Click here to close now.

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.

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
SYS-CON Events announced today that Alert Logic, the leading provider of Security-as-a-Service solutions for the cloud, has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo® and DevOps Summit 2015 Silicon Valley, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Alert Logic provides Security-as-a-Service for on-premises, cloud, and hybrid IT infrastructures, delivering deep security insight and continuous protection for cust...
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than
Agile, which started in the development organization, has gradually expanded into other areas downstream - namely IT and Operations. Teams – then teams of teams – have streamlined processes, improved feedback loops and driven a much faster pace into IT departments which have had profound effects on the entire organization. In his session at DevOps Summit, Anders Wallgren, Chief Technology Officer of Electric Cloud, will discuss how DevOps and Continuous Delivery have emerged to help connect dev...
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
SYS-CON Events announced today that Harbinger Systems will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Harbinger Systems is a global company providing software technology services. Since 1990, Harbinger has developed a strong customer base worldwide. Its customers include software product companies ranging from hi-tech start-ups in Silicon Valley to leading product companies in the US a...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the ...
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company helps mid-market firms built on IBM hardware platforms to deploy new levels of reliable and cost-effective computing and hig...
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development...
To many people, IoT is a buzzword whose value is not understood. Many people think IoT is all about wearables and home automation. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed some incredible game-changing use cases and how they are transforming industries like agriculture, manufacturing, health care, and smart cities. He will discuss cool technologies like smart dust, robotics, smart labels, and much more. Prepare...
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the...
The cloud has transformed how we think about software quality. Instead of preventing failures, we must focus on automatic recovery from failure. In other words, resilience trumps traditional quality measures. Continuous delivery models further squeeze traditional notions of quality. Remember the venerable project management Iron Triangle? Among time, scope, and cost, you can only fix two or quality will suffer. Only in today's DevOps world, continuous testing, integration, and deployment upend...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides private all-in-one social intranets allowing workers to securely collaborate from anywhere in the world and from any device. Social, mobile, and easy to use. MangoApps has been named a "Market Leader" by Ovum Research and a "Cool Vendor" by Gartner. 20,000+ business custome...
SYS-CON Events announced today that JFrog, maker of Artifactory, the popular Binary Repository Manager, will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based in California, Israel and France, founded by longtime field-experts, JFrog, creator of Artifactory and Bintray, has provided the market with the first Binary Repository solution and a software distribution social platform.
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.