The Porsche 911 GT3 Brings Racing Performance to Everyday Driving

First unveiled at the 1999 Geneva Motor Show, racer Walter Rohrl and race engineer Roland Kussmaul collaborated to develop the Porsche 911 GT3. The pair aimed to design a race-track-agile sports car for everyday driving and succeeded. Since its release, the GT3 has become the most popular 911 model among Porsche purists.

Modern GT3s feature a 4-liter naturally aspirated motor that delivers 502 horsepower and 346 pound-feet of torque. The engine goes from 0 to 60 in 3.2 seconds, reaching a top track speed of just under 200 miles per hour. The GT3 pairs performance with a striking race-inspired body design and comfort and safety features, such as climate control, four-way leather seats, and warn and brake assist.

Since 2017, the GT3 has been available in a Touring Package, which offers a discreet yet powerful option that references some of the more restrained Porsche 911s from the 1970s.

About the Palm Beach International Raceway

 

The PBIR was established in 1964 by Dick Moroso. Over the years, ownership changed, with a transfer to Moroso’s family after his death in 1998 and later, purchase by local car collectors and professional racers in 2008. The Jupiter, Florida-based raceway features a 2.043-mile road course, 0.8-mile kart course, and a 0.25-mile drag strip.

Despite the name, the PBIR has never hosted an international racing since inception, leaning more towards local and national events including the Trans-Am, ARCA series, the Super Chevy Show, USF2000 Championship, and several rock concerts, including the Rolling Stones in 1969.

Mortgage Terms - Comparing Rates

While the 30-year fixed mortgage is the most popular choice amongst American homebuyers, there are many other term combinations that may be more financially beneficial.

Depending on the homebuyer’s finances, long-term goals, and other factors, selecting a mortgage with a shorter time horizon could be a better choice. Most people choose a 30-year mortgage because this automatically reduces the monthly payment. However, it also increases the total amount paid for the home. In many cases, a homeowner with a 30-year mortgage may pay more than double what the home was sold for after paying off the mortgage. This is because homebuyers spend much more time making interest payments, which can add up to tens or even hundreds of thousands of dollars over the years.

For some people, the long-term downsides of a 30-year loan are a fair exchange for the financial flexibility it offers in the short term. A 30-year mortgage allows people to afford a more expensive house. This may be very important for homebuyers with specific needs, like wanting to live in a certain school district or near family. In addition, 30-year mortgage payments also free up money for other expenses.

Disciplined homeowners can invest the money that would otherwise go towards their mortgage payments and possibly earn a higher rate of return than the mortgage interest rate. However, most individuals on a 30-year mortgage use the savings to pay for immediate expenses, such as transportation and renovations.

Mathematically, 15-year mortgages are the less expensive option, although the monthly payments are much higher. Since 15-year mortgages have lower interest rates, homeowners pay much less over the life of the loan. Equity also builds up faster in the home. This can serve as collateral for loans or make it easier to refinance the mortgage to get a lower interest rate.

Some people combine the qualities of both mortgage lengths by taking out a 30-year loan and making extra payments when possible. This brings down the mortgage balance faster, reducing the overall amount paid. It also enables the homeowner to divert money to other expenses if necessary.

In addition to selecting the length of the loan, homebuyers can decide if they prefer a fixed- or variable-rate mortgage. The rate type determines how much interest is charged on the loan. As the name suggests, fixed-rate mortgages have a set interest rate that lasts the entire term of the loan. Fixed-rate mortgages can provide some stability, as the mortgage payment will never change. Like mortgage repayment terms, fixed rates can be set for a specific period of time. Generally, the shorter the time period, the lower the interest rate.

In a variable-rate mortgage, the interest rate fluctuates based on the lender’s prime rate, a number based on several factors. If the interest rate falls, the borrower benefits because more of their mortgage payment will be applied to the principal. On the other hand, interest rates can also rise and cost the homeowner more in the long run.

The best rate term depends on both individual and external factors. People who are risk-averse and prefer predictability may opt for a fixed-rate mortgage, even if it is more expensive. If interest rates are high at the time of purchase, a variable-rate mortgage may make more sense, as they are easier to break and convert into a fixed-rate mortgage. This also makes variable-rate mortgages more appealing to individuals who plan to stay in a home for a shorter period of time.

Introduction to Retirement Planning

Retirement planning involves creating a strategy and specific steps in order to accomplish goals regarding retirement income. In general, the retirement planning process involves an assessment of current income sources, the creation of a savings plan, taking into account all retirement expenses, and anticipating that unplanned expenses due to unforeseen events will be incurred during retirement.

Retirement planning should start as soon as possible, ideally, at the same time a person starts working. But it is never too late to start. Retirement plans will have to be adjusted as the future retiree goes through different life phases. The three life phases of retirement planning are young adulthood, early midlife, and late mid-life. The approach to the retirement plan is different for these three life stages.

Young adulthood is from 21 years old to 35 years old. Young adults are starting their careers and are looking at a long investment time horizon. The recommended retirement planning strategy during this time is to invest in 401(k) plans and to start an IRA or Roth IRA.

Early midlife is from 36 years old to 50 years old. People in this life stage usually have established careers and higher earning power. Aside from maximizing existing 401(K) and IRA contributions, those in this life stage should acquire both life and disability insurance.

The late midlife stage is from 51 years old to 67 years old. At this stage earning potential peaks and debt would most likely be paid off. It is recommended to be conservative with investments and to take advantage of the higher allowable contributions to both 401(k)s and IRAs. It is also advised to get long-term care insurance.

In order to reach retirement goals there are several investment options, including 401(k) plans, 403(b) plans, IRA plans, pensions, annuities, and social security.

401(k) plans are qualified profit sharing plans that accept a part of paid wages. At the same time, employers may also contribute to the plan. Funds that go into 401(k) plans are protected from taxes until they are withdrawn.

A 403(b) plan is similar to a 401(k) plan and is available from nonprofit organizations and school districts.

IRA plans may be IRA or Roth IRA. IRA stands for individual retirement account. Just like 401(k) plans, contributions to IRA plans are protected from taxes. Contributions to an IRA plan will be taxed upon withdrawal. Contributions to a Roth IRA plan will not be taxed, even upon withdrawal, because they are usually made with after-tax money.

A pension fund is a pool of money that an employer contributes to and is invested on behalf of the employee in preparation for eventual retirement.

Annuities are financial products that individuals can take advantage of in order to provide themselves with a steady stream of income upon retirement.

Social security is a government-administered financial insurance program wherein regular employee contributions translate to monthly benefits during retirement.

An effective retirement plan takes into account life stages and takes advantage of investment tools in order to meet retirement goals. The process evolves over time and every plan is different, but they should be governed by the same key principles. These include the impact of the retirement time horizon to the choice of retirement investment vehicles, along with the importance of an accurate assessment of retirement expenditures.

It is important to understand and accept the time horizon of the plan and to reflect that in the retirement planning investment choices one makes. If a person starts at a young age with a retirement plan, then the time horizon is quite long and riskier investments can be accommodated. The opposite is true the closer a person approaches the late midlife years.

The last step is to accurately determine the expenditures during the retirement years. It must be taken into account that medical expenses become greater during later life stages. The target retirement income is usually expressed as a percentage of current earnings. The percentage estimated is usually 70 percent to 80 percent of current earning power. Some experts believe that 100 percent of earning power is a better target. Inflation, which erodes purchasing power over time, must also be taken into account when identifying a target retirement income.