Landowners angry over dwindling royalties

WYALUSING, Pa. (AP) — Jan Brown pores over his royalty statement and wonders where all [...]

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Ask GFC 012 – Retirement Planning on Your First Job

When people who are just starting out in their careers recognize the importance of getting their retirement savings under way, they’re heading in the right direction.

But how to do it mechanically is where the questions come into play.

Daniil asks:

“Hi Jeff,

I am a recent college graduate and am starting a new job next week. This will be my first real full-time job. The company offers a 6% match on a 401k. My question is: what would you recommend for me to really jump-start my savings for retirement?

Thanks,
Daniil S.”

Good for you in deciding to initiate your retirement savings immediately Daniil! Congratulations – you’ve already taken that all important first step by deciding to make it happen now.

Trust me, one of the biggest mistakes with retirement planning is when young adults put off retirement savings for a someday that never arrives – or arrives too late in the game.

Daniil is asking specifically what would really jump-start her retirement savings? I have some suggestions, Daniil, and they go in a few different directions. I’m going to make recommendations that take a holistic view of your financial situation, rather than limiting it to retirement savings alone. And believe it or not, it’s all related! But then, that’s what financial planning is all about.

Take a Retirement Detour – Create a Financial Buffer

“Life is what happens to you while you’re busy making other plans.” – John Lennon

This applies to your finances as much as it does to life in general. While you’re saving money for retirement, other situations will arise that will require funding. By anticipating these future needs, you will enable yourself to continue funding your retirement, as well as removing the need to tap your retirement savings early.

In addition to contributing to your 401(k) in a sufficient amount to max out your employer matching contribution, you should also do the following:

Set up an emergency fund. You should have enough money in liquid savings to cover cash emergencies or even a temporary job loss. This should generally be an amount equal to at least three months of living expenses. Your emergency fund will provide you with ready cash so that you don’t have to dip into retirement money early.

Get out of debt. The debt treadmill often starts early in life! People start borrowing money when they’re young, and it gradually becomes a lifestyle. For that reason, you should work to reduce your debts while you’re saving for retirement. This is especially true if you have credit card debt. Not only do they charge very high interest rates, but by eliminating them you’ll have more money for everything else, including more retirement savings.

Save up for major purchases. When you’re young, there’s usually a long list of major purchases in front of you. Those purchases could include vacations, a car, furniture for an apartment, the down payment on a house, or even an upcoming wedding. You should start saving for any of these as soon as you see them on the horizon. That will keep you from either borrowing or taking money out of retirement to pay for them.

Why am I recommending that you take the steps? As money begins to accumulate in retirement savings, people sometimes raid those savings early to cover any of the contingencies above. That’s an almost natural outcome when most or all of your money is in retirement savings alone.

The problem with that strategy is that it is very expensive! You not only have to pay regular income tax on the withdrawals, but you’re also subject to an early withdrawal penalty tax equal to 10% of the distribution. That means that early withdrawals from retirement can cost you 30%, 40%, or even 50% in taxes.

The purpose of setting up these additional strategies is to prevent that from happening. Think of it as part of your overall retirement plan.

Set Up a Roth IRA

With all of the above covered, the next best step is to set up a Roth IRA. Unlike your 401(k) contributions, your contributions into the Roth will not be tax-deductible. But the investment earnings within the account will be tax-deferred. And when you begin taking withdrawals from the account the money will be fully tax-free.

That alone should be sufficient reason to add a Roth IRA to your retirement mix. But there’s even more.

The contributions that you make the plan can be withdrawn tax-free for just about any purpose. In this way, a Roth IRA can also function as a backdoor emergency savings account (though I don’t recommend it for that purpose!). But equally important is the fact that Roth IRAs, being self-directed, typically have more investment options than the average 401(k) plan.

You can contribute up to $5,500 per year to a Roth IRA. I strongly recommend that you work this into your overall financial plan – especially once you have an emergency fund fully stocked, and your credit card debts paid off.

Invest Up to the 401(k) Maximum Allowed

If all of the above steps have been completed, any extra savings that you have should be directed into your 401(k) plan, up to the maximum amount allowed.

The IRS allows you to contribute up to $18,000 to your 401(k) plan each year. In combination with your employer matching contribution, this is a powerful way to accumulate a large retirement plan very early on.

For example, let’s say that over the next 10 years your average income is $75,000. You contribute the maximum of $18,000 each year. In doing so, you also get the maximum employer matching contribution of $4,500 ($75,000 X 6%). That means that $22,500 is going into your plan each year, on average, for a total contribution of $225,000 over the decade.

