Archive for February, 2012
BMO Retirement Tips of the Day: Do Your Homework Before Starting a Business in Retirement & Avoid Spending Too Much …
Posted: February 16, 2012 at 5:28 pm
TORONTO, ONTARIO--(Marketwire -02/16/12)- As the February 29th deadline approaches to make a contribution to a Registered Retirement Savings Plan (RRSP) and as part of its ongoing commitment to improving financial literacy, BMO Financial Group will be providing daily retirement tips during the month of February from BMO Retirement Institute Head Tina Di Vito's new book 52 Ways To Wreck Your Retirement...And How To Rescue It.
Tip Number 31:
Do Your Homework Before Starting a Business in Retirement
Canadians aged 55+ lead the country when it comes to starting new businesses. While Canada's boomers may have an entrepreneurial streak, there are some big risks they need to consider before starting a new business during retirement. These include:
-- Do you have the necessary skills or licenses to run the business? How
long would it take to be qualified or get certified? Would you hire
staff?
-- What initial funding is required for the start-up?
-- How will the business be structured (sole proprietor, partnership or
incorporated)?
-- Is there a demand for your product or service?
-- Who are your competitors?
-- What are the location and time commitments?
Tip Number 32:
Avoid Spending Too Much Too Early in Retirement
Despite the excitement you might feel upon retirement, dipping into your nest egg too quickly can increase the chance that you will run out of money before you run out of time. Keep in mind that the different phases of retirement require different levels of planning, so plan your savings accordingly.
-- Early Phase: You are ready to do the things you've been putting off and
are generally the healthiest in these years.
-- Middle Phase: This is usually the longest phase. You are realistic about
how much time and money certain activities consume and have developed a
routine.
-- Late Phase: Also known as the "slow years", your health or the loss of a
partner prompts you to slow down and you will be spending money on home
care or other services that did not need funding in the past.
For more information on retirement: http://www.bmo.com/retirement.
Get the latest BMO press releases via Twitter by following @BMOmedia.
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BMO Retirement Tips of the Day: Do Your Homework Before Starting a Business in Retirement & Avoid Spending Too Much ...
Retirement Communities Find Niche With Gay Seniors
Posted: at 5:27 pm
Enlarge Chris Lehman /for NPR
The Rainbow Vista retirement community in Gresham, Ore., bills itself as "100 percent gay owned and operated."
Chris Lehman /for NPR
The Rainbow Vista retirement community in Gresham, Ore., bills itself as "100 percent gay owned and operated."
February 16, 2012 from N3
When Pat Matthews turned 65, her declining health led her in search of a place that could offer increasing levels of care as she grew older.
And Matthews had one other requirement: She wanted to bring Carol Bosworth, her partner of nearly 20 years. At the very first place they visited, that was a problem.
"They didn't say we couldn't come. But they said that we would be best off if we were sisters," Matthews says. "We crossed them off our list, because that's not the way we want to live."
As lesbian, gay, bisexual and transgender people age, finding suitable retirement housing can be a unique challenge. Some facilities allow only married couples to live together, and many gay seniors fear a cold shoulder from staff or fellow retirees.
But some retirement homes have begun catering specifically to LGBT seniors. Matthews and Bosworth found a more welcoming reception at one such facility, the Rose Villa retirement community in Portland, Ore.
It's a fairly typical senior complex: People share gossip and do jigsaw puzzles in the lobby. Matthews says she and her partner were fortunate to find it.
"Some of our gay [and] lesbian friends that are older than us have chosen to stay home, because they don't trust what they might find," she says.
Making A Home More Welcoming
Rose Villa CEO Vassar Byrd says the community had always welcomed gays, but that Matthews and Bosworth's story was a wake-up call.
"I couldn't believe that in this day and age that that would happen," she says. "I was absolutely shocked beyond belief."
They weren't saying, 'Oh boy, here's our gay couple.' They were saying, 'Well, here's our new resident.'
Byrd set out to make Rose Villa as hospitable as possible to lesbian, gay, bisexual and transgender people. She immediately integrated LGBT issues into the diversity training that all staff — from nurses to custodians — undergo.
Advocates for gay seniors say Rose Villa's level of concern is pretty unique. And while it's nearly impossible to quantify, they say a growing number are going back in the closet in order to find a retirement facility that will accept them.
Hilary Meyer, with the National Resource Center on LGBT Aging, says one of the biggest barriers to finding welcoming housing is a lack of sensitivity among staff.
