Retirement Starts Early if You Desire to Retire With Money

Perhaps it is looking toward the future in terms of insurance, planning for college and other issues such as this also gets your mind moving on how you will be ready when retirement gets here.

But if we were able to step back above our lives, the best time to start preparing for retirement is not the middle age years. Retirement planning experts tell us that if young people in their twenties or even teens can start putting a little bit back toward retirement, the rewards when they reach their golden years will be phenomenal. If a youth in his early twenties or teens were to just put one percent of what they make back, and that money stayed in some form of investment vehicle that would grow into a retirement account, the growth between the time of investment and retirement at 60 or 65 can be explosive even at a modest interest rate.

Unfortunately, few young people are looking that far ahead when they are in their early adult lives. That is a time when the transition from teen years to family life is pretty all consuming. So it might be the responsibility of parents and older advisors to help youth see the value of starting to work on their retirement savings well in advance so they have a well developed program when their retirement years come along.

One of the best places for a young person to start their retirement program is with the 401k or retirement benefits at their job. Now, in the last decade, many businesses have eliminated retirement benefits where the company pays for the retirement. But if the young person works for a company that offers 401K, they can set aside a percentage of their income and it will be put into a retirement fund before taxes. Moreover, often the company will match the funds up to dollar for dollar and the company will manage the investment of the funds as well.

The outcome is a healthy and rapidly growing fund that starts out with an immediate doubling of the invested funds and then grows steadily over the years as more is put into the fund with each paycheck. The young worker gets used to the retirement money coming out so they adjust their budget to live without it. And without giving retirement much more thought than that, within a few decades, the 401K can evolve into a very impressive retirement account to be sure.

If you are a young person and you are considering if you might think about starting a retirement account, congratulations. You are one of just a few people who have the foresight to think about retirement this early in life. And by starting now, you take advantage of the thing that is your greatest asset is time. Because if you only put a little bit back, that can grow and grow and grow and become a sizeable retirement nest egg for you and your spouse even if he or she is the spouse off in your future.

Wayne Miller has written two e-books and has traded serious money inside different stock and commodity markets. One is called The US Financial Crisis of 2007-2007 and the other e-book is called Opportunity of a Lifetime. Top Ten Books Blog for Top Ten Book

Credit Repair Essential Guidelines

The Answers You Need

How long can derogatory items remain on your report? How can you spot the items that should be removed? Nationally recognized credit repair expert, Jim Kemish, offers a powerful overview of the most important credit repair guidelines.

Let's Get to Work!

We speak with people all day long about their credit reports. Here is a review of the most common questions that we encounter, as well as guidance on understanding and resolving the related issues. These details, if properly understood and acted on, can make a significant difference in your credit score.

Chapter 7 Bankruptcy

A discharged Chapter 7 bankruptcy will show in the Public Records section of your credit report for 10 years from the initial filing date � please note that the filing date is different from, and prior to, your discharge date.

Debts that are discharged in a bankruptcy can continue to report for seven years. It is important to note that once a debt is discharged it should not report with a past due balance, or in a charge off or collection status.

Dismissed Chapter 7 bankruptcies will report for ten years. A dismissed bankruptcy is a bankruptcy which was filed and thereafter cancelled or disallowed.

Chapter 13 Bankruptcy

A Chapter 13 bankruptcy which has been completed will continue to report for seven years from the initial filing date, rather than the discharge date.

A Chapter 13 bankruptcy which was not completed will continue to report for seven years from the initial filing date.

Bankruptcy and the Fair Credit Reporting Act � A Legal Note

It may be of interest to note that the only reference to bankruptcy in the Fair Credit Reporting Act is a blanket rule that limits the reporting time to 10 years following the filing date. See � 605. [15 U.S.C. �1681c] (a). The credit bureaus, however, voluntarily make exceptions for Chapter 13 bankruptcies as noted above.

Collections - Overview

Collections are unique for the reason that they typically change hands, often several times during their lifetime. Important credit repair tip! Please note that only one collector at a time can legally report the debt; and only the collector that owns the debt can legally report it. All duplicate collection accounts for the same debt should be deleted from your credit report.

Collections can report for seven years from the original default date. The original default date is defined as the first time that you missed a scheduled payment. The original default date cannot be reset, and the reporting period cannot be extended by subsequent collectors.

Collections of Charged Off Accounts

Collections of charged off accounts have a slightly different reporting period than other collections. Charged off accounts can continue to show on your credit report for seven years plus 180 days from the date of original default, as defined above. This means that this extended reporting period does not start with the charge off date, but rather with the earlier default date.

Once a creditor has passed a charged off account to a collector, the original creditor cannot report the charged off amount as a past due balance. The balance should report as zero; the charged off amount may report on a separate line.

Unpaid Judgments

Unpaid judgments can continue to report for seven years or until the governing state statute of limitation has expired. You need to check your state statute of limitations to know for sure. State statute of limitations for judgments range from 4 years (PA) to 21 years (OH), and in some cases may be renewed one or more times.

Paid Judgments

Paid judgments can report for seven years from the initial filing date. This is handy to know if you are in a credit repair program; you may quickly remove a judgment from your report if you are willing to pay it, as long as the original filing date is seven years old. For legal support see FTC Official Staff Commentary � 605(a)(2): �Paid judgments cannot be reported for more than seven years after the judgment was entered, because payment of the judgment eliminates any "governing statute of limitations'' under this subsection that might otherwise lengthen the period.�

Tax Liens

Paid tax liens may not report more than seven years beyond the date of payment. Unpaid tax liens may report as long as they are in effect. If you are in doubt consult a CPA or tax attorney.

Student Loans

Late payments on your student loans will cease reporting after seven years. Defaulted student loans are another story�

A 1991 amendment to the Higher U.S. Department of Education Act lifted all time limits for collection of student loans. The reporting of defaulted student loans on your credit report can now go on forever. In addition, a 1998 change in federal law made it virtually impossible to discharge a student loan in bankruptcy.

If you are in default on a student loan you are well advised to address the issue, sooner rather than later. Fortunately, there are excellent rehabilitation and consolidation programs now available to everyone. These programs offer affordable repayment options and can even erase the default status from your credit report! This can prove to be a painless and powerful step for anyone in a credit repair program. Explore your options today with the Student Loan Ombudsman Office at (877) 557-2575.

Copyright 2007 James W. Kemish. All Content. All Rights Reserved.

Jim Kemish, a nationally recognized credit repair and restoration expert, is the president of Sky Blue Credit, a leading credit repair business since 1989. For more information visit http://www.skybluecredit.com