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Never Pay Retail Again
As Americans aim to curtail their spending, more retailers are cutting deals to reel in customers
Times are tough. The economy is weakening, consumer confidence is at a low and Americans are struggling just to buy basics like gas and groceries. So when it comes to getting goods that fall beyond the bare necessities, shoppers are getting smarter.
Not only has scouring the Web for the best possible price become standard protocol before buying a big-ticket item, but more consumers are employing creative strategies for scoring hot deals on everything from stereos to sweat pants.
Comparison shopping, haggling and swapping discount codes are all becoming mainstream marks of savvy shoppers. And retailers are playing along.
Coupon craze
Swapping online coupons or discount codes is one quick way to score a reduced price. Often simply applying the right coupon or promotion code during the online payment process can mean a savings of 10 to 30 percent or at least free shipping.
"People are feeling a bit of squeeze and are looking for ways to save money without cutting back their spending," said Barry Boone, owner of currentcodes.com and naughtycodes.com.
Web sites like currentcodes.com list discount codes for a number of online retailers from Amazon to Zappos. If you find a code to an online store you're shopping at, just copy it and paste it into the "promotional code" box in the checkout area of the retailer's Web site.
Printable coupons, which can be used in stores, are also readily found online at various Web sites and blogs like printable-coupons.blogspot.com and wow-coupons.com.
And sellers are taking note, offering more coupons more often as the coupon sharing sites surge in popularity.
According to a recent survey conducted by retailmenot.com, 63 percent of respondents said they would not make a purchase if there was no deal attached. The coupon site expects 4 million visitors in May, up 260 percent from a year ago, according to co-founder Bevan Clark.
Clark says the savings shouldn't end there. He urges online shoppers to check a comparison service like pricegrabber before making a purchase, and then go to a coupon sharing site "to really stack on the savings," and lastly, watch for any future price drops with a price protection service like priceprotectr.com. Many retailers will refund the difference if the price of a product is reduced within two weeks after the purchase is made.
That's what he calls a "Triad of Shopping Awesomeness."
Hidden discounts
Awesome deals can be found inside brick-and-mortar stores as well. Whether it is expressly stated or for those in the know, boutiques and big box stores alike are often willing to price match or offer a discount to reel in those that are ready to buy.
Circuit City and Sears not only have price matching policies, but they will undercut a lower advertised price by taking off an extra 10 percent of the difference. Plus, if customers catch a lower advertised price from another local store within 30 days of the purchase, the chains will refund 100 percent of the difference.
Even luxury retailers are willing to do what it takes to compete. A sales manager at Montmartre, a high-end clothier in New York City, said that even though it's not written in the store policy, they will match lower prices from other retailers on request and also give a 10 percent discount to their "VIP" customers, which include those that shop at the store regularly or have reached a certain spending threshold. Not a bad deal for a $400
dress or pair of $190 designer jeans.
In light of the current economic conditions, the store recently added more clients to the VIP list, the manager said, hoping to boost sales.
Haggling
Even outright haggling — once restricted to flea markets and car dealerships — has become acceptable in the mass retail marketplace.
Most store policies on bargaining are informal, but shoppers with the nerve to ask about flexible pricing may just save some serious cash.
A good place to start is to ask to speak with a manager. Often a sales associate will defer to the store manager, who has more leeway to cut deals. Open the discussion by asking if the listed price is the best possible deal.
Electronics retailer P.C. Richards is willing to negotiate on everything from air conditioners to HDTVs. With a little prodding, a sales manager agreed to take 10 percent off the retail price of a Garmin Nuvi 200W GPS System, which comes to about $30.
Slightly imperfect merchandise
There is more flexibility to haggle on products that have been on display and show some wear, such as shoes or sports equipment. A garment displayed on a mannequin or an item in a store window might come with a discount if it's missing original labels or packaging.
Electronics sold "out of the box" are also a source of great bargains, and usually have little more wear than a few fingerprints. Though they are generally missing instructions, these can often be easily downloaded online.
A manager at Best Buy said he would knock 10 percent off the price of a product if the box had been opened — even if it was in perfect working order.
