Spellbound, a new shop unlike any other in the Quad Cities, has generated great anticipation leading up to its Grand Opening, set for Saturday, August 15, 10:00 a.m. to 5:30 p.m., in the Shoppes on 2^nd in the District of Rock Island.

Because of the unique nature of Spellbound, it has already generated quite a bit of "buzz" in social media. Its Facebook page, www.facebook.com/spellboundqc, has received many messages and more than 170 "likes" prior to opening.

According to owner/operator Sarah Jacoby, "Spellbound will offer a number of gifts and New Age items, including jewelry, crystals, books, incense and herbs, dragons, candles, fairies, figurines, wind chimes, and much more."

Customers at the Grand Opening, taking place during Ya Maka My Weekend in The District, will be treated to unique free gift bags and refreshments, while supplies last.

Spellbound will open its doors to the public on Tuesday, August 11, with the Grand Opening on Saturday, August 15. The address is 1700 2^nd Avenue, Suite 5, Rock Island, IL 61201. Hours are Tuesday through Saturday, 10 a.m. to 5:30 p.m.

Spellbound will also offer personal dream analysis, with both appointments and walk-ins welcome.

Fun Fact: The name "Spellbound" comes from a line in the song Witchy Woman by the Eagles: "She held me spellbound in the night, dancing shadows and firelight."

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By Nathaniel Sillin

If you're over age 50 and not sure whether you're going to be able to retire, it's time to focus, get advice and build a realistic plan.

You're not alone. The U.S. Government Accountability Office recently reported that most households approaching retirement have low savings, adding that nearly half of households led by individuals or couples aged 55 and older having no retirement savings accounts at all.

The first step is to define where you really stand financially. Consider speaking with a qualified financial and tax advisor to define your present financial circumstances. Such a conversation should take into account your household income, tax situation, debt and retirement assets in any form. Reviewing these factors can help shape your decisions about supersizing your retirement plan for maximum safe returns. While a customized plan is generally the best way to approach shortfalls, here are some general approaches.

Take time to reevaluate your budget (http://www.practicalmoneyskills.com/budgeting). To accelerate retirement saving and investing, you need to find the money first. Non-mortgage debt is a major retirement savings obstacle. Better budgeting can help you find the money to pay off debt quicker. Adjust your spending across the board so you can accomplish this while adding more money to savings over time.

Know that you're going to need to accelerate your savings. Estimates vary, but generally, after age 50, it's best to direct at least 10 percent of your gross income in savings and investments to cover living expenses when you stop working. If you are employed, review your contribution and income limits for the most popular self-directed and tax-advantaged retirement savings vehicles. Those include :

• 401(k), 403(b) and most 457 plans, which will have a maximum annual contribution limit of $18,000 in 2015
• Individual Retirement Accounts (IRAs) - both Traditional and Roth - which will have maximum "catch-up" contribution limits of $6,500 (the regular $5,500 limit plus $1,000 for taxpayers aged 50 or over by yearend 2015)

If after all this effort you're still not able to find enough money to put away, consider making a greater effort on the income side. Many individuals boost their savings through a second job or freelancing from home. Consult qualified financial and tax professionals to make sure you're handling this extra income correctly from a tax perspective and putting it in investments that make sense for you.

Downsizing to a smaller home or an apartment in a lower cost-of-living destination or deciding to move in with friends or family at minimal costs may also provide additional savings for retirement. But first, consider what you might get for your home. If you are able to sell a primary residence at a significant profit over your purchase price - above $250,000 for a single taxpayer and above $500,000 for married taxpayers filing jointly -speak to a tax professional about ways to avert a significant tax liability.

Finally, put proper financial safety nets in place. Make sure you have an emergency fund (http://www.practicalmoneyskills.com/emergencycalc) set up so you won't be forced to dip into savings to cover unexpected expenses. And don't forget insurance - having the right amount of property and casualty, health and disability insurance can protect your retirement nest egg from significant risk.

