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How much do I need to save?

CharlesSimsJr-160Many Americans realize the importance of saving for retirement, but knowing exactly how much they need to save is another issue altogether. With all the information available about retirement, it is sometimes difficult to decipher what is appropriate for your specific situation.

One rule of thumb is that retirees will need approximately 80 percent of their pre-retirement salaries to maintain their lifestyles in retirement. However, depending on your own situation and the type of retirement you hope to have, that number may be higher or lower.

Here are some factors to consider when determining a retirement savings goal.

 

Frontier Airlines returns to Memphis

frontier-400The Memphis-Shelby County Airport Authority and Frontier Airlines on Wednesday announced that the Denver-based airlines will once again provide air service to the Memphis International Airport beginning March 2014.

"Today's exciting announcement from Frontier Airlines is the beginning of a new era of affordable airfare choices for our passengers," said Jack Sammons, chairman of the Memphis-Shelby County Airport Authority Board of Commissioners. "I am confident Frontier's direct service to Denver will be warmly embraced by passengers in our region."

Frontier's service in Memphis will feature four weekly nonstop flights to Denver, and opens up connections to 12 different western cities, including San Francisco, Seattle/Tacoma, Phoenix, San Diego, Las Vegas, Los Angeles, and Portland.

Living legends have a wealth of knowledge

turner-200ON OUR WAY TO WEALTHY: I recently had an opportunity to see "Lee Daniels' The Butler" and it was moving. One of the things that impacted me was observing how various moments in history could be seen and experienced from so many different perspectives.

I also realized that I did not have to go see Daniel's fine work to hear actual stories about the civil rights experience.

Influencers of the civil rights movement abound in Memphis. Among them is Tri-State Bank President Jesse H. Turner Jr., whose experience frequently gets overlooked by documenters of Memphis history. He was the first to integrate a high school in the city of Memphis, breaking the barrier at Christian Brothers High School (CBHS) in 1963.

National online furniture retailer ushers in flagship showroom

decadentavenue-350Decadent Avenue, an e-commerce retailer of fine furniture, will open its first North American retail showroom in East Memphis on Nov 1, with the Greater Memphis Chamber holding a ribbon cutting ceremony at 10 a.m.

"We are excited to make Memphis the home base for what will be many more showrooms throughout North America," said Neil Phillips, co-founder of Decadent Avenue.

To celebrate the move into the Memphis area (888 South White Station Rd.), a portion of the opening-weekend proceeds will be donated to Le Bonheur Children's Hospital to assist the hospital in its mission to provide Memphis-area children with a healthier, safer childhood.

Me, my church and a wealth replacement trust

CharlesSimsJr-160MONEY MATTERS: Charitable giving can be a rewarding experience by allowing you to both give and receive. To enjoy the benefits of charitable giving, you can use a variety of strategies.

Charitable remainder trusts – the basics

To establish a charitable remainder trust, you transfer appreciated property to an irrevocable trust and designate the charity of your choice as the beneficiary of the trust. The property within the trust is then sold and reinvested to provide income. You retain a lifetime interest in the income generated by the trust, and when the trust expires at your death, the property within the trust is transferred to the charitable organization.

Teach your children well

CharlesSimsJr-160In a recent survey of Generation Z (ages 13 to 22), 39 percent of teens and young adults said they expect to receive an inheritance and therefore don't need to worry about saving for retirement! However, only 16 percent of Gen Z parents expect to provide an inheritance – and there's no guarantee that an inheritance would be sufficient to replace retirement savings.

This disconnect between expectation and reality highlights the need for financial literacy among young people. Teaching children about finances not only may help them handle their own financial matters but could encourage academic engagement and pursuit of higher education.

Here are some steps to help develop your children's financial knowledge.

 

Women and retirement investing

CharlesSimsJr-160Career opportunities for women have expanded greatly over the last couple of decades. Yet during their lifetimes, women still earn less money than men, primarily because they take time off from their jobs to care for children or aging parents.

Women also have longer life spans than men, so they may need to fund additional years in retirement with fewer financial resources. One study found that the average retirement savings for a woman aged 65 to 69 was about 22 percent less than that of a man of the same age.

Given the challenges, it's understandable that women are 42 percent more likely than men to express concern about having enough money for retirement (according to a 2012 survey). Focusing on saving for the future and managing retirement plan investments wisely could help many women improve their retirement prospects.

Where is the money? Don’t overlook the MAAG

CarleeMcCullough-160Business start-ups challenged by the need for funding should not overlook the Memphis Area Association of Governments – MAAG.

According to its website, MAAG was created to facilitate and support activities that stimulate economic and community development in the community.

Revolving Loan Fund

MAAG – in addition to serving in a supporting role for governments and non-profits – also provides loans through its Revolving Loan Fund (RLF). A tool specifically targeting small and medium-sized businesses, the RLF is used to "promote expansion and job retention" by offering gap financing.