Managing your Money for Beginners
Resources for learning how to manage your money to fulfill your goals
How do I Prepare for Retirement?
Start now. No, really. It's never too early to start planning for retirement. In fact, it's best to start while you're young because that gives you more time to build up the money you will need to live in retirement.
Most folks expect that Social Security or their employer sponsored pension (which are rare now) will be enough to carry them through retirement. That most likely will not be the case for many folks. Factors determining how much you should save for retirement include:
- The age when you plan to retire
- How much you have saved already
- How much you will need to live each month in retirement
- Any lifestyle changes (more travel, relocating to a new part of the country, etc.)
- How retirement will affect your family
- Inflation!
You may have less than you think. Use the links below to estimate how much you will need in retirement and for articles and advice on how to prepare.
- Planning for Retirement | Consumerfinance.govLinks to articles about retirement income, your financial assets, how to prepare for and retire wisely
- Planning your Social Security claiming age | Consumerfinance.govHelps calculate the age you claim Social Security.
- Retirement Calculator | Bankrate.comA simple retirement calculator you can use to figure out if you are saving enough for your retirement.
We have library resources you can use from home to that can help you write documents.
- LawDepotLawDepot is now available through OverDrive. Log in using the Libby app or website
LawDepot allows you to create your own personalized legal documents specific to your state/province and personal situation.
What Kind of Retirement Accounts Can I Open?
There are many kinds of retirement accounts you can open. Some folks open more than one depending on your situation:
- Individual Retirement Arrangements (IRAs)
- Roth IRAs
- 401(k) Plans
- 403(b) Plans
- SIMPLE IRA Plans (Savings Incentive Match Plans for Employees)
- SEP Plans (Simplified Employee Pension)
- 457 Plans
Some of these plans you can open on your own and some of these can be offered by your employer. Some employers offer pensions but that is becoming less common.
- 6 Types of Retirement Plans You Should Know About | The Balance.comArticle about the basic kinds of retirement plans.
- Types of Retirement Plans from the IRSComprehensive list of retirement plans with detail explanations of their tax implications.
Titles to read and listen to
Girls That Invest by
Your step-by-step guide to financial independence--from the creator of the #1 investing education podcast, Girls That Invest. Ever wondered how on earth the stock market works, but felt too intimidated to ask "those" questions? This is the book for you! In this guide to investing in stocks (aka shares), Simran Kaur teaches the essential principles you can apply to any market, anywhere in the world. Because money provides freedom: The freedom to say yes or no, the freedom to handle whatever life throws at you, and the freedom to grow and prosper. This book is your invitation to join the thriving community of women who are building a better financial future. Understand the stock market and different types of investments Grow your money, beat inflation and secure your future Decode the jargon around markets, diversification, earnings and more Explore different investor strategies and find the right one for you Put it all together, step-by-step, and start your investment portfolio Investing is for everyone. Pick up Girls That Invest, become an investor-in-training, and claim a space for yourself in the world of finance--so you too can find financial independence and create generational wealth.
ISBN: 9781119893783Publication Date: 2022-08-15
Made Whole by
The ultimate hands-on workbook for anyone looking to get their finances in order--from budgeting to investing and everything in between--by Tiffany "The Budgetnista" Aliche, the New York Times bestselling author of the smash hit Get Good with Money We all want to live within our means, save for retirement, invest a little, and yet still have some left over each month for fun. But as most people know, real life can get in the way of even our best intentions! To help us set realistic goals and keep us on track to meeting them, New York Times bestselling financial educator Tiffany "The Budgetnista" Aliche has an invaluable 10-step action plan: Made Whole. With her signature down-to-earth style, she offers worksheets, checklists, and action items for ten important building blocks--from the ins and outs of budgeting, investing, credit rating, and estate planning, to getting insurance and getting the flow of our money automated. A hardworking tool for getting our financial ducks in a row, it also includes: * Clear explanations of intimidating financial terminology * Simple instruction on calculating our present situation and future needs * Invaluable worksheets for keeping track of the numbers * Handy hacks for increasing your credit score, making savings "hard to access," and finding support to stay on track to your goals A masterclass in taking charge of your money, Made Whole has what every reader needs to achieve financial savvy, stability, and security.
ISBN: 9780593581292Publication Date: 2023-11-21