Bottom line: Building a retirement fund after age 50 is challenging, but not impossible. Get solid tax and financial advice, start downsizing immediately and don't forget critical financial safety nets.

Nathaniel Sillin directs Visa's financial education programs. To follow Practical Money Skills on Twitter: www.twitter.com/PracticalMoney.

- Legislators have until Friday to stop pay hike -

- Pantagraph Newspaper: "Legislator Pay Hike Another Insult to Taxpayers" -

As Illinois legislators head back to Springfield, tomorrow will mark House members' last chance to stop a pay raise worth more than $1350 before they get paid Friday, July 31.

House Bill 4225 would stop the pay raises, but Speaker Madigan and the legislators he controls refuse to vote on it.

Background from the Associated Press

"House Speaker Michael Madigan won't answer questions about it. After years of well-intended, politically popular votes to reject raises, Chicago Senate President John Cullerton now says it would violate the Illinois Constitution not to take the pay.

When asked later to reconcile repeated votes to reject increases -- including in 2014, after the court ruling -- Cullerton spokeswoman Rikeesha Phelon released a statement reiterating the constitutional proscription.

That hasn't stopped Republicans from trying to nix the money. Democrats refuse to call a vote on the GOP legislation."

Additional Background

The General Assembly has previously voted to reject legislator COLAs in FY10, FY11, FY12, FY13, FY14 and FY15. (Compensation Review Act - 25 ILCS 120/5.6-6.2)

Pantagraph Editorial: Legislator Pay Hike Another Insult to Taxpayers

"..[I]t is another example of how the House Speaker Michael Madigan-controlled General Assembly puts its own priorities ahead of taxpayers...

...Legislators had a chance to rescind the pay raise, but a bill to do that was buried by, you guessed it, Madigan.

Gov. Bruce Rauner has been using the pay raise to tweak legislators, especially Madigan. Last week, he said accepting the pay raise without solving the state's budget issues was 'unfair to taxpayers and the people they represent. It is time to stop protecting the political class at the expense of the middle class.'

Madigan's response to Rauner's taunt was, 'I'm not going to spend a lot of time on that question.' Madigan has said the pay issue is a 'diversion,' but in the Madigan dictionary, any issue that threatens the comfort of legislators or trial lawyers is a diversion.

... Democrats who voted for the budget should be especially embarrassed, since they shirked their duty by sending an unbalanced budget to Rauner.

To add insult to taxpayer injury, the General Assembly is covered by a continuing resolution. That means legislators' pay is guaranteed and the General Assembly will keep operating even if other functions of government shut down. It's vital that prisoners are guarded, roads are patrolled and the work of declaring corn the official state vegetable continues.

The 'diversion' in the budget battle is Madigan. We're not sure of his priorities, but it's clear taxpayers are far below maintaining the status quo and protecting legislators and trial lawyers."

The Dispatch and The Rock Island Argus

"Jeers to the entrenched interests in Springfield who do not believe they must answer to the public regarding inconvenient truths of how Illinois government does business.

The latest example came courtesy of our state's once camera-shy House Speaker Michael Madigan during another of his dueling press conferences with Gov. Bruce Rauner over the rookie governor's Turnaround Agenda and Illinois' failure to pass a budget. The tone of that fight was set long ago: Both sides reportedly meet in private, civil sessions that bring no progress, then spew invective in public.

The latest came when the GOP governor criticized the House leader for taking a $1,300 pay hike. The 2 percent hike for he and other lawmakers is automatic, unless the General Assembly votes to reject it. Though Republican lawmakers tried to stop it, it was never called for a vote.

When the speaker was asked about it at last week's press conference, he had this to say.

'Well, they promote a lot of things. But I've spoken to the question, I don't plan to speak to it any further.'

We must have missed that. That reporter must have, too. But when she tried to find out more, a clearly irritated Mr. Madigan said, 'I said, I don't plan to speak to it any further. Thank you very much.'

That's one way for the most powerful man in Illinois to deal with what he dismisses as another  'diversion.' Of course, often saying nothing also speaks volumes."

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