Behind in saving for retirement? Approaches to catching up

On average, baby boomers say they have saved or invested $275,000 for retirement, but believe they'll need a median of $750,000 to live comfortably, according to a Boomers & Retirement Survey released by TD Ameritrade, Inc. ("TD Ameritrade"), a broker-dealer subsidiary of TD Ameritrade Holding Corporation (NYSE: AMTD). That means some boomers may face a shortfall of nearly a half a million dollars as they head into retirement.



Smart retirement planning, thoughtful choices and a handy -option called a "catch-up contribution," can help boomers regain ground lost during the recession. A catch-up contribution allows people older than 50 to increase their contributions to their IRA or employer-sponsored retirement plans beyond the usual limits for such tax-deferred retirement plans.



"Anyone approaching retirement should consider different opportunities, like catch-up contributions, that might make sense for their retirement investing plans," says Lule Demmissie, managing director, retirement, TD Ameritrade. "These catch-up contributions could help workers 50 years and older save thousands more - perhaps even hundreds of thousands of dollars more - toward their retirement. When planning for retirement, every dollar counts, especially when it's going into a tax-deferred vehicle."



Demmissie offers some guidance for baby boomers approaching retirement:



* There is no standard target amount for retirement. When setting a target for your retirement investing or savings, you need a realistic idea of how much you'll need to maintain the standard of living you desire in retirement. Online calculators and tools, like those found on TD Ameritrade's online retirement center can help you set goals by exploring various real-world scenarios that might impact your assets over time and at retirement. For example, do you have health challenges that may create medical expenses? Perhaps you and your spouse would like to travel when retired. Different objectives and circumstances will influence how much you'll need to save in order to live comfortably.



* Don't rely on Social Security benefits, but don't overlook them, either. They should be a part of your overall retirement plan, but not the heart of it. Unfortunately, 65 percent of retired boomers said they rely on Social Security benefits, and nearly one-third said they wouldn't be able to live comfortably without these payments, according to TD Ameritrade's survey. "The best way to avoid having to rely completely on Social Security is to set a retirement savings goal and work toward it prior to retiring," Demmissie says.



* Take advantage of catch-up contributions. As long as you will be 50 (or older) by the end of the calendar year, you may be eligible to contribute an extra $1,000 per year toward your IRA until you turn 70 (which is the last year to contribute to a traditional IRA). If you save an additional $1,000 per year for 20 years and get a 5 percent rate of return, you could have an additional $34,719 toward retirement. Fully fund your IRA with $6,500 a year between ages 50 and 70, and that could amount to an additional $225,675 for retirement.



"Remember, it is never too late to start planning for retirement," Demmissie says. "If you experienced financial setbacks that stalled your retirement efforts, it may just mean you have to adjust your retirement expectations, work a little longer or think of other means of support that you may have not considered before. But it's never too late to get started."

Boost your home's curb appeal for a quicker sale

Selling a home requires a bit of marketing, some sweat and elbow grease, and a touch of luck. But even in a competitive selling market, it is possible to turn the sign in your front yard from For Sale to Sold so you can move on to your next residence.



First, look at your home as if you were a potential buyer. Drive up to the driveway or the front curb and park, carefully looking at the home as if for the first time. Make note of the beautiful aspects of your home, and also areas that could deter potential buyers. The outside of your home is the first image they will see, both in person, and while pre-shopping online.



One maintenance project to tackle that will really spruce up the exterior of your home is refurbishing the outside woodwork that has been weathered by the sun, rain and snow. If you have a front porch, wooden window edgings or even a back deck, chances are these areas could benefit from new stain for a refreshed and clean look.



Home decks return about 70 percent of their original cost back to homeowners when a house is sold, according to Remodeling Magazine's annual Cost vs. Value Report, but that's only when the decks are kept in top shape. To remove moisture and sun damage and protect your exterior woodwork from further damage from moss, mold and rot, Flood wood care offers an entire wood care system from prepping materials such as deck cleaners to stain. Before prepping your deck, consider if you need Wood Finish Remover to remove latex, oil, semi-transparent and solid stains, or if your deck is unstained, you may need Wood Brightener/Cleaner to bring the old and faded gray coloring back to a fresh new wood appearance. Finally, apply a Flood wood stain to your deck and woodwork to give it a beautiful look that will have home buyers and your neighbors impressed.



In addition to your exterior woodwork, also take a look at your siding and gutters. Vinyl and aluminum sidings can collect dirt and look dingy after a season or two. Use a power washer on the siding and gutters to wash away the grime and spider webs and bring some vibrancy back to the outside of your home. Also consider adding season-appropriate flowers, plants or landscaping or replacing gutter downspouts with decorative chains to give your home an artistic look.



Finally, take a close look at your exterior lights. Glass-enclosed lights can become filthy from all the elements, so take a quick moment to wipe them clean with glass cleaner. If your light fixtures are tarnished, or looking run down, purchase a can of spray paint in any complimentary color to the exterior of your home and freshen them up. It will make your lights appear new in no time at all.



