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Jewish World Review
Are you saving too much?
By
Reid Kanaley
http://www.JewishWorldReview.com | (MCT)
We are not a nation of savers. But can some individuals and families be "oversaving"? A few advice-givers contend that is the case, putting oversaving in a league with hoarding.
Could you oversave for retirement? That surprising question is answered with a yes in a Morningstar report that's described in this post on Yahoo Finance. Financial advisers and retirement calculators "often rely on a generic formula that could lead some workers to oversave for their golden years by as much as 20 percent," according to the post. The gist of the Morningstar report: Assumptions about how much income you'll need from a retirement account, how much inflation will increase that need, and how long you'll live are often way overestimated. But Yahoo Finance writer Mandi Woodruff goes on to note that while experts call for more saving, the unfortunate fact is "most Americans aren't saving enough for retirement." http://goo.gl/MDo2Ty
Savings aren't just for retirement, and oversaving is probably not your problem. In that case, putting money aside is a sane way to meet big expenses without borrowing. AmericaSaves.org has a trove of tips for saving money. The site is funded by a group of nonprofits and banks. Tips listed on this page include setting aside loose change and asking "your local electric or gas utility for a free or low-cost home energy audit." http://goo.gl/glnW2C
Another AmericaSaves page enlists young people to take the Young America Saves Pledge and begin saving toward specific goals college, a car by putting aside a "realistic" amount of money each month. http://goo.gl/iAt828
Are some retirees so set in their ways that they continue saving money when they no longer need to? This post at FinancialSamurai.com, a site by early retiree Sam Dogen, outlines how "prodigious savers can break our financial habits." Dogen's site promises tools for "slicing through money's mysteries." One of his surprising points is to reconsider how long you'll live. Keeping a shorter life span in mind could free you up to spend more, he contends. If that sounds a bit dicey, remember that Dogen is talking to hoarders who need to be jolted from their oversaving ways. http://goo.gl/X5J3JF
BusinessInsider.com carried a post earlier this year that maintains "there's a point when saving does more financial harm than good." In short, writer Alan Moore says: "Although retirement is the goal we talk about most often, travel, new car purchases, paying for kids' college expenses, and leaving a bequest are all perfectly good long-term goals, too. If you save enough to meet those goals, saving additional money is oversaving." http://goo.gl/irMm7d
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Previously:
Money issues for couples and singles
The gift card, from all angles
Brushing up your likability in the job hunt
'Affordable' care drives consumers to FSAs
Good retirement advice at any age
It pays to stay vigilant about your retirement funds
Dollars and sense on the Web
Raising children without going broke
Past and present of labor laws
Avoid money mistakes when planning vacation
Some advice needs more than a grain of salt
A realistic approach to downsiznig your life
Best, worst decisions in business
Sites to help you set financial goals
Building credit from ground up
A housing bubble? What the Web says
Help your kids get money-wise
Advice for the long-term unemployed
Read up on financing before buying a car
Ways for investors to get in the know
Lowering stress at tax time
Debate swirls over minimum wage
Get in touch with your future self
Retirement funds melt away
Finding a way to pay for college
Keeping financial resolutions on track
Learning from your financial mistakes
Vetting your investment adviser
Personal-finance gems
Maintaining your credit score
How the drought affects your budget
Will you will?
Working from home
Selling a home
Why bother with a 401(k)?
Social Security and other delayed gratifications
With rates low, think about refinancing a mortgage
Watching your bank
Saving better, behaving better
Car buying, car selling
The cost of budgeting
Saving money on wireless bills
The case for paying cash
Finding, fixing your credit score
Time to start looking for summer jobs
Saving for retirement
Steps to take to avoid an audit
The most expensive things in life
Resources for budding entrepreneurs
For money decisions, should logic or emotion lead the way?
