Welcome!

News Feed Item

Creditnet's Guide to Building a Good Retirement Fund

SEATTLE, WA -- (Marketwired) -- 07/11/14 -- Retirement draws closer every day for many people in the United States, and with the baby boomer generation coming "of age," there are many more people saving for retirement than ever before. Creditnet.com, an online financial expert, has recently announced the top ways to keep a retirement fund full, as well as how to build a good retirement fund in the first place.

When Should Saving For Retirement Begin?

Creditnet.com suggests that younger people start saving as soon as possible. Many people of the younger generations are struggling to keep cash flows up and are busy paying off new cars and new houses. Utility bills keep arriving at the front door, and many younger people are new to managing their savings and checking accounts. This combination of new expenses and inexperience leads to many money issues, but Credinet.com states that there are still ways to be on track to retire with a plentiful retirement account.

Several steps that this site suggests are getting educated on what and when to save, signing up for an employer's 401(k) plan, sign up with a Roth IRA plan if there is no 401(k) plan offered by an employer, explicitly plan to save by setting goals and sticking to them, and avoiding debt and interest by staying away from certain purchases while paying for other purchases in cash if possible. Taking these tips into account can help younger generations start to save.

Who Should Be Saving?

In short, everyone should be saving for retirement. Anyone who has disposable income should consider their future before they dispose of it on something that will only bring a limited amount of pleasure. Unfortunately, this is not the case with many younger people.

Should Retirement Accounts Be Used to Pay Debts?

Creditnet.com warns that this could be a very costly mistake for many people with traditional retirement accounts. The site warns savers to be aware of the terms and conditions for early withdrawal from the account. In many cases, there may be a tax penalty of up to 10 percent to withdraw this money early. Not only that, but early withdrawal may be considered earning income, which can carry tax rates up to 40 percent. Savers should consider these costs of using retirement money to pay off debts before they withdraw their funds prematurely.

Consider the Options

Creditnet.com warns everyone to research what they are getting into before they open a retirement account. Not only are there several different accounts available, including ones like IRAs, 401(k)s, and 403(b)s, they all carry their own terms of conditions and standards of operation. There may be limits to how much can be added to an account for the year without large tax penalties being levied, especially on tax-free retirement accounts. There may also be stipulations that the saver cannot use their account before they turn a certain age, which is usually fifty-nine and a half years old. There may even be rules that an employer places on the account if it is provided by the employer. Many times, employers will help contribute to the account, sometimes doubling what the employee puts in. All of these factors need to be researched and weighed before just getting the account that your friend or colleague suggests.

Consider the Time Value of Money

For anyone who has taken a basic finance class, the time value of money may sound familiar. This is the concept that, over time, money compounds itself and adds interest so that a dollar saved today is worth more than a dollar tomorrow. Creditnet.com uses this concept to explain, once again, the importance of saving for retirement as early as possible. They use the example of a 20 year old who starts saving $200 a month, each month, until they are 65 years old. At an average rate of return of six percent, this person would end up having a retirement account of $550,000. If that same person were to start saving at 40 years old instead, they would only have $138,000 saved by the time they are 65.

For more information about retirement and savings, access Creditnet: http://www.creditnet.com/

About Creditnet:
Creditnet.com aims to help responsible people, both young and old, save for retirement. They have articles published that show the importance of saving early, how to keep a retirement account full, and how to build a good retirement fund.

