Start Saving for Retirement Early
Posted: February 2, 2012 at 9:43 pm
Retirement saving is a long-term game, and we need to start preparing as soon as possible. It is getting more difficult every year to retire. Pensions are disappearing and Social Security payments might be reduced. And, according to Vanguard, the average 401(k) balance is less than $80,000, far below what is needed to retire comfortably.
[See The 10 Best Places to Retire in 2012.]
It is essential to keep retirement in mind as soon as you get your first full time job. You might not be able to save a lot right away, but there are two key things you can do to set aside funds for your retirement:
Avoid lifestyle inflation. Most of us are not saving enough. From new college grads to mid-career office workers, we are spending too much of our income without knowing where it all goes. There are so many things to spend money on, including luxury cars, expensive clothes, and the latest gadgets. All these things were not necessary 20 years ago, so why do we feel the need to spend so much money on such items now?
I'm not saying you need to live like a pauper. But if you carry a credit card balance, then you should re-examine your spending habits. Cutting back on unnecessary luxuries can allow you to save more for your future and avoid lifestyle inflation. One easy thing that you can do is to allocate a portion of any raises or bonuses you may receive toward your savings instead of spending it. This way you will increase your savings rate every year.
[See How to Save for Retirement on a Low Income.]
Build wealth. The other essential component to retirement saving is to build wealth. There are many ways to accomplish this over the long term. Many people focus on doing a great job at work and subsequently climb the corporate ladder. But it is important to be aware of other avenues of wealth building, too. You could learn to invest in the stock market, become the landlord of a rental property, or freelance on the side. Many people return to school and invest in an advanced degree to increase their earning potential. Some of us even make a bit of extra money from blogging and other online ventures.
Once you have increased your personal income, you need to learn to invest it. That way the funds will keep on growing with a minimum amount of effort on your part.
[See How to Take Advantage of New 401(k) Fee Disclosures.]
Building retirement savings is not easy, so the earlier you start, the better off you will be. A new college grad may not earn enough money to save much of it, but if she keeps her lifestyle inflation down and takes advantage of wealth-building opportunities, then she will be able to grow her retirement savings steadily over her working life. If we increase our efforts to save a bit every year and also take steps to earn more, retirement may not be so far out of reach.
Joe Udo is planning an exit strategy from his corporate job by reducing expenses and increasing passive income. He blogs about his journey to early retirement at Retire by 40.
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Start Saving for Retirement Early
Jamming to KevinKookyumjian’s Street Performance Fisherman’s Warf – Video
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Jamming to KevinKookyumjian's Street Performance Fisherman's Warf - Video
Performance gives perspective on revolution
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While most students have heard about the uprisings in Egypt and Tunisia through various media outlets, four students went straight to the source to gain perspective on the events.
Last night in Stewart Theater, the group Poetic Portraits of a Revolution presented its first public performance of their discoveries while in Egypt and Tunisia. The group includes four young men with a strong purpose to display through art. They spent last summer traveling through Egypt and Tunisia to observe the revolutions and created art based off the experience.
Among those who took the journey were University students Mohammad Moussa, who served as translator, and Sameer Abdel-khalek, who served as photographer. Will McInerney and Kane Smego are part of the group as well.
The group compiled many forms of media during their trip in hopes of sharing what they saw and felt while in a country experiencing a lot of change.
The goal of the project was simple: inform the world about the events and revolutions occurring in Egypt and Tunisia in a way that would truly capture what the citizens of the countries were experiencing. Unlike the average early morning news reports, Poetic Portraits of a Revolution spoke to average people and presented their findings in a way that is not sensationalized.
"On one hand you want to make sure that you captured the stories in the right way and on the other hand you want to give the stories justice and portray them in a light that the people who were telling these stories would appreciate and approve of," Moussa said.
Sharing and teaching the audience about their experiences is one of the main goals of the group. They aim to encourage others to change as well, according to Moussa.
"The performance is a challenge to the audience, to continue this work. It's an idea that stories are powerful and human stories can rely understanding and we can use art to help us creatively express that, but at the end of the day it all boils down to human stories," McInerney said.
Josie Miller, freshman in international studies, came to the performance after hearing about its strong message.
"I think it's good to make college kids aware of the outside world because we don't really travel outside of our campus," Miller said.
The theater performance complied their findings into a moving masterpiece, filled with poetry, interviews, photographs and video footage.
The performance began with a story to introduce the American stereotype of Egypt and Tunisia and then followed a script that included interviews of Egyptians and Tunisians, spoken prose and personal testimonies.
Miller said she was especially interested in the project because people who are in college or recently graduated created it.
