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If you’ve started working for an employer like a non-profit organization, school, church or hospital, you might be eligible to use a 403(b) plan for your retirement savings. Many people are still in the dark as to what a 403(b) plan entails, but the main similarities and differences to a 401(k) are not so complicated.

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If you’ve ever wondered how you can calculate whether or not you’re on track for retirement then a handy article at Yahoo Finance recently gives some great tips. It all hinges around calculating your net worth and then figuring out if your net worth is about right for your age and demographics.

Net worth is relatively easy to calculate and follows a simple formula: Net worth = Assets - Liabilities. So figure out the value of everything you own (that could be quickly turned into cash). Subtract the total amount of your debt, and you’ve got your net worth.

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Right now, 30 million Americans are still covered by a traditional pension plan, according to a recent CNN Money article. If you’re one of these people, then at some stage you have to decide whether you want to receive your pension in one lump sum on retirement or by monthly checks for the rest of your life. Apparently, it’s not such an easy decision.

If you had a crystal ball and could forecast the year of your death, then the calculation and decision would be clear. Unfortunately, we don’t have that crystal ball, so you need to do some hard thinking. The Money gang actually summarize that in most cases, the monthly check will work out financially better than a lump sum - yet 90% of people choose the lump sum.

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Though women live longer than men, they typically earn less than their male counterparts. Of course longer lives and less pay makes saving for retirement difficult, and new studies show that women aren’t saving enough for retirement.

On average, women live 22 years after retirement, 3 years longer than the average male. Women are also likely to invest more conservatively, take extended periods of time off (without pay), and begin saving 2-4 years later than men. Indeed, for every $84,000 that men make, women make $57,000. On top of their existing salary handicap, women typically don’t take advantage of company savings-matching programs that go a long way toward building a solid retirement nest egg. However, the study also shows that approximately 90% of women are unsure about managing finances, making this problem even more severe.

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Self-employed people are often a bit bamboozled over the whole IRA idea, but it’s not as hard as it sounds: the best way is to set up what’s known as a SEP-IRA, which stands for Simplified Employee Pension. Daniel Sorid recently wrote an overview which made the SEP-IRA process clear. (more…)

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Only 30 million Americans are lucky enough to be covered by a traditional pension plan, and if you’re one of them, you’ve probably wondered whether taking a lump-sum payment would be better than your monthly pension check. Though it may seem complicated, when you take the facts into consideration, the answer is clear: (more…)

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While most conventional wisdom has long said you should start saving money as soon as you start earning it - because over time, it will compound and be much more valuable when you reach retirement age - there are also people who say that you’re better off not stressing too much and just saving later when your income is higher. An article at Yahoo Finance looked at both sides of the coin and came up with these points to think about: (more…)

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Asking yourself if you’re on the route to having enough money to comfortably retire is not only responsible, but necessary. You know how much you have in your 401(k), IRA, and savings account, you know how much Social Security you’ll receive and what your pension will look like, but you need to look at several puzzle pieces determine whether you have enough to retire. (more…)

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A recent post at CNN Money had a lot of useful information for Americans who are either approaching retirement or who are younger and working and should be thinking more about how to fund their retirement. The three key points they made were: (more…)

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When you’re planning your retirement – and some of us dream about finishing work from practically the first day we start – it can be complicated to think about how you will fund it. A Gallup survey found there are ten main sources of income for retirees, with some being more significant than others. Have a look at the list and consider where your retirement income is going to come from: (more…)