Saving for Retirement without Living Like a Pauper or Winning the Lottery: Retirement Planning Made Easy

Leading financial columnist MarksJarvis presents the everyman’s guide to saving for retirement. The idea of navigating the world of 401Ks and Roth IRAs leaves many people scared, cold, or both. This book will help reduce the confusion, anxiety and avoidance that many people associate with saving for retirement. Informed by thousands of calls and emails from readers over the years, MarksJarvis understands exactly what people want and need to know about managing their personal finances. Here, she provides guidance and answers common questions in an organized and reader-friendly style. Readers will learn how to calculate what they’ll need for their nest egg, how to open an IRA, make sense of mutual funds and when to consult a financial advisor. Sensible–but not stuffy–this book will convince young people to start saving now, and will help ensure that panicked middle-aged readers will not be spending their golden years in the poor house.

Award-winning personal finance columnist read by millions of people each week

The Incredibly Simple, Step-by-Step Guide to Investing Money for Your Future!

“A cover-to-cover must-read for everyone 16 to 60 who wants to live the American Dream. The earlier we choosetosave®, the sooner we can stop saving, and the later we start saving the more we need to know in order to catch up. What you need to know; where you can find the answers; how you can take action. It is all here.” 

–Dallas Salisbury, CEO, Employee Benefit Research Institute and American Savings Education Council (www.choosetosave.org)

“Bookstores are full of tomes advising people how to save for retirement, yet millions of people are still hopelessly confused about what they should do. Gail MarksJarvis breaks it down into simple steps that anyone can do to ensure a more comfortable retirement. Read this book and prosper!”

–Liz Pulliam Weston, MSN Money Personal finance columnist and best-selling author of Your Credit Score

“This book offers a sensible, sophisticated approach for tackling the daunting challenge of saving for retirement. The good news? You can retire–without living on canned food or buying lottery tickets–if you follow Gail’s realistic strategies for saving, investing, and ultimately spending money in retirement.”

–Susan Tompor, Detroit Free Press

“You can wallpaper a warehouse with all of the awful investment advice offered up every year in newspapers, magazines, and books. One of the most difficult tasks is to separate the get-rich-quick hype from the truly worthwhile knowledge thatwill make you wealthy over time. I’m thrilled to say that Gail MarksJarvis has cut through the claptrap of investment cacophony and provided not only a solid plan for retirement saving, but a realistic, common-sense approach to personal finance in general. This is a triumph.”

–John F. Wasik, Bloomberg News personal finance columnist and author, The Merchant of Power

Drawn from responses to questions from over 20,000 readers of the author’s personal finance columns.

Over the years, Chicago Tribune financial columnist Gail MarksJarvis has taken the time to listen and respond to thousands of her readers about the issues, questions, and concerns that are most important to them. Saving and investing for retirement has never been more important...and with this book, it’s never been clearer what you need to do and how to do it. 

Don’t wait another day! Discover…

 

• How much you’ll need and how to get there…even if you’ve fallen behind

• Exactly how to set up IRAs, 401(k)s, or 403(b)s in minutes and pocket your tax money

• How to harness the money-making power of the stock market

• How to pick the right mutual funds confidently with simple strategies and specific recommendations

• Incredibly easy, safe investing strategies based on professional money-management techniques

• "Gimmick-free" investing shortcuts that won’t backfire on you

• How to keep debt from making you poor

• How to get reliable help if you need it…and avoid incompetents or scam artists

• How the new 2006 pension laws affect you

 MarksJarvis eliminates the insider jargon, confusion, and math…takes the mystery out of the stock market…simplifies investing techniques…answers all your questions…clears away every obstacle in your way so you make money without taking foolish risks.  She’s already done it for millions, in the nation’s top newspapers and most popular financial radio and TV shows. Now, she’ll do it for you, too!

