Retirement

Is a comfortable Retirement still a reality?

The best advice I could give a young investor, is to open a retirement account and make the maximum contribution every year.

Getting started is the toughest part. It is difficult to see a light at the end of the tunnel when you first start contributing. Patience and self-discipline are required. Every person needs to understand that they are going to get old and should strive to be self-sufficient. Don't rely upon the government for your well-being in your old age.

Check with your employer and inquire about the type of plan your company may offer. A 401K Plan, for example, may offer matching contributions up to a certain percentage.

A Roth IRA is a great alternative if your company plan does not appeal to you. Many people prefer this plan due to its tax benefits. Income contributed is pre-taxed, however, income withdrawal after age 59 1/2 is tax-free.

It is never too late to open an account. A Roth IRA for example, allows higher contribution levels as an individual gets older. This will not make up for the misssd years of compound interest, however, it does help.

A compound interest calculator is a valuable tool in determining what you will be worth at a set point in the future. It is a good idea to understand what your current efforts will deliver at a later time.

If you are a parent, it is a good idea to remind your adult child to plan for their golden yeaars. It is widely understood that Social Security benefits are in serious danger of default in the next twenty years. It is estimated that by the year 2018, the Social Security Administration will be paying out more benefits than the revenues it takes in.

I am not a dooms day advocate, but mathematically, the numbers indicate that Social Security is going to go bankrupt.

It is more important than ever for young people to take control of their financial future.

For those individuals who are already retired, it is advisable to keep 70% or more of your money in fixed income investments. CD's and Bonds are a favorite of many retired people.

However, on occasion, investments do arise that offer seniors safety and higher returns.

I do not advocate senior citizens taking unnecessary risks with their lifetime savings. I am 73 years old and understand the issues facing older people.

It isn't often that I will make stock recommendations for senior citizens. However, when a profitable and low-risk opportunity presents itself, I feel obligated to pass it on.

I suggest talking with your spouse or children about investing your money in any proposition. It is always a good idea to get input from those who love you.

That being said, if you are a senior and have some extra investment income, I have isolated a few conservative investments that offer generous dividend yields and potential double-digit gains.

Retirement Stock Recommendations

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I will always give full disclosure if I own any stock that I am recommending.

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