Posts Tagged ‘retirement’
When people start to think about their retirement years they often think that retirement is all about spending a lot of leisurely hours doing nothing other than enjoying some golf or visiting their friends or simply relaxing with a pile of books to keep them company. Today, people are in fact also living longer and so there is much to look forward to as far as spending one’s retirement years goes. However, creating the best retirement plan is something that many people also feel will prove to be very tedious because it would mean having to spend long hours poring over all sorts of statements and preparing budgets and taking care of insurance policies.
Be Careful When It Comes To Choosing Best Retirement Plan
The truth of the fact is that if you are not careful then creating the best retirement plan can easily drain all the fun out of life. The good news is that up until the recent financial meltdown began many people have earned a lot of money in the bull market and given the fact that there are several tools available that you can use to create the best retirement plan – things are not quite as bad as they might seem.
However, remember that in order to create the best retirement plan requires doing more than a lot of number crunching or poring over numerous mutual fund ratings. You need to identify how you plan to live your retired life and also how long should you consider continuing to work before taking retirement.
Most of the younger generation is well known about the need of retirement planning and start it as early as possible. This also means that in order to create the best retirement plan you need to understand that it does pay to take calculated risks and to also realize that if you start out when you are still young you will have enough time to recover from any setbacks that you might encounter along the way.
It also pays to identify your goals vis-à-vis retirement and an ideal age to begin seriously planning for your retirement is when you are still in your middle forties. The best retirement plan for you might involve having to invest say fifteen percent in old-age accounts and in addition you should know how best to allocate your various assets. Finally, don’t forget to project the health of your portfolio carefully and to ensure taking a conservative approach that in turn will mean for example having to boost your bonds to about half of your total holdings. It provides a computerized calculator in order to get information about the actual odds of getting targeted returns on contributions.
Today, more and more Americans are self employed which means that the need to create the best retirement plan for self employed persons is greatest today than at any time in the past. Among the various profitable plans you can select the plan which gives greater returns on your investments.
I really do believe in the old adage “you’re never too old to learn something new”. Over the years as a public school teacher, I had many occasions to work with the local public and private colleges and universities in my area. Much to my delight, I observed many retired people taking courses. In fact, many are actually working towards a degree matriculation. As the most recent research indicates, this is yet another activity that may protect against Alzheimer’s and result in lower rates of decline in short-term memory and perceptual memory (a persons ability to perceive new information).
Here are some specific examples on how to keep those brain cells active:
Adult Education
By all means, contact your local board of education to determine if adult education programs are offered in your community. You’ll find the cost to be minimal, the offerings to be extensive, and the rewards to be quite satisfying. Many communities offer joint programs in conjunction with neighboring towns and cities. By pooling resources, these towns and cities are readily able to expand their course offerings. Most courses are offered in the evening from 7:00PM – 9:00PM. A semester typically lasts four to six weeks.
The peso is down 30% from last year. The US dollar is worth more today in Mexico than it has for the last 15 years. A home selling for 0,000 is now ,000 based only on the dollar to peso exchange rate.
The news makers in America are helping buyers, certainly not the Mexican people, enjoy bargains. If you believe the media, Mexico is a war zone with shootouts on every corner. That may be somewhat true in the border towns, where drug smugglers trying to get their product into the US are killing each other. It is not true in the places Americans would retire to. Mexico has an overall crime rate three times less than the US.
Learn Something New While Having Fun: Take a Theme Cruise
It seems as though cruise line companies are realizing that many baby boomers yearn for something more from cruising. They want to learn, and at the same time have some fun. Hence, the theme cruise has arrived as an enriching alternative to your standard cruise. Travel analysts say that this area is one of the few travel markets that are growing at a rate of about twenty percent a year.
Radisson Seven Seas has offered a twelve-day antique road show sailing from England to Copenhagen featuring lectures and shopping at. You can also travel with the Cunnard Line aboard the Queen Elizabeth Two and participate in themes such as classical music, British comedy, science fiction, and filmmaking.
All three, the recession, the weak peso and the media distortions make retiring to Mexico a bargain for Americans. 00 to 00 a month and you can live very, very well. Depending on location (which in turn depends upon your willingness to learn Spanish) and what’s important to each retiree.
And ladies that figure includes a maid. If you retire in Mexico you may have cleaned your last window…now how is that for a silver lining in the recession. Enjoy retiring to Mexico
Resource Author Francisco Rodriguez Higueras
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Risks Threatening Current – or Future – Retirees
Assuming you’re one of the Baby Boomer Generation, you’re likely pondering stopping work – provided that you haven’t already started your retirement. And if you have previously left the 9-5 rat race, you may be wondering when you’re financially able to continue to be retired.
