(MoneyWatch) Following a challenge from a reader, my last post addressed how a typical retiree can make ends meet. This new post looks at the situation for a working couple who are both age 60 and who have about $200,000 in retirement savings, along with some home equity.

As with the current retiree, the financial solutions are limited for this couple. Their most important decisions will be when to start taking Social Security benefits, how long to work, how to deploy their retirement savings, and how to manage their living expenses to make ends meet. Let's look at the most important decisions one at a time.

Social Security

For the sake of this example, let's assume the primary breadwinner has been the husband, who currently earns about $75,000 per year. To make the most of his Social Security income, he should delay starting Social Security until age 70, when his benefits would be about $2,700 per month. Let's also assume the wife has only worked sporadically throughout her career -- not enough to earn her own Social Security benefits -- so her Social Security income will consist of her spouse's benefit based on his earnings history. In this case, I suggest that she start her spouse's benefit at age 66, which would amount to roughly $1,000 per month.

Retirement plan for the 99 percent Delaying retirement? Here's how to make it work 10 ways for retirees to cut their cost of living

In this scenario, they would have a combined Social Security income of about $3,700 per month starting at age 70, or $44,400 per year. In addition, they would receive about $12,000 per year from age 66 to 70 from the spouse's benefit.

How long to work

In this couple's case, the best choice would be for them to not touch their retirement savings until age 70 in order let them grow as much as possible until they fully retire. To cover their living expenses until that time, the husband and wife will need to continue working.

They don't need to make as much money in their sixties as they did when they were younger, since I'm assuming that they're no longer saving for retirement. All they need is to earn enough money to cover their living expenses until Social Security kicks in for the husband at age 70, at which point they can start drawing from their retirement savings. AARP and T. Rowe Price have called this strategy "practice retirement."

They can ease up a little at age 66, when the wife's Social Security benefit adds an income of $12,000 per year. An important job criterion would be for one of them to be eligible for medical insurance from their employer, at least until age 65 when they're eligible for Medicare.

Continued here:
A retirement plan for the working 99 percent

By Mark Miller

CHICAGO (Reuters) - June is Gay Pride Month in the United States. And you can tell the times they are a changing when U.S. Secretary of Defense Leon Panetta salutes the event by taping a video personally thanking gay members of the military for their service.

But when it comes to retirement security, LGBT Americans still have a long way to go. The federal Defense of Marriage Act (DOMA) is a core obstacle to equality for a range of important benefits and legal protections, because it defines the word "spouse" as applying only to different-sex married couples for any purpose involving interpretation of federal law.

The ground is shifting quickly, though. Legal challenges related to DOMA and same-sex marriage are making their way toward the Supreme Court. And the workplace is changing quickly as companies reshape their benefit programs to ensure equality.

But LGBT individuals and couples also can take action on their own to improve their retirement security. Here's a checklist of five key areas LGBT Americans should be sure to address.

401(k) BENEFICIARIES

Until 2010, it wasn't possible for a workplace retirement saver to name a non-spouse beneficiary. That changed starting in 2010 due to provisions of the Pension Protection Act of 2006. Non-spouse beneficiaries, including employees' partners, are permitted to roll their inherited retirement benefits directly to an individual retirement account or an annuity.

Gay workers who started with their employers before 2010 should re-visit their beneficiary designations. But they also should check to make sure their employers are complying with the new law. Only 86 percent of corporations that have rollover provisions have made the adjustments needed to extend benefits to same-sex partners, according to the 2012 Corporate Equality Index, an annual survey of corporations by the Human Rights Campaign Foundation (HRC), a non-profit research, education and advocacy group.

"For many companies, this is an administrative fix that just hasn't been on the radar screens of human resources departments," says Deena Fidas, deputy director of corporate programs for HRC.

PENSION SURVIVOR BENEFITS

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Retirement planning checklist for LGBT Americans

MILWAUKEE, June 21, 2012 /PRNewswire/ -- Northwestern Mutual announced today a first-of-its-kind retirement planning approach. Consistent with the company's core belief that risk protection and asset accumulation should be managed hand-in-hand, the new Northwestern Mutual Retirement Strategy is designed to provide individuals with tailored and balanced retirement solutions. The approach breaks new ground because, unlike most financial plans, it does not assume a fixed life expectancy. Instead, the company studied longevity at various ages so that income plans succeed with a high level of confidence no matter how long one lives.