At PC Richards, a manager slashed the price of the display model on a navigational system by 50 percent — not bad by bargain hunting standards.
Source: http://shopping.yahoo.com/
Times are tough. The economy is weakening, consumer confidence is at a low and Americans are struggling just to buy basics like gas and groceries. So when it comes to getting goods that fall beyond the bare necessities, shoppers are getting smarter.
Not only has scouring the Web for the best possible price become standard protocol before buying a big-ticket item, but more consumers are employing creative strategies for scoring hot deals on everything from stereos to sweat pants.
Comparison shopping, haggling and swapping discount codes are all becoming mainstream marks of savvy shoppers. And retailers are playing along.
Coupon craze
Swapping online coupons or discount codes is one quick way to score a reduced price. Often simply applying the right coupon or promotion code during the online payment process can mean a savings of 10 to 30 percent or at least free shipping.
"People are feeling a bit of squeeze and are looking for ways to save money without cutting back their spending," said Barry Boone, owner of currentcodes.com and naughtycodes.com.
Web sites like currentcodes.com list discount codes for a number of online retailers from Amazon to Zappos. If you find a code to an online store you're shopping at, just copy it and paste it into the "promotional code" box in the checkout area of the retailer's Web site.
Printable coupons, which can be used in stores, are also readily found online at various Web sites and blogs like printable-coupons.blogspot.com and wow-coupons.com.
And sellers are taking note, offering more coupons more often as the coupon sharing sites surge in popularity.
According to a recent survey conducted by retailmenot.com, 63 percent of respondents said they would not make a purchase if there was no deal attached. The coupon site expects 4 million visitors in May, up 260 percent from a year ago, according to co-founder Bevan Clark.
Clark says the savings shouldn't end there. He urges online shoppers to check a comparison service like pricegrabber before making a purchase, and then go to a coupon sharing site "to really stack on the savings," and lastly, watch for any future price drops with a price protection service like priceprotectr.com. Many retailers will refund the difference if the price of a product is reduced within two weeks after the purchase is made.
That's what he calls a "Triad of Shopping Awesomeness."
Hidden discounts
Awesome deals can be found inside brick-and-mortar stores as well. Whether it is expressly stated or for those in the know, boutiques and big box stores alike are often willing to price match or offer a discount to reel in those that are ready to buy.
Circuit City and Sears not only have price matching policies, but they will undercut a lower advertised price by taking off an extra 10 percent of the difference. Plus, if customers catch a lower advertised price from another local store within 30 days of the purchase, the chains will refund 100 percent of the difference.
Even luxury retailers are willing to do what it takes to compete. A sales manager at Montmartre, a high-end clothier in New York City, said that even though it's not written in the store policy, they will match lower prices from other retailers on request and also give a 10 percent discount to their "VIP" customers, which include those that shop at the store regularly or have reached a certain spending threshold. Not a bad deal for a $400
dress or pair of $190 designer jeans.
In light of the current economic conditions, the store recently added more clients to the VIP list, the manager said, hoping to boost sales.
Haggling
Even outright haggling — once restricted to flea markets and car dealerships — has become acceptable in the mass retail marketplace.
Most store policies on bargaining are informal, but shoppers with the nerve to ask about flexible pricing may just save some serious cash.
A good place to start is to ask to speak with a manager. Often a sales associate will defer to the store manager, who has more leeway to cut deals. Open the discussion by asking if the listed price is the best possible deal.
Electronics retailer P.C. Richards is willing to negotiate on everything from air conditioners to HDTVs. With a little prodding, a sales manager agreed to take 10 percent off the retail price of a Garmin Nuvi 200W GPS System, which comes to about $30.
Slightly imperfect merchandise
There is more flexibility to haggle on products that have been on display and show some wear, such as shoes or sports equipment. A garment displayed on a mannequin or an item in a store window might come with a discount if it's missing original labels or packaging.
Electronics sold "out of the box" are also a source of great bargains, and usually have little more wear than a few fingerprints. Though they are generally missing instructions, these can often be easily downloaded online.
A manager at Best Buy said he would knock 10 percent off the price of a product if the box had been opened — even if it was in perfect working order.
