By Kurt Rossi

Are you retirement-ready? Many people dream of a retirement filled with time spent traveling, enjoying hobbies and making lasting memories with family. However, the realities of retirement can be far more challenging.

Between the emotional issues and financial constraints, retirement can be one of the most difficult transitions for people to make. These challenges, coupled with the current economic environment, have forced many to unexpectedly postpone their retirement dreams.

In fact, according to the Insured Retirement Institute, 35 percent of Americans plan to work after age 66, with 23 percent expecting to work after age 70.

The misconceptions noted below highlight a few of the inaccurate assumptions that have forced many retirees to adjust their plans.

I will spend less after retirement.

People often assume that retirees will need 70 to 80 percent of what they currently spend during retirement. While some savings will be realized from a lack of commuting costs and the possible downsizing of a home, the reality is that retirement expenses are often nearly 90 to 105 percent of their expenses before retirement. This is partially due to the desire to spend more time on hobbies and traveling during the early years of retirement when many retirees are at their healthiest. In addition, health care costs can also take a huge unexpected bite out of the budget, further increasing expenses.

Basic Medicare will cover all my health care expenses.

According to Fidelity Investments, the average 65-year-old couple will spend about $400,000 out-of-pocket on health care throughout retirement until age 92, not including long-term-care costs. The complexities of these costs have made it difficult for many savers to accurately estimate their effect on expenses after retirement. In addition, many retirees inaccurately assume that basic Medicare will cover the majority of their needs.

Medicare Part A covers hospital benefits and is usually provided at no additional cost. However, the outpatient services provided by Medicare Part B and the prescription-drug coverage offered by Medicare Part D have additional charges associated with them. Also, remember that it is often necessary for retirees to choose a private Medigap policy that can help cover the costs that Medicare doesnt cover. So, many retirees end up spending significantly more than they had planned.

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Getting ready for retirement

Ultra-low interest rates on retirement accounts may force many Americans to delay their golden years, according to a new survey.

One-third of investors say they may have to put off retirement because low rates are preventing them from earning enough in retirement accounts, according to the poll by Wells Fargo and Gallup being released last week.

Would-be retirees are compensating by working longer or scaling back their retirement dreams.

Some people are taking more investment risks. Slightly more than one-quarter of pre-retirees, and 19 percent of current retirees, say they are making investments they otherwise "might have avoided," according to the Wells Fargo-Gallup Investor and Retirement Optimism Index Survey.

The survey demonstrates the significant effects that low interest rates on bank accounts and many types of bond mutual funds are having on the retirement expectations of Americans.

"Some people may feel like they're pushing mud uphill," said Karen Wimbish, director of retail retirement at Wells Fargo.

The survey of 1,018 investors nationwide was conducted May 4-12. It has a margin of sampling error of plus or minus 3 percentage points.

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Low interest rates hampering retirement plans, survey says

Fans have speculated for months that Wanderlei "The Axe Murderer" Silva may be one devastating knockout loss away from retirement, but could Rich Franklin, his opponent on June 23 at UFC 147, be in exactly the same boat?

Franklin, now 37 years old, has three knockout losses on his resume since 2006, and his recent comments in an interview with Sherdog hinted that he's content with slowing the pace of his fighting career.

"With my fight career, mentally I'm at a point where I'm slowing down," Franklin said in the interview. "I remember there was a point when I was young when I wanted to try to fit six fights into one year just to see if I could do it. Now I'm like 'there's no way'. Two, maybe three and I'm good with that pace."

Franklin hasn't been in quite as many standup slugfests as Silva, so I'm not suggesting he'll be knocked into retirement due to health concerns.

In my view, Franklin simply has nothing left to prove inside the cage, and he has a long career in broadcasting and acting ahead of him. At this point in his career, he's taking meaningless fights that are essentially brawls against aging legends on the down slope of their careers.

In his last two bouts, he took on Forrest Griffin and Chuck Liddell in scraps that had nothing to do with moving up the ladder in the light heavyweight and middleweight divisions.

In each division, he's still a few fights away from notching a title shot, and the fighters he's been matched up against aren't legitimate top five contenders, which means he's essentially just spinning his wheels without moving up.

Franklin is still a professional fighter who can perform at a high level, but it's not likely that we'll ever see him step into the cage again with Anderson Silva. As for the light heavyweight division, it's doubtful that Franklin would ever go toe-to-toe with Jon Jones at this point in his career.

