How much do you need to retire comfortably?

It’s amazing how many people are truly unprepared and have no clue how much they need to retire with and how to go about accomplishing it. The key is to figure out what you want to do in your retirement years and estimate how much that will cost you. Having a specific dollar amount will do you no good these days, as we are all living much longer than expected. So you need to determine how much you will need each year in your retirement years.

Maximizing Your Returns versus Risk Management

The younger you are and the earlier you start planning, the better your retirement plan will turn out. However, it’s important to note there is a key difference in how you invest your money for retirement savings.

You can either play the game of maximizing your returns or focus on risk management. Risk management involves balancing your money or portfolio so you can get the performance you want, while ensuring you have enough money to last you through retirement. If you focus on maximizing your returns, you could lose a hefty amount of money that could have been invested more wisely.

Many financial advisers will tell you that the younger you are that you have more room to take risks and try to maximize your return. You can invest more aggressively because you still have more money coming in to invest. History has proven that all stocks take a dive at some point, but many do recover.

Once you are near your retirement years, you don’t have the luxury of time to wait for a stock to recover, and even if they did, it may not be in the healthy place it once was. Protecting your money is more important the closer you are to retirement. Continue reading the full article here.

5 Simple Tips to Avoid Overspending and Save Money!

Going through boxes of unused household junk, leads me to the question: Where did all of this come from?

We could spend all day discussing the signs that you are already overspending: avoidance of bank statements, closets full of unopened purchases, raiding the children’s piggy banks during nap time. However, instead, I’ll share with you 5 ideas I’ve discovered about stopping that pesky habit before it starts.

1.  The coin rule: only spend what you can find in coins. Many local stores have places to cash in your extra household coins, and sometimes this can really add up. So, before you begin to drain the bank account, search for some “hidden treasure” under the couch cushions.

2.  Budget envelopes: Many of us know we need to keep a budget, but this can often prove difficult for busy moms. This tip is to take your monthly allowance out of the bank and stick the cash into labeled envelopes titled car, clothes, emergency, etc. The nice thing about handling physical money is that it’s very clear that when it’s gone, it’s gone. Continue reading the full article.

4 Ways To Combine Your Finances with your Spouse

The wedding is over and all the bliss that comes with it, now it is the important part. What do you do with your finances? Finances can be a huge strain on couples, and its better to have this conversation as soon as possible so you know what to expect. Here are 4 options to combine your finances with your spouse, or should you?

1. Combine everything: Both people put all of their money into a joint account and include each other as owners of investments / savings accounts. This is complete commingling.
2. Combine everything except a small amount: Every month most of your money will go into a joint account. Leave a smaller amount for gifts for each other and personal nest eggs.
3. Combine an equal amount into an account and keep the remainder: This is the equal contribution amount method. Both people put in a specific amount into the joint account, regardless of each person’s income. This is usually better if both people are earning about the same income to make it fair.
4. Keep everything separate: This method means that each person has a separate account. Household expenses are paid by splitting them down the middle or however you decide is fair. This is a good method if there are trust issues within your relationship or you prefer to manage what you earn.

Top 10 Cities for Families

The ideal city for families with kids boasts top-rated schools, a large number of parks, affordable housing options, and a great network of support, according to a recent study from Livability.com. This year Overland Park, Kan. tops their list as the best city to raise a family.

In ranking the best cities for families, Livability.com used data from the U.S. Census Bureau to find the places with a high number of children but low concentration of children living in poverty. They also factored in consumer spending data, the quality of schools including high school graduation rates, and the amount and quality of local parks and activities geared towards young children. The overall quality of life including the cost of living, length of the average commute, and the crime rate were also considered.

“Parents agonize over where to raise their children – I know I did,” says Livability editor Matt Carmichael. “We want to make that decision a little easier. These 10 cities would all be fine candidates.”

Three cities appeared on the list for the second year in a row: Carmel, Ind., Overland Park, Kan., and Plano, Texas.

These are the 10 best cities for children:

1. Overland Park, Kan.
2. Plano, Texas.
3. Holland, Mich.
4. Carmel, Ind.
5. Leesburg, Va.
6. Chandler, Ariz.
7. Naperville, Ill.
8. Bentonville, Ark.
9. Rockville, Md/
10. St. George, Utah.

For an in-depth look at the data and rankings for this list, take a look at their interactive infographic.

Source: “10 Best Cities for Families,” Livability.com (April, 54, 2015) and “Top 10 Cities for Families,”  RealtorMag.