Easily Boost Your Retirement Savings With This Simple Tip

Easily Boost Your Retirement Savings With This Simple Tip

When it comes to saving for retirement, most people aren’t saving enough—and they know it. Of those who are already saving, a Ramsey Research study found that 70% wish they could save more. That makes sense in light of the fact that only one in 10 Americans are saving the recommended 15% of their income toward their future. But planning for your retirement doesn’t have to be difficult or complicated. Increasing the size of your nest egg—and your ability to live out your dreams in your golden years—can be as simple as increasing the percentage you put toward retirement every month. Consider David and Susan to see how a simple change can make a big difference. A Little Goes a Long Way David and Susan are both 35, making the average household income of $56,000 per year. They started contributing a total of 5% of their income into their 401(k) plans last year to take advantage of the employer match offered in their plans. After meeting with their investing pro, David and Susan realize that investing 5% of their income won’t be enough to fund the family vacations they dream of taking in retirement. So they map out a plan. With the help of their pro, David and Susan set a goal to contribute 15% of their income toward retirement. That’s a big leap to make at once, so they decide to bump up their contribution to 8% this year. That’s only $140 more per month than they invest right now! The next year they’ll increase their percentage to 11%. The year after that, they’ll make a 4% jump...
3 Questions to Ask Before You Use Your Emergency Fund

3 Questions to Ask Before You Use Your Emergency Fund

You know the drill—something breaks, wears out, or costs more than you can cash flow. So where does the extra money come from? If you’re following Dave Ramsey’s seven Baby Steps, you’ve got two options: dip into your emergency fund or start a savings fund. Your emergency fund is the money you’ve saved for those unexpected costs that would otherwise blow your budget, like a midnight trip to the emergency room. Your savings fund is the money you’ve been socking away toward a future goal, like a cruise to the Bahamas. But not every situation is as clear-cut as medical bills and island getaways. So what classifies as a true budgeting emergency? It all boils down to these three simple questions: 1. Is It Unexpected? Life has a few surprises we could all live without. A job layoff is one of them. But your emergency fund should help by keeping your lights on and your belly full until you land that next dream job. And if a tornado or flood visits your neighborhood, it’s perfectly fine to use your rainy-day stash. Let it cover your insurance deductibles or other property damage your policy doesn’t cover—that’s what it’s there for. Annually reoccurring expenses, however, are not an emergency. Christmas happens on December 25 every year. So there’s no excuse not to save up before the gift-giving season hits. Same goes for back-to-school shopping. It shouldn’t come as a shock that your kids need new binders, index cards and composition notebooks every August. By saving a little each month in a savings fund, you can actually enjoy these big occasions instead...
Brandon Kennedy: Owner/Financial Consultant

Brandon Kennedy: Owner/Financial Consultant

Brandon has a passion for helping families make smart decisions about their money. He believes genuine relationships are a cornerstone of doing business the right way, and they need to be based on two foundations – trust + accountability. He takes pride in educating and helping others, and strives to live his life with integrity and Christian values. A lifelong resident of Southeastern Michigan, Brandon is a devoted husband to his high school sweetheart, Danielle. They are the proud parents of three, Logan, Henry, and Juliet, and live in Rochester Hills. Brandon is a die-hard baseball and Detroit Tigers fan, and is a supporter of local youth baseball organizations. You can also find him building things in his worksop, speaking in movie quotes, and working on cars. Brandon graduated from Oakland University, earning his Bachelor’s degree in Finance. He has also achieved the Accredited Asset Management Specialist, AAMS, which provides specialized training in providing comprehensive financial planning. He is a board and active volunteer at his local church and offers personal finance educational seminars and courses throughout the year, including Dave Ramsey’s Financial Peace University. Fun Fact: He spent 60+ hours taking rough cut Walnut lumber and building a one of kind crib for his children and hopefully grandchildren (one day). Favorite Movies: Pan’s Labyrinth, Gladiator, Fight Club Why He Loves His Job: “We help take the burden off the shoulders of families, so they can have more of the most precious asset in this world – spending time with each other.” Contact Brandon: brandon@kennedyfinancialgroup.org 248. 528.0485 For more information on this advisor click the link...