7 Steps to a Comfortable Retirement

Retirement is a period when we are free from most societal obligations, and we can choose to live out our lives doing what we want.   

Comfortable Retirement

It is also a precarious period that requires careful planning and adequate foresight. Whether you choose to work part-time, travel the world, or spend your days with your family, you want to have resources in place to adequately fund your desired retirement.   

There is no general rule as to when you should start preparing for your retirement, though starting early can make a significant difference in how much you can accumulate. 

Regardless of how close or how far your retirement date is, here are seven steps you can take to ensure a comfortable retirement. 

Know Your Financial Status

Before you can begin making plans for your retirement, you need first to know your level of financial security. 

Having an in-depth knowledge of your financial status will allow you to determine the feasibility of your envisioned retirement plan. 

It provides a clear report that helps you know if you are on the right track, if you need to increase your savings and investments or if your retirement plan needs significant adjustments. 

Write Down Your Financial Goals

It is one thing to know what you want your retirement to be like, and it is another thing to be fully prepared for it financially. 

It is vital to write down what you want to have achieved by the time you retire. Your financial goals can include the amount of money that should be in your savings account, your monthly income, or what the value of your assets will be when you retire. 

It is advisable to seek the help of a financial planner in Newcastle to assist you in formulating your retirement goals. 

Not only will a financial planner help you to set achievable goals, but they will also get you on the right path to achieving them.

Plan for Unforeseen Expenses

Retiring from work does not necessarily mean that expenses, big and small, would stop coming up.  

Not having a good plan in place for these expenses would significantly derail your retirement plan, regardless of how painstakingly detailed it is.  

Getting insurance for your life, healthcare, and properties is an excellent way to prepare for these future expenses.  

When shopping for an insurance plan, take the premium rate and terms and conditions for a payout into account.  

Find Avenues for Saving

You should regularly set aside a certain percentage of your income as your retirement funds. The ideal amount is between 10% and 15%.  

Many employers offer a contributions account where you can deposit a fraction of your salary, which they match with the same percentage.  

If you have already been saving money, it is a good idea to increase the money you save as your retirement date draws nearer.  

Take advantage of every savings scheme provided by the government, your employer, or financial institutions that would be of benefit to you.  

Pay Off Your Debt

Debt repayments can eat away your retirement funds and hinder the fulfillment of your financial goals, thereby derailing your retirement plan.  

If possible, strive to pay off all debts, especially your mortgage and credit card bills. Review your payment plan and try to complete your repayments before you go on retirement. 

Having a clean sheet will enable you to plan adequately for your retirement and allow you to save more. 

Draw Up A Budget

To put a significant amount into your savings, you might need to evaluate your expenses and cut costs where possible.

Draw up a budget detailing your monthly income, expenses – both necessities and non-necessities, bills, and taxes.

Look at your expenditure and try to figure out how you can reduce your expenses. Finetune your budget until you arrive at a conclusion where you get to cut costs, save money for your retirement, and still maintain an adequate state of living. 

Invest Your Funds

While you can make do with setting money aside for your retirement, investing your funds can yield significant returns, which will further boost your portfolio. 

Talk to a financial advisor about profitable investments with manageable risk levels before you start investing your money. 

Without careful planning and informed strategies, you run a risk of losing some or all your funds. However, if done right, a couple of investment options in your portfolio can provide enough resources that will help cater to your retirement.


Enter the Financial Workforce this 2019 with a Bang!

You would like to work with the best finance recruiters. You have dreamed about this and you have planned this for months. There is no reason why this will not be possible. The important thing is that you will set your priorities straight. Obviously, your goals regarding what you want to achieve this year should be clear.

There are different people who may be working in another department who would suddenly want to work in finance. The different technology upgrades have sparked a lot of changes. There are some things that are more developed now as compared to before. All you have to do is to make sure that you have the right skills in knowledge to last in finance.

To work in the finance department, you need to love numbers. If numbers fascinate you and you find joy in being able to solve complex problems and situations, finding a job in the finance department may be the right path for you. You can increase your chances of securing the job position that you want with the help of Chicago finance recruiters. They will give you tips and will give you new insights that can make finding a job less complicated.

