Patriot Wealth - August 2018

HOW TO HELP BOOST YOUR RETIREMENT FUNDS WHEN YOUR FUNDS ARE LOWER THAN THEY SHOULD BE

Having money saved is crucial for adults aged 50 or older who plan to retire in the near future. Some people are prepared for retirement, having saved a sufficient amount throughout their lives. However, there are people who, despite having tried to save, come up short in their retirement funds. This can send them into a panic. Women account for the largest percentage of people who don’t have enough money in their retirement savings by the time they reach the age of 50. A survey produced by the nonprofit Transamerica Center for Retirement Studies shows that many women who reach retirement age will not have adequate funds to support themselves. Despite having a higher savings rate, the average amount women have saved at the age of 50 is about $35,000, compared to $120,000 for men. What’s the reason behind this?

are more likely to work part time or stop going to work to take care of family members in need. By working less, women tend to earn less money, which prevents them from putting away sufficient funds for their retirement. This also affects whether or not they are covered by their employer’s retirement benefits, since most employees are required to be full-time in order to receive any benefits. If you’re nearing retirement age, don’t fret — you still have options available to you. If you’re working, look into your company’s retirement plan, especially if they offer a 401(k). According to the IRS, those who qualify (i.e., someone who joins the plan and is 50 years or older) can contribute up to $24,500 a year. To learn more about what options are available, it’s crucial you speak to a planning specialist. By working with someone who understands retirement, you’ll create a solid plan and ensure that you successfully enter and enjoy your retirement.

According to the survey, women often have a large gap in their financial savings at some point in their lives. They

WHY SMALL BUSINESSES ARE CYBERCRIMINALS’ NO. 1 TARGET AND WHAT YOU CAN DO TO PROTECT YOURSELF

Today’s small businesses are woefully unprepared for digital threats. Cybercrime is at an all-time high in 2018, and yet a frightening number of small-business owners assume that their organization is too small to ever warrant the attention of hackers. From the perspective of cybercriminals, most small and mid- sized businesses (SMBs) represent the low-hanging fruit of the digital world: a modest pile of cash guarded by outdated or easily circumvented barriers. That’s why 71 percent of cyberattacks are directed at SMBs, according to Verizon’s annual Data Breach Investigations Report, and a huge number of those strikes actually succeed. If you’re hoping to protect the business that you’ve built from the ground up, it’s important to be vigilant. Here are three steps you can take right now to drastically improve your chances at scaring off the wolves at your digital door: BACK UP YOUR DATA. A large majority of data breaches today come in the form of ransomware, which locks users out of everything on a company’s network. Hackers then threaten to delete the data forever unless the company forks over thousands of dollars. But if you have all of your files automatically backed up to an alternate location (that can’t be accessed on your ordinary

network), you can skip paying the ransom, let the criminals wipe your system, and make it through the crisis unscathed. TRAIN YOUR EMPLOYEES. It’s easy to imagine a team of evil geniuses typing at lightspeed to try to penetrate your business’s defenses, but 60 percent of the time, it’s a simple mistake by one of your employees that leaves the company wide open to attack. To combat this, you need to ensure that every single one of your employees is on board with strong cybersecurity practices. That means building a comprehensive cybersecurity policy that all members of your team must sign (including provisions such as password strength requirements) and supplying extensive training on the biggest digital threats. USE FIREWALL, ANTIVIRUS, AND ENCRYPTION SOFTWARE. Firewalls, which are usually included with your operating system, block unauthorized access to your network. Antivirus software serves as a watchdog, sniffing out malware and spyware before they become a problem. And encryption ensures that the data on your system is unreadable to anyone who doesn’t have the encryption key. All three of these powerful protections are inexpensive, user-friendly, and essential tools for businesses of all sizes seeking to stave off cybercriminals.

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