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Over at the No Credit Needed blog, a recent post looked at the writer’s financial priorities for the future. It makes for an interest list and something that a lot of people in debt are probably striving to achieve - and we know that making a list of your goals always helps you to achieve them faster and better. So let’s take a look at the key financial priorities on this list:

• Live within a budget - always have a written budget so you know where you plan to put your money
• Have insurance - always have sufficient coverage of the necessary kinds of insurance (for example, health, dental, life or disability)
• Have an emergency fund - for at least six months’ worth of living expenses
• Fully-fund retirement accounts - that makes the annual tax bill lower and increases the wealth for the retirement days
• Fund self-education accounts - the No Credit Needed blogger has three young children, and has the goal of saving enough for their college tuition
• Live without borrowing money - but with one big advantage - this guy has a house funded by his employer
• Continue to live without credit cards - he uses a debit card instead for situations where a credit card is usually very convenient.

It might be interesting to reconsider your list of financial priorities, too.

photo credit: neovain

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…)

photo credit: Darren Hester

Though it may not be a dinner conversation topic, many Americans need to start preparing for retirement, specifically for the costs of long-term care. Current estimates state that $225,000 is necessary for basic health care, and a new study states that $85,000 will be necessary for long-term healthcare issues, such as home health aides and nursing home stays. (more…)

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If you stop working because you lose your job or you make the decision to retire early, it’s important to consider the different avenues for getting medical insurance coverage. For many people, the shock of how much the full payments will be, compared to the lesser amount they had to contribute while they were employed, is enough to make them give up medical coverage, but there are definitely better ways. About.com lists the possibilities in the following order of priority: (more…)

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Everyone with investments has been feeling the heat, their stomachs sinking each time the Dow dips another hundred points. But instead of double-guessing your investment decisions and diving into panic mode, Money Magazine recommends that you focus on your long term goals in relation to your investments. (more…)

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Scary stuff from a recent CNN report about the inevitability that taxes will rise: Janice Revell from the Money Magazine is sure that taxes have been cut too much, too quickly and historical analysis makes it look like this is a situation that can’t last. She thinks proof is there even as recently as 1980 when tax rates for the top tax brackets were double what they are today. (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…)