Today’s financial crisis complicates the situation substantially by increasing some significant retirement related risk factors:
1. Average Life Expectancy Has Grown
Current life expectancies are longer than their parents. For example, in 1970, a 60-year old Caucasian male would have had a life expectancy of only 16.2 years; but, by 2008, his life expectancy had climbed to 20 additional years.
So how is the Boomer going be able to afford to pay for those additional 3.8 years? There are only a few realistic responses:
> Accelerate current savings
> Continue to work longer
> Live with with children
> Get by with a reduced quality of life
2. Health Care Costs Keep Rising
Adequately funding one’s medical care programs are some of the most difficult financial activities, largely because health care needs are so individualistic, with requirements varying greatly from one person to another. Long-term care requirements are even harder to predict and arrange adequate funding.
Medical expenses have grown more than 5% (inflation adjusted) for the past 15 years – and that is greater than the growth in family income. Medicare costs are expected to rise at similar rates.
3. Government Actions May Impact Retirement Benefits & Supplemental Programs
It is well known that the expenses of major entitlement programs (e.g., Social Security, Medicare, and Medicaid) are growing faster than other parts of the economy, and some economists challenge the long-term feasibility of these programs because of the cumulative effects of increased longevity, size of the Boomer population, and increasing health care expenses in general.
Moreover, immediate questions concerning ongoing health insurance during retirement, and at what financial levels, are wide-spread in today’s economy – and these questions are further fueled by auto industry, and other, corporate reorganizations.
We are still witnessing a lot of conversation concerning a national health care program – but such debates have been active for decades, with few benefits to show for those efforts. Although President Obama will be leading such efforts this year, most people anticipate Congress to present a lot of opposition.
Many believe that people past age 55 will be protected from reductions in these social programs, but maintaining full coverage for them is a two-edged sword – doing so increases the probability of a new value-added tax, which would ultimately add to the tax burden for retirees.
4. Sometimes One’s Retirement Date is Dictated, and not Totally Up to the Individual
According to a 2004 Health and Retirement Survey (HRS), 37% are forced to retire. This can occur due to poor health or recessions, etc.
5. 401Ks Became 201Ks
Were your savings (including your 401k) devastated with the stock market crash last year? My investments were deeply affected. Many people saw their 401k and other stock market accounts take a 50% hit, which has led many comedians to rename them “201k”. For many people, their 401k was the bulk of their retirement savings, so this stock market crash seiously damaged their retirement plans.
Humpty Dumpty Was No Financial Planner
Not all the news is bad. Luckily, you can repair a broken “Nest Egg”.
You can work longer, semi-retire and take a part-time job, work from home, start your own business, etc.
If you’d like to start an online business, but are hesitant because you’re not an internet expert, one superb starting point for picking up all the knowledge about internet marketing that you will need to be successful is to join the Online Success for Beginners classes.
A study by Butrica, Smith and Steuerle (2006) noted that working just one (1) extra year can improve annual retirement income by 9%, while working a total of five (5) extra years results in an extra 56% annual retirement income.
If you’d like to find out how to generate a second income, so that you can have a comfortable, financially secure retirement, check out Darren Salkeld’s new MaxPro Marketing System and get his FREE Report and FREE Audio describing the age-old secrets of creating wealth.
Redding is located in the Sacramento Valley, near Sacramento and is the county seat of Shasta County. It now has a population of approximately 107,741 due to recent annexations.
Redding CA real estateis always in demand because of being close to Shasta Lake. Rain falls abundantly in Redding in the wintertime, and snow will occasionally fall on colder winter days. The summers in the Redding area, even in the neighboring mountains are extremely hot, and dry. The average daily maximum temperature in July stays near 100 degrees Fahrenheit. Although the official high temperature in July was listed at 120, the temperature has been known to be higher in some areas of Redding.
In recent decades an influx of retirees from the San Francisco Bay Area and Los Angeles seeking lower cost housing and a slower pace of life has caused a shift in the city’s economic base towards the service sectors of medical, legal, retail and tourism. There are now numerous retirement communities located in the area. However, the unemployment rate is still consistently above the state average, and with few industrial jobs, wages tend to be low.
This city is the largest of all cities in the northern Sacramento Valley and is also the largest city on the 470-mile stretch of Interstate 5 between Sacramento, CA and Eugene, Oregon. Both Redding and its neighbor to the south, Red Bluff, are popular with tourists who use the cities as bases to explore Lassen Volcanic National Park, Lake Shasta, and other natural and man-made attractions such as:
- Sundial Bridge at Turtle Bay is a pedestrian span that was designed by the noted Spanish architect-engineer-artist Santiago Calatrava and links the north and south campuses of the 300-acre Turtle Bay Exploration Park.
