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12-10-2012 19:41 The space shuttle Endeavour began its 12-mile trek at 2-mph through Los Angeles on its way to retirement at the Science Center. Bill Whitaker reports

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Shuttle Endeavour begins slow trek to retirement - Video

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11-10-2012 00:58 Brian and Andy Kamenetzky talk about Kobe Bryant's indications that he may retire after 2013-14 season.

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The Forum: Kobe's Retirement Plan - Video

Following the news that bull markets make people more likely to retire -- and that doing so can put their future finances in danger -- it's important for savers to review how market returns can affect their retirement planning.

On one hand, it's understandable why more retire during strong market conditions: People have a retirement savings target in mind, and bull markets can help more people reach those targets. The problem is, given the normal cycles of market returns, retiring at a peak could leave you vulnerable to the next bear market.

Ideally, you shouldn't let recent returns influence your retirement planning too much. Keep these six things in mind when a run of good returns has you thinking you should retire a little early.

1. Don't skimp on contributions if you get ahead of target

When market returns are strong, people tend to feel they can skip contributing to their retirement plans, because those returns seem to be adding to the portfolio fast enough. Market returns need to be viewed as cyclical, so good returns one year may have to make up for disappointing returns the next. Meanwhile, savings rates should be based on your long-term needs, not the current value of your portfolio.

2. Remember that an early retirement requires more funding

If you hit your retirement savings target a little early, you might need a higher target to account for the fact that if you retire early, you'll have to live off those savings for a longer time.

3. Be sure to account for low interest rates

One of the biggest changes in retirement assumptions in recent years is the fact that interest rates, from bank rates to bond yields, are nowhere near their historical norms. That means it takes a bigger portfolio to produce an adequate amount of retirement income.

4. Don't retire as soon as your portfolio reaches your target

Link:
Six Ways to Bear-Proof Your Retirement

For coffee lovers, there is nothing better than the smell of freshly ground beans in preparation for a satisfying cup of java. A fragrant aroma fills the room as the brew trickles through the filter, requiring real self control to not tip the pot just a bit to steal a cup before the process is complete. But that patience pays off when you nestle in your hands that steamy, rich mug of dark wonderfulness and savor the first sip. Preparation along with the proper ingredients, patience, and a commitment to the end result can make baristas of us all. That same strategy of preparing and planning using the right equipment and ingredients can apply to living a fulfilling retirement:

Good coffee takes effort. Living a meaningful retirement also requires considerable foresight. Few of us are born with an innate ability to make the perfect cup of coffee right off the bat. We need to find just the right beans for our personal taste, decide if we prefer drip or espresso, determine the ideal grind, and learn the right amount of milk to add. It takes practice, a bit of trial and error, and we need to stick with it to get it just right. If we dont plan ahead, we may end up with a passable brew, but not the best cup possible.

Just as we sample different coffee beans to find out what we like best, we should experiment with and pursue different passions in retirement. Possibilities that intrigued us at a time in our life when we could not chase them are now ready to be explored. If one retirement goal does not work out as we would have liked, we can try another. And just as our tastes in coffee can change over time, we should also be prepared to shift gears in retired life to pursue new passions that excite and inspire us.

We look forward each day to a fresh cup of perfect coffee. There is nothing better than the first cup of coffee in the morning. Our anticipation helps get us out of bed, and once we are sipping our beverage, we feel ready to undertake the day. Living a fulfilling retirement is similarly empowering when we have things to do that we are passionate about. We cannot wait to get out of bed and start the day knowing that we love what we will be doing. With this inspiration waiting, we can look forward to each day and all that it has to offer.

The right coffee beans and equipment are key. Fresh, good-quality beans, crystal clear water, and the right grind for the cup you desire help you realize the best results. Retirees also need the right ingredients to live a fulfilling and meaningful life. Good mental and physical health are essential. A positive outlook and optimism about the future will also considerably improve your retirement years. Stir in your passions to inspire your retirement years. All of the right ingredients can combine to give you the perfect retirement environment that is both relaxing and meaningful.