Introduction

1 Start Investing Early, or Start Now  1

2 Know What You'll Need  9

3 Savings on Steroids: Use a 401(k) and an IRA  39

4 An IRA—Every American’s Treasure Trove  59

5 IRA Decisions: How to Start, Where to Go  65

6 Why the Stock Market Isn't a Roulette Wheel  89

7 What's a Mutual Fund?  105

8 Making Sense of Wacky Mutual Fund Names  115

9 Know Your Mutual Fund Manager's Job  127

10   The Only Way that Works: Asset Allocation  151

11   Do This  163

12   How to Pick Mutual Funds: Bargain Shop  181

13   Index Funds: Get What You Pay For  189

14   Simple Does It: No-Brainer Investing with Target-Date Funds  209

15   Do You Need a Financial Adviser?  219

Index  229

 

“A great credit score can help you finish rich! Liz Pulliam Weston gives solid, easy-to-understand advice about how to improve your credit fast. Read this book and prosper.”

–David Bach, bestselling author of The Automatic Millionaire and The Automatic Millionaire Homeowner

“Excellent book! Insightful, well written, and surprisingly interesting. Liz Pulliam Weston has done an outstanding job demystifying an often intimidating and frustrating topic for the benefit of all consumers.”

–Eric Tyson, syndicated columnist and bestselling author of

Personal Finance for Dummies

“No one makes complex financial information easy to understand like Liz Pulliam Weston. Her straight-talk and wise advice are invaluable to anyone with a credit card or check book–and that's just about all of us.”

–Lois P. Frankel, Ph.D., author of Nice Girls Don’t Get the Corner Office and Nice Girls Don’t Get Rich

“In a country where consumers increasingly pay more when they have bad credit, Liz Pulliam Weston’s book provides excellent tips and advice on ways to improve your credit history and raise your credit score. If you just apply one or two of her insightful suggestions, you’ll save many times the cost of this book.”

–Ilyce R. Glink, financial reporter, talk show host, and bestselling author of

100 Questions Every First-Time Home Buyer Should Ask

“Your credit score can save you money or cost you money–sometimes a lot of money. Yet, most people don’t even know their scores, much less know how to make them better. Liz Pulliam Weston can help you fix that. In this easy-to-understand guide you’ll learn how to make sure your score helps you get the best deal on loans and insurance. You can’t afford not to read it.”

–Gerri Detweiler, consumer advocate and founder of UltimateCredit.com

Your credit score. It’s just three numbers. But it dictates whether you’ll get credit, and what you’ll pay. Insurers use it to set premiums. Landlords use it to make renting decisions. You need to understand it. In Your Credit Score, Second Edition, MSN Money personal finance journalist Liz Pulliam Weston gives you up-to-the-minute answers you can trust—and a proven action plan for building your credit, fixing it, and maintaining it, starting today!

Weston has updated this national bestseller with extensive new information, including an inside look at the new VantageScore credit scoring system, “Fast Fixes” that actually work, and powerful tips for first-time borrowers.

You’ll discover how your scores are affected by everything from applying for loans to closing accounts...how to cope with a credit crisis, and bounce back from bad credit or bankruptcy...how credit counseling really affects your score...why paying old debts can actually damage your score...how to reduce your exposure to identity theft, and much more!

