Rani Jarkas Firm

  The years leading up to retirement can be exciting. When you're a decade away from leaving the workforce, you can finally start to dream about living out your goals. Here are four items to check off your list if retirement is 10 years away.   1. Assess your current savings Hopefully, by the time you're 10 years from retirement, you'll have socked away a decent chunk of money in your 401(k) or IRA. Now's the time to make sure your savings are adequate. If they aren't, you still have an opportunity to make up for lost time.   2. Research healthcare costs The amount of money you'll spend on healthcare will depend on a number of factors. HealthView Services estimates that the average healthy couple retiring today will spend $606,337 on medical bills throughout retirement, not including long-term care. That's just one estimate, and it pays to review more. Still, the last thing you want to do is underestimate your costs.   3. Figure out when you...

  The pandemic has put a dent in many people’s financial lives, affecting their ability to save and stash away cash for retirement. Add the fact that more Americans are living longer, and the prospect of financial security in retirement for many is falling short. Here are five steps you can take to avoid running out of money in retirement.   1. Start planning now It’s never too late to start planning. Although it might be impossible to know how long you’ll live or what your health may look like in the future, there are things you can plan for now that can set you up well for retirement.   2. Save as much as you can The sooner you start saving, the more time your money has to grow. In your younger years, even a small amount of savings can go a long way. The longer you wait, the more you’ll need to set aside to meet your goals. So it’s always a good idea to try and put away as much as you can.   3. Invest the money you save But it doesn’t stop there. ...

  What is financial management? Contrary to popular belief, managing your money is not just about creating a budget. Although budgeting does play a significant role in financial management, there are still other key factors to consider. Financial expert Rani Tarek Jarkas might be able to help you find them. Here are some essential strategies for effective money management, according to Rani Tarek Jarkas : ·         Create a separate business account A heavily detailed budget is useless if your personal and business funds are located in a single account. This only makes your financial management strategy less efficient, possibly resulting in overspending and missed growth opportunities. It’s best to open a business bank account as soon as you start your business. But if that opportunity has long passed, you can start now to track profitability and monitor spending easily. ·         Focus on cutting cost...