Do Not Expect that You Will Find a Job Immediately

This is one of the mistakes that people make in finding the right job position in the finance department. They assume that with just a little bit of effort, they will get the job that they want. It takes more than that. You need to become more realistic. Think about your skills, your age, your qualifications, and so much more. With all of the things that you can offer, will you really be the first choice of your dream company to work for? The more that you set your expectations realistically, the less heartbreak you will experience.

Invest in a Financial Recruiter

The path to finding the right job in the financial department is already going to be hard. You can increase your chances of getting noticed through accounting recruiters los angeles. You can always find a recruiting company that can take you in. They would look into your qualifications and skills too. After all, they only want to offer the best potential employees to companies who trust them. Having a financial recruiter will allow you to have exclusive access to some interviews.

There are already different people who have acquired the finance jobs that they want with the help of recruiters. Who knows, you may get your dream job too this year.

Submit Your Application at the Right Time

What if you submit your application and you realize that you cannot attend the interview? You are recommended to start applying for a job when you are on vacation. This way, you do not have to worry about your tasks and responsibilities in the office. You will also have more time to fix your resume and improve your skills. Doing these things will help you get the right job for you this year.


The Nature and Procedure of E-taxation

In the modern time, each and every sector of Indian economy has the influence and facility by means of the internet. Income tax department is also committed to providing the hassle-free approach to the tax-payers for filling their return and submission.

The Nature and Procedure of E-taxation 3

E-taxation or termed as the trans-organizational process has brought a radical change in filling return under GST. In our busy schedule, every individual likes to file their tax return with the guidance of experienced accountants to avoid difficulties and time-consuming issues. But newly launched software for GST India is successfully offering assistance to the taxpayers to file their return within the scheduled due dates.

This process suggests managerial, semantic and methodical interoperability, service-oriented design etc. Reformed return forms have been developed by the Income Tax Authority which is accessible on the website of the I-T department.

Tax Inspectors need support not only for testing the accounting figures of taxpayers but also for contesting against illegal employment, tax dodging and security fraud at sites. The forms on the website go through the planning of the details that users need not file any supporting document to prove the validation. Submission of the return happens online at the website. E-filing also supports tax authority to process the correct workflow and maintain an electronic record and to analyze automated risk for assessing the reliability of tax returns.

According to Director of Income Tax Department, “the procedure of electronically filing Income tax returns through the internet is known as e-Filing. The developing world of electronic filing has certainly evolved during the past few years.”

Following steps, a taxpayer needs to do to submit the tax under GST

  • Register yourself

Filing of income tax returns in online is simple and easy, especially for salaried people. The first-time users need to register their PAN in the website ( before filling the return along with filling up brief personal details.

  • Fill the right IT return form

The Form ITR-1 is very simple for the salaried individuals and property owners. The taxpayers need to select the right form as per the level of income and source of salary. Few documents like Form 16 from the employer, Form 16A from the bank, investment proofs for deduction along with bank account details.

Quick e-file’ option is the best way to fill the online registration form. It saves time, removes duplicity and errors while filling the return. Click ‘XML generate’ and save the XML file. Again by clicking on “upload return” on the website, uploading happen and can submit the tax return. An acknowledgment (ITR-V) message will appear for filling the tax

  • Send your ITR-V

After signing this ITR-V, the document can be sent via post as well. Later on, the taxpayer will receive a receipt of ITR-V form and submission of the tax return will get completed.

To simplify filing of the return, GST commissioner M&E sectoral group M Srinivas has explained, “The biggest glitch now in the system is the GST returns. There is the simplification of the GST return filing. Nandan Nilekani has proposed a perfect module and there is the specific group for discussing things before the submission of the report.


CA Ruling Hits Gig Workers and Payroll Departments

A recent ruling by the California Supreme Court could ultimately bring sweeping changes to the gig economy in that state. If the ruling follows the established precedent of things starting in California before sweeping across the country, gig workers and payroll departments alike are in for some drastic changes in the months and years ahead. None of them are likely to be good.

California’s top court just ruled that “employers must treat workers who do work related to the company’s usual course of business as full-fledged employees,” according to a Wired story published on May 2. Wired business contributor Clint Finley went on to explain it this way:

If a clothing company hires an outside contractor, say a plumber, to come in and make repairs in the building, that plumber remains a contractor for employment purposes because the work performed is not related to what the company does as its core business. If that same company were to hire home-based seamstresses to contribute to the process of making clothing, they would have to be treated as regular employees entitled to minimum wage and employee benefits.