Contact:
Alice Bryant
(800) 450- 7805 x 10803
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, sha...
"We do one of the best file systems in the world. We learned how to deal with Big Data many years ago and we implemented this knowledge into our software," explained Jakub Ratajczak, Business Development Manager at MooseFS, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Traditional IT, great for stable systems of record, is struggling to cope with newer, agile systems of engagement requirements coming straight from the business. In his session at 18th Cloud Expo, William Morrish, General Manager of Product Sales at Interoute, will outline ways of exploiting new architectures to enable both systems and building them to support your existing platforms, with an eye for the future. Technologies such as Docker and the hyper-convergence of computing, networking and...
You want to start your DevOps journey but where do you begin? Do you say DevOps loudly 5 times while looking in the mirror and it suddenly appears? Do you hire someone? Do you upskill your existing team? Here are some tips to help support your DevOps transformation. Conor Delanbanque has been involved with building & scaling teams in the DevOps space globally. He is the Head of DevOps Practice at MThree Consulting, a global technology consultancy. Conor founded the Future of DevOps Thought Leade...
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
An edge gateway is an essential piece of infrastructure for large scale cloud-based services. In his session at 17th Cloud Expo, Mikey Cohen, Manager, Edge Gateway at Netflix, detailed the purpose, benefits and use cases for an edge gateway to provide security, traffic management and cloud cross region resiliency. He discussed how a gateway can be used to enhance continuous deployment and help testing of new service versions and get service insights and more. Philosophical and architectural ap...
By 2021, 500 million sensors are set to be deployed worldwide, nearly 40x as many as exist today. In order to scale fast and keep pace with industry growth, the team at Unacast turned to the public cloud to build the world's largest location data platform with optimal scalability, minimal DevOps, and maximum flexibility. Drawing from his experience with the Google Cloud Platform, VP of Engineering Andreas Heim will speak to the architecture of Unacast's platform and developer-focused processes.
Wooed by the promise of faster innovation, lower TCO, and greater agility, businesses of every shape and size have embraced the cloud at every layer of the IT stack – from apps to file sharing to infrastructure. The typical organization currently uses more than a dozen sanctioned cloud apps and will shift more than half of all workloads to the cloud by 2018. Such cloud investments have delivered measurable benefits. But they’ve also resulted in some unintended side-effects: complexity and risk. ...
To Really Work for Enterprises, MultiCloud Adoption Requires Far Better and Inclusive Cloud Monitoring and Cost Management … But How? Overwhelmingly, even as enterprises have adopted cloud computing and are expanding to multi-cloud computing, IT leaders remain concerned about how to monitor, manage and control costs across hybrid and multi-cloud deployments. It’s clear that traditional IT monitoring and management approaches, designed after all for on-premises data centers, are falling short in ...
We are seeing a major migration of enterprises applications to the cloud. As cloud and business use of real time applications accelerate, legacy networks are no longer able to architecturally support cloud adoption and deliver the performance and security required by highly distributed enterprises. These outdated solutions have become more costly and complicated to implement, install, manage, and maintain.SD-WAN offers unlimited capabilities for accessing the benefits of the cloud and Internet. ...
"We focus on SAP workloads because they are among the most powerful but somewhat challenging workloads out there to take into public cloud," explained Swen Conrad, CEO of Ocean9, Inc., in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Serveless Architectures brings the ability to independently scale, deploy and heal based on workloads and move away from monolithic designs. From the front-end, middle-ware and back-end layers, serverless workloads potentially have a larger security risk surface due to the many moving pieces. This talk will focus on key areas to consider for securing end to end, from dev to prod. We will discuss patterns for end to end TLS, session management, scaling to absorb attacks and mitigation techniques.
The deluge of IoT sensor data collected from connected devices and the powerful AI required to make that data actionable are giving rise to a hybrid ecosystem in which cloud, on-prem and edge processes become interweaved. Attendees will learn how emerging composable infrastructure solutions deliver the adaptive architecture needed to manage this new data reality. Machine learning algorithms can better anticipate data storms and automate resources to support surges, including fully scalable GPU-c...
The vast majority of businesses now use cloud services, yet many still struggle with realizing the full potential of their IT investments. In particular, small and medium-sized businesses (SMBs) lack the internal IT staff and expertise to fully move to and manage workloads in public cloud environments. Speaker Todd Schwartz will help session attendees better navigate the complex cloud market and maximize their technical investments. The SkyKick co-founder and co-CEO will share the biggest challe...