Do you save enough for retirement? Will the savings good enough to help you maintain your current lifestyle? Will you be able to take a vacation now and then and not worry about spending on the trip? More importantly, do these questions bother you from time to time?
If the answer is yes, then you have come to the right place to find out exactly how you can make the most of some of the best retirement savings plans available in the market. You must understand that it is not merely enough to stash cash away in a safe deposit box hoping it will be sufficient for the future.
Most people are falsely comforted by the fact that they will get a pension to tide them over during retirement. However, the Government Accountability Office estimates that over 29% of the population above the age of 55 don’t get a pension and also don’t have a backup retirement plan in place.
Retirement planning is a combination of saving and investing. The more you save, the better will be your total investment. The better you invest, the higher will be your return on income. The cycle of saving, investing, and reinvesting is a continuous process and need not necessarily stop even after retirement.
How much is enough?
Often it is the question of ‘how much to save’ rather than ‘how to’ that will keep you awake most nights. But before you can figure out how much to save from here on, find out exactly what you have in the first place. You must save with the best retirement savings plans at different ages for starters.
Popular options include a 401(k), 403(b), Individual Retirement Accounts, and health savings accounts. There is no hard and fast rule as to how much should be invested in some of the best retirement savings plans. However, you must plan your investments to have at least nine or eleven times the salary you got during your tenure.
An overview of popular types of retirement savings account
401(k) and 403(b)
It is one of the best retirement savings accounts you can avail during the course of your employment. The deductions are beneficial from a taxation point of view. Also, the pretax savings are phenomenal and you have the option to reinvesting it further in individual retirement accounts. The contribution limits and retirement benefits will vary depending on your age and the limit for the current assessment year will vary depending on the type of taxpayer. Note that married couples will benefit as a joint filer. You can check out the official website of the Internal Revenue Service (IRS) to find out more about the contribution limits, rules, and regulations.
Individual Retirement Accounts (IRA)
For a better tax saving option, invest more in individual retirement accounts. You will not pay taxes for any gains on the investments made as the contributions are tax-deferred. An IRA account also allows you to diversify your investments better among assets like stocks, bonds, mutual funds, and electronically transferred funds. A diverse portfolio will yield better income for you to save more for retirement. Also, the distributions can be withdrawn only after you have attained the age of fifty-nine and a half. Any withdrawals made before will be subject to a 10% penalty and certain federal taxes.
Roth IRA
Roth Individual Retirement Accounts take tax-saving to the next level as any income earned from investments previously made in a Roth IRA will never be taxable thereafter. You can also withdraw contributions made to the account without being subject to any penalty, fees or Federal taxes. It is considered among one of the best retirement savings accounts, as a Roth IRA will allow you to save quickly for retirement.
SEP IRA
A Simplified Employee Pension IRA account is beneficial if you are self-employed or own a small business. Most of the best retirement savings accounts are reserved for employees only. However, a SEP IRA is an exception that allows you to make contributions for retirement as an employer.
You can always consult a financial expert to find the best retirement planning options.
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Top 6 electronic toys for kids
Electronics for kids are a great way to stimulate your child’s brain while keeping them busy. If you are searching for the best kids’ electronics to give your child, you are at the right place. Here is a list of the top seven electronics for kids in 2021.
Amazon Fire 8 Kids Edition Tablet
Parents of younger children can gift their child Amazon’s kids tablet. This tablet, with a vibrant 8-inch HD display, 32 GB internal storage, and 1.5 GB RAM, is a great entertainment device for kids. It also comes with a sturdy and durable case and includes a one-year subscription to Amazon’s FreeTime Unlimited service which gives children access to popular apps, games, educational content, and more.
Nintendo Switch
The Nintendo Switch is one of the best kids’ electronics. The Nintendo Switch system can either be attached to a television or used as a handheld. It comes with new play styles that allow your child to play on the go and remotely with friends. It also has intuitive settings that allow parents to set time limits and block content that is not age-appropriate.
Wonder Workshop Dash Coding Robot
One of the best kids’ electronics is The Wonder Workshop Dash Coding Robot. It is one of the best STEM toys for kids aged six years and up providing educational value while ensuring they have lots of fun. This programmable robot is a great way to teach kids how to code. Children can teach the robot to sing, dance, and play through voice commands and apps. There are endless possibilities with this Dash Coding Robot.
Vtech KidiZoom Camera Pix
This kid-friendly camera lets your child capture real digital photographs while providing hours of entertainment. This is one of the top kids’ electronics for ages between three and eight that lets them explore their creativity. The Camera Pix also features a video recorder, voice recorder, and built-in games to add more fun.
Leapfrog My Own Leaptop
Parents looking for electronics for their pre-schoolers can opt for Leapfrog My Own Leaptop. This colorful pretend laptop toy can help little ones explore alphabets, animals, listen to music, and more.
Crayola Light-up Tracing Pad
For kids interested in art and drawing, Crayola Light-up Tracing Pad is an excellent gift choice for children aged six years and above. This electronic tracing pad features over 35 art tools to bring hours of imaginative fun. The tracing pad runs on batteries and makes for a great travel companion for kids.
Make your choice and get the best gift for your child that keeps them entertained and helps them learn at the same time.
6 common causes of breast pain
Breast pain is experienced by most women, with nearly 70 percent reporting the same at least once in their lifetime. The pain may occur in the breast or anywhere around the chest. While breast pain may send down a fear of breast cancer, it isn’t always true and can be caused by several other factors.
Also known as mastalgia, breast pain is categorized as cyclical pain and noncyclical pain. Cyclical pain is caused due to hormonal changes in the body, before or during menstruation. Noncyclic breast pain causes include injuries or trauma to the muscle or tissues of the breast. The pain can be felt like a mind-tingling or an intense and sharp burning sensation.
These can be several breast pain causes and here a few common factors:
Hormonal fluctuation – During the course of life, a woman’s body goes through hormonal fluctuation at every stage. A flection in the levels of estrogen and progesterone is one of the most common breast pain causes. The breasts begin to pain and feel lumpy. This pain tends to increase with age as the body becomes more sensitive towards these hormones with age. When pain is caused by a woman’s periods, the pain usually subsides at the end of the cycle.
Foods The foods a woman consumes or the diet she follows can contribute to breast pain. Women who indulge in unhealthy foods that are high in sugars and fats are at an increased risk of suffering from breast pain. Also, unrefined carbohydrates should be avoided.
Breast surgery If one has undergone a breast surgery, the pain is likely to remain even after the surgical wound is healed, at least for a while. This is especially true in the case of surgery performed on a scar tissue formation, even when the incisions have healed.
Medication If one consumes certain kinds of medicines on a regular basis, it can lead to the development of breast pain over time. These drugs include infertility treatment medications, oral contraceptives, antidepressants, etc.
Bra Wearing the wrong kind of bra is one of the most common breast pain causes. Many women wear poorly fitted bras that are either too tight or too loose. These bras are not able to support the breast properly. Thus, causing the breast to hurt.
Breast cancer Although most people do not feel pain in the chest before being diagnosed with breast cancer, some kinds of breast tumors may leave a woman with an uncomfortable feeling. In case, if a discharge accompanies the pain from the nipples, a lump is felt in the breast or redness around the breast, one should consult a doctor.
In case, the breast pain does not subside after two weeks, it is necessary to visit a physician and understand the cause of the pain.