will your retirement pay be enough to support you?

Retirement

Allow us to assess your readiness-to-retire. We identify the tools to improve your readiness. J. Darden Insurance & Financial Services is a full-service agent/broker offers you the best value for your money.

You have worked hard for your money – and we seek to grow your returns while reducing your risk.

Education

Speak with our trusted advisors to accurately assess what they wish to achieve in order to provide guidance and practical objectives to help their family reach their personal, professional, financial, and academic goals.

Quick Facts:

• Borrowed money, including student loans covered 21% of college costs.

• 34% of students borrowed to pay for college, covering 8% of costs.

(source: SallieMae.com)

Investing May Help You Retire Comfortably

 Everyone needs to stop working eventually. This means that there will come a point in time when your income will have to come from something other than your job. In an ideal world, we would all have started planning for old age the moment we received our first salary. Unfortunately, preparing for a financially comfortable retirement is not a priority for most of us.

Buying a House for Retirement?

If you’re buying a new house for retirement, it’s important to consider certain factors. This purchase may call for even more careful consideration than your first home because your house for retirement will need to potentially meet your changing needs as you age. If you’re wondering what to look for when buying a retirement home, consider these three factors in your decision-making process.

• Housing Costs Beyond Your Mortgage
• The Lasting Livability of Your Home
• Location

Steps to Better Income Budgeting

 Step 1: Figure Out Your Goals

What are your dreams for the next few months? How about the next few years? Are you planning to further your education, get a new car or buy your first house? Write down the plans that are the most important to you, along with a realistic guess of how long it will take you to get there. Keep this list handy, we’ll return to it in another step.

Step 2: Calculate Your Income and Expenses

In a budget, your monthly income is the amount you take home in each paycheck (not your total annual salary), as well as other amounts you may receive regularly, like freelance income, investment dividends, interest and child support. That’s what you’ve got to spend. Next, add up your regular monthly expenses. Include the cost of housing, utilities, childcare, phone and Internet service, food, student loans, insurance, and transportation or commuting costs, and any other regular bills. Next come the discretionary expenses, or those that are optional or flexible. Your discretionary items include entertainment, dining out, vacations, hobbies, etc. Don’t forget to anticipate costs that aren’t monthly but pop up regularly, like car maintenance, home repair and holiday spending. To refresh your memory, review your bank statements and receipts to identify expenses you may have left out.

Step 3: See What’s Left

Once subtract your monthly expenses from your monthly income, it’s time to decide how to spend what’s left. Look back to the goals you identified in Step 1. Let’s say your income is $3,000 a month and your expenses are $2,600. With the remaining $400, you could save $100 each month for a new home, and deposit another $100 in a tax-advantaged retirement savings account. Whatever your choices, your budget can help you take control of your financial future.

If your monthly expenses are more than your monthly income, you’ll need to revise your spending habits so you can live within your means. Review your list of discretionary expenses and see if it’s possible to cut back by, say, eating out less or spending less on vacations or costly hobbies. This type of assessment and spending readjustment can help you enjoy the money you have without worrying about running up debt.