These quick-fix projects will boost the look of your home both for prospective buyers arriving at your front door, and also in the photographs visible online. With this better exterior appearance, chances are you'll be able to sell your home much quicker.

Dress your home to impress buyers this summer

Your tastes and personal style have created a beautiful setting for your home until now. But as you prepare for house hunters visiting the space, it might be time to let go of emotional attachment and transform your home into a stunning showpiece that any potential buyer would love.



A touch of color



If your walls need painting, applying a neutral color is usually recommended. But don't be afraid to have some fun with a color that will leave a lasting impression on people searching for the perfect, stand-out home. A bold color like Azalea married with the soft subtle hue of Chiffon and Swiss Coffee, all from Pratt & Lambert Paints, can create an energetic atmosphere while still giving your home a comfortable and relaxing vibe. Apply the bolder colors to an accent wall or on minor architectural elements throughout the home, to breathe fresh life into otherwise dull walls.



Painting is a small project that can create the most impact when selling your home. But if your home is large and the thought of taking on a painting project seems overwhelming, never fear. Skilled painting contractors in your area can offer the talent and know-how to get any painting project done quickly, without sacrificing on quality. Ask a family member or friend for a reference, or visit an online resource like AngiesList.com for a verified list of professionals who can turn your vision into a reality.



Take your space from aged to staged



Another way to inspire potential buyers is by showing off a beautifully decorated and elegantly styled home. To get an expertly polished palace, hire an accredited staging professional, who will assess the space and plan a design that will have homebuyers stopping in their tracks. In fact, homes that are professionally staged spend 83 percent less time on the market, according to a survey conducted by The International Association of Home Staging Professionals and StagedHomes.com.



The first thing the stager will do is de-clutter your home. Prospective buyers don't want to be reminded of the home's current owners, so removing personal photographs, over-the-top decorative items or over-sized furniture is an essential part of the process. They might also reconfigure furniture to improve the home's flow and function.



Lighting is an important factor when showing a home, as well. Stagers will find a way to warm up the space and highlight focal points of the room using strategic light sources, creating an unforgettable space. And since more than 90 percent of potential buyers are searching online prior to visiting a home in person, professionally staged spaces are better able to communicate through photographs than generic shots.



If you've already moved out of your house and into your new home, the stager will bring in key furniture and accessories to help house hunters envision themselves living there. Just like a too-cluttered home might turn off some buyers, a blank ho-hum look can give off a lackluster vibe, so staging an empty house can help any buyer see its true potential.



By investing some time and money into the right kind of home improvement and staging projects, you can be confident knowing you're a step ahead of the competition and a step closer to giving a new homebuyer the home of his or her dreams.

​Plan now for your big move this summer

(BPT) - The big move - it should be in all-caps and announced with a deep, authoritative voice. THE BIG MOVE. And it's coming to your family soon. It might be from one house to another across town, or it might involve crossing many state lines. No matter the distance, amount of belongings or number of people, your big move is going to be a big deal.



There are ways to plan for your move so the big event doesn't overwhelm you. Here are five moving tips:



1. Less is better - The less you have to move, the easier your move will be on your body and your wallet. It will also be easier to fit everything into your new house. While packing, create three piles. The first is your "must-go" pile. The second is your "must-sell" pile, which includes anything you haven't used in the last year, anything you have multiples of and anything you just don't want any more. The third is the "must-throw" pile, and it contains anything that can't be sold at a garage sale or donated. Start creating these piles now, and it will make moving day much easier.



2. Stock up on supplies - Big boxes might seem like a great idea because they can hold so much stuff, but what happens when you try to lift one and carry it down a flight of steps? Stock up on boxes of multiple sizes, but keep in mind that smaller is much easier to carry. Also stock up on foam and bubble wrap to protect your fragile items, a good supply of packing tape and bold markers for labeling boxes. You'll also want to have moving blankets and hand trucks to make it easier to transport your items.



3. Rent a truck - One trip makes the big move simple, even if you're just moving across town. Penske Truck Rental guarantees a truck for every reservation. Most movers find the 12- or 16-foot truck perfect for moving a few large items or the contents of a small condo or apartment.



4. Pack smart - Load the heaviest items on the truck first. When you've got a sturdy base of the heaviest items, you can start stacking on top. This is when it's handy to list a box's contents on its side. If you have friends and family helping, they'll know not to set books on top of your china.



5. Safety and security - Trucks are taller, wider, heavier and require more stopping distance than the vehicle you are used to driving. Take extra precaution, especially when the truck is loaded. Watch out for low-hanging tree branches and building overhangs, and use extra caution when cornering. To protect your belongings, park in well-lit areas and padlock the rear door. To make sure you've got everything you need on moving day, create a travel bag for keeping important paperwork, credit cards, identification, a change of clothes, drinks and snacks close at hand.



As you cross days off on the calendar and the big day approaches, these tips will help you sail through the event with few conflicts. Before you know it, you'll be settled in your new home.