If the cup gets a bit cold, you need to heat things up. Getting the most out of retired life requires us to sometimes step outside of our comfort zone to stir things up a bit. We may be happy with the status quo for the moment, but boredom can also creep into your retirement years. Adding some variety can help boost the excitement level. Who wants to drink a cold cup of coffee or live a boring predictable retirement? To heat up your retired life, be creative and take a chance at something you have never done before.

Dave Bernard is the author of Are You Just Existing and Calling it a Life?, which offers guidelines to discover your personal passion and live a life of purpose. Not yet retired, Dave has begun his due diligence to plan for a fulfilling retirement. With a focus on the non-financial aspects of retiring, he shares his discoveries and insights on his blog RetirementOnly the Beginning.

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The Perfect Brew for a Fulfilling Retirement

The state of Americans retirement accounts is dismal is how ConvergEx's Nick Colas begins his critically important-to-read note on the reality that millions face. According to an early 2012 study by the Employee Benefit Research Institute, Colas notes only 58% of us are currently saving money for retirement and 60% of those that are have less than $25,000. Thirty percent have less than $1,000. Needless to say, its a far cry from the 8x-10x final earnings suggested by most retirement planners. So why are we so far behind? Americans arent exactly known for impressive savings habits, but that alone does not explain our poor preparation for retirement. Rather, a general lack of financial literacy, including basic understandings of savings growth and retirement income needs, superseding financial obligations, and basic behavioral finance biases keep us from putting cash away. But if we keep up at this pace, you can expect the ongoing political debate about Social Security to take on new and more strident tones.

Via Nick Colas (and Sarah Miller) of ConvergEx: Hope I Die Before I Get Old

Note From Nick: I dont remember anything about being 23. Or 24. Or, well, you get the idea. But understanding the financial decision making of this cohort is a useful exercise, especially when it comes to investing for retirement. Happily, Sarah is in the thick of these decisions and is, in fact, 23. It is pretty easy to see the long shadow of an important social problem from her narrative. If you think the debate over Social Security is raging now, just wait a few years. And now, over to Sarah

Ive been at ConvergEx for just over a year now, and Im happy to say Ive survived 12 months at my first job in the real world after college. Id like to think Im a bit smarter than I was when I walked in here last year. When I was given the employee handbook with all the options for healthcare, restaurant discounts, and pre-tax transportation contributions, I admit I had no idea what to choose. So I did what any 22-year-old Millennial child would have done: I called my parents. I figured my mother, who works in healthcare, and my father, the finance professional, would be the best advisors for these kinds of decisions.

After deciding on my options for healthcare and transportation, we finally came to the 401k something I had certainly heard of, but never really confronted. At 22, retirement savings was nowhere near the top of my priority list; and having just moved into New York City, I was not keen to tuck away part of my paycheck that could have been redirected towards some other expense. After all, wouldnt that money serve me so much better as a new pair of boots than it would in some account? Part of me is still inclined to say YES!. But knowing my parents probably knew more about this than I did, I followed their advice and put a whopping 1% of my paycheck towards the 401k.

Little did I know that only one year into my employment, at the age of 23, I would be farther ahead in my retirement savings plan than millions of American workers. According to a March 2012 survey by the Employee Benefit Research Institute for retirement confidence, the majority of Americans are vastly underprepared for retirement, with very few savings or even none at all. A few key takeaways from the report, which can be found here:

But why the lack of preparation? Several complementary reasons might reveal the answer:

1. Lack of financial literacy. Americans on the whole are not versed in the ways of financial planning. A study by Lusardi and Mitchell in 2005 found that less than half of a sample of US adults 50 and older was able to answer simple questions about inflation and compounding interest. Another study, by McKensie and Liersch in 2011, showed that a majority of adults misunderstood savings growth: they expected it grew linearly rather than exponentially, therefore underestimating the potential return a small investment could have over several years. When exponential growth of savings was demonstrated, real employees chose to save more for retirement (see the study here). To top it all off, 34% of those surveyed by the EBRI estimated they needed less than $250,000 to retire.