(Logo: http://photos.prnewswire.com/prnh/20120126/CG42140LOGO)

Utilizing the Northwestern Mutual Retirement Strategy, the company's financial professionals help their clients meet three distinct retirement goals: create a stream of reliable income throughout retirement, protect retirement savings so they last a lifetime, and leave behind a legacy.

"An individual's offensive strategy the accumulation of assets is only as strong as their weakest financial defense," says John Grogan, Northwestern Mutual senior vice president for planning and sales. "We've taken our deep expertise in the areas of risk management, investment solutions, and comprehensive financial security planning to develop customized solutions that address our clients' personal needs. It's an approach our field force can use with clients to help them manage risk and grow their retirement assets to generate income for as long as they live."

The defensive strategies address six risks that challenge financial security in retirement:

"What we've realized time and again is that building a prudent plan with the guidance of a trusted financial advisor is key to building a financially secure retirement," continues Grogan. "The Northwestern Mutual Retirement Strategy was developed with the knowledge that the most crucial aspect of retirement planning is having certainty, as well as flexibility, as you move through your retirement years."

About Northwestern Mutual

The Northwestern Mutual Life Insurance Company Milwaukee, WI (Northwestern Mutual) among the "World's Most Admired" life insurance companies in 2012 according to FORTUNE magazine has helped clients achieve financial security for more than 155 years. As a mutual company with $1.2 trillion of life insurance protection in force, Northwestern Mutual has no shareholders. The company focuses solely and directly on its clients and seeks to deliver consistent and dependable value to them over time. Northwestern Mutual and its subsidiaries offer a holistic approach to financial security solutions including: life insurance, long-term care insurance, disability insurance, annuities, investment products, and advisory products and services. Subsidiaries include Northwestern Mutual Investment Services, LLC, broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company, limited purpose federal savings bank; and Northwestern Long Term Care Insurance Company; and Russell Investments.

[1] Annuity 2000 Table with mortality enhancements determined using projection scale G2

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Northwestern Mutual Tackles Retirement Head On

SPRINGFIELD, Mass., June 21, 2012 /PRNewswire/ --MassMutual's Retirement Services Division is sponsoring a contest for retirement plan advisors with the grand prize being an opportunity for the winning advisor to participate in a professionally recorded interview at the 2012 PlanAdviser National Conference in Orlando, Fla. The interview of the grand prize winner will also be included on PlanAdviser.com as well as in PlanAdviser magazine and the winner will have full usage rights for the video and print materials to use as business development tools.

You're #1 Story Contest

"This is MassMutual's way of recognizing the critical role that retirement plan advisors serve in helping plan sponsors and participants achieve their vision of retirement success. MassMutual recently earned several awards including the #1 overall satisfaction rating from retirement plan advisors(1), as well as the Retirement Leader of the Year(2) award. These accomplishments are due, in large part, to the tremendous service of retirement plan advisors. They are on the ground, helping sponsors and participants every day," says Hugh O'Toole, senior vice president of sales and client management, MassMutual Retirement Services. "Every successful advisor has stories about how they have helped sponsors and participants and we want to hear them and recognize their efforts," adds O'Toole.

Entries may either be in video (two minutes or less) or written form (1,000 words or less). The contest is open to all intermediaries regardless of whether they have ever done business with MassMutual and contest entrants are not required to solicit any MassMutual products or services, nor to have sold, or sell, any MassMutual products or services of any kind. Winning submissions must be stories relative to the retirement plan industry. Examples of possible story themes include, but are not limited to, the following:

All entrants receive a copy of "Made to Stick," the best-selling book about using storytelling in business and sales. The top 10 entries will win a one-year subscription to Audible.com and one grand prize winner will be awarded a professional interview to be recorded at the 2012 PlanAdviser National Conference in Orlando, Fla. this September.

Deadline for entries is August 17, 2012 and official rules and details of the contest may be found at http://www.massmutual.com/number1.

For more information, please call your MassMutual Retirement Services representative or contact MassMutual at (888) 626-4911, http://www.massmutual.com/retire.

Source: (1) Boston Research Group's 2011 Defined Contribution Plan (DCP) Retirement Advisor Satisfaction and Loyalty Study; (2) 19th Annual Mutual Fund Industry Awards sponsored by FundIndustry Intelligence, a premium publication of Euromoney Institutional Investor.

About MassMutual

MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) [of which Retirement Services is a division] and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, LLC, Member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.