At PC Richards, a manager slashed the price of the display model on a navigational system by 50 percent — not bad by bargain hunting standards.
Source: http://shopping.yahoo.com/
Secret Ways to Boost Your Social Security
Four legal strategies for adding as much as $12,000 a year to your retirement income.
Some retirement decisions are irreversible. But many retirees will be happy to learn that choosing when to start collecting Social Security benefits is not one of them.
When John Rothenhoefer, 70, found out that he could increase his Social Security benefits by about $1,000 a month by taking advantage of a do-over strategy, he thought he'd struck gold. As it turns out, he might as well have won a mega lottery. Out of the 32 million retirees who collect Social Security benefits, Rothenhoefer was one of just 71 people this fiscal year to take advantage of an obscure option that lets you halt your current benefits, pay back all you have collected interest-free, and restart your benefits at a new, higher rate based on your current age.
It's perfectly legal, says Mark Lassiter, a spokesman for the Social Security Administration. But don't expect the claims representatives at your local Social Security office or the employees who answer the agency's toll-free number ( 800-772-1213 ) to be familiar with the details. "Our service representatives can go an entire career and never encounter this situation," says Lassiter. He recommends that you download Form 521 ("Request for Withdrawal of Application") from the agency's Web site and visit your local office in person.
This strategy is just one of four little-publicized ways we uncovered to help you maximize your Social Security benefits. Each tactic applies to a specific situation; if one of them is yours, you could be in the money.
A "Sweet Deal"
For someone like Rothenhoefer, who had been collecting monthly checks for eight years, the price of repaying Social Security benefits can be steep -- $100,000 or more in some cases. But he thinks it's well worth it. Not only will his monthly check be about 75% larger than his previous benefit, but it will also increase with inflation each year for the rest of his life. And if John dies first, his wife, Charlotte, 67, will collect the same monthly amount as a survivor benefit for as long as she lives.
Here's how it works: Let's say you qualify for full benefits of $1,600 a month at your normal retirement age of 66, but you decide to begin collecting your benefits at 62. Your retirement benefits will be reduced by 25% for the rest of your life -- to $1,200 a month, in this example -- because you'll be collecting a smaller benefit for a longer period of time.
On the other hand, if you delay collecting benefits, you will receive an 8% credit for every year beyond your normal retirement age until you reach 70, when your maximum benefit will be 132% of what you would have received at age 66. In this example, you would receive about $2,100 a month at 70 -- a $900 difference.
Maybe you decided to collect benefits early out of fear that you wouldn't live long enough to collect the larger delayed benefit. But now that you've made it to 70, you may regret your decision and wish you were receiving a larger check.
In order to get one, you must first file Form 521 at your local Social Security office to request a withdrawal of your application for benefits. Your retirement benefits will stop almost immediately -- and if your husband or wife receives spousal benefits based on your work record, his or her benefits will stop, too. Then the Social Security Administration will send you a letter telling you how much you need to repay (including any spousal benefits). That process may take several weeks. Once you repay the benefits, you can reapply for new, higher payments based on your current age.
If, for example, you received $1,200 a month starting at age 62, plus annual cost-of-living adjustments through age 70, you would have to repay about $130,000. That's a lot of money, but for some people it's worth the price to get an additional $900 a month in retirement. By comparison, it would cost a 70-year-old man about $190,000 to buy an immediate annuity that would provide $900 a month initially, plus annual inflation adjustments and a 100% survivor benefit. That's 46% more expensive than "buying" a lifetime annuity from Social Security.
Rothenhoefer thinks it's a "sweet deal." He concedes the strategy could backfire if both he and his wife were to die before they recoup their investment, which will take about ten and a half years. Still, he says, "it's worth the gamble," particularly because his wife stands a good chance of living into her nineties, as her mother and grandmother did.
There's another financial downside: You may have to go without Social Security benefits for a few months while the agency sorts out how much you have to repay and you reapply for benefits. When your benefits stop, so do the automatic deductions that cover your Medicare premium. You'll have to pay the Part B premium yourself -- currently $96.40 a month for most retirees -- until your Social Security benefits resume.