Acknowledgments xvii

About the Author xix

Chapter 1: Why Your Credit Score Matters 1

Chapter 2: How Credit Scoring Works 13

Chapter 3: VantageScore–A Revolution or Just More of the Same? 29

Chapter 4: Improving Your Score–The Right Way 37

Chapter 5: Credit Scoring Myths 57

Chapter 6: Coping with a Credit Crisis 69

Chapter 7: Rebuilding Your Score After a Credit Disaster 89

Chapter 8: Identity Theft and Your Credit 111

Chapter 9: Emergency! Fixing Your Credit Score Fast 139

Chapter 10: Insurance and Your Credit Score 147

Chapter 11: Keeping Your Score Healthy 163

Index 179

Award-winning personal finance columnist read by millions of people each week The Incredibly Simple, Step-by-Step Guide to Investing Money for Your Future! A cover-to-cover must-read for everyone 16 to 60 who wants to live the American Dream. The earlier we choosetosave , the sooner we can stop saving, and the later we start saving the more we need to know in order to catch up. What you need to know; where you can find the answers; how you can take action. It is all here. Dallas Salisbury, CEO, Employee Benefit Research Institute and American Savings Education Council ((http://www.choosetosave.org) www.choosetosave.org ) Bookstores are full of tomes advising people how to save for retirement, yet millions of people are still hopelessly confused about what they should do. Gail MarksJarvis breaks it down into simple steps that anyone can do to ensure a more comfortable retirement. Read this book and prosper! Liz Pulliam Weston, MSN Money Personal finance columnist and best-selling author of Your Credit Score This book offers a sensible, sophisticated approach for tackling the daunting challenge of saving for retirement. The good news? You can retirewithout living on canned food or buying lottery ticketsif you follow Gails realistic strategies for saving, investing, and ultimately spending money in retirement. Susan Tompor, Detroit Free Press You can wallpaper a warehouse with all of the awful investment advice offered up every year in newspapers, magazines, and books. One of the most difficult tasks is to separate the get-rich-quick hype from the truly worthwhile knowledge that will make you wealthy over time. Im thrilled to say that Gail MarksJarvis has cut through the claptrap of investment cacophony and provided not only a solid plan for retirement saving, but a realistic, common-sense approach to personal finance in general. This is a triumph. John F. Wasik, Bloomberg News personal finance columnist and author, The Merchant of Power Drawn from responses to questions from over 20,000 readers of the authors personal finance columns. Over the years, Chicago Tribune financial columnist Gail MarksJarvis has taken the time to listen and respond to thousands of her readers about the issues, questions, and concerns that are most important to them. Saving and investing for retirement has never been more important...and with this book, its never been clearer what you need to do and how to do it. Dont wait another day! Discover MarksJarvis eliminates the insider jargon, confusion, and mathtakes the mystery out of the stock marketsimplifies investing techniquesanswers all your questionsclears away every obstacle in your way so you make money without taking foolish risks. Shes already done it for millions, in the nations top newspapers and most popular financial radio and TV shows. Now, shell do it for you, too! Introduction 1 Start Investing Early, or Start Now 1 2 Know What You'll Need 9 3 Savings on Use a 401(k) and an IRA 39 4 An IRAEvery Americans Treasure Trove 59 5 IRA How to Start, Where to Go 65 6 Why the Stock Market Isn't a Roulette Wheel 89 7 What's a Mutual Fund? 105 8 Making Sense of Wacky Mutual Fund Names 115 9 Know Your Mutual Fund Manager's Job 127 10 The Only Way that Asset Allocation 151 11 Do This 163 12 How to Pick Mutual Bargain Shop 181 13 Index Get What You Pay For 189 14 Simple Does No-Brainer Investing with Target-Date Funds 209 15 Do You Need a Financial Adviser? 219 Index 229 As they age, America’s 78 million baby boomers will live more active, creative, inventive lives than any generation before them. This represents a truly enormous business opportunity. In this book, the world’s number one authority on marketing to “post-50” baby boomers offers a complete blueprint for profiting from that opportunity. Dr. Mary Furlong reveals breakthrough product and service opportunities, and gives you the tools, resources, techniques, and data you need to capitalize on them. She offers powerful insight into baby boomers’ new lifestage transitions in housing, health, fitness, finances, family, fashion, romance, travel, and work–and the new brand choices they’re about to make. Throughout, Furlong combines extensive, authoritative market research with inspirational stories about passionate, tenacious entrepreneurs and brand leaders who are blazing new trails in these fast-growing markets. You’ll learn how