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MassMutual Retirement Services Sponsors "You're #1" Story Contest for Advisors

By Dan Caplinger | More Articles June 20, 2012 |

The following video is part of our "Motley Fool Conversations" series, in which Motley Fool editor Erin Kennedy and Fool contributor and financial planner Dan Caplinger discuss topics from around the investment world.

In today's installment, Erin and Dan discuss how young people can get off to the right start by saving early for retirement. Dan goes through several smart alternatives that workers of all ages can use, including 401(k) retirement plans through your employer, as well as IRAs. He also notes that setting money aside for retirement can also give you tax savings now. Although some of the rules governing retirement accounts can get complex, Dan gives some simple guidance on a number of common scenarios that come up, as well as how to get started. He closes by explaining how even with so many people changing jobs frequently, you can make sure your retirement money follows you and that you put it to best use.

Everyone wants to have a comfortable retirement. To get more advice, check out The Motley Fool's special report, "3 Stocks That Will Help You Retire Rich." Inside, we reveal some stocks that could help you as well as some winning wealth-building strategies. Click here to learn more.

It's not Romney. Or Obama. It's not Democrats, Republicans, or the Tea Party. In fact, it's not politicians at all. It's individual investors like you.

Since 1952, the S&P 500 has posted a gain in the last seven months of an election year 85.7% of the time. But if you want to set yourself up for maximum profits and minimum risk after the election, you need to have the proper investment strategy in place well before November.

That's why we've asked our top advisors and equity analysts to weigh in on which investments will win if Romney does... which will win if Obama does... and what you can do to help boost your wealth no matter who wins in November.

It's all part of our brand-new investor empowerment series, "Invest Like a Pro: Savvy Strategies for the Next 4 Years and Beyond" which we're making available to individual investors like you absolutely free for a limited time.

To get access to this exclusive bundle of informative videos, advisor roundtables, special reports, articles, and more, simply enter your email address below, click the "Sign me up!" button, and then check your inbox for further details.

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Retirement Options for Younger Investors

SAN FRANCISCO--(BUSINESS WIRE)--

Schwab Retirement Plan Services has been named the top 401(k) provider in the categories of loyalty and overall satisfaction in a survey by Boston Research Group, affirming its standing as a leading provider of 401(k) plan services.

Loyalty Rankings

Schwab, which serves plans with 1.5 million corporate retirement plan participants, received its number one ranking in loyalty by both employers sponsoring 401(k) plans and their employees. Among employers, Schwab scored 86 percent compared to the industry average of 75 percent. Employers measured loyalty against three key drivers: easy to do business with, resources to offer the best plan and partners effectively.

The loyalty gap between Schwab and its competitors was even wider among plan participants. Two-thirds (66%) of respondents said they would leave their money in the current plan with Schwab or rollover to a Charles Schwab & Co., Inc. IRA if they left the plan today, compared to an industry average of just 51 percent.

High Satisfaction Marks from Plan Participants

In the area of overall satisfaction, Schwab was given the highest mark of any provider by plan participants 46 percent, ten points above the industry norm. Schwabs score rose four percent in 2011 over its industry-leading mark in 2010. The factors that drove overall satisfaction with employees in plans serviced by Schwab include its investment experience and the participants experience when they engage with Schwab.

Schwab is committed to building strong relationships with employers who choose us to service their 401(k) plan, and to delivering an excellent experience to their employees, said Steve Anderson, head of retirement plan services at Schwab. The Boston Research Group study findings are an affirmation that our efforts are being recognized among the people whose opinions we value mostour clients.

Charles Schwab continues to be a leader in the retirement plan industry in the view of both employers and their employees, said Warren Cormier, president of Boston Research Group. We commend Schwab for engendering a very high level of loyalty and satisfaction among both groups.

About Charles Schwab

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Schwab Retirement Plan Services Earns Top Marks for Client Loyalty and Satisfaction in Independent Survey

NEW YORK, June 20, 2012 /PRNewswire/ --J.P. Morgan Asset Management today launched Retirement Link, a comprehensive retirement offering with alliance partner FASCore, LLC to provide recordkeeping solutions to the small-to mid-sized retirement plan market.