Crunch the Numbers
Boston University economics professor Laurence Kotlikoff says repaying and reapplying for Social Security benefits is a "fantastic option" for some people. But it can involve a lot of number-crunching to determine whether it's the right decision for you. Kotlikoff offers case studies on his Web site, www.esplanner.com. For $149, you can access his sophisticated financial-planning software, which lets you create your own comprehensive retirement plan, including an analysis of the pros and cons of a decision to pay back your Social Security.
John Greaney, who started the Retire Early Web site, says that members of his online community were aware of the repayment strategy but treated it as an urban legend. When Greaney took the time to research it last summer, he realized that it was an even better deal than he had first thought. That's because when you repay your Social Security benefits, you can claim either an itemized deduction or a tax credit (whichever results in bigger savings to you) for the taxes you paid on your benefits in previous years. The calculations are complicated, but you can get all the details in IRS Publication 915, Social Security and Equivalent Railroad Retirement Benefits, at www.irs.gov.
The idea of boosting your Social Security benefits may be enticing, but you still have to figure out how to pay for it. Kotlikoff's case studies weigh the pros and cons of using other assets to repay the benefits. Greaney created a spreadsheet that assumes you collect benefits early, invest all the money, then repay the benefits with earnings to spare. The spreadsheet also factors in the tax refund.
But Rothenhoefer had another idea. With his mortgage paid off, he decided to take out a home-equity loan and use the extra income from the bigger monthly Social Security benefit to repay the loan. "I didn't have to touch my savings, and I'll get a tax deduction on the interest," says Rothenhoefer, who lives in Ellicott City, Md.
One word of caution: Although this strategy can work well if you are already collecting benefits and like the idea of starting over at a higher monthly rate, it's riskier to plan to collect reduced benefits now with the intention of repaying them later. For one thing, you might not live long enough to take advantage of the repayment strategy. In that case, your spouse would be left with a reduced survivor benefit. Plus, there's no guarantee that Congress won't tinker with the provision when it eventually turns its attention to Social Security reform.
Tactics for Couples
Two other income-boosting strategies give couples a way to maximize their Social Security benefits. A recent paper by the Center for Retirement Research recommends that the spouse who is eligible for lower benefits collect them early, while the higher-earning spouse delays taking benefits until they are worth more. Then, when the primary breadwinner dies, the spouse with the lower benefit will "step up" to a much higher survivor benefit as the smaller retirement payment drops off.
In the past, it wasn't always possible to implement such a strategy. For example, a wife with little or no work history would have to wait until her husband actually started collecting Social Security to apply for spousal benefits based on his work record, equal to half of his monthly check.
That's not the case anymore. The Senior Citizens' Freedom to Work Act of 2000 allows a worker to "file and suspend" Social Security benefits once he or she has reached full retirement age. Under this law, the higher-earning spouse (usually the husband) could file for benefits, allowing his wife to collect her share, and then suspend his own benefits while continuing to work and building a bigger payment for the future. This kind of planning works best for couples in which one spouse has substantially higher lifetime earnings than the other.
There's also a way for married couples with similar incomes to enhance their benefits. In that situation, once you reach your normal retirement age, you can apply just for spousal Social Security benefits and delay the start of your own, higher benefits.
Let's say, for instance, that a man and his wife are both 66 years old and each is entitled to retirement benefits of $1,500 a month. She decides to retire, but he wants to continue working. He can apply for spousal benefits based on her work record -- worth $750 a month in this case -- and delay claiming benefits based on his own work history until he reaches age 70. At that point, his check would be worth about $2,000 a month.
Take Care of the Kids
Older men who are widowers or divorced often get remarried to younger women, and it's not uncommon for them to start second families. So when these do-over dads start collecting Social Security benefits, they may still have minor children at home. More than 500,000 children currently receive monthly payments based on a parent's Social Security retirement benefits.
If you're in this situation, you can put aside the money for your kids -- you might even be able to get Uncle Sam to foot the bill for their college education. That's what one 67-year-old man in Austin, Tex., plans to do. Although he didn't want us to use his name, "Bill" was happy to share his story.