Where that leaves him is at a crossroads, fighting the likes of Cung Le, Wanderlei Silva and other fan favorites on the wrong sides of their careers.

Later in the Sherdog interview, Franklin said he would like to get involved with film work or sports commentating when his fight career is over.

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Is "Rich Franklin Vs Wanderlei Silva II" a Retirement Bout? Fan's View

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From Richard Roth, CNN

updated 11:52 AM EDT, Sat June 9, 2012

Belmont without I'll Have Another

STORY HIGHLIGHTS

Elmont, New York (CNN) -- I'll Have Another, the injured colt who won't have a chance to become horse racing's 12th winner of the fabled Triple Crown, will retire from racing in high style on Saturday.

The horse, which won the Kentucky Derby and the Preakness but developed tendonitis before the Belmont Stakes, will have a nationally televised retirement ceremony before the race begins this evening, New York racing officials said.

The New York Racing Association said I'll Have Another won't lead the post parade with jockey Mario Gutierrez, as had been previously planned.

The coulda, woulda, shoulda Triple Crown winners

Instead, I'll Have Another's grooms will walk him to the winner's circle and trainer Doug O'Neill will remove his saddle. The ceremony is scheduled for 5:53 p.m.

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Retirement ceremony planned for I'll Have Another at Belmont

NEW YORK (AP) -- The retirement of I'll Have Another on the eve of the Belmont Stakes is a big hit for the New York Racing Association and NBC.

Both had been hoping for a Triple Crown bonanza.

NYRA, the association that runs Belmont Park, Saratoga and Aqueduct, has been under political pressure. Last month, New York Gov. Andrew Cuomo replaced the NYRA management following years of scandal and mismanagement.

Earlier in the week, NYRA spokesman Dan Silver estimated the Triple Crown try would draw "100,000, weather permitting."

It's hard to predict the impact of I'll Have Another's defection on the turnout. While all reserved and box seats are sold out, a good chunk of any Belmont crowd are walk-up general admission customers.

NBC, expecting a substantial ratings bump for the Belmont coverage, was scrambling to digest the news.

"While we are obviously disappointed that our show won't feature I'll Have Another going for the elusive Triple Crown, the Belmont Stakes is still an iconic event on the sports schedule, and the NBC Sports Group broadcasts will treat it as such. We're working now to adjust the game plan accordingly," said Adam Freifeld, VP Communications, NBC Sports Group.

*****

TAGG RECALLS: The buildup to I'll Have Another's Triple Crown try that was derailed Friday brought back memories of 2003 and Funny Cide's bid for trainer Barclay Tagg.

Not all of them were pleasant.

Original post:
I'll Have Another's retirement hurts NYRA, NBC

A few days after Shane Mosley and Ronald "Winky" Wright announced their retirement from boxing, former WBO welterweight champion, Antonio Margarito, added himself into the mix.

Margarito announced his retirement on June 7, bringing an end to the controversial fighter's 18-year professional career.

"After 22 years of full dedication to the profession I love, I have made the decision to announce my retirement from boxing," Magarito stated. "After much thought and extended conversations with my family and team, we have all agreed that the time to hang up my gloves and begin a new chapter in life has arrived."

The 34 year-old was scheduled to face Abel Perry on July 21, but that bout has obviously been cancelled.

Margarito's aggressive fighting style made him a favorite amongst boxing fans, with 27 of his 38 victories coming via KO. Unfortunately, his legacy will always be linked to the hand-wraps controversy prior to his 2009 bout against Mosley - when California State Athletic Commission officials discovered a plaster-like substance in his wraps.

Prior to his bout against Mosley, some already had their suspicions about Margarito, due to the devastating effects of his punches against Miguel Cotto. Margarito damaged Cotto's face to the point that the Puerto Rican boxer was forced to throw in the towel.

The "Tijuana Tornado" was never the same after getting busted for loading his gloves, losing three of his next four fights. He simply didn't have the same power on his punches anymore, prompting some to question the legitimacy of his resume.

Margarito injured his orbital bone during his 2010 showdown with Manny Pacquiao, and that probably had something to do with his retirement as well. He took a serious beating in his rematch against Cotto (who still feels that the Mexican loaded his gloves for their first fight), and I'm sure the Puerto Rican boxer is feeling pretty good about himself right now, knowing he's the man that retired Margarito.