Retirement Link combines the best of J.P. Morgan's innovative plan design, outcome-driven investment solutions, superior client service and leading retirement thought leadership with cost-effective operations and servicing. The offering will leverage FASCore's extensive experience to deliver bundled recordkeeping solutions for small-to mid-sized retirement plans with assets up to $40 million. J.P. Morgan will migrate a portion of its existing small-to mid-sized business to Retirement Link over the coming months. J.P. Morgan Retirement Plan Services also continues to serve its core to- mega clients through its industry-leading proprietary platform.

"The small-to mid-sized plan market is central to the continued growth of our retirement business. Our partnership with FASCore in launching Retirement Link was the result of a thorough evaluation and due diligence process to ensure that we can offer our clients outstanding service and competitive value," said Julia Bates, Managing Director, J.P. Morgan Small-to Mid- Market Retirement Plan business. "FASCore's long-term commitment to the retirement plan market, their industry leadership, high quality employees and processes, and our experience with the company, were primary factors that influenced our selection and the development of Retirement Link."

Charlie Nelson, president of FASCore, said, "We're excited to expand our partnership with J.P. Morgan Asset Management. Their broad distribution, asset management and retirement solution expertise make them an attractive partner. We also applaud their focus on plan sponsor solutions and participant retirement readiness. Both of these initiatives are consistent with our priorities as well."

About J.P. Morgan Asset Management RetirementJ.P. Morgan Asset Management is a leading comprehensive retirement solutions provider dedicated to improving individual retirement outcomes. J.P. Morgan Retirement Plan Services provides bundled defined contribution services available to plans of all sizes, including more than 650 clients and 1.8 million plan-level participants representing more than $125 billion in retirement plan assets as of March 31, 2012. J.P. Morgan Defined Contribution Investment Solutions manages more than $61 billion in defined contribution assets as of March 31, 2012.

About J.P. Morgan Asset ManagementJ.P. Morgan Asset Management, with assets under supervision of approximately $2.0 trillion and assets under management of $1.4 trillion (as of March 31, 2012), is a global leader in investment management. J.P. Morgan Asset Management's clients include institutions, retail investors and high-net worth individuals in every major market throughout the world. J.P. Morgan Asset Management offers global investment management in equities, fixed income, real estate, hedge funds, private equity and liquidity. JPMorgan Chase & Co. (JPM), the parent company of J.P. Morgan Asset Management, is a leading global asset management firm with assets of approximately $2.1 trillion and operations in more than 60 countries. Information about JPMorgan Chase & Co. is available at http://www.jpmorganchase.com.

About FASCore, LLC FASCore, a wholly owned subsidiary of Great-West Life & Annuity Insurance Company, is a leading provider of recordkeeping and administrative services for the defined contribution and deferred compensation market. For more than 40 years, FASCore has provided retirement plan recordkeeping services for 401(k), 403(b), 457 and non-qualified plans of all sizes. It has grown recently by partnering with banks, insurance companies, brokerage firms, money management companies, and other financial institutions to offer private-label recordkeeping services to their plan clients. At March 31, 2012, FASCore record kept 4.5 million participant accounts(1).

About Great-West Life & Annuity Insurance CompanyGreat-West Life & Annuity Insurance Company, headquartered in metro Denver, serves its customers through a range of group retirement savings products and services, individual retirement accounts, life insurance and annuities, and business-owned life insurance. It is an indirect, wholly owned subsidiary of Great-West Lifeco Inc. and "A Member of the Power Financial Corporation Group of Companies" .

"A Member of the Power Financial Corporation Group of Companies" is the registered mark of Power Corporation of Canada. Great-West Retirement Services and the Partnership logo are the registered trademarks of Great-West Life & Annuity Insurance Company.

(1) Recordkeeping numbers reflect all FASCore customers: those of institutional clients, third-party administrator clients and Great-West Retirement Services.

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J.P. Morgan Asset Management Announces Launch of Retirement Link(SM) to serve Small-to Mid-Market Retirement Plans