After the death of his first wife several years ago, Bill married a younger woman, and they're expecting their first child this year. When the baby is born, he or she will receive monthly Social Security checks worth up to half of Bill's benefit until the child reaches age 18.
Bill plans to stretch those benefits even further by depositing them in a state-sponsored 529 college-savings plan. By contributing to a 529, he'll be able to use the earnings and distributions tax-free to pay for tuition, books, fees and other qualified expenses. If the child received $500 a month, for example, and the account earned an average 5% annual return, the college fund would be worth about $175,000 in 18 years. Depending on where you live, you may also qualify for a state income-tax deduction on your 529 contribution.
Despite the Social Security system's long-term financial problems, you don't need to feel guilty about trying to maximize your benefits, says Mary Jane Yarrington, a policy analyst with the National Committee to Preserve Social Security and Medicare. "These new strategies bring public attention to the fact that Social Security is truly valuable and that there are ways to make it even more worthwhile," Yarrington says.
Copyrighted, Kiplinger Washington Editors, Inc.
Source : http://finance.yahoo.com/
Some retirement decisions are irreversible. But many retirees will be happy to learn that choosing when to start collecting Social Security benefits is not one of them.
When John Rothenhoefer, 70, found out that he could increase his Social Security benefits by about $1,000 a month by taking advantage of a do-over strategy, he thought he'd struck gold. As it turns out, he might as well have won a mega lottery. Out of the 32 million retirees who collect Social Security benefits, Rothenhoefer was one of just 71 people this fiscal year to take advantage of an obscure option that lets you halt your current benefits, pay back all you have collected interest-free, and restart your benefits at a new, higher rate based on your current age.
It's perfectly legal, says Mark Lassiter, a spokesman for the Social Security Administration. But don't expect the claims representatives at your local Social Security office or the employees who answer the agency's toll-free number ( 800-772-1213 ) to be familiar with the details. "Our service representatives can go an entire career and never encounter this situation," says Lassiter. He recommends that you download Form 521 ("Request for Withdrawal of Application") from the agency's Web site and visit your local office in person.
This strategy is just one of four little-publicized ways we uncovered to help you maximize your Social Security benefits. Each tactic applies to a specific situation; if one of them is yours, you could be in the money.
A "Sweet Deal"
For someone like Rothenhoefer, who had been collecting monthly checks for eight years, the price of repaying Social Security benefits can be steep -- $100,000 or more in some cases. But he thinks it's well worth it. Not only will his monthly check be about 75% larger than his previous benefit, but it will also increase with inflation each year for the rest of his life. And if John dies first, his wife, Charlotte, 67, will collect the same monthly amount as a survivor benefit for as long as she lives.
Here's how it works: Let's say you qualify for full benefits of $1,600 a month at your normal retirement age of 66, but you decide to begin collecting your benefits at 62. Your retirement benefits will be reduced by 25% for the rest of your life -- to $1,200 a month, in this example -- because you'll be collecting a smaller benefit for a longer period of time.
On the other hand, if you delay collecting benefits, you will receive an 8% credit for every year beyond your normal retirement age until you reach 70, when your maximum benefit will be 132% of what you would have received at age 66. In this example, you would receive about $2,100 a month at 70 -- a $900 difference.
Maybe you decided to collect benefits early out of fear that you wouldn't live long enough to collect the larger delayed benefit. But now that you've made it to 70, you may regret your decision and wish you were receiving a larger check.
In order to get one, you must first file Form 521 at your local Social Security office to request a withdrawal of your application for benefits. Your retirement benefits will stop almost immediately -- and if your husband or wife receives spousal benefits based on your work record, his or her benefits will stop, too. Then the Social Security Administration will send you a letter telling you how much you need to repay (including any spousal benefits). That process may take several weeks. Once you repay the benefits, you can reapply for new, higher payments based on your current age.
If, for example, you received $1,200 a month starting at age 62, plus annual cost-of-living adjustments through age 70, you would have to repay about $130,000. That's a lot of money, but for some people it's worth the price to get an additional $900 a month in retirement. By comparison, it would cost a 70-year-old man about $190,000 to buy an immediate annuity that would provide $900 a month initially, plus annual inflation adjustments and a 100% survivor benefit. That's 46% more expensive than "buying" a lifetime annuity from Social Security.
