Re: old age. No money saved or to invest. CPP will be $1,100. Any solutions?
26943
It appears that the question period has expired.  If you have received an answer that meets your needs, please choose one of those as a 'best answer.'  If you haven't received a good answer for your question, you may want to consider the following,\n\n1) Re-post your question.  Newer questions get more activity on Yahoo! Answers than old ones.\n2) If you do re-post your question, consider why it wasn't answered the first time.  Could it be more specific?  Could it be worded better? Were there grammatical or spelling errors? Was it in the best category?\n\nIf it doesn't seem likely that re-posting your question will help you, then here's a listing of my favorite 'answer sites'.  Maybe one of them will help you.\n\nAnswers.com http://www.answers.com/\nBartleby http://www.bartleby.com/\nYahoo Reference http://education.yahoo.com/reference/\nHowStuffWorks http://www.howstuffworks.com/\nWikipedia http://en.wikipedia.org/wiki/Main_Page\n\nSince I really haven't answered your question, it is not necessary to give me any points.  Regards.
918937
You will get a state pension, no idea how much it is though but you wont be living the high life put it that way.
29521
Discuss your situation with a competent financial planner in your area. Do not trust anyone who tells you how much insurance you need without asking you any questions. Avoid insurance salespeople, especially ones who use a multiple of your salary approach.\n\nA good financial planner will complete a survivorship analysis for you. He/she will ask you alot of questions regarding your current financial situation and after making certain assumptions regarding rates of return and inflation, will be able to calculate your family's overall need for assets at your passing and how much of that need would be offset by assets you would have on hand. Don't forget to tell your advisor about any savings or investments you have as well as all life insurance in force, including employer provided. If there is more than enough assets already available, you do not need any additional life insurance, if not, consider purchasing more.\n\nThere is a widespread belief that term insurance is the only worthwhile way to insure oneself. This may not be the case. Term insurance is typically very inexpensive when compared to permanent forms of insurance (whole life, universal life, variable universal life, etc.) but it is important to remember that those term premiums will rise somewhere down the road. Approximately 90% of term policies never pay a death benefit, mainly due to the fact that they became too expensive to keep in force. Term insurance falls into two basic types, Yearly Renewable and Level. Yearly Renewable Term (YRT) premiums start very low. As each policy aniversary passes, your premium goes up. Each year you get older the resulting increase is a little bit larger than the previous year. It makes sense if you look at it from the insurance company's perspective; each year older you get is one year less you have left to live. Level Term will have a certain period where the premiums will remain level, usually 10, 20 or even 30 years. The longer the guarantee period the higher the premiums will be, but they will remain at the initial premium amount for the guarantee period. I prefer Level Term for my clients who need term coverage because it is a much more predictable amount to budget.\n\nPermanent insurances, while requiring higher premiums, also build a cash value, on a tax advantaged basis. If the policy is designed properly, it can make a good savings vehicle for LONG TERM investing goals. As with any important decision, the most important aspect is to get the advice of a competent, trusted professional.
1080953
Your savings should be placed in safe investments (bonds, certified deposits, or deposits protected against inflation) which will yield about 5%.\nYour yearly expenses being Rs.3,60,000 (12 x Rs30,000), the required amount of savings that would produce this income is:\nRs.3,60,000 x 20 = 72,00,000\n(multiplying by 20 is the same as dividing by 5%).\n\nThis assumes that you have a very very long retirement.\nIf you factor in the number of years you expect to live (you did not specify in your question), the amount above is reduced... however the calculation is more complex.\nAs an example, if you expect your savings to last 25 years after your husband retires, the amount becomes approximately 50 lakhs. Sounds like a lot? one thing you can do is reduce your monthly expenses (in retirement people usually spend less) and save, save, save!
743634
It's called a Personal Pension but the limits are stricter than the USA.  See an independent financial adviser and, if your situation warrants it, a Chartered or Certified Accountant.
922982
HaHa, you'll be lucky.  A small amount like that will earn you almost nothing in any building society or bank.  If its money you dont actually need to live on you'd be better off buying a few premium bonds.  At least with those, even though the chances are millions to one, you might just get something back if your number comes up. But as for any bank or society increasing profit on your investment, you chances of living to 150 are higher!! Sorry but thats how banks make a profit.
336638
I would say you are doing above average.  However average is unfortunately inadequate for the retirement that many would like to live.  Especially with Social Security being on such a shaky foundation.\n\nHowever it seems that you guys are doing pretty well.  Try using a savings calculator on ChooseToSave to make sure you are on the right track.
411705
I have heard $30, but there is a large range within that number.  The article below mentions $30 also but only as an assumed CPM.