Assuming an average annual rate of return on your investment of 7%, the account would grow to $344,000 after 10 years. At that point, you could even stop making contributions to the plan. And in another 30 years – still assuming a 7% average annual rate of return on the plan – the balance would grow to over $2.6 million! You’d be able to retire comfortably even if you don’t make any additional contributions.

If Daniil is say, 25 right now, that would be an awesome position to be in at age 35!

I hope this helps you to reach your financial goals Daniil, and anyone else who’s right out of school and taking their first job. How well you start has a lot to do with how well you finish, so now is the time to ask questions and take action. So ask away, and I’ll try to answer as many questions as possible.

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Plans for whitewater kayaking park move at a snail's pace

Mussel concern slowing down kayaking park project

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CHOP, Comcast founders announce $50 million genetics initiative

Children’s Hospital of Philadelphia on Friday announced that the founding family of Comcast Corp. has given $25 million toward a new $50 million initiative designed to put CHOP at the forefront of pediatric genetics research and development.The Roberts Collaborative for Genetics and Individualized Medicine will unite and accelerate the cutting-edge research already going on at CHOP in fields including inherited disorders, mitochondrial disease, cancer, and autism.Through [...]

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Whitewater kayaking park plans move at snail's pace

Mussel concern slowing down kayaking park project

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State grant a boost to Effort recycling center

Chestnuthill Township’s recycling efforts have collected a big haul.The Pennsylvania Department of Environmental Protection awarded the township $144,912 to improve its operations. Chestnuthill has earmarked the money for upgrades to its Effort operation.The Chestnuthill Township supervisors approved the purchase of equipment and materials from the grant and matching funds to replace aging machinery, automate some operations and provide residents with [...]

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Officials discuss ways to improve county's financial climate

State legislators gathered at the Stroud Township municipal building recently to discuss the state of Monroe County’s tax rates, real estate, property values and future economy.In a series of discussions, various local leaders shared their diagnosis of the region while fielding questions from a panel. The first pair to discuss the state of the county, Commissioner John Moyer and ESSA Bank & Trust Chief Executive Officer Gary Olson, painted a picture of the local [...]

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Nine Employers That Will Help You Pay Off Your Student Loans

When searching for a new employer, most people look at the full package of benefits they’ll get in return. How much will your new salary or hourly rate be, and will you have paid vacation, health insurance, and dental? After those considerations, things like company culture, long-term career objectives, and your daily commute come into play.

But, what about other benefits? With private pensions going the way of the dinosaur, employees typically look for a 401(k) – and a company match – to help in that respect. Beyond retirement help, however, a new study has concluded that many workers – and especially young people – are looking for help paying down their student debt.

The new study from Student Loan Hero, which surveyed 1,763 adults, found that, out of adults with student loan debt, more than 50% considered student loan debt repayment an important workplace benefit. Further, 46% of adults with debt revealed that, if given the option, they would choose student loan repayment assistance over a 401(k) match.

While student loan repayment assistance isn’t the norm yet, many employers – and especially firms who hire young people – have heeded the call for this extra layer of help. That includes Student Loan Hero itself, a company that was created to help young people navigate their student loan issues and pay down debt faster. As of last year, the company began offering student loan repayment assistance to employees who need help and chose to opt in.

• Related: Should I Refinance or Consolidate My Student Loans?

Eight More Companies that Help Employees Pay Down Student Loans

This type of help may be growing in popularity, but it’s not widely offered quite yet. According to the Society of Human Resources Management, only 3% of U.S. firms offered student loan repayment as a workplace perk in 2015. Still, 3% is something – and it’s definitely better than nothing. If you’re struggling with student loan debt and looking for help, consider an employer that offers this up-and-coming workplace benefit. Here are eight more businesses whose loan repayment programs are already up and running:

Chegg

Textbook behemoth Chegg announced a student loan repayment assistance benefit for employees back in 2015. Created for both employees with existing student loans and lifelong learners who want to head back to school, this benefit is extended annually and based on employment, position, and hours worked. The company also plans to roll out an online loan management tool to help employees optimize payments and pay down loans faster.

Chegg hopes to get the word out and increase the prevalence of this benefit nationwide. “We will continue to speak out publicly and nationally on this subject,” said Chegg CEO Dan Rosensweig in a press release. “But we also want to start helping our own employees now and start a new trend in business benefits. With any luck, other companies will soon follow our lead.”

• Related: How to Save Money on College Textbooks

CommonBond

Another student loan refinance firm, CommonBond, claims to offer the most comprehensive student loan repayment assistance program in existence. With their new program, which was announced late in 2015, employees can receive up to $1,200 in loan repayment assistance annually. The big difference is, this benefit lasts as long as the employee has loans and remains employed by CommonBond.