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Retirement: The Scary Numbers Behind The Soothing Lies

When it comes to retirement readiness, most of us dont feel adequately prepared.

The number of Americans who report making financial preparations for retirement dropped to 70% in 2012, the lowest level in three years, according to Ameriprise Financial's 2012 City Pulse Index. While 63% of respondents report having set money aside for retirement, only 37% feel on track for retirement.

The study, which examined consumer retirement planning in the 30 largest U.S. metropolitan areas, highlights why would-be retirees are staying in the labor market longer to help shore up their nest eggs.

People are going to need to make more provisions to take care of themselves, not less. The whole issue is having adequate cash inflows during retirement to live the lifestyle that an individual wants, says Mark Lee, a certified public accountant with Business Legacy Consulting in Massachusetts.

The survey found that the country's most prepared and retirement-confident residents reside in Hartford-New Haven, Conn.; San Diego; and Minneapolis-St. Paul. The least prepared cities are Indianapolis, Charlotte and Washington, D.C.

The findings come at a time when rising costs of health care, Social Security, taxes and Medicare are pinnacle issues on the presidential campaign trail. In fact, all these topics were discussed at length in the first presidential debate.

More than half of survey responders indicated that President Barack Obama and Gov. Mitt Romney's positions on these topics were very likely to influence their vote. More than one- quarter said Social Security and health care changes would jeopardize their retirement plans.

With only 20% of the workforce feeling financially secure enough to retire before 65, according to the survey, the labor market and economy will continue to struggle as boomers continue to save more, spend less and remain in the workforce.

To ensure being financially prepared to retire, experts advise constantly evaluating spending and saving habits, establish and invest in an a savings vehicle and keeping up to date on new investing tools and regulations. Here are six of their best tips:

Write a detailed retirement Plan. Calculate how much money youll need to cover your essentials over the course of a 30-year retirement and then add discretionary expenses inflation and health care into your projections, says Suzanna de Baca, vice president of wealth strategies at Ameriprise Financial.

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How to Spend and Save Confidently for Retirement

One of the best things you can do for your retirement is to max out your retirement plan contributions. Two of the factors that can have a big impact on how much money you end up with during retirement are when you start saving (it's best to start as early as you can), and how much you actually contribute.

For most of us, contributing $100 a month just isn't going to cut it in retirement. Instead, consider maxing out your retirement plan contributions. At the very least, try to max out an IRA each year. Here are some strategies you can employ to help you max out the contributions you make to at least one of your retirement plans:

Take advantage of the employer match. If you have an employer match, you should be taking advantage of it. Find out what you need to contribute in order to receive the maximum matching contribution, and then add that money to your account each month. If your employer is offering a match, that is free money that you can use to boost your retirement account contributions. Remember, the more you put in now, the better compound interest can work on your behalf to build wealth for later.

Slowly increase your contributions. Gradually increase your retirement account contributions. You don't have to suddenly go from contributing $100 a month to contributing $500 or $1,000 a month. Instead, step up your contributions slowly. Look for an extra amount of money to regularly apply to your retirement contributions.

If you think that you can find $50 more a month to save for retirement, add that to your contributions. This should be a regular contribution that permanently raises the amount of your deposits. After a few months, when you are comfortable, look for another $50 or $100 a month that you can contribute to your retirement account. Step up your contributions regularly until you reach your goal of maxing out your retirement account each month.

Add windfalls to your retirement account. If you receive an unexpected windfall, add it to your retirement account. Whether this is a one-time bonus, lottery winnings, or a raise, consider adding money to your retirement account. This will help you move toward maxing out your retirement account--at least this year.

If you end up with a raise, immediately appropriate a good portion of that raise to your retirement account contributions. Do this as quickly as possible in order to avoid the problems that can come with lifestyle inflation. Instead of getting used to spending more on things you don't actually need, spend part of it on shoring up your retirement nest egg.