534301
it depends on what pension you are going to get from your employer,i would say think hard and long before you decide weigh up all your outgoings and think if you could afford to retire on your pension alone ,i fell into that trap and now find that i cannot get any help from the dhss because i am above the threshold, they seem keen to hand money over to scroungers who have never worked in their lives and refugees who come over here with there demands to be fed and housed by us and people who think it is neccessary to keep producing children that they cannot support but that is okay but on the other hand if you have worked for 35 years and have to retire on ill health do not expect much support from the dhss, please think carefully before you decide you are better off doing a job that you hate than having the constant worry of when you will reach your limit on your credit card just to live on ,good luck, god bless.
10744
Wow, I just discovered that I want to do the same and I  have no steady income and two school age children, My plan is to slowly save money (his money) and then move on.  It will not be easy but I have faith that the misery of it all will pass and you and I will be fine. Life is about change and as my famous artis Anita Baker once said in "I'd rather lose you than to lose my mind."  Good luck
147476
Watch out for some of these answers. 20% return (with no time frame mentioned...hmmm) with little risk is not realistic. A private equipment leasing investment is a huge risk, not only if construction slows and business drops off, but there is zero transparency, who are they?\n\nHigh yield (junk) bonds aren't a terrible idea, but only for a portion of your money, not all. What you have to ask yourself is:\n\nDo I already have a sufficient emergency fund (3 months worht of expenses, min) set aside NOT counting the 9Gs? If so, you can invest for the longer term. If not, find a good money market account (INGDirect or HSBC Direct) and plug enough of the $9,000 in there to make up the 3 months. Depending on your expenses you may need to add money to $9,000.\n\nOnce your emergency fund is taken care of, you can invest the rest. You now have to ask yourself (or have a financial planner ask you) what am I saving this money for? Is it ok to lock it up for retirement or do I expect to use these funds to buy a house in 5 years or send someone to school 16 years from now? Your time horizon(how long you have to stay invested) is the single largest determinant of how much risk can be built into your portfolio through asset allocation. Your attitudes towards risk will fine tune your allocations. A competent financial planner can help you through this process.\n\nALSO, AVOID these spammers talking about Daily12 or Swisscash or any other pyramid scheme. They're garbage.
85379
Chow, you don't know what you are talking about. Why did you answer this question?!?\n\nInsurance can be purchased in some cases up to age 85. yes, it will be expensive and difficult to qualify for, but there may be underlying reasons to consider it. Without knowing the details of your situation no one can make that call.\n\nRich does have a good point about LTC.
917637
check this out I have £20.000 of debt then an £90.000 mortgage, a flat that is worth £115.000 if sold, no job and a car with half a tank of petrol and a boot full of tools oh and £0.25 cash, and to top the lot I used rapid restart on the jobseekers allowance after having two weeks work and have to wait 3 weeks to sign on then a further week for the money, hardley surviving on bits of cash paid work. Thanks a bunch Ben French. Would you be annoyed watching 12 years hard graft go down the swanny. 30 years old 35 years before retirement and the whole flat measures 17'x17' this diabolical and I earn good money when I can = £28000 to 35000 a year, so much for electricians.
933501
I received a similar amount from my deceased parents estate.\n90% is being invested for mine and my family's future. But with about 10% I bought some things I really wanted for myself and my family. I tried not to waste it on little things like Cd's that I could work into my weekly budget, but instead got the kids new beds and a few things we had been wanting for a while. This computer was one of those purchases, and we took a family holiday on the Indian Pacific train across Australia. \nAfter losing both my parents in recent years I needed some retail therapy, but I still have the rest of my life to think about and kids to provide for. So investment is the wisest  thing to do with a lump of cash like that, no matter where it comes from.
1132563
Go to a financial advisor.  Invest wisely, and consult with individuals about the best way to add longevity to the wealth.  If you hide your money and don't pay taxes, you're being dishonest... eventually someone will find out and the punishment will take away more money than you would have had to have paid in anyway.
978603
First of all get a long term retirement fund and contribute to it regularly... even just $20 a week. Don't touch that money under any circumstances. Now at the same time start to put money away for short term goals. Don't get into the credit card trap of paying 10-25% interest on things you really don't want or need. Spend less than you earn. Consider the value of your purchases not the wants... concentrate on needs. You have alot of choices as a consumer. Will you be happy driving a 2007 Hyundai for $15,000 or must you have that $34,000 Chrysler??? Do you need a cell phone and a home phone? You can save $30+ by going with one or the other. Do you frequently buy books and magazines that you can get from your local library for free? Are you paying bank fees for checking??? Do you shop around for pricing on purchases before you buy? Do you go out to eat every day at lunch??? It's all about value. The more you spend, the less you'll have. Common sense isn't always common. Read books about millionaires from your library and you'll find ways that you can join those ranks. I am not suggesting you go without treats. Hey, you work hard for your money. What I am saying is not to forget the future because it'll be here before you know it. You don't need a $1,000,000 home. Live within your means and you'll have a much happier life and lifestyle without the worry.
955222
Way too complicated for an answer here, me thinks.  Spend the cash for a good CPA or Comptroller.