"When people are that passionate about something, it's hard not to be affected by it. It's so powerful especially when you see some people my age doing that," Miller said.
The performance concluded with a question and answer session that allowed students and others in attendance to learn even more about the project. The speakers carefully addressed all questions to give everyone a full understanding and presented a charge to the audience.
"Don't let the inspiration stop after the show ends; take it and make it your own," Moussa said.
The photographs of their journey are still on display in the Craft Center until March 2. If you missed the event and would like to see it, the group will present it again at N.C. State for University Scholars in late February. This will be followed by a more theatrical performance at The Arts Center in Carrboro.
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Performance gives perspective on revolution
Overbought: PetroChina (PTR) Weekly Bull Breakout Tops – Video
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CMU online education program earns high marks from U.S. News and World Report
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MOUNT PLEASANT -- Central Michigan University's online education program is getting some attention.
In the U.S. News and World Report's first Top Online Education Program rankings, CMU earned two No. 3 marks and one No. 10 mark, among other rankings.
The top marks were for students services and technology for online graduate business programs and student engagement and accreditation for online graduate education programs. Other high marks include student services and technology in bachelor's programs, student engagement and accreditation in graduate business programs and student services and technology for graduate education programs.
CMU offers nearly 200 online bachelor’s degree programs and 170 online master’s degree programs.
"The continued growth of CMU’s online programs, both in increased course offerings and student enrollment, reflects CMU’s commitment to providing learning environments that are of the best academic quality while offering flexibility and faculty engagement that meets the educational needs of our students," said Merodie Hancock, vice president of CMU’s Off-Campus and Online Programs.
Alumni of CMU's online programs include Gen. Norton Schwartz, current chief of staff of the Air Force, and Michael Orris, chief procurement officer for Rolls-Royce.
CMU has 28,000 students at it's Mount Pleasant campus and 50 off-campus locations in the U.S., Canada and Mexico.
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CMU online education program earns high marks from U.S. News and World Report
Why I Chose Online Education: Bill Chamberlain
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Bill Chamberlain is working toward an online master's in education from CALU.
College education takes all sorts of shapes these days, as students more often choose nontraditional routes to a degree. Many people of different ages, backgrounds, and career goals are now looking to online education programs. Here's why one person chose an online degree.
Bill Chamberlain has traveled a variety of educational routes. After dropping out of high school, he joined the U.S. Army in 1986, and there, earned his GED. Toward the end of his seven-year military career, Chamberlain began taking a variety of night classes for college credit. When he opted to leave the Army, he took his random assortment of credits from night courses to Charter Oak State College in Connecticut, which helped him transfer the credits into the beginnings of an online bachelor's degree in general studies.
Chamberlain earned his undergraduate degree from Charter Oak in 2009, but says it was tough for him. Not only was there more coursework than he expected, but in the five years he spent taking classes, he also worked 45 hours per week as an electrician and raised two children with his wife. After receiving his degree, Chamberlain realized that continuing as an electrician would be too physically demanding as he got older. He thought back to his days of teaching military specifics in the Army and decided to become a teacher. Chamberlain earned the teaching certificates that allow him to teach electrical technology classes in vocational high schools, which is what he does now, and next he's pursuing an online master's degree in education.
Age: 44
Online program: California University of Pennsylvania
Degree pursued and graduation year: M.Ed. in technology education, expected June 2013
Why an online degree: "I'm one of these people who has to be the best at everything they do," Chamberlain says. "And the next step in my career as a teacher was to get my master's degree." Chamberlain first tried to earn that master's degree through an on-campus program at Central Connecticut State University, but says that driving from home to the high school where he worked, to the university, and then back home was just too much. Plus, the classes that he needed to take were sometimes only offered during the day, when he was teaching. So Chamberlain chose to pursue his degree online, so he could learn on his own time.
Degree impact: "A master's degree is going to allow me more choices for employment," Chamberlain says of the advanced degree that will allow him to teach at any public school in the state, as opposed to his current certificate, which only permits him to teach at Connecticut's 17 vocational schools.
Biggest challenge of earning an online degree: "The hardest part was realizing that when you're at home, you still have a schedule. You have to block out time, and you have to sit down, and you have to do the work," Chamberlain says. "It's too easy to go home, turn on my computer, and get lost playing a video game or something."
Advice for future online students: "Really do your research and figure out exactly what's involved before you try [to] do it," says Chamberlain, who took 400-level classes as a Charter Oak freshman because he didn't research the program. And, he says, "don't think it's an easy degree; understand that it's a lot of work."
Searching for an online program? Get our complete rankings of Top Online Education Programs.
