Archive for the ‘Retirement’ Category
CDR Yamaha Josh Coppins retirement announcement. – Video
Posted: August 8, 2012 at 2:16 pm
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CDR Yamaha Josh Coppins retirement announcement. - Video
Retirement Worries Good News for Advisors, Says Accenture – Video
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Retirement Worries Good News for Advisors, Says Accenture - Video
Prudential Retirement selected as recordkeeper for MGM Resorts 401(k) plan
Posted: at 5:13 am
NEWARK, N.J.--(BUSINESS WIRE)--
Prudential Retirement, a business unit of Prudential Financial, Inc. (PRU), today announced it will serve as recordkeeper for Las Vegas-based MGM Resorts Internationals 401(k) plan.
Prudential Retirement is pleased MGM Resorts selected us to recordkeep its 401(k) savings plan and we look forward to serving MGM Resorts plan participants, said George Castineiras, senior vice president, Total Retirement Solutions, Prudential Retirement. Through our open architecture platform which provides a broad range of fund choices and educational materials, we look forward to helping plan participants achieve superior retirement outcomes.
The plan has roughly 24,500 participants and approximately $858 million in assets, which were transferred to Prudential in the second quarter of 2012.
We selected Prudential Retirement as our plans recordkeeper because of Prudentials demonstrated results that drive successful participant outcomes, its low expenses, strong performance and excellent communications program, said MGM Resorts Executive Director of Benefits, Cindy Moehring.
Prudential Retirement delivers retirement plan solutions for public, private, and non-profit organizations. Services include state-of-the-art record keeping, administrative services, investment management, comprehensive employee investment education and communications, and trustee services. With over 85 years of retirement experience, Prudential Retirement helps meet the needs of over 3.6 million participants and annuitants. Prudential Retirement has $244.8 billion in retirement account values as of June 30, 2012. Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT, or its affiliates.
Prudential Financial, Inc. (PRU), a financial services leader, has operations in the United States, Asia, Europe, and Latin America. Prudentials diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudentials iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/
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Prudential Retirement selected as recordkeeper for MGM Resorts 401(k) plan
Retirement savings: How much is too much?
Posted: at 5:13 am
I'm 24, make $65,000 a year and between contributions to my Roth IRA, 401(k) and the company match to my 401(k) I save 21% of my income. Am I saving too much for retirement? Do you think I should save less and spend more while I'm young? -- Matt, Hoboken, N.J.
There's no question that when it comes to saving for retirement, you, my friend, rank near the very top. Most people with 401(k)s contribute about 7% or so to their retirement accounts and the national savings rate isn't even close to double digits.
But just because you save way more than most of your compatriots doesn't necessarily mean you're saving too much.
When I plugged your numbers into one of my favorite retirement calculators, it estimated that you would have a greater than 90% chance of being able to retire at 65 on 75% of your projected pre-retirement salary. Most people would die to have those odds.
But as attractive as your retirement prospects may appear now, you need to step back and take a reality check. We're talking about forecasting 40 years into the future. So even though you manage to save more than 20% of your income now, is it realistic to assume that you'll be able to keep up that pace over the next four decades?
Maybe, but it would be tough. You're only 24, a point in your life where you probably have relatively few financial obligations. As you get older, you may want to start a family, buy a house, perhaps go back to school for an advanced degree. All of those things will place more demands on your income, possibly crimping your ability to continue salting away money at your current rate.
Related: 25 and 'scared stiff' of making an investing mistake
There are also plenty of things beyond your control: a layoff or health problems could derail your savings regimen, market setbacks might seriously impede the growth of your savings, possible changes in the Social Security system could make your benefit less generous than is currently projected.
All of which is to say that, from a purely financial point of view, I think it makes sense to stick to your ambitious savings rate while you can.
Think of it as an insurance policy of sorts, providing a bit of cushion should you find yourself unable to save as much as you'd like down the road or if poor investment performance prevents your nest egg from growing as expected.
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Retirement savings: How much is too much?
How to Calculate Your Retirement Needs – Video
Posted: August 6, 2012 at 9:14 pm
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How to Calculate Your Retirement Needs - Video
Micheal Phelps Talks Retirement 2012 Olympics – Video
Posted: at 9:14 pm
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Micheal Phelps Talks Retirement 2012 Olympics - Video
Boomer retirement housing preferences shifting
Posted: at 9:14 pm
(MoneyWatch) The classic image of new retirees making a bee-line to Florida or the Sun Belt to live out their lives is sun-drenched comfort is increasingly a thing of the past.
