What the experts say

Writing off a job hunt; Family market values; Nest egg guidelines

Writing off a job hunt

Deducting job search expenses requires clearing a set of hurdles, said Bill Bischoff in SmartMoney.com. First, you can only write off expenses when looking for a job that’s in the same occupation as your previous work. For example, a lawyer moving from a firm to a corporate legal department qualifies, but not if he moves into a firm’s marketing department. Expenses that can be written off include headhunter fees, employment counseling, and postage. Unfortunately, you can “forget about claiming the cost of haircuts, makeovers, gym memberships, and new clothes.” Ditto for cellphone and Internet expenses. A final catch: Your expenses have to be treated as a miscellaneous itemized-deduction item, which must exceed 2 percent of your adjusted gross income when combined with other miscellaneous deductions.

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Nest egg guidelines

Fidelity, the country’s largest 401(k) administrator, says workers should have at least eight times their final salary saved for retirement, said Dave Carpenter in the Associated Press. In a new set of “age-based targets,” the firm suggests having savings equal to your annual salary by age 35. To stay on pace for a comfortable retirement, “individuals should then plan to have saved twice their salary by 40, four times salary by 50, five times by 55, and six times by 60.” According to the plan, which Fidelity says should give most retirees about 85 percent of their pre-retirement income by age 67, a 50-year-old making $60,000 needs $240,000 in savings to be on track.