tips

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Having a child with special needs means planning for her future more extensively than you would your other children. It also means planning for her day-to-day care after you have passed away. There are many important details to take care of to ensure the best possible life for your child, including estate planning. The laws can be confusing, so you should contact a professional with experience in special needs planning. Here are some tips from the pros: Make a Binder. Bernard A. Krooks, J.D., CPA, LL.M, CELA, is a founding partner of Littman Krooks LLP and an expert on special … Continue reading →