No Victory for Gig Workers

The California ruling has been hailed by worker advocates and unions as a victory for gig workers. But is it really? Perhaps not. When you stop and consider why so many gig workers continue to do what they do, the court ruling actually runs counter to their motivations.

As explained by The Conversation contributor and Villanova University assistant professor of economics Cheryl Carleton, numerous studies have shown that a large number of gig workers continued working under the gig model because they actually like what they are doing. That explains why the ranks of gig workers continue to grow.

Gig workers may get started out of necessity, but many find they prefer working as independent contractors once they’ve had a taste of it. Gig work gives them more flexibility to manage the coveted work/life balance everybody talks about. It gives them more control over what they do, when they do it, and how they will get paid for it.

What the California Supreme Court has essentially done with their ruling is remove the incentives to become a gig worker. You can bet that once employers are required to treat their contractors as regular employees, they will also start dictating exactly what those employees do. All flexibility and control will be lost. There will be no reason to continue as a gig worker.

No Victory for Payroll Departments

BenefitMall, a Utah-based online business payroll provider, says the court ruling is no victory for payroll departments either. It immediately adds more confusion to the question of how employees should be classified. Take a company like Uber, for example. They may have to classify drivers one way in California but another way in the rest of the states. They will also have to deal with the discrepancies between how California drivers are paid and how their work is controlled.

Bringing an army of gig workers onto the payroll also presents additional challenges. Payroll departments will have a heavier burden related to payroll processing, tax reporting, and withholding for various benefits programs. That says nothing of health insurance and ACA compliance through the end of the year.

If you already do business in California, be prepared for changes to the gig economy. What happens in your state will undoubtedly affect the gig economy in the remaining 49 states and the District of Columbia. It’s probably not going to be so good once it all plays out.


Tips To Overcome Major Challenges In The Finance Industry

Finances are something that is very personal. Since emotion are inextricably tied with finances, they need to discussed confidentially with experienced and trustworthy financial advisers. Here are some steps that a finance manager can take to meet the challenges that crop up in market:-

Draw and Retain Clients

As a finance or banking services provider, you have to offer some extra service to stand out from hundreds of others. Since there is little to differentiate between one financial service provider from the other, your main aim should be to connect with clients. Try to create an emotional connection with clients to understand their financial requirements. Then, come up with solutions based ideas rather than coaxing them about your products and services. Check cashing services providers should educate clients to become more efficient in money management. This in turn will broaden their customer base.

Gain a Good Know how about your Client

Things change in the business world within a span of days. The same phenomenon applies to clients. Clients these days are more knowledgeable about their finances than what they were, till a few years ago. So, as a finance manager your main aim should be to engage with clients and find out their changing needs. If a financial services provider doesn’t have a clear idea about the financial needs of clients over a year, then it is not likely to know its clients well.

Generate Confidence in the Economy

The economic crisis that shook the world economy in 2008 is still fresh in the minds of people. Large financial institutions collapsed down, and the government had to bail out many troubled banks. The housing market in the US crashed as the stock market lost value. As a financial adviser, it is your responsibility to offer clients with factual evidence that the American economy is recovering.

Use Technology that Clients Expect you to Use

Rapid technological developments have increased the expectations of clients from banks and other financial institutions. They often make use of the internet to compare the services of finance firms. Many of them are adept in handling money online. You can make use of email messages and chat interactions to interact with your clients. You need to be familiar with technological changes to stay in touch with clients more effectively.

Maintain Your Reputation

In the finance industry, it is a big challenge to control or change the reputation. At present, clients have a negative impression of most finance firms that were troubled by the economic crisis. A recent survey on consumer opinion reputation of America’s most visible companies confirmed a strong dislike for large finance firms like JPMorganChase, Bank of America, Citigroup and Goldman Sachs.

So, your priority should be to stay focused on client needs to maintain a good image about your organization in their minds. You need to stay in touch with shifts in client’s needs and come up with effective solutions.

Like any other service oriented industry, finance revolves around the trust of clients. As a finance manager, you need to observe shifts in client behaviour periodically. This will help you to ensure that the financial services and products offered by your company can satisfy client expectations.