LaDainian Tomlinson announced his retirement Monday in San Diego, and there was no debate about his place in Chargers' history. "Few players, if any, have meant more to this franchise than LT. He was the heart and soul of this team through one of the most successful decades in our history," said team president Dean Spanos. "I couldn't wait to watch him play because I knew I would see something special every week. And that's what he gave all of us: special memories we'll carry with us forever. And being here with him on the day he came into this league and the day retired is extra special." Tomlinson is the NFL's fifth all-time leading rusher with 13,684 career yards. He retires after two seasons with the Jets and had 162 career touchdowns, including 145 rushing touchdowns, which is the second-most all-time to Emmitt Smith. "I was fortunate to be with L.T. his rookie year," said Chargers coach Norv Turner, who also coached Smith in Dallas. "It was very evident that he was going to be a great player, a complete player with good fortune. He was going to have the career he had. There have been very few players in the NFL who have meant as much to their team than LT did during his career here. In particular, his MVP season in 2006. It would be hard to find a back that led the league in rushing and caught over 100 balls in separate seasons. It speaks volumes for his abilities and what he was capable of doing." Tomlinson can be eligible for the Hall of Fame in 2017. Tomlinson was the fifth overall pick in 2001 and made an immediate impact for the Chargers. He played nine seasons in San Diego (2001-09) and owns or is tied for a total of 28 team records, including marks for career rushing yards, rushing touchdowns in a season and total touchdowns. Three players ahead of Tomlinson on the NFL's all-time rushing list -- Emmitt Smith, Walter Payton and Barry Sanders -- are enshrined in Canton.

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Chargers' great Tomlinson announces retirement

It was just a few years ago that Wanderlei Silva was on top of the world.

The Brazilian was wreaking havoc in Japan on an incredible 20-fight win streak while fighting under the Pride banner, and sitting as the best light heavyweight in the sport.

As times change and careers progress, Silva eventually moved back over to the UFC, the promotion he had fought for early in his MMA career, but didn't find the same type of success.

Call it age, call it competition catching up with him, but through six fights under his new UFC deal Silva was sitting with a 2-4 record and questions of retirement started to swirl.

UFC president Dana White seemed to encourage the idea because of Silva's long journey in the world of MMA, and some violent encounters with past opponents that either left him or the other guy laying in the center of the Octagon, unconscious.

It just wasn't in Wanderlei Silva to walk away, however; so he dusted himself off, picked himself up, got back in the gym and earned another shot in the UFC, and it paid off.

Silva put on a Fight of the Night performance with a victory over former Strikeforce middleweight champion Cung Le, and earned a spot coaching the first ever Ultimate Fighter in his native country of Brazil.

While he coached the entire season against Vitor Belfort, an injury forced Belfort out of the fight, so Silva will instead face Rich Franklin on June 23 in Brazil as the headline fight at UFC 147. One win doesn't erase the past, but Silva knows that one loss will absolutely bring up the questions again.

Is it time to retire? Is it time to walk away?

I have a lot of pressure in all the fights. Right now, all the fights I need to prove I can still fight. All the time I need to prove, and I'm going to prove it again that I'm still a really good fighter and can put on a really good show, Silva told MMAWeekly Radio.

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Retirement? There's Still a Lot of Fight Left in Wanderlei Silva

Holding debt isn't stopping Canadians from contributing to their retirement - but it does impact how much they can save

TORONTO, June 18, 2012 /CNW/ - Canadians holding debt are actively contributing to their retirement savings - but the more debt products they hold, the less they are able to put away for the future each month, according to a new CIBC (CM.TO) (CM) poll conducted by Harris/Decima.

Key Poll Findings:

"These poll results clearly illustrate the connection between good debt management and your ability to save for your long term financial goals," said Christina Kramer, Executive Vice President, Retail Distribution and Channel Strategy, CIBC. "Planning for a successful retirement involves more than just having a regular savings plan. It also requires a strategy to pay down debt, reduce interest costs, and redirect those funds towards long term savings."

Past CIBC research has shown the likelihood of holding debt peaks at age 45, and then declines. As Canadians pay down their debt they have an opportunity to direct more of those funds towards retirement. Ms. Kramer notes there is an opportunity for Canadians to look at their finances holistically to accelerate this curve.

"A positive finding from this poll is that Canadians appear to be very aware of the importance of putting away money for the long term, however balancing that against the immediate need to repay debt can be a challenge," added Ms. Kramer. "The message is not that holding any debt will negatively affect your future, it's that debt repayment needs to be managed appropriately to open up opportunities to accelerate retirement savings for the future."

Advice on Managing Debt:

For Canadians focused on paying down debt, Ms. Kramer offered debt management tips to take charge of their finances and reduce debt as part of their long term financial plan.

"There is a clear benefit to sitting down with an advisor and working through your plans on both the savings and debt management side of your finances to help you achieve what matters to you in the long term," added Ms. Kramer.

To learn more tips and try various debt repayment tools and calculators, visit the CIBC Advice Centre.

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CIBC Poll: Debt Drags Retirement Savings Down