Among U.S. workers age 55 and older, almost two-thirds -- 62 percent -- think that when they retire they will continue to live in their current state of residence, according to a survey by the Pulte Group, parent of Del Webb, a builder of adult retirement communities. That's up 20 percent from a similar survey taken just two years ago.
One important reason for this shift is the redefinition of retirement, as more and more Americans move away from the traditional definition of "all play and no work" during their retirement years to start second careers or continuing to work in some manner. In fact, 50 percent of the respondents to Del Webb's survey report that they work part-time or are starting new businesses or careers. As a result, the builder is establishing more communities outside the Sun Belt states and close to metropolitan areas such as Chicago, Detroit, and parts of the Northeast.
The survey also shows that 43 percent of respondents plan to retire and stay in the same city where they currently live; only 35 percent plan to retire and move to a different state. Just 32 percent want to live within 20 miles of their children or grandchildren upon retirement, again underlining many retirees' interest in continuing to work.
How to choose the best place to retire Calculate retirement costs with a new online tool Retirement planning outside the box: Move out of the suburbs
"In looking at our previous studies, we found that there's a group who do not want to leave their family, friends, and all the familiar surroundings," says Deborah Meyer, senior vice president of Pulte Group.
When you visualize a new Del Webb community, forget about the image of people golfing and playing tennis in Arizona. Instead, think of retirees taking classes on such diverse topics as computers or yoga, and enjoying healthy living habits, travel, and group activities with friends.
All of this makes sense to me. My wife and I now live in a townhouse community that's located one county north of Los Angeles, although it doesn't specifically target the age 55-plus crowd. The cost of living is less than metropolitan L.A., due to reduced property and sales taxes, lower car and homeowner insurance costs, and the reduced cost of goods and services. We're still close to family, friends, and our professional connections in the cities where we lived and worked for many years, but now we have a lap pool and a gym, along with participating in a neighborhood emergency preparedness group, a book club, and many other social activities. When we travel, we just lock the doors and drive away. (And as I write this, I can hear somebody else mowing the lawn outside my house!)
The one concern I have with this type of community is what happens when we all get a lot older. Our community -- and the Del Webb communities -- target the active adult crowd. But once we get into our 80s and 90s, we may not be able to fully use and appreciate the recreational facilities; in fact, my wife and I have noticed that neighbors tend to move away when they reach these older ages. And will there be enough younger active adults who are willing to buy our homes when we want to move?
This concern isn't holding us back from enjoying ourselves now, but it's something I'll keep my eyes on in the years to come.
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Boomer retirement housing preferences shifting
Retirement planning for financial peace
Posted: at 9:14 pm
retirement
To say the least, retirement planning is becoming a tricky -- even sticky -- situation. The economy is teetering on the edge of financial instability, and low returns are making it tough on the savings of would-be retirees. Those who are seeking financial peace might have to try and take another piece of the pie.
To get a better idea of where retirees stand, we asked Sharon A. DeVaney, Ph.D. and professor emeritus at Purdue University, for her insight. DeVaney taught undergraduate classes in the financial planning program, and graduate courses in family economics and consumer behavior at Purdue University. Retired, she is now the editor of the Family and Consumer Sciences Research Journal for Wiley.
Is it financially smart to set a retirement date when retirement planning?
It is all right to set a target date, but a person should be flexible. For example, your health or job situation might change, and you should adjust accordingly. Also, you should investigate what working longer and delaying retirement will mean in terms of your Social Security benefits. I recommend working until your normal retirement age (67 or later) or until age 70. The latter will allow you to collect the maximum Social Security benefit that will be available to you.
What is the ideal amount needed to retire presently?
It depends on how long you expect to live, what lifestyle you have in mind and your resources. What do you think the amount needed will be in 25 years? The same answer applies for retirement 25 years from now.
Do you have any tips for the retiree who wants to travel during retirement and still remain financially stable?
Establish a budget, carefully research the places you want to visit, learn about health care in other countries, and make a plan for how you will manage your health care. Learn about home exchanges, etc. Perhaps there are part-time jobs that you could do in other countries.
When pre-retirement expense planning, what are a few ways to lessen your monthly costs and save more money for your retirement?
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Retirement planning for financial peace
Retirement Plans Respond to Their “Wizard of Oz” Moment as New Disclosure Requirement Pulls Back the Curtain on Fees
Posted: at 9:14 pm
MINNEAPOLIS--(BUSINESS WIRE)--
New disclosure requirements by the U.S. Department of Labor (DOL) have pulled back the curtain on fees paid to service providers by retirement plans.
