Tag Archives: income

How prepared are you for retirement?

Online Money

This topic has become top of mind in the last few years. It is evident that most people are not putting enough away for retirement.

Living on less

Many financial planners will tell you that, in retirement, you’ll want roughly 80% of your pre-retirement income. But surveys indicate that today’s retirees are bringing in far less than that — about 66% of their pre-retirement income on average. Here’s where that money is coming from.

The bottom line is that all of us likely have a greater capacity to adapt and make retirement more enjoyable than we assume during our working years. That doesn’t mean we shouldn’t focus on saving for retirement, which obviously remains vital.

Instead, for those who are decades away from retirement, it is a better way of looking at this and ask how to apply it to your daily life right now. What types of wasteful spending could you eliminate from your life? What is your level of “enough”? If you were to eliminate all of your expenses and then only add back things that add value, what would you be left with?

The answers to these questions are equal parts philosophical and practical. The main goal is to help you live a more mindful life. But the key, as far as this article is concerned, is that answering these questions can help you save far more for retirement (and require less once you enter it).

Either way, this will help you avoid the anxieties brought on by retirement calculators and focus on living a more sustainable life both now and in retirement.


What a University Graduate needs to know about Money

Bookkeeping Course

When students graduate from university and embark on their careers and join the working world, there are a few things they need to take into account. Here are some pointers for students to take note and remember once you start their careers and begin to earn money.

  • Figure out how much you will need up front to move and start your life.
  • Know what your take-home pay is–it’s not as much as you think.
  • Be realistic about your expenses and essentials.
  • Understand cash flow.
  • Keep an emergency account.
  • Know when to use a debit card or credit card.
  • Get renter’s insurance.
  • Begin contributing immediately to a 401(k) plan or an IRA account.
  • Don’t be afraid to invest.



Zimbabwe is the worst places to live according to Human Development Index

United Nations Development Programme

The United Nations Development Program has released its annual Human Development Index – a report that highlights education, health and income of nations – and Norway has been rated the best place to live. Zimbabwe was last place.

The UN’s Human Development Index released its 20th anniversary edition of the human development report that puts Norway, Australia and New Zealand as the best nations to live in. Meanwhile, Zimbabwe, Congo and Niger have been ranked the worst places to live in.

The report, which was first released in 1990, put the United States, Ireland, Liechtenstein, Canada, Sweden and Germany as the next seven best places to live in. Mali, Burkina Faso, Liberia, Chad, Guinea-Bissau, Mozambique and Burundi were seven nations ranked in the bottom.

The purpose of the annual report is to highlight education and health achievements around the world. The HDI also uses advanced data and methodologies that were not available in 1990, including education, health and income information. For example, when measuring education, the UN used expected years of schooling for children rather than overall enrollment. Plus, the average years of adult school replaced adult literacy rates. However, life expectancy still remains the primary factor for health.

“The Human Development Reports have changed the way we see the world,” Ban Ki-moon said. “We have learned that while economic growth is very important, what ultimately matters is using national income to give all people a chance at a longer, healthier and more productive life.”

UN Secretary-General Ban Ki-moon

“This year’s HDI should not be compared to the HDI that appeared in previous editions of the Human Development Report due to the use of different indicators and Calculations,” states the report. “The 2010 HDI charts national ranking changes over five-year intervals, rather than on a year-to-year basis.”

Helen Clark said, “the Report shows that people today are healthier, wealthier and better educated than before. While not all trends are positive, there is much that countries can do to improve people’s lives, even in adverse conditions. This requires courageous local leadership as well as the continuing commitment of the international community.”

Emerging nations such as Brazil, China and India were stagnant in the ranks. Brazil stayed at the number 73 spot, China moved up one to 89 and India went to 119 from 120 in 2009.

Read Full Report

View Human Development Index (HDI) – 2010 Rankings