David is a Brazilian Jiu Jitsu and boxing practitioner that has watched and studied MMA for the past 7 years. Follow him on twitter @davidkingwriter and check out his blog.

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Margarito Announces His Retirement: Fan Reaction

When you become a parent, the rationale behind your financial decisions will likely change, as you will now need to plan for the financial future of your child instead in addition to your own. This becomes even more apparent when it is time to save for their education and your retirement. It might seem like you have to choose one or the other, however, it is very possible save for both by implementing effective money management and cost-cutting strategies.

Work on Cutting College CostsThe studies show that the cost of attending college increases each year. However, the cost can be reduced with educational scholarships, athletic scholarships and community service scholarships. If your child has a school that he or she wants to attend, check with the school to find out about the scholarships that are available. You can work with your child to help ensure that he or she is eligible for one or more of those scholarships. Alternatively, your child can attend a college with lower tuition costs for the first two years and complete his or her college education at his or her preferred college later. Your child may also be eligible for grants, which the college would determine based on the information provided in its Free Application for Federal Student Aid (FAFSA).

Choose Student LoansAccording to the College Board Advocacy and Policy Center, tuition and fees at private nonprofit four-year colleges averaged $28,500 for the 2011-2012 academic year. This is a 4.5% increase from the previous year. Take this into consideration unless you can comfortably afford to finance your child's education and have enough left to finance your retirement. It may make better financial sense to have your children use student loans to finance the cost of education that is not covered by grants and scholarships. If you choose to do so, you can help your child repay the loans if you can afford to.

Saving for Both at the Same Time Saving for your child's education while saving for your retirement can be an ideal solution if you can afford to do both. Under this option, the majority of your savings can be allocated towards your retirement nest egg . Consider that if you only put $200 a month towards your child's education, and assuming a rate of return of 2.5%, you would have saved about $54,400 after 18 years. This amount can be added to a 529 Plan, where earnings grow tax-deferred and are tax-free if distributions are used for qualified education expenses . If your child does not use the amount that you save in an education savings account or 529 Plan, the balance can be rolled over to another eligible child's account.

Save in a Retirement Account You can add money to a traditional IRA and/or a Roth IRA, where earnings grow tax-deferred. If you are eligible, you can even claim a deduction for the contributions made to your traditional IRA and receive a nonrefundable savers tax credit. These are retirement savings account, which means that amounts are intended to finance your retirement. However, if you find that you have no option but to make withdrawals from these accounts to cover educational expenses for your child, the amount that you withdraw would be exempted from the 10% early distribution penalty even if you withdraw the amount before you reach age 59.5.

The Bottom Line The main thing that you should remember is that, financially speaking, you come first. Your children have more options to finance their education, including loans, grants and scholarships. On the other hand, your only option for financing your retirement is your retirement savings and Social Security income if it is still available at that time. Therefore, if it ever gets to the point where you have to make the choice between your retirement and your child's college education, you should choose your retirement. A financial planner can help you to decide the best financial path you should take towards both options.

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How To Balance Retirement Savings With Your Child's Tuition Costs

LAS VEGAS -- Boxer Antonio Margarito, whose career was stained by the 2009 confiscation of plaster inserts inside his hand wraps, announced his retirement Thursday.

"After twenty-two years of full dedication to the profession I love, I have decided to announce my retirement from boxing, Margaritosaid on his Facebook page. After thinking broadly and in detail with my family and my team, we have come to the conclusion that its time to hang my gloves and start a new chapter in my life. Im leave boxing but I will continue within the sport.

Margarito (38-8, 27 knockouts) was working to fight on a card in Tucson, Ariz., in July, but an Achilles' tendon injury was slow to heal, and he was also nagged by questions about his surgically repaired eye, which was originally damaged by Manny Pacquiao and subjected to a harsh review before the New York Athletic Commission cleared him in December.

Margarito lost that fight when the referee stopped the bout before the 10th round because of swelling around the eye.

It was clear that the eye would have to be reexamined, especially if he aimed to fight at a higher weight against someone such as world middleweight champion Julio Cesar Chavez Jr.

A former world welterweight champion, Margarito lost the belt to Paul Williams in 2007 at Home Depot Center, then rallied to upset the previously unbeaten Miguel Cotto by an 11th-round technical knockout in 2008.

Cotto questioned Margarito's performance in that boutafter the California State Athletic Commission confiscatedplaster inserts from inside Margarito's hand wraps just before his next fight -- a knockout loss to Shane Mosley at Staples Center in January 2009.