to segment boomer markets, and identify opportunities to innovate entirely new categories of products and services. You’ll discover which sales and marketing strategies really work, and even uncover opportunities in the surprising worldwide boomer market.Five trends shaping the next baby boomer revolutionGlobal markets, longevity, lifestage transitions, technology, and spiritualityFrom concept to product to financing, and beyondAll you need to execute on your baby boomer product/service opportunityThe new healthcare revolution, the new healthcare businessHow boomers are using the newest innovations to take control over their health futuresSex and romance: I’ll have what she’s havingThe new sexual revolution: making it feel like the first time–or betterChoosing families, making connectionsPowerful new opportunities in helping boomers reach out and connect About the AuthorDr. Mary S. Furlong is the leading authority on the baby boomer generation as it moves beyond 50. She founded Mary Furlong & Associates to help socially and consumer-conscious companies reach this growing market. She is also Executive Professor of Entrepreneurship and Women in Leadership at Santa Clara University’s Leavey School of Business. Before launching Mary Furlong & Associates, Dr. Furlong founded the nonprofit organization SeniorNet in 1986. She founded Third Age Media in 1996, ultimately reaching more than two million members. Throughout the course of her work for both organizations, she raised $120 million in venture capital funds. She has advised President Clinton, Congress, the AARP, and corporate clients including IBM, Johnson & Johnson, Merrill Lynch, Procter & Gamble, and Microsoft. With the American Society on Aging, Dr. Furlong co-produced the successful 2004, 2005, 2006, and 2007 What’s Next Boomer Business Summits. She was Executive Producer of the 2005, 2006, and 2007 Silicon Valley Boomer Venture Summits and $10,000 Boomer Business Plan Competitions. She is a member of the Leadership Circles of the American Society on Aging’s Business Forum on Aging, the National Council on Aging (NCOA), and the AARP. She is also an advisor to several start-up companies all focused on the boomer market. Dr. Furlong has appeared on CBS, NBC’s Today Show, PBS, and NPR to discuss trends in aging andtechnology. She was named one of the top 50 businessleaders by Time Digital, and has also been honored by Fortune Small Business Magazine. Her books include Grown-Up’s Guide to Computing. "Mary is an evangelist who has been selling the dream of the boomer/senior market for over twenty-five years. She understands the customer segment better than anyone, and this book reflects her insight." -Guy Kawasaki, Managing Director, Garage Technology Ventures and author of The Art of the Start "Dr. Mary Furlong is a true visionary. Her insights and market intelligence are consistently spot on and her notions about what to do and how to do it demand serious attention from start up entrepreneurs to Fortune 500 executives. In Turning Silver into Gold she has done a masterful job of revealing a broad range of timely and actionable paths to success. I heartily recommend this book to anyone interested in gaining a better understanding, and meeting the myriad needs, of a maturing population." -Ken Dychtwald, Ph.D., President of Age Wave, Author of The Age Wave , Age Power , and The Power Years "Mary Furlong's book has a social heart as well as a business sense. She is trying to assist people who are in business, but not simply for the sake of exploiting a market. Adding value to life is as important to her as it is to us at AARP." -From the Foreword by Bill Novelli, Chief Executive Officer, AARP "Mary Furlong is an expert on the Baby Boomer demographic as an academic, entrepreneur, and marketer. She has lots to teach about how to successfully reach and impact this enormous market." -Myrna Blyth, Founding Editor, More Magazine "Furlong displays a genuine grasp of boomer sensibilities, especially those of decency and happiness and the common good; when she speaks of value added, it is not just the markup but how the product or service adds to the pleasure of living right and well." - Kirkus Business & Personal Finance Report As they age, America's 78 million baby boomers will live more active, creative, inventive lives than any generation before them. This represents a truly enormous business opportunity. In this book, the world's number one authority on marketing to "post-50" baby boomers offers a complete blueprint for profiting from that opportunity. Dr. Mary Furlong reveals breakthrough product and service opportunities, and gives you the tools, resources, techniques, and data you need to capitalize on them. She offers powerful insight into baby boomers' new lifestage transitions in housing, health, fitness, finances, family, fashion, romance, travel, and work-and the new brand choices they're about to make. Throughout, Furlong combines extens..