Rothenhoefer thinks it's a "sweet deal." He concedes the strategy could backfire if both he and his wife were to die before they recoup their investment, which will take about ten and a half years. Still, he says, "it's worth the gamble," particularly because his wife stands a good chance of living into her nineties, as her mother and grandmother did.
There's another financial downside: You may have to go without Social Security benefits for a few months while the agency sorts out how much you have to repay and you reapply for benefits. When your benefits stop, so do the automatic deductions that cover your Medicare premium. You'll have to pay the Part B premium yourself -- currently $96.40 a month for most retirees -- until your Social Security benefits resume.
Crunch the Numbers
Boston University economics professor Laurence Kotlikoff says repaying and reapplying for Social Security benefits is a "fantastic option" for some people. But it can involve a lot of number-crunching to determine whether it's the right decision for you. Kotlikoff offers case studies on his Web site, www.esplanner.com. For $149, you can access his sophisticated financial-planning software, which lets you create your own comprehensive retirement plan, including an analysis of the pros and cons of a decision to pay back your Social Security.
John Greaney, who started the Retire Early Web site, says that members of his online community were aware of the repayment strategy but treated it as an urban legend. When Greaney took the time to research it last summer, he realized that it was an even better deal than he had first thought. That's because when you repay your Social Security benefits, you can claim either an itemized deduction or a tax credit (whichever results in bigger savings to you) for the taxes you paid on your benefits in previous years. The calculations are complicated, but you can get all the details in IRS Publication 915, Social Security and Equivalent Railroad Retirement Benefits, at www.irs.gov.
The idea of boosting your Social Security benefits may be enticing, but you still have to figure out how to pay for it. Kotlikoff's case studies weigh the pros and cons of using other assets to repay the benefits. Greaney created a spreadsheet that assumes you collect benefits early, invest all the money, then repay the benefits with earnings to spare. The spreadsheet also factors in the tax refund.
But Rothenhoefer had another idea. With his mortgage paid off, he decided to take out a home-equity loan and use the extra income from the bigger monthly Social Security benefit to repay the loan. "I didn't have to touch my savings, and I'll get a tax deduction on the interest," says Rothenhoefer, who lives in Ellicott City, Md.
One word of caution: Although this strategy can work well if you are already collecting benefits and like the idea of starting over at a higher monthly rate, it's riskier to plan to collect reduced benefits now with the intention of repaying them later. For one thing, you might not live long enough to take advantage of the repayment strategy. In that case, your spouse would be left with a reduced survivor benefit. Plus, there's no guarantee that Congress won't tinker with the provision when it eventually turns its attention to Social Security reform.
Tactics for Couples
Two other income-boosting strategies give couples a way to maximize their Social Security benefits. A recent paper by the Center for Retirement Research recommends that the spouse who is eligible for lower benefits collect them early, while the higher-earning spouse delays taking benefits until they are worth more. Then, when the primary breadwinner dies, the spouse with the lower benefit will "step up" to a much higher survivor benefit as the smaller retirement payment drops off.
In the past, it wasn't always possible to implement such a strategy. For example, a wife with little or no work history would have to wait until her husband actually started collecting Social Security to apply for spousal benefits based on his work record, equal to half of his monthly check.
That's not the case anymore. The Senior Citizens' Freedom to Work Act of 2000 allows a worker to "file and suspend" Social Security benefits once he or she has reached full retirement age. Under this law, the higher-earning spouse (usually the husband) could file for benefits, allowing his wife to collect her share, and then suspend his own benefits while continuing to work and building a bigger payment for the future. This kind of planning works best for couples in which one spouse has substantially higher lifetime earnings than the other.
There's also a way for married couples with similar incomes to enhance their benefits. In that situation, once you reach your normal retirement age, you can apply just for spousal Social Security benefits and delay the start of your own, higher benefits.