"Older adults now have lived with this historic discrimination and stigma, and they have a tremendous fear, of course, of service providers carrying that into their work."
Meyer describes a typical case: An elderly lesbian grows infirm. With no immediate family, she moves into a nursing home, and "the staff at the facility dresses her in dresses and other feminine clothing. This obviously can be very disconcerting to a woman who has not worn a dress in 25 years."
'100 Percent Gay Owned And Operated'
Rainbow Vista, a gay-friendly senior complex in the Portland suburb of Gresham, is considered by many to be one of the most gay-friendly senior complexes in the nation. It proudly bills itself as "100 percent gay owned and operated."
Currently, everyone living there is gay or lesbian, but resident Doug Schukar says that's not a requirement.
"If somebody over the age of 55 wanted to move in here, and they weren't judgmental and bigoted and everything else, they'd be just as welcome here as anyone else is."
Schukar and his partner, Don McClure, moved here from central California in the summer of 2011. McClure says they spent months investigating retirement housing options.
"It was important for me that I could have a gay community; a place that I felt safe and I could be myself, especially as I start the aging process."
Despite stunning views of Mount Hood and relatively low rents, Rainbow Vista is only about one-third full. Elsewhere, some predominantly gay retirement complexes have waiting lists.
While an all-gay retirement center may be of interest to some, many gay seniors prefer to live in a more diverse community in their golden years. Back at the Rose Villa, Rod Dolan says he and Michael Stotts, his partner of 35 years, weren't looking for a gay retirement home. They just wanted a place where they'd be accepted for who they are.
"People were actually glad to see us," Dolan says of Rose Villa. "They weren't saying, 'Oh boy, here's our gay couple.' They were saying, 'Well, here's our new resident.' "
In fact, Dolan says, it's precisely the sort of welcome they received when, in their younger years, they first moved to their old neighborhood.
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Retirement Communities Find Niche With Gay Seniors
Boomers on the Hunt for the Perfect Retirement Spot
Posted: at 5:27 pm
“The Boomer” is a column written for adults nearing retirement age and those already in their “golden years.” It will also promote reader interaction by posting e-mail responses and answering reader questions. E-mail your questions or topic ideas to thefoxboomer@gmail.com.
When I was a kid we spent many Easter vacations at my aunt’s house in Cocoa Beach, Fla. We would pack up the station wagon, fill the cooler with cold drinks and sandwiches and head south on I-95.
The nearly-20-hour drive didn’t bother me because I knew it would be worth it: warm weather and sandy beaches would be my playground for the week. Now, as I approach my 62nd birthday and the temperature continues to drop outside, I find myself thinking a lot about those childhood vacations to the Sunshine State. Wouldn't that be a great place to retire?
When it comes to picking a retirement destination, boomers can’t make the decision solely based on weather. Other factors like affordability, access to transportation and walkability, housing and activities should also come into play.
According to a survey released this month by the Consumer Federation of the Southeast.(http://consumerfederationse.com/2012/02/01/new-poll-shows-what-baby-boomers-want/), boomers are increasingly looking to relocate when they leave the workforce, and their decision on where to settle will impact not only on their finances, but also the communities they decide to join.
I spoke with Ron Sachs, spokesman for the Consumer Federation of the Southeast and asked him what baby boomers need to know about picking a retirement location. Here is what he had to say:
Boomer: With thousands of baby boomers retiring every day, what do you find is the most important consideration they take into account on where to retire?
Sach: Baby boomers are going to be a much more active generation than any generation that retired before them. Our survey that was conducted by Mason Dixon shows that boomers that are planning to relocate seek a good climate year round, affordable housing, low taxes, quality and affordable healthcare and a lot of availability of outdoor recreational activities.
Boomer: What should factors should baby boomers consider when looking at moving into a retirement community?
Sachs: Baby boomers are going to be looking for communities that are not too large; urban metropolitan areas that still have a small-city quality and feel to them. Places in the neighborhood of 200,000 to 500,000 residents are going to be more appealing to them than a multi-million dollar urban demographic area.
They should also make sure the community they enter is caring, and offers a chance to volunteer or get a part-time job. The community should be one where they can quickly assimilate into the ebb and flow of day and night life.
Boomer: Many baby boomers will have to continue to work past retirement just to make ends meet. Would you recommend these working boomers consider moving out of their home state?
Sachs: If we know anything about baby boomers it is their willingness to go outside their comfort zone. Even in their retirement years, we expect baby boomers to deepen the reach of older individuals continuing to work, even if just part time.