As they age, America’s 78 million baby boomers will live more active, creative, inventive lives than any generation before them. This represents a truly enormous business opportunity. In this book, the world’s number one authority on marketing to 'post-50' baby boomers offers a complete blueprint for profiting from that opportunity.

Dr. Mary Furlong reveals breakthrough product and service opportunities, and gives you the tools, resources, techniques, and data you need to capitalize on them. She offers powerful insight into baby boomers’ new lifestage transitions in housing, health, fitness, finances, family, fashion, romance, travel, and work-and the new brand choices they’re about to make.

Throughout, Furlong combines extensive, authoritative market research with inspirational stories about passionate, tenacious entrepreneurs and brand leaders who are blazing new trails in these fast-growing markets. You’ll learn how to segment boomer markets, and identify opportunities to innovate entirely new categories of products and services. You’ll discover which sales and marketing strategies really work, and even uncover opportunities in the surprising worldwide boomer market.

Five trends shaping the next baby boomer revolution

Global markets, longevity, lifestage transitions, technology, and spirituality

From concept to product to financing, and beyond

All you need to execute on your baby boomer product/service opportunity

The new healthcare revolution, the new healthcare business

How boomers are using the newest innovations to take control over their health futures

Sex and romance: I’ll have what she’s having

The new sexual revolution: making it feel like the first time-or better

Choosing families, making connections

Powerful new opportunities in helping boomers reach out and connect

As they age, America's 78 million baby boomers will live more active, creative, inventive lives than any generation before them. This represents a truly enormous business opportunity. In this book, the world's number one authority on marketing to “post-50” baby boomers offers a complete blueprint for profiting from that opportunity. Dr. Mary Furlong reveals breakthrough product and service opportunities, and gives you the tools, resources, techniques, and data you need to capitalize on them. She offers powerful insight into baby boomers'new lifestage transitions in housing, health, fitness, finances, family, fashion, romance, travel, and work—and the new brand choices they're about to make. Throughout, Furlong combines extensive, authoritative market research with inspirational stories about passionate, tenacious entrepreneurs and brand leaders who are blazing new trails in these fast-growing markets. You'll learn how to segment boomer markets, and identify opportunities to innovate entirely new categories of products and services. You'll discover which sales and marketing strategies really work, and even uncover opportunities in the surprising worldwide boomer market. Five trends shaping the next baby boomer revolution Global markets, longevity, lifestage transitions, technology, and spirituality From concept to product to financing, and beyond All you need to execute on your baby boomer product/service opportunity The new healthcare revolution, the new healthcare business How boomers are using the newest innovations to take control over their health futures Sex and romance: I'll have what she's having The new sexual revolution: making it feel like the first time—or better Choosing families, making connections Powerful new opportunities in helping boomers reach out and connect As they age, Americas 78 million baby boomers will live more active, creative, inventive lives than any generation before them. This represents a truly enormous business opportunity. In this book, the worlds number one authority on marketing to post-50 baby boomers offers a complete blueprint for profiting from that opportunity. Dr. Mary Furlong reveals breakthrough product and service opportunities, and gives you the tools, resources, techniques, and data you need to capitalize on them. She offers powerful insight into baby boomers new lifestage transitions in housing, health, fitness, finances, family, fashion, romance, travel, and workand the new brand choices theyre about to make. Throughout, Furlong combines extensive, authoritative market research with inspirational stories about passionate, tenacious entrepreneurs and brand leaders who are blazing new trails in these fast-growing markets. Youll learn how to segment boomer markets, and identify opportunities to innovate entirely new categories of products and services. Youll discover which sales and marketing strategies really work, and even uncover opportunities in the surprising worldwide boomer market. Five trends shaping the next baby boomer revolution Global markets, longevity, lifestage transitions, technology, and spirituality From concept to product to financing, and beyond All you need to execute on your baby boomer product/service opportunity The new healthcare revolution, the new healthcare business How boomers are using the newest innovations to take control over their health futures Sex and romance: Ill have what shes having The new sexual revolution: making it feel like the first timeor better Choosing families, making connections Powerful new opportunities in helping boomers reach out and connect You literally can't afford to ignore your credit record. Every negative mark or mistake on your credit history can cost you big bucks: Over the course of a lifetime, a person with merely average credit will pay thousands more for a mortgage, car loan or credit cards than one with good credit. However, if you don't know the difference between FICO and FICA, can't understand why you have a 23.5% interest rate on your charge card, and were shocked when your car insurance payments went up even though you weren't in an accident, don't despair. Liz Pulliam Weston explains it all to you. Her book is brimming with accessible, vital information, and getAbstract believes that it will save you money, whether you're just beginning to learn about personal credit or you're an experienced, savvy consumer. And for that she deserves a lot of credit Starting off with introductory information on what credit scores are, the author takes us through how and why they were developed, how to determine an individual's score, how to improve one's score, and how to deal with a crisis such as bankruptcy, divorce, job loss, and other more