Let's say, for instance, that a man and his wife are both 66 years old and each is entitled to retirement benefits of $1,500 a month. She decides to retire, but he wants to continue working. He can apply for spousal benefits based on her work record -- worth $750 a month in this case -- and delay claiming benefits based on his own work history until he reaches age 70. At that point, his check would be worth about $2,000 a month.
Take Care of the Kids
Older men who are widowers or divorced often get remarried to younger women, and it's not uncommon for them to start second families. So when these do-over dads start collecting Social Security benefits, they may still have minor children at home. More than 500,000 children currently receive monthly payments based on a parent's Social Security retirement benefits.
If you're in this situation, you can put aside the money for your kids -- you might even be able to get Uncle Sam to foot the bill for their college education. That's what one 67-year-old man in Austin, Tex., plans to do. Although he didn't want us to use his name, "Bill" was happy to share his story.
After the death of his first wife several years ago, Bill married a younger woman, and they're expecting their first child this year. When the baby is born, he or she will receive monthly Social Security checks worth up to half of Bill's benefit until the child reaches age 18.
Bill plans to stretch those benefits even further by depositing them in a state-sponsored 529 college-savings plan. By contributing to a 529, he'll be able to use the earnings and distributions tax-free to pay for tuition, books, fees and other qualified expenses. If the child received $500 a month, for example, and the account earned an average 5% annual return, the college fund would be worth about $175,000 in 18 years. Depending on where you live, you may also qualify for a state income-tax deduction on your 529 contribution.
Despite the Social Security system's long-term financial problems, you don't need to feel guilty about trying to maximize your benefits, says Mary Jane Yarrington, a policy analyst with the National Committee to Preserve Social Security and Medicare. "These new strategies bring public attention to the fact that Social Security is truly valuable and that there are ways to make it even more worthwhile," Yarrington says.
Copyrighted, Kiplinger Washington Editors, Inc.
Source : http://finance.yahoo.com/
You Shouldn't Skip Out On Your Vacation
The slowdown in the U.S. economy is threatening a necessity for workers: vacations.
According to the annual Yahoo! HotJobs vacation survey, 51% of respondents said they plan to skip taking a vacation this year, opting to save money instead.
Not a Frivolous Matter
"Vacations are usually the first thing to go when people feel job or economic pressure," says Joe Robinson, a trainer in work-life balance and author of "Work to Live." He continues, "We're programmed to believe that free time is worthless, a frill to shove aside, but vacations are as important as watching your cholesterol or getting exercise."
Skipping a vacation can also be bad for your employer.
Milo and Thuy Sindell, founders of Hit the Ground Running and authors of "Job Spa," say, "You are not helpful to the company and your coworkers when you are not operating at full capacity. Vacations help you to get rejuvenated to come back to work at full capacity."
Make It Work With Less
For those tempted to skip vacation this year due to financial worries, experts recommend the following tips:
Remind yourself: Vacation is not a luxury. "You owe it to yourself, your family, and your company to take care of yourself by stepping out of the office for at least a few days at a time," says Liz Bywater, president of the Bywater Consulting Group, which helps improve organizational performance.
Put aside some funds each week. "Even $50 a week [or less] can add up and make your trip happen," says Robinson.
Plan leisure activities near home. "Stay at home and read, garden, hike, jog, bike, or whatever you like to do but never have enough time for during the weekends," say the Sindells. "Or be a tourist in your own city."
Try home-swapping. You can swap with someone you know in another city, or use an online service, such as homexchange.com or even vrbo.com (Vacation Rentals by Owner). "It can have the look and feel of a vacation at a much more affordable housing cost than paying for hotel or resort lodging," says Michael Haubrich, president of Financial Service Group and an expert in financial planning for career issues.
Keep the itinerary simple. Travel columnist Donald D. Groff recommends selecting a destination within 200 miles (a three-hour drive) from your home. If you're traveling by plane, fly nonstop whenever possible. "The sooner you get to your destination, the sooner your relaxation begins," Groff says.
Stress-Busting Strategies
The economic downturn is also adding to workers' stress levels. Nearly a third of the respondents (31%) are worried by how the economy is affecting their workplaces, and 34% said they feel pressure to improve their performance for fear of being laid off.