It is conceivable that baby boomers will become part-time teachers, or become involved in various volunteer opportunities (paid or not paid), and that becomes a great asset to a community. I do think that working past retirement for baby boomers may take a different form in a different job or profession than where they earned most of their living during their primary working years.
Boomer: Where are the top five best places for retirement?
Sachs: Baby boomers have shown us the way of smaller communities. They are looking at cities that are smaller than typical big cities with good year round climates. They also want affordable housing and lower taxes, so a state that doesn't have an income tax, for example, would be more appealing. It seems that by and large, based on these considerations that southeast states would be attractive to retiring baby boomers: Florida, the Carolinas and Georgia to name a few.
Boomer: With the rising cost of health care, taxes, housing and utilities where are the most affordable retirement communities?
Sachs: Boomers are going to look carefully at states that don't have a state income tax, and Florida is one of those. Florida also benefits by having a great climate with very mild winters-- even in the northern parts of the state. Florida used to be the No.1 retirement destination, but in the last decade, the Carolinas have topped it. But I think Florida is going to have a resurgence with the baby boomer generation because many of them went there as a child and have fond memories.
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How to build up your personal brand
Posted: at 5:27 pm
Sure, everyone knows what a brand is. Coke, Pepsi, McDonald’s. But that buzzword is getting thrown around a whole lot in career and job search conversations these days, too. And you might be thinking to yourself, “Why do I really have to care about this?”
Here’s why: Whether you’re on the job hunt, a student, or gainfully employed, you must think, act, and plan like a business leader. With the surge of social media, you have not only the ability, but you now have the need to manage your own reputation, both online and in real life.
More from Forbes.com
Employers will Google you before they even invite you to an interview. (Your current employer probably has an eye on what you’re doing, too.) And when you interact with people, both online and offline, they’ll build up an image of who you are over time.
And here’s where you come in: You want to be in control of all of those impressions. Why leave your professional reputation to chance, when you can be your own PR guru and manage your image?
Your personal brand is all about who you are and what you want to be known for. And while that’s a pretty broad concept, I’m going to break down the process for building your brand into a few easy steps.
Your first task is to develop your “brand mantra.” Basically, this is the “heart and soul” of your brand, according to branding expert Kevin Keller. It’s the foundation of all of your branding efforts.
It’s not a mission statement – rather, it’s a quick, simple, and memorable statement describing who you are and what you have to offer. Ivanka Trump is “an American wife, mother, and entrepreneur.” FedEx is “peace of mind.” Disney is “fun family entertainment.”
And yes, those are all famous options, but the same basic principles apply for your own brand. Ready for your turn? Here are four simple steps to creating your mantra:
Determine your emotional appeal
For starters, think broadly about your personality and how it affects the experience someone will have with you. Are you insanely organized? Do people love working with you for your killer sense of humour?
Make a list of words that best describe these features of your personality. These words are known as emotional modifiers. Hint: They can be as simple as Disney’s “fun.”
Determine your description
Your next step is coming up with a descriptive modifier that brings clarity to the emotional modifier, identifying what or who your brand is for. In Disney’s case, it’s “family.” In Nike’s mantra, “authentic athletic performance,” “authentic” is the emotional appeal, while “athletic” tells you what the brand is for. As an individual, yours might be an industry (“health care” or “education”), or it might be a tangible skill (“creative” or “strategic”).
Determine your function
Lastly, write down what, exactly, you do (or will do). It might be something that directly relates to your career: writing, graphic design, or financial planning, for example. Or, it might be something more broad, like Disney’s “entertainment.” Are you a manager, a creator, an organizer? A connector of people?
Put it all together
Finally, look at your three lists of words, and see how you can combine them into a short sentence or phrase – no more than five words. Your brand mantra should communicate clearly who you are, it should be simple and memorable, and it should feel inspiring to you. You might be a “dependable, strategic planner” or “a creative professional connector.” Or, your mantra might be something like, “motivating others to do their best.”
Now – what do you do with this statement? Check back soon for tips on how to use your mantra and build your online brand, as well as how to live your brand, every day.
Megan Marrs is an entrepreneur, consultant and owner of Marrs Media Group, a branding and strategic marketing company located in Valparaiso, Ind. She is also a contributing writer for The Daily Muse focusing on branding as well as business school. Megan is heavily involved with volunteering with youth leadership programs and has a passion for all aspects of business. Megan is a graduate of Purdue University (’06) and Valparaiso University MBA. (’11).
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How to build up your personal brand