You don't need to put the whole of a raise or a windfall toward your retirement plan contribution amount, but you should put some of it toward that goal. This is extra money that can help you hit your retirement contribution target for the year, and help you ensure that your retirement is successful.

Start now. Do what you can right now to start increasing your retirement plan contributions. Even if you don't feel as though you can increase your contributions by a huge amount, just adding a little more to your retirement account on a consistent basis can be a huge help in the end.

If you are conscientious about increasing your retirement account contributions, and make it a goal to eventually max out one of your retirement plans, you will be able to watch your nest egg grow. You will also have fewer worries about how you will pay for your retirement years.

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How to Max Out Your Retirement Plan Contributions

Time for another retirement rule of thumb According to Fidelity investments, you should have saved 8x your annual (final) salary by the time you reach age 67 if you want to replace 85% of your pre-retirement income in retirement.

To stay on track for this, you should have saved 1x your income by age 35, 3x your income by age 45, and 5x by age 55. They do acknowledge that every individual's situation will differ greatly based on desired lifestyle in retirement, but still

In my view, this is just another in a long line of bogus (imho) guidelines that feed into the fallacy that retirement planning should be based on pre-retirement income levels. I've said it before and I'll say it again:

Retirement savings goals should be based on expenses, not income.

If you're living paycheck-to-paycheck, then income might be a decent proxy for expenses. But I'm hoping that's not the case for most of you.

There are also a number of underlying assumptions here. Among them:

In the end, if rules like this spur someone to action (vs. complete inaction) by at least providing a concrete and/or conceivable (if wildly inaccurate) goal, then I guess they're doing their job.

But you're not doing yourself any favors (again, imho) by burying your head in the sand and basing your retirement plan on overly-simplistic assumptions.

Here's a simple rule of thumb: Project your retirement income needs and multiply by 25 (or 33 if you want to be conservative). These values correspond to 4% and 3% withdrawal rates, respectively. That's how much you'll need in a well-diversified portfolio.

Is that number overwhelmingly large? Then you need to start earning more, investing more of what you take home, and/or reducing your desired standard of living. Or all three. You can't cheat reality.

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Another Retirement Rule of Thumb

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11-10-2012 01:56 Lakers guard Kobe Bryant on retirement

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Lakers guard Kobe Bryant on retirement - Video

Oct 11 (Reuters) - Veteran lock Nathan Sharpe has delayed his retirement for a second time and made himself available for Australia's northern hemisphere tour next month, the team said on Thursday.

It has been a remarkable 12 months for the 34-year-old Sharpe, who had slipped to being a fringe player at last year's World Cup where he won his 100th cap, and he had planned to retire after the Super Rugby season.

He was persuaded by Wallabies coach Robbie Deans to play on in the southern hemisphere's Rugby Championship after injuries ruled out captain James Horwill and Dan Vickerman and with little in the way of depth of international experience in Australia's locking stocks.

He rose to the captaincy for the second half of the Rugby Championship when Horwill's successor David Pocock injured his knee in the opening match and scrumhalf Will Genia followed two games later.

Sharpe's performances and leadership of the injury-ravaged Wallabies in those three matches persuaded Deans to ask him to postpone his retirement once more for the tests against France, England, Italy and Wales starting next month.

"Playing for Australia is something I have never taken for granted. As such, to be asked to continue beyond the deadline I had set for myself was both flattering but also a request that was very difficult to turn down," Sharpe said in a statement.

"I have never known a season where the Wallabies have faced such adversity as we have this year.

"To show the spirit and character that the team has is a mark of how the group has grown, both individually and collectively, and I have enjoyed playing my part in that.

"The opportunity to lead the Wallabies again on what will be a challenging but exciting tour was too tempting. It is not easy to say no to your country."

Sharpe is expected to play his last test on home soil in Brisbane on Oct. 20 when the Wallabies face the All Blacks in the final dead rubber match of the Bledisloe Cup, which the world champions wrapped up in August to retain the trans-Tasman trophy for a 10th successive season.

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Rugby-Sharpe delays retirement, again, to play on for Australia