California suspended Margarito and his trainer Javier Capetillo, but Texas gave the "Tijuana Tornado" a license to fight Pacquiao at Cowboys Stadium in November 2010.

"I was grateful we were able to do what we could for him," Margarito promoter Bob Arum said Thursday. "We came through for him and made him financially secure by getting him the Pacquiao fight and the Cottofight."

Arum said he still believes "if anyone was to blame"for the plaster scandal, "it's Capetillo. Antonio had no opportunity to test out those wraps. I just was never going to throw him under the bus on that."

Link:
Antonio Margarito announces his retirement from boxing

Video Link: https://www.youtube.com/watch?v=1ylQE4olvgk

05-06-2012 12:01 After Shawn Johnson announced her retirement and that she would not be competing at the London 2012 Olympics, Dan Rubenstein looked back at his interview with her last month and noticed some subtle clues to indicate that she might not compete. The results are eye popping. Oh yeah and they're completely fake. Subscribe to our channel for more sports videos! Click here: Check us out on Facebook and follow us on Twitter (@SBNStudios)! SB Nation: Pro Quality, Fan Perspective

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Shawn Johnson Retirement Exclusive Interview - Video

THE HAGUE, The Netherlands, June 7, 2012 /PRNewswire/ --

The first AEGON Retirement Readiness Survey of 9000 respondents provides key findings:

Despite the fundamentally positive aspects of living longer, longevity increases have brought greater costs and potential reductions in retirement systems, including government and private pensions. The global economic crisis of recent years and ongoing economic uncertainty and austerity measures have put even greater pressure on these retirement systems and shifted more of the responsibility to individuals to save for their own retirement.

An international survey initiated by AEGON, one of the world's leading providers of retirement security, indicates that there is widespread pessimism about the future state of retirement. Seventy-one percent of respondents still working believe that future generations will be worse-off in retirement than current retirees - reversing the long-established notion that each generation helps pave the way for subsequent generations to enjoy a higher standard of living.

More than two-thirds of the 9000 people surveyed in eight European countries and the United States accept that they bear principal responsibility for their retirement security. However, only 15% are confident that they are on course to achieve the retirement income they need. This is also reflected in the AEGON Retirement Readiness Index that has been developed to measure how prepared people feel about their own retirement in the various countries represented in the report.

Most respondents support increased taxes, reduced benefits (or both) to ensure the viability of government sponsored pension systems. At the same time, nearly half of the respondents do not support raising the age of retirement, even as people are living longer, healthier lives. However, a clear majority of respondents expect to continue working in some form past traditional retirement age.

AEGON CEO Alex Wynaendts said: "People in general are enjoying longer, healthier lives, and yet their readiness for a longer retirement is considerably less than that of previous generations of retirees. A concerted effort is needed to reconsider traditional retirement models and provide greater flexibility for phased retirement. If current pension systems are not adapted to the new realities of longer life spans and declining government and employer funding, the burdens placed on society will be a source of even greater economic and societal turmoil in the future. The good news is that people in general accept their responsibility in creating the conditions that will provide for a secure and satisfying retirement."

The AEGON survey also showed that the traditional "retirement cliff" is disappearing, referring to people going straight from working life into full retirement. Consequently, phased retirement is set to become the norm as more people expect to continue some kind of work activity past traditional retirement age. Fifty-four percent of the current generation of retirees went straight from work into full retirement, but only 30% of the current working generation expects a similar path. The findings further indicate that "silver entrepreneurs" could become more common as many in this current generation plan to combine activities such as starting their own businesses with leisure pursuits in their advanced years.

Alex Wynaendts: "Advances in longevity and health, combined with a modern approach to retirement, can make this life stage a period of productivity and personal fulfillment. It is in the interests of public policy makers, employers and the financial services industry - working together - to provide the incentives and opportunity for people to achieve the level of financial security that will be required for a longer period than at any time in history."

The AEGON survey, developed in collaboration with the Transamerica Center for Retirement Studies - a non-profit, private foundation in the United States dedicated to conducting research and educating the public on retirement security trends - and Cicero Consulting, a leading public policy and communications consulting firm providing independent market research to the financial services sector, was conducted with the aim of understanding prevailing attitudes about retirement in the future and to determine the levels of financial readiness that currently exist among today's working generation.

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AEGON Retirement Readiness Survey Finds Global Outlook for Future Retirement Bleak Without Immediate Action