Retiring at 50: Could You Follow This Woman’s Extreme Savings Plan?
Americans may be living longer, but our retirement plans aren’t keeping up. Which means people are living longer with smaller bank accounts. But Marlene Konkoly will retire at age 50. How did she do it? She contributes a whopping 45 percent of the gross annual income she earns as a procurement officer for an automotive finance company to her retirement—all while owning a home and remaining debt-free. Konkoly is actually well ahead of the retirement savings curve compared to many of her fellow Americans. According to the U.S. Department of Labor, fewer than half of Americans even know how much money they would need to retire. And nearly a third of employees who had access to a defined contribution plan such as a 401(k) did not participate in it. “Save at least what your employer matches in your 401(k),” Konkoly said. “It’s like saying no to free money if you don’t.” Konkoly, who lives in Royal Oak, MI, said she started saving at 22—but only because other people said she should. She saved a mere 2 percent at her first job out of college. “I didn’t think I could afford much. I didn’t have any understanding of savings and how it would affect my future,” she said. $ 17,000 in Debt At 27, she had $ 17,000 in credit card debt—but this became a turning point in her financial history. “I made the decision right then to get myself out of debt,” she said. “I took on extra work where I could. I started to learn how to research purchases before I bought items, and I began budgeting for the first time ever. I successfully eliminated my debt five years later.” Once she was out of credit card debt, Konkoly, who is single and has no children, turned her focus to her golden years. “I started to see people around me who simply could not afford to ever retire,” she said. “I knew I didn’t want to be in that position, so I started applying the same principles which got me out of debt toward saving more for retirement.” How She Got Smart Konkoly decided to get smart: She took graduate classes in personal finance to understand her portfolio and learn about retirement savings. She reads books, researches on the Internet and follows blogs about saving and investing. And she works with a financial adviser she trusts. “Just because I can do it myself doesn’t mean I have to,” Konkoly said. “Having a professional adviser allows me to focus on other parts of my life without the time commitment of constantly researching the market.” Maxing Out Her 401K Konkoly “maxes […]
Families of Marathon Bombing Victims Could Receive $1 Million Each
One Fund Boston administrator Kenneth Feinberg led a Town Hall meeting on Monday to discuss how funds will be distributed to victims of the Boston Marathon bombings. Feinberg, who helped distribute the private funds for victims of 9/11, the Aurora, CO theater shooting and the Virginia Tech shooting, said the final protocol for fund distribution will be completed by May 15. The One Fund Boston currently has $ 28 million pledged, with $ 11 million in cash, Feinberg said in a publicly broadcast meeting from the Copley Public Library. Feinberg reiterated that it was possible the families of the four victims could be given a million dollars. Initial protocol listed different levels of compensation for double and single amputees. “Whatever we do with this fund is inadequate. Lower your expectations of this fund. If you had a billion you wouldn’t have enough money to … compensate people,” Feinberg said. Claims will be accepted from May 15 to June 15. From June 16 to the end of June, Feinberg and his six assistants will determine who is eligible. “Actual checks will go out to people who have proven claims on June 30,” Feinberg said. In attendance Monday were members of the Massachusetts Bar Association offering free legal advice to those seeking claims. Feinberg said emergency funds will be granted to claimants for initial claims, while victims provide things such as doctor bills to bring their claim up to protocol. Feinberg said there have already been “a couple 100” claims submitted through the OneFundBoston site. Individuals can also call 855-617-3683 (FUND) for more information. On June 30, an independent audit will begin to look at how much money was received and how much was given out. The audit will be made public. How much money was individually given and to whom will not be made public, he said. “The fund will continue. I’m sure there will be more money after June 30 that will come into the fund,” Feinberg said. A second town hall meeting was to take place on Tuesday morning at 10 a.m. at the Copley Library and was available by webcast. Feinberg held an open discussion on the protocol for victims to receive money, but he stated his missive clearly. “The mayor has been clear. The mayor has been clear. Get the money out. Our mission at One Fund Boston is to get you your money,” he said. South End Patch
Faster Wi-Fi Could Come to Commuter Rail, Ferry Service
The MBTA wants to upgrade its wireless Internet service, but without spending precious tax dollars. The Boston area transit system is seeking sponsorship proposals to provide upgraded wi-fi service on commuter rail cars, ferries and select commuter rail stations, according to an MBTA press statement in early March. “The MBTA’s goal is to upgrade the current WIFI service to a system wide, state of the art standard, at no cost to the MBTA and its riders,” the statement says. The sponsorship opportunity would provide the sponsor with marketing rights such as “signage and advertising in commuter rail stations, cars and ferry facilities; corporate presence on MBTA commuter rail system maps and schedules; control of a WIFI landing page; links on the MBTA website; and intellectual property rights,” according to the statement. Proposal documents are available through Transit Realty Associates, a management consulting firm. The MBTA launched a wi-fi pilot program in 2008, which is used by thousands of riders a day, the statement says. Do you use the MBTA’s wi-fi on the commuter rail? Would you like to seen an upgrade? Tell us in the comments. SOUTH END PATCH: Facebook | Twitter | E-mail Updates South End Patch
Storm Could Drop up to 18 Inches of Snow in Boston
A major winter storm will move into the Boston area on Friday into Saturday, potenially dumping one to two feet of snow on Boston this weekend. A weather service snowfall total forecast map released late this morning shows 14 to 18 inches falling in the Boston area. “A major winter storm will bring the potential for a foot or more of snow across much of the region Friday into early Saturday,” said the winter storm warning from the National Weather Service. Light snow will develop on Friday morning, and snowfall will increase to become heavy on Friday afternoon then taper off on Saturday. “Deep snow accumulations are likely on untreated roads,” according to the NWS. “In addition, strong winds may develop to create near blizzard conditions across Eastern Massachusetts Friday night into early Saturday.” Snowfall rates could be 2-3 inches per hour, and wind gusts could reach up to 50mph, the advisory reads. A weather service snowfall total forecast map released late this morning shows 14 to 18 inches falling in the Boston area. SOUTH END PATCH: Facebook | Twitter | E-mail Updates South End Patch