The level of detail in these disclosures is giving many retirement plans a Wizard of Oz moment similar to Dorothys dog pulling back the Wizards curtain to reveal some surprising truths, said Dan Esch Managing Director of DCAdvisors, a Minneapolis-based retirement plan consulting firm.
What plan sponsors and their retirement committees do with these new insights will be carefully watched by the DOL. An inadequate response could lead to financial penalties or even threaten the qualified status of the retirement plan itself.
In a white paper entitled New Disclosure Requirements Pull Back the Curtain on Retirement Plan Fees, DCAdvisors argues the new service provider fee disclosures give retirement plans a valuable tool to match fee structure and service provider relationships to industry best practices while benchmarking fees to determine reasonableness. The paper also describes a methodical five-step approach retirement plan committees can follow and mitigate fiduciary risk:
Under DOL Reg 408(b)(2) service providers, including investment managers, recordkeepers, advisors, trustees and consultants are required to disclose an unprecedented level of detail in what they charge directly as well as indirect revenue received from revenue sharing arrangements.
The stakes are huge. An estimated sixty million workers and retirees hold retirement savings across more than 460,000 employer sponsored 401(k) plans with approximately $3.4 trillion in assets. At the same time, the U.S. Government Accountability Office (GAO) has determined that more than half of all 401(k) plan sponsors were either unaware or misinformed about the fees they or their plan participants were paying on this massive asset pool.
About DCAdvisors:
Since inception in 1994, DCAdvisors has focused on the retirement plan industry. Acting as a fiduciary partner to plan sponsors and retirement committees, we provide strategic advice and expertise related to plan design, investment selection, and plan governance.
To find out more, please visit http://www.DCAdvisors.com
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Retirement Plans Respond to Their “Wizard of Oz” Moment as New Disclosure Requirement Pulls Back the Curtain on Fees
Want More Money in Retirement? Spend Less
Posted: at 9:14 pm
I find it depressing to look at the balances in my retirement savings plans, as I did the other day. For all the years of socking away money in my nest egg, there doesn't seem to be much to show for it.
But I'm in good company. The median balance in 401(k)s and IRAs for households approaching retirement is $120,000, according to an analysis by Alicia Munnell, director of the Center for Retirement Research at Boston College, of the Federal Reserve's recently released 2010 Survey of Consumer Finances. That's roughly the same amount as in 2007, and it would provide a mere $575 in monthly income, assuming a couple purchase a joint-and-survivor annuity.
Retirement savers probably won't have much to cheer about anytime soon, not with economic growth decelerating in the U.S. and Europe mired in a seemingly endless debt crisis. Little wonder boomers are realizing that they need to focus on practical ways to earn a paycheck well into the traditional retirement years. Even part-time earnings will allow them to postpone tapping savings and let the money compound longer.
[More from Kiplinger.com: 5 Great U.S. Cities for Retirees]
Still, I think the spending side of the retirement equation, a critical part of any savvy retirement plan, gets short shrift. With the day of retirement reckoning not all that far off, fiftysomethings need to realistically review their spending habits.
The financial reward of spending less is striking. Steven Sass, associate director at the Center for Retirement Research at Boston College, offers this example: Say you're 55 years old, and you plan on retiring in ten years. If you save an extra $1,000 a year, you'll have $10,000 plus investment earnings(in today's dollars). So, if your savings earned 4% above inflation -- you'd have about $12,500 (in today's dollars) at retirement. You could then withdraw about $500 a year in retirement, assuming you choose to spend 4% a year above inflation.
Here's the thing: The real return from this strategy comes from cutting spending to enable the extra savings. When you retire, you'll have actually improved your household finances by $1,500 a year: $1,000 in additional accumulated savings plus $500 in income. "As you approach retirement, and it's clearly too late to significantly add to your retirement savings by saving more, moving to a more sustainable standard of living has a much greater effect," says Sass. "The two effects of saving more and spending less could significantly improve your finances."
An emphasis on greater thrift doesn't have to mean living cheaply -- far from it. Instead, thrift or frugality should push us to match our money with our values. In History of the Thrift Movement in America, a 1920 book by Simon William Straus, Straus argues that thrift includes both saving and spending wisely.
"It is the thrift that recognizes the that finer things of life must be encouraged," he writes. "The skilled workman, the artist, the musician, the landscape gardener, the designer of beautiful furniture, the members of the professions -- all those, in fact, who, through the devotion of their abilities, contribute to the real betterment of mankind, must be given support through our judicious expenditures."
[More from Kiplinger.com: 6 Great Part-Time Jobs for Retirees]
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Want More Money in Retirement? Spend Less