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Why I Chose Online Education: Bill Chamberlain
That Authoritative Voice – A Life Coach Antony Birks Video Affirmation – Life Coaching – Video
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That Authoritative Voice - A Life Coach Antony Birks Video Affirmation - Life Coaching - Video
Allianz Life Contributes More Than $1.6 Million to Local Charities in 2011
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MINNEAPOLIS--(BUSINESS WIRE)-- Allianz Life Insurance Company of North America (Allianz Life) contributed more than $1.6 million in 2011 to Twin Cities-based nonprofit organizations focused primarily on financial literacy and senior services. Company contributions were awarded through strategic relationships, a grant program, scholarships, and employee volunteer programs.
“We are proud to support the crucial work of many nonprofit organizations throughout the Twin Cities, through both financial contributions and volunteer efforts,” said Allianz Life President and CEO Walter White. “Allianz Life employees truly enjoy the opportunity to engage with these organizations. I see it in the camaraderie we have during events, our community spirit, and our ownership and pride in exceeding community giving goals.”
Allianz Life gave grants totaling $275,000 to nonprofits that focused their efforts on financial literacy education or training and/or retirement. The company also awarded $275,000 worth of grants to organizations that strive to improve the lives of Twin Cities’ seniors by providing services that enhance seniors’ quality of life.
Employee Engagement – Volunteerism
Allianz Life provides every employee eight hours of paid time off annually to use to volunteer. In 2011, more than 500 employees took advantage of time off to volunteer in the community. “Throughout the organization there is a genuine commitment to volunteerism – this is the heart of Allianz Life,” White said. More than 3,400 hours were contributed equaling more than $73,000 in volunteer help to area nonprofits.
Driving To Donate Golf Tournament and Spirit of Giving Campaign
More than 300 employees and vendors participated in the company’s annual Driving To Donate Charity Golf Tournament. More than 1,000 Allianz Life employees supported the event through purchasing the month of August as casual for $20 to support the effort. Allianz Life gave the event’s proceeds to the Alzheimer’s Association MN-ND, which ties to one of the company’s focus areas, senior services. In 2011, the event raised more than $136,000 for the Alzheimer’s Association MN-ND.
Each year in November and early December, Allianz Life organizes its annual Spirit of Giving Campaign. The campaign involves a huge food, clothing and toy drive to benefit PRISM (a nonprofit organization based in Golden Valley, Minn.) and Toys for Tots. The 2011 campaign raised more than 25,000 lbs. of food; more than 20,000 lbs. of clothes; more than 3,000 toys; more than $74,000 to PRISM and nearly $32,000 for Toys for Tots.
Financial Literacy Initiative – BestPrep and Junior Achievement
The financial literacy initiative with BestPrep and Junior Achievement seeks to help youth in the Twin Cities. In 2011, each organization received $100,000 as well as volunteer support from Allianz Life employees during the school year. During the 2010-11 school year, more than 500 employees were involved in the BestPrep and Junior Achievement partnership programs.
Now in its second full school-year, Allianz Life employees are engaged in many JA and BestPrep programs including: JA in a Day; eMentors/Job Shadow; Mock Interviews; Financial Matters; the Stock Market Game and Minnesota Business Venture, all helping students further their education and financial literacy.
BestPrep is a statewide, nonprofit organization with a mission to best prepare Minnesota students with business, career and financial literacy skills through experiences that inspire success in work and life.
With 11 chapters in Minnesota, Junior Achievement is the world’s largest organization dedicated to educating students about workforce readiness, entrepreneurship and financial literacy through experiential, hands-on programs.
Financial Literacy Grants
In addition to the BestPrep and Junior Achievement partnerships, grants totaling $275,000 were awarded to nonprofits that focused their efforts on financial literacy education or training and/or retirement.
2011 Financial Literacy Grant Recipients
1. CLUES - $20,000 – to support their Financial Empowerment program.
2. CLIMB Theater, Inc. - $20,000 – to support their play, “Emma and the Allianz Cash Cow.”
3. WomenVenture - $25,000 – to support their Financial Education program.
4. Emerge - $20,000 – to support their North Minneapolis Financial Opportunity Center.
5. People Serving People - $20,000 – to support their Financial Fitness program.
6. Phyllis Wheatley Community Center, Inc. - $25,000 – to support their Financial Literacy program.
7. La Conexion de las Americas - $25,000 – to support their Financial Achievement Process .
8. Neighborhood Development Center - $20,000 – to support their Financial Literacy as part of new Entrepreneur Training and Technical assistance program.
