Barry Bulakites Blogs

Image source: moneysense.ca A lot of people make mistakes when investing in their retirement plan. Such an endeavor takes decades to fulfill, and small missteps can have major repercussions on your life savings. Keep in mind that every job, every deposit, every effort you put into your retirement plan leads to you having a comfortable life after your professional life. With that in mind, here are the top mistakes people make when investing in their retirement plan. Investing on a plan with outdated assumptions If you are working with a relatively old insurance company, be sure to make sure that you update your retirement plan using a variety of market returns assumptions. Your savings, no matter how big they are, are still subject to real-world market conditions like recessions. Even small changes in the economy can easily derail your retirement plan. Always check the computations if there is a significant change in the market. Image source: moneysense.ca Reti

When it comes to IRA assets, investors must make sure that they are investing their money profitably and legally. To prevent prohibited transactions, especially with self-directed IRAs, those who are saving up for their retirement years must be on the lookout for fraudulent offers. Those who are aiming for a self-directed IRA should act accordingly:  Image source: Military.com 1. Avoid investing in prohibited investments. An IRA cannot be invested in collectibles (art, antiques, gems, etc.), precious metals, and life insurance. When a broker approaches a potential investor to direct their IRA through these means, it is a fraudulent deal.  2. Ask questions and check the broker's credentials. Setting up a self-directed IRA can be tricky for those who will be doing it for the first time. Before investing in assets, there should be a lot of questions. Factors such as valuation, liquidation, and distribution might determine if it's worthwhile to invest.

As a person begins to earn money, he or she could be thinking of either earning more or saving more. For years, the argument about whether one should earn more or save more to become financial independent has ruled the minds of those in the workforce.  Image source: abi.org.uk On the one hand, the "earn more" side suggests that the best manner to experience financial freedom is by having a larger income. If one is an entrepreneur, there is no upper limit to this idea. On the other hand, the "save more" team tells individuals that saving more and spending less is the most sufficient way to become financially independent. The statement that one would spend more if one earns more is based on behavior and mindset; its counter-statement says that it is easier to save as one earns more is focused on math and logic. As both are correct, this debate shall be put to rest as people must only focus on widening the gap between income and spending.  To be f

Millennials are often regarded as financial freewheelers. People are always quick to assume that the twenty and thirty-somethings of this era do not take their financial health and retirement seriously. However, more and more millennials are becoming concerned and are taking charge of their future. Image source: moneynewsdaily.com Now is the perfect time for millennials to save for their future. Options may be unavailable for them when they start saving late. A study led by The New York Times zoomed in on the financial lives of five millennials who were saving for their future. The research landed on these conclusions:  -These millennial savers are taking advantage of Roth retirement funds. These include individual retirement and 401(k)’s that are different from traditional retirement schemes made after tax.  -Millennial workers to contribute as much as what their employers are willing to match in a 401(k).  Aside from taking care of their retirement f