By wolfgang Münchau
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Call the banks that issue your cards and ask them for a lower rate. ■ Check out a credit card consolidation loan or transfer your balances to a new account at a lower rate. ■ Make your top priority paying off the accounts with the highest rates first. No investment can compete with the return you’ll get by paying off loans that charge upwards of 18 percent interest. CHAPTER 4 DETERMINING YOUR ANNUAL 401(K) PLAN CONTRIBUTION I N T H I S C HAPT E R: ■ Knowing what you can expect from Social Security ■ Knowing how much your pension will provide after inflation ■ Figuring out how much you need to save before retirement ■ Figuring out how much you need to contribute ■ Understanding 401(k) contribution limits After you determine your net worth and how much money you need each year in retirement (as explained in Chapter 3), you can figure out exactly what meeting your annual retirement income goal will take.
Chapter 4: Determining Your Annual 401(k) Plan Contribution 41 A 10 percent return allows a much smaller initial savings to provide for a 25 year retirement than if investments return 6 percent. Figure 4-1: 450000 Savings Remaining 400000 350000 300000 6% return 250000 200000 10% return 150000 100000 50000 0 1 4 7 10 13 16 19 22 25 Years into Retirement So what return should you plan on getting after retirement? Although planning on a 10 percent return on investments during your career is reasonable, you probably want to lower this to an 8 percent return after retirement because you’ll want to reduce your exposure to market risk.
Or you may find that your assets are greater than you thought, but they are concentrated in areas that aren’t providing much of a return. To figure out your net worth, you first need to calculate your assets. Fill out the worksheet shown in Table 3-1 to determine your assets. List all of your assets and their current value — that is, not what you paid for them nor what you hope they will be worth ten years from now, but what they are worth today. These are some typical assets you may have: 24 CliffsNotes Investing in 401(k)s ■ Ready cash and deposits such as checking accounts, savings accounts, money market funds, certificates of deposit (CDs), and just plain cash ■ Investments such as government bonds, bills, and notes, corporate stocks and bonds, mutual funds, cash value of life insurance policies, and real estate ■ Tangible assets, such as your home, automobiles, boats, jewelry, antiques, artwork, and home furnishings You can approximate; you don’t have to have your house and cars appraised unless you really want an exact figure.