Navigating real estate industry
Getting the most out of your job search
Set a plan to repair finances
Keeping personal data secure
Income equality
Online moves may help lower your taxes
Death and money
Retirement planning in unusual times
The European Central Bank
Using social media as networks
Enrolling or changing Medicare
Scrape up health care savings
Dust off the old stamp collection
Protect yourself
When your job is at risk
The jobs are out there
Reacting to new bank fees
The daunting task of funding retirement
Managing money
Analyzing the debt debate
Money wasters
How your salary measures up
Watch out for that (financial) banana peel
How to navigate earnings season
Examining exchange-traded funds
Adjusting investments a delicate balancing act
How banks match up
The psychology of investing
Retirement planning for all ages
Get up to speed on cellphones, service plans
Getting a job
How to select a financial planner
Cut down on gas prices
Protecting your online data
Research individual health care policies
Help with individual health insurance
Tax time nears
Resources for retirement
How to ask for a raise
Pros, cons and costs of insurance
Catching business videos online
Avoiding, or recovering from, career mistakes
Making sense of ETFs
All about macroeconomics
Financial aid for returning students
Plumb Web for wisdom on paying for college
Give 'til it helps, your taxes
Take action in 2010 to affect tax outcome
Know the warning signs of impending financial crisis
How to identify, make and pursue opportunity
For richer, for poorer, but hopefully richer
How elections will affect your bottom line
Estate planning distasteful, but necessary
Is college worth the cost?
The pros and cons of early retirement
Decide for yourself if recession is over
Get advice on paying student loans
Find resources to help start a company
Research inflation, deflation to set investment strategy
Pick best app to manage finances
Learn when to refinance mortgage
Options, obstacles complicate seniors' housing
Educate yourself on fiscal, monetary policy
Check out brokers before handing over money
Boning up on exchange-traded funds
Are you paid enough?
Everything you need to know about death and taxes
Social lending cuts banks out of equation
Resources for saving money on summer vacation
Scouting out job opportunities on the Web
Get informed on 401(k) rules
Buy or rent?
Web resources for managing credit
Sites to guide you through headhunting process
Social insecurity
Better work habits
Seek aid online when filing taxes at the last minute
How to save money, or waste it, with a home garden
Web sites to explain the mysteries of inflation
Part-time problems
Tax help
Raise, promotion or new job strategies
Early retirement info on the Web
Self-promotion may be the key to landing that job
Helpful college financial aid sites
Money minders
In a dispute with the IRS?
Tips on how to sell stuff online
W-shaped recovery
Get control of your credit history
Teaching children about the value of money
Facing foreclosure
Just DIY
Starting your own business
Some help for the sandwich generation
Trying not to overqualify
The art of the deal
How to save money
Paying for college
Hanging onto your job
Got game? These sites got cheats
Who are you?
Online power tools
Here's how
Crazy contraptions
Turtles away!
Poetry in action
In the news
That's life
Download this
Nature blogs spring to life
That was then; this is now
Is your number up?
Listen up
“300” more than Ancient history
Looking for E.T.
Put on a smiley face :-)
Speaking of accents
In the news
AnsaThat finds its answer
On top of the world
Another day, another dollar
Prank you very much
How much is enough?
Sound off
Readers have questions, concerns
Quick, give me a word
Driving you crazy
The joy of Bob Ross
Online goes prime time
You don't need to know this
Remembering the creator of Scooby-Doo
Do-it-yourself art
‘Leave me alone!’
Special deliveries
Weight-loss journeys
Daily routines
Working without a map
Just you watch!
New year, new diet
Your mail answered
Chatting: Central characters
Wonders never cease
Secret messages
For your consideration
Freaky food forays
Best of 2006 online
Missed marketing
H.G. Wells� legacy endures
A quest for dragons
E-mails you've sent
In the news
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Websites that help you find books that are right for you
Coping with illness
Some serious face time
Some serious face time
In reply to your e-mail ...
Turn your handwriting into a computer-based font that will allow you to churn out homespun greetings
Music for everyone
'Elusive planet' can be viewed clearly from Earth with the naked eye
Central characters
E-mail @ 35
Idle chatter
Funny money
Classic artwork in motion
For an unusual Thanksgiving
Your slip is showing
Best of the worst
Test your mind power
Remain anonymous
© The Philadelphia Inquirer. Distributed by McClatchy-Tribune Information Services.
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