With 55% of respondents admitted to being "burned out" by work, stress and fatigue add another threat to vacations. Experts say you can prevent the threat in the following ways:
Start small. "Start with an afternoon off to do something you really enjoy, even if it's just a walk at the beach or a visit to a farmer's market," says Beth A. Levin, author of "Making a Richer, More Fulfilling Life a Reality."
If planning is a burden, don't. "Instead of planning a vacation, just take time off to be at home and figure it out each day as you go," the Sindells suggest.
Enlist back-up support. Ask a trusted coworker to back you up while you're away and offer to return the favor, Bywater suggests. "It's much easier to relax when you know someone's got you covered."
Choose according to what you need. You may need a peaceful retreat from stress, or you may benefit from something more active and exciting. "Avoid the kind of vacation that will leave you even more exhausted than before," she adds.
Give yourself a deadline. "Stop thinking about it and just do it," says Bywater. "Think of it as 'doctor's orders.'"
Source : http://hotjobs.promotions.yahoo.com/
According to the annual Yahoo! HotJobs vacation survey, 51% of respondents said they plan to skip taking a vacation this year, opting to save money instead.
Not a Frivolous Matter
"Vacations are usually the first thing to go when people feel job or economic pressure," says Joe Robinson, a trainer in work-life balance and author of "Work to Live." He continues, "We're programmed to believe that free time is worthless, a frill to shove aside, but vacations are as important as watching your cholesterol or getting exercise."
Skipping a vacation can also be bad for your employer.
Milo and Thuy Sindell, founders of Hit the Ground Running and authors of "Job Spa," say, "You are not helpful to the company and your coworkers when you are not operating at full capacity. Vacations help you to get rejuvenated to come back to work at full capacity."
Make It Work With Less
For those tempted to skip vacation this year due to financial worries, experts recommend the following tips:
Remind yourself: Vacation is not a luxury. "You owe it to yourself, your family, and your company to take care of yourself by stepping out of the office for at least a few days at a time," says Liz Bywater, president of the Bywater Consulting Group, which helps improve organizational performance.
Put aside some funds each week. "Even $50 a week [or less] can add up and make your trip happen," says Robinson.
Plan leisure activities near home. "Stay at home and read, garden, hike, jog, bike, or whatever you like to do but never have enough time for during the weekends," say the Sindells. "Or be a tourist in your own city."
Try home-swapping. You can swap with someone you know in another city, or use an online service, such as homexchange.com or even vrbo.com (Vacation Rentals by Owner). "It can have the look and feel of a vacation at a much more affordable housing cost than paying for hotel or resort lodging," says Michael Haubrich, president of Financial Service Group and an expert in financial planning for career issues.
Keep the itinerary simple. Travel columnist Donald D. Groff recommends selecting a destination within 200 miles (a three-hour drive) from your home. If you're traveling by plane, fly nonstop whenever possible. "The sooner you get to your destination, the sooner your relaxation begins," Groff says.
Stress-Busting Strategies
The economic downturn is also adding to workers' stress levels. Nearly a third of the respondents (31%) are worried by how the economy is affecting their workplaces, and 34% said they feel pressure to improve their performance for fear of being laid off.
With 55% of respondents admitted to being "burned out" by work, stress and fatigue add another threat to vacations. Experts say you can prevent the threat in the following ways:
Start small. "Start with an afternoon off to do something you really enjoy, even if it's just a walk at the beach or a visit to a farmer's market," says Beth A. Levin, author of "Making a Richer, More Fulfilling Life a Reality."
If planning is a burden, don't. "Instead of planning a vacation, just take time off to be at home and figure it out each day as you go," the Sindells suggest.
Enlist back-up support. Ask a trusted coworker to back you up while you're away and offer to return the favor, Bywater suggests. "It's much easier to relax when you know someone's got you covered."
Choose according to what you need. You may need a peaceful retreat from stress, or you may benefit from something more active and exciting. "Avoid the kind of vacation that will leave you even more exhausted than before," she adds.
Give yourself a deadline. "Stop thinking about it and just do it," says Bywater. "Think of it as 'doctor's orders.'"
Source : http://hotjobs.promotions.yahoo.com/
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