- Turtle Bay Exploration Park, which is located along the banks of the Sacramento River, contains a museum and twenty-acres of gardens. The campus features permanent and changing exhibitions featuring art, history, horticulture, forestry and natural science.
- The Cascade Theatre(which opened in 1935) has been restored and now operates as a multi-use performance venue. The theater is an example of Art Deco architecture of the period.
In order to provide for your retirement investing has become increasingly important over the years, as the future of social security benefits becomes unknown. There are of course many forms of investment, but the main two that are available to the average man in the street are real estate and stocks. If you are interested in investing in the stock market maybe you should read some of Warren Buffet books!.
It is a very normal need for people to want to insure their futures, and they know that if they are depending on Social Security benefits, and in some cases retirement plans, that they may be in for a rude awakening when they no longer have the ability to earn a steady income. Investing wisely is the answer to the unknowns of the future because it has been shown that most people need much more money to live on in retirement that they think.
You may have been saving money in a low interest savings account over the years. Now, you want to see that money grow at a faster pace. Perhaps you’ve inherited money or realized some other type of windfall, and you need a way to make that money grow. Again, investing is the answer.
Leaving money a safe bank account earning maybe 5% a year, if you are lucky, is considered investing by many, but in general it’s a pretty poor deal, after accounting for inflation you are growing your money very little in real terms.
Investing is also a way of paying for the things that you want, such as a new home, a college education for your children, or expensive ‘toys.’ Of course, your financial goals will determine what type of investing you do.
Trading stocks can also be a form of investing if you have a medium to long term outlook, but make sure that you get some good trading education 1st.
If you want or need to make a lot of money fast, you would be more interested in higher risk investing, which will give you a larger return in a shorter amount of time. If you are saving for something in the far off future, such as retirement, you would want to make safer investments that grow over a longer period of time.
The overall purpose in investing is to create wealth and security, over a period of time. It is important to remember that as you get older you will not always be able to earn an income… you will eventually want to retire.
You also cannot count on the social security system to do what you expect it to do. As we have seen with Enron and other frauds, you also cannot necessarily depend on your company’s retirement plan either. So, again, investing wisely is the key to insuring your own financial future, but you must make smart investments.
When considering investments you have also got to be very carefull to avoid investment trading scams, things to look out for are unrealistic rates of return.
Pension experts have revealed that the scheme set up to protect final salary pensions could be in trouble.
Pension shortfalls recently hit a record high which has put the Pension Protection Fund (PPF) in danger of being submerged from a significant increase in claims being made from companies that have gone bust.
According to the findings, up to 91% of final salary schemes can’t afford to pay out benefits, with the under-funded schemes carrying deficits of more than £228 billion.
The PPF takes around £700 million from companies every year, but this has proved too little and doesn’t cover its liabilities. The PPF has a deficit of around £550 million.
The PPF has already carried the weight of 62 schemes that failed, which include Woolworths, and Lehman Brothers.
This has sparked growing concerns that the failure of more schemes could result in the PPF collapsing, leaving companies at risk of bankruptcy and vulnerable to loss of employee pensions.
The government has been called on by The National Association of Pension Funds to back the scheme and act as a safety net, but the government has yet to comment.
NAPF Chief Executive, Joanne Segars, said: “In these exceptional times, maintaining confidence and security in pensions is vital so it would be a sensible measure for the Government to be the ultimate guarantor of the Pension Protection Fund.”
Vince Cable, Treasury spokesman for the Party, said: “I get a very strong sense that this is the Titanic hitting the iceberg. It is potentially very vulnerable in a serious recession, which is what we are now getting into. Companies won’t be able to sustain the fund in its present form. The Government has to be explicit that it is standing behind it.”
According to the survey, which was carried out by Punter Southall – an administration service provider specialising in pensions, 60% of pension schemes are currently unaware how their funding is, and is due to be affected by the on-going recession.
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Unlike women, who prefer lifetime membership at spas or having a ticket in a trip across the world, men simply have different tastes when it comes to retirement gifts. Unlike the opposite sex, who wants to be pampered and to be bathed by luxury, men simply want something that affirms their virility.
Men simply want nothing more than to be a young and energetic man again. In other words, a good retirement gift must make them almost kind of like relive those times.
Tips
When it comes to sports, nothing says “still playable by old people” other than the century-old sport, golf. So gifts like personalized golf sets (if he’s left handed, give a customized golf set for left-handed men), monogrammed golf balls and gloves are perfect gifts not only to encourage him to be active once again, it also helps when it contributes to his declining health.
If golf sets are a tad too expensive, you may opt for squash or tennis racquets along with customized polo shirts with the family logo (if they have one). What is important is that you rekindle the sports loving gent inside of him. These kind of gifts always work—has anyone heard of a man who doesn’t watch ESPN or isn’t addicted to Monday night Football or Friday night Basketball?