9. Twin Cities RISE! - $20,000 – to support their Financial Empowerment I and II classes.
10. LifeTrack Resources - $15,000 – to support their Financial Literacy program.
11. Project for Pride in Living - $20,000 – to support their Employment Training – Financial Coaching program.
12. Freeport West - $5,000 – to support their Life Skills program.
13. Admission Possible - $10,000 – to support their Financial Literacy curriculum.
14. AccountAbility Minnesota - $20,000 – to support their Integrated Financial Services and Education at Tax Time.
15. CommonBond Communities - $10,000 – to support their Career Advantage – Financial Literacy Program.
Senior Services Grants
Allianz Life also awarded $275,000 of grants to organizations that strive to make a significant positive impact on the lives of Twin Cities’ seniors by providing services that enhance seniors’ quality of life (social vitality through social activity and interaction) and self-sufficiency (related to food, transportation, adaptive, and basic living needs).
2011 Senior Services Grant Recipients:
1. Store To Door - $20,000 – to support their capacity-building to reach more homebound seniors through their grocery-delivery program
2. Presbyterian Homes and Services Foundation - $20,000 – to support their Creative Services food delivery program
3. Little Brothers Friends of the Elderly - $20,000 – to support their LBFE programs
4. Senior Community Services - $20,000 – to support their Frail Elderly Support Services
5. PRISM - $25,000 – to support their PRISM Express Transportation program
6. Greater Minneapolis Council of Churches - $10,000 – to support their Paint-A-Thon and HandyWorks programs
7. Intercongregation Communities Association - $10,000 – to help purchase a refrigerated truck to deliver seniors’ groceries
8. The Amherst H. Wilder Foundation - $15,000 – to support their Wilder Aging Services program
9. Catholic Charities - $15,000 – to support their Aging Services program
10. DARTS - $20,000 – to support their Community Services for Older Adults and Caregivers program
11. Volunteers Enlisted to Assist People (VEAP) - $15,000 – to support their Food and Transportation program for seniors
12. Keystone Community Services - $20,000- to support their Seniors program.
13. Minneapolis Institute of Arts - $15,000 – to support their Discover Your Story program
14. Let’s Go Fishing with Seniors - $5,000 – to support their program
15. Nokomis Healthy Seniors - $10,000 – to support their Living Well at Home program
16. The Arthritis Foundation - $10,000 – to support their Exercise Programs for seniors
17. Courage Center - $10,000 – to support their Senior Health, Wellness and Fitness program
18. Goodwill Industries, Inc. - $15,000 – to support their Medical Equipment Loan program
Employee-Elected Charities
In 2011, Allianz Life employees chose four local charities for $25,000 grants and participation in events –the American Cancer Society, HopeKids, Animal Humane Society, and the Down Syndrome Association of Minnesota. Nearly 300 Allianz Life employees participated in fundraising events for these charities throughout the year. The 2012 slate of charities will be announced in February.
Make a Difference (MAD) Volunteer Project
Allianz Life encourages employees to volunteer for charities they care about, creating an activity or project in groups of five employees or more. Employees can do hands-on projects, fundraising walks, runs, etc. and they qualify for $100 per employee to the organization in support of the event. In 2011, more than $100,000 was distributed to nonprofit organizations as more than 1,000 employees participated in volunteer projects during the year.
Scholarship Program
Every year, Allianz Life presents scholarships to students who are family members of employees based on academic performance and community service. In 2011, Allianz Life awarded $30,000 in scholarships.
For more information about Allianz Life’s community giving programs, visit http://www.allianzlife.com and review the information under Corporate Commitment.
Community Relations Recognition
The company received the Community Partner Award in April 2011 by the Corporate Volunteerism Council for its financial literacy initiative with Junior Achievement and Best Prep. In September the company was recognized with the prestigious Jefferson Award from the Minneapolis/St. Paul Business Journal for corporate philanthropy and volunteerism.
About Allianz Life Insurance Company of North America
Allianz Life Insurance Company of North America, one of FORTUNE’s 100 Best Companies to Work For in 2012, has been keeping its promises since 1896. Today, it carries on that tradition, helping Americans achieve their retirement income and protection goals with a variety of annuities and life insurance products. As a leading provider of fixed index annuities, Allianz Life is part of Allianz SE, a global leader in the financial services industry with 150,000 employees worldwide. More than 75 million private and corporate customers rely on Allianz knowledge, global reach, and capital strength to help them make the most of financial opportunities.
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Allianz Life Contributes More Than $1.6 Million to Local Charities in 2011
Get fit, healthy
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Get fit, healthy
Wireless Fitness Challenge II — Executive Update – Video
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Wireless Fitness Challenge II -- Executive Update - Video