Why so generous? Here’s what they said about it in a press release: “Half of our team is currently paying off student loans, so we decided to launch this benefit to help our team reduce their monthly student loan payments,” said CommonBond CEO and Co-Founder David Klein. “Our team members are very excited about it, and so am I.”

Fidelity

Fidelity may be better known for its 401(k) offerings, but the mutual fund giant deserves some praise for its own workplace benefits as well. Not only does Fidelity offer an adoption benefit, they offer backup dependent care, a commuter benefit, and yes, student loan repayment assistance. With their new “Step Ahead Student Loan Assistance” program, employees can receive up to $2,000 per year in student loan assistance with a lifetime cap of $10,000. These funds are paid directly to your loan servicer on your behalf.

• Related: How to Choose Investments in Your 401(k)

Kronos

Workplace innovation firm Kronos offers its own form of student loan repayment assistance along with tuition reimbursement assistance for continued learning. The annual benefit is capped at around $500, but can extend as long as you have loans and work for the firm. As far as tuition reimbursement goes, Kronos offers generous coverage of pre-approved continuing education or degree-seeking courses related to employment.

• Related: 11 Benefits You Should Be Taking Advantage of at Work

LendEDU

Earlier this year, student loan repayment experts at LendEDU announced a new program meant to help their employees pay down student loan debt faster. One of the largest benefits available, this program ponies up an amount that can reach $2,400 per year – or $200 per month – towards eligible employee’s student loans. Not only will this benefit help LendEDU employees tremendously, but it aligns with the firm’s goal of helping its clients eliminate student loans on a grander scale.

“Rapidly rising costs of higher education has left seven out of ten graduates with some form of student loan debt. It has gotten so bad that the average graduate leaving campus with about $35,000 in debt.” said Nate Matherson, co-founder and CEO, on the company website. “At LendEDU, we work to help graduates better manage their debt. We created this benefit to help our current employees pay off their debt sooner. And we believe this benefit will be an attractive recruiting and retention tool for new employees.”

Natixis Global Asset Management

Although a student loan repayment benefit existed before, Natixis Global Asset Management enhanced this perk in early 2016. Starting this year, the $1,000 annual payment is available to all Natixis employees who have private or federal student loans. That works out to around $83 per month paid directly to your loan provider while you remain employed with the firm. A cap of $10,000 in total repayment applies.

“Helping people achieve their financial goals is at the heart of our business and our industry, so we knew that leading by example was the right thing to do,” said John Hailer, CEO of Natixis Global Asset Management in a press release. “Today’s student loan burden is tomorrow’s underfunded retirement problem, so it is imperative for companies to join with policymakers, educators and employees to address this critical issue.”

Powertex Group

Wisconsin-based Powertex Group started offering their own student loan repayment program earlier this year, mostly as a means to gain and retain top-notch workers in their niche. According to Gray Powers, the company’s vice president of sales, it’s a win-win. “Based on that ability to help those folks who come in and engage with our organization and that will also provide benefits to the organization as well as we help them achieve their goals,” said Powers in an interview with Eau Claire-based WEAU News.

Their Student Loan Paydown Plan, which should be used by around a quarter of the firm’s employees, provides around $100 in monthly student loan repayment assistance.

PricewaterhouseCoopers

Pricewaterhouse Coopers (PwC) offers an array of benefits that make working there lucrative, and that includes the Student Loan Paydown program. Employees who choose this option can receive up to $1,200 per year in loan repayment assistance with a total cap of $10,000.

Why offer this benefit? Here’s what PwC had to say: “We see student loan debt as a major societal issue. The current state of student loans is troubling—$1.3 trillion of outstanding student loans, a $35,000 average loan balance for the class of 2015, and 40 million Americans with student debt—we need to start somewhere to help alleviate the burden.”

Student Loan Repayment Assistance: What to Watch Out For

If you think student loan repayment assistance sounds like a dream come true, make sure you know what you’re getting into. First, it’s important to note that some companies offer tuition assistance and not loan repayment assistance. While tuition assistance can help you pay if you choose to go back to school, it won’t help with your existing loans. All of the companies on this list offer student loan repayment assistance, however, which is a distinction we want to make.

Second, depending on the program, you may be required to pay income taxes on any assistance you receive. It all depends on how the program is set up and how your repayment assistance is reported. Check with your employer or potential employer for more details before you make assumptions about getting off scot-free.