A good alternative to sports-related gifts are expensive alcohol. The brands don’t have to be too extravagant. A huge bottle of J&B or the commonplace Blue Label Johnnie Walker may suffice. It is always good to let him remember the good old times in the bar where he and his friends can do no better than drink the night away. But giving these kinds of gifts doesn’t mean you’re promoting that again, most men have a wine or alcohol collection stored away in a cabinet, or for the true aficionado, cabinets.
Or it could be as simple as planning a retirement/”bachelor” party for him, where he could simply have a good time with friends, chatting and drinking the night away and enjoying their other company at the gentlemen’s club.
No matter what your gift may be, make sure that is true to the fact that it’ll make the retiree feel as young as possible.
Alternatives
With these general guidelines, it doesn’t necessarily mean that one should forsake personalized gifts. One should always take into account the personality and interests of the retiree. If he loves to read about current events and blogs about it in the internet, then probably a lifetime subscription to The Economist or The Wall Street Journal will be a perfect fit for him. One mustn’t forget that very important and universal rule: suit the gift to his tastes.
Conclusion
Making retirees forget about everything about their age and the limitations that come with it must the premise behind your gift-giving decisions to these retirees. Once you find the perfect blend wherein you mix sports, leisure and fun, then rest assured that you have found the best gift possible for him.
If that cannot be achieved, then simply follow a rule that has stood the test of time. It all comes down to this, know what the person wants and give it to him.
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Now that I’m getting older, I’ve decided that I really need to start saving some money for retirement. I’m still in my mid-thirties, but I don’t even have as much as a single IRA in my name, so I’m definitely behind in the game. I have consider working part time in insurance or bank but not sure of the require financial advisor certification that I need to start.
I’ve been reading news articles about how Social Security isn’t likely going to be around when I retire, so I know I can’t count on the government to take care of me when I am old and helpless. Plus, the cost of living just continues to skyrocket, which means that financial planning is even more important now than ever before.
While I never was in the hurry to do financial planning, I think it is better late than never. I do not have any trusted personal advisor over my financial, so I’ve been doing a little research on the Internet to try to find out how other people are saving up for retirement. I was quite lost with the amount of financial planning information out there, so it’s definitely going to take me some time to go through it all.
From many of the websites I’ve reviewed thus far, I’ve learned that the most important financial planning decision I have to make is what kind of investment vehicles to put my money into. There are plenty to choose from, of course, so I really need to be aware of the return rate I’d be getting before I part with my money. Or I could start some online business or data entry work such as those job from legitimate paid surveys
For example, simply keeping my money in a savings account that yields 3 percent annually isn’t the smartest financial planning move I can make. That rate of return doesn’t justify tying up my money, so I’d be better off putting it in stocks or bonds that can yield two to three times the interest.
Another thing that I learned from the various financial planning online website I visited was that it might be helpful to sit down with a professional planner to go over my current situation. Together, we can work out the goals, and at the same time calculate how much money I think I’ll need for retirement, and work out a viable investment plan to help me reach my goals before age 65.
This is a great idea, so I’m currently looking for someone near me who is qualified to help me with my financial planning needs.
I am happy that I have finally decided to do something for my retirement. I do hope that with proper financial planning, I can have something comfortable to live on when I am old! And maybe I should consider opening setting up a coffee shop business
There’s no greater financial safety net than Social Security. Regardless of it’s faults, every year it helps hundreds of thousands retired people to thrive in their retirement years. But the Social Security program was never meant to be the only income source for retire people. In fact, that’s why the 401k plan was created. It was a way for the federal government to encourage people to save money for their retirement years by giving them certain financial incentives.
So, exactly what is 401k plan? A 401k program is a retirement investment plan available to employees of companies. The company administrates the plan but employer and employee both are allowed to add funds to the plan. The all important, and huge, reward of a 401k plan is that you are able to invest using pre-tax dollars.
That is, the money that you earmark for the 401k is placed into the plan before it is taxed. In addition, the money is able to continually earn untaxed interest on your donations until you withdraw the money – typically at retirement. And even then, only the money that you withdraw from the fund is taxed. Presumably, since you’ll be at a lower income level when you retire, the amount of money that you will be taxed will be lower as well.
Many companies lure workers into joining their organization by touting their ample 401k packages. In more pleasing economic times, it was not unusual for an organization to match the contribution of the employee with an equal amount of their own money. So if you kicked in a hundred dollars to your 401k plan, they would kick in another hundred dollars. This in effect gives you a 100% profit on your money even before your investments kick in. In the current recessionary economy, however, those generous packages have become more difficlut to come by. But even without that benefit, if a 401k plan is offered by your employer, you should take advantage of it.