Another factor to consider is what you may be giving up. Where student loan repayment assistance may be available to you, it’s possible you’re giving up another perk to receive this help. Make sure you know the whole picture before you commit to one workplace benefit over another. The math may work in favor of student loan repayment assistance, but it doesn’t hurt to ask questions and run the numbers, either.

Still, student loan repayment assistance can be a huge boon to your finances if you need help paying down loans and find an employer willing to help. All things considered, this is one employee benefit you don’t want to overlook.

Holly Johnson is an award-winning personal finance writer who is obsessed with frugality, budgeting, and travel. She blogs at ClubThrifty.com and teaches others how to write online at EarnMoreWriting.com.

Related Articles:

• Federal Student Loan Forgiveness: Four Ways to Wipe Out Your Debt
• Student Loan Deferment and Forbearance: What They Mean and When to Use Them
• 15 Ways to Deal with Student Loan Debt
• Student Loan Forgiveness: Jobs and Careers That Pay Off the Debt

Does your employer offer student loan repayment assistance? Would you accept this benefit? Why or why not?

The post Nine Employers That Will Help You Pay Off Your Student Loans appeared first on The Simple Dollar.

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5 Reasons to Always Check I Heart Kroger Before You Buy Groceries

Everyone knows a Michelle: the fanatic who deeply loves a few retail chains or local shops and wants to share everything she loves about them.

After all, why keep the good news to yourself? Especially when you can save big.

Michelle is the mostly anonymous blogger behind some of the biggest store-based couponing sites, including I Heart the Mart and I Heart Publix. If you already know about those, get ready to add I Heart Kroger to your reading list.

The site’s simplicity and directness make it easy to pick up on some of Michelle’s saving skills. The stay-at-home mom has two hungry boys, and she is a super organized couponer.

Do you shop at Kroger? Check out these five reasons to “heart” it!

1. Catalina Deals

Image from Kroger/Instagram

Those coupons that you receive along with your checkout receipt — and probably jam into your shopping bag without looking at them — come from a machine called a Catalina.

I Heart Kroger keeps track of Catalina coupons spotted by shoppers, and lists them with their expiration dates.

There’s a whole science to what purchases earn you which Catalina coupons at which stores, but the details are pretty overwhelming.

If you simply want to know what might pop out next time you’re at the register, I Heart Kroger offers a simple method for staying informed.

2. Sweepstakes Reminders

Image from Kroger/Instagram

Ever skipped entering a sweepstakes, figuring you’d never win? This site will convince you to stop being lazy and enter every time.

Each time Kroger offers a seasonal sweepstakes, I Heart Kroger lists the available prizes and the number of winners for each prize.

If you knew 2,000 people were going to win a 2-liter bottle of soda or a free bag of candy, you’d want in on it too, right?

So if you like getting free food for little effort, it’s worth keeping up with this site and entering when the time comes.

3. Printable Shopping List

Image from Kroger/Instagram

I Heart Kroger knows that making a list helps you save money at the grocery store. The site makes it even easier to stay focused by allowing you to make, save and print grocery lists right on the site.

It’s easy to add sale items to your list, which automatically tallies the prices and discounts. All you have to do is save your list and print it before you head to the store.

4. Weekly Deals

Image from Kroger/Instagram

Michelle offers a weekly deals post that neatly lists all the sale items at Kroger. It’s all sorted by store section (beauty products, produce, etc.), and you can simply click to add the products of your choice to your shopping list.

If there’s a special promotion, such as a What a Deal Mega Sale, she’ll have all the info for you.

5. Giveaways and Freebie Friday

Image from Kroger/Instagram

Michelle occasionally posts sponsored giveaways. But while some blogs go over the top to make products sound enticing, Michelle’s commentary is straightforward and family-focused.

Entering a giveaway usually requires only a simple task, such as commenting on a Facebook post.

Need a fix in between giveaways? You’ll never miss another Kroger Free Friday coupon if you check I Heart Kroger on Fridays.

A new free-product coupon is posted each Friday, but you have to act fast — the coupon disappears at midnight. You do, however, have two weeks to use your coupon in store before it expires.

Your Turn: Do you read I Heart Kroger? How does it help you save money?

Lisa Rowan is a writer, editor and podcaster living in Washington, D.C., a land not blessed with Kroger locations.

The post 5 Reasons to Always Check I Heart Kroger Before You Buy Groceries appeared first on The Penny Hoarder.

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HUGE List of Direct Sales Companies That Sell Jewelry

By Holly Reisem Hanna Do you love jewelry? Would you like to have your own online jewelry store, but don’t have the funds to invest in an e-commerce website? No problem. The direct sales industry has made it easier than ever to have your very own home-based business within the fashion industry. Not only are […]

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