Regardless of how old you are, it's never too early to start thinking about retirement. It will be here much sooner than you think and if you find yourself unprepared, there may be no way to make up for the lack of preparation in the past.

If you're close to retirement and not sure if now is the right time, you have a unique set of questions to ask yourself before saying goodbye to the life you've lived for decades. Whether you're young or old, there are questions you need to answer before you have a clear picture of what retirement means for you.

Do I Have Enough Money?The "magic number" question is the question that we all ask, and getting a useful answer is often difficult. The long held wisdom is that you should have enough money to provide 80% of the income you were earning right before retirement. Some studies show that retirees spend less than when they were younger making the eighty percent rule too high, but other studies seem to show that less money is spent because retirees are forced to live on less due to shortfalls in retirement savings.

There is one fact not in dispute: Saving as much as possible now will better position you for retirement later. It doesn't have to be in a formal retirement account either. Fund your 401(k) to its maximum extent and start an IRA. Other savings can be in an investment or savings account. Rather than trying to find a magic number, save and invest more in your working years.

Should I Keep Working?The traditional retirement age is 65, but that number has slowly risen to 69 according to recent studies by SunAmerica. A variety of reasons have factored in to this but the largest may be the loss of retirement savings as a result of the 2008 and 2009 recession. If you have a shortfall in your retirement accounts or you're in relative good health and could live longer than the amount of money you have to live on, working longer may be required.

There are also non-financial reasons. Some people have a live-to-work mentality where staying at home and taking part in recreational activities isn't healthy for them. If you enjoy working and have the means to do so, working longer can help you reach your savings goals while also keeping your mind and body healthier. Remember that some retirement accounts require that you begin taking payments at a certain age so consulting with a financial planner is well advised.

Is Working an Option?Forty one percent of people reaching retirement age cite medical problems as holding them back from working any longer. If you're far away from retirement age, it would be dangerous to rely on working past 60 to shore up your retirement goals. There's a better than average chance that you'll have the opportunity to work longer, but money decisions should never be made with hope as part of the reasoning.

What Would You Like to Do?If you want to work after retirement, position yourself now to be able to do that. What types of jobs would you like to do as a retiree and how can you train for those now? Would you like to be a writer? A consultant? A counselor? Less physically demanding jobs that allow you to work on your own schedule might allow you to achieve a lifestyle of both retirement and still earning a living even if minor health problems do become an issue.

The Bottom LineAlthough we hear all the time how we should plan for our retirement, an alarming amount of people have done very little to plan for the golden years. If that's you, now is the time to come up with a plan and start funding those goals.

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Ask Yourself These Retirement Questions Before It's Too Late

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JOE LACOB BOOED AT CHRIS MULLIN JERSEY RETIREMENT CEREMONY - Video

SARASOTA, Fla., March 20, 2012 /PRNewswire/ -- Adequate retirement savings has become an issue of significant concern to members of every income bracket.It should come as no surprise that according to a recent BMO Harris survey, the majority of U.S. residents (57 percent) are not confident in their ability to save for their ideal retirement lifestyle. Approximately half of U.S. residents (52 percent) say they have/will or anticipate maybe having to delay their retirement and/or work part-time during retirement due to a shortage of retirement savings.

"This is a critical wake-up call to everyone, no matter what your age," said Jack Kuhn, Florida Manager, M&I Wealth Management, a part of BMO Financial Group. "Our best advice, start now!Get smart about planning and saving for retirement, and get educated about the many strategies and tools available to help maximize your savings."

Kuhn provides the following tips to guide you as you review or initiate your retirement planning:

Meet with a professional: A financial advisor can provide the guidance you need to learn about the retirement planning process and assist you in creating a realistic retirement plan.You just might be surprised at some of the opportunities available to help build your nest egg.

Start Early: We can't say it enough.Start saving at an early age.Doing so gives you the advantage of compound interest, your money will be working for you every single day.Just ask your parents, they learned this lesson the hard way.

It's never too late: Don't be discouraged if you haven't been saving for retirement. Instead of giving up, like many people do, start now. Contact a financial advisor who can help you develop a plan for the best retirement that you can have.

Take advantage of your company 401(k): There are many advantages to 401(k) plans. Don't miss out on any of them.Although rare these days, some companies still offer to match your contributions (guidelines will vary by company). If there is no match, you still benefit because whatever you put into your 401(k) plan is tax-deferred. Don't forget that when you leave a company, you can take your 401(k) contributions with you or make a rollover into other retirement vehicles.

Consider a Roth IRA: A Roth IRA is a special type of retirement plan under U.S. law that is generally not taxed, provided certain conditions are met. Tax treatment is different for this plan because the tax break is granted on money withdrawn from the plan during retirement, rather than for money placed into the plan.

Commit to saving, even if you start small: Ben Franklin said it best, "A penny saved, is a penny earned."

Parents, educate your children: So many of us are learning the retirement lesson, save early and save often, the hard way.Share this knowledge with your children, and guide them to make saving an important part of their financial lives.

More here:
U.S. Residents Not Confident in Their Ability to Save for Retirement

INDIANAPOLIS, March 20, 2012 /PRNewswire/ --Adequate retirement savings has become an issue of significant concern to members of every income bracket. It should come as no surprise that according to a recent BMO Harris survey, the majority of U.S. residents (57 percent) are not confident in their ability to save for their ideal retirement lifestyle. Approximately half of U.S. residents (52 percent) say they have/will or anticipate maybe having to delay their retirement and/or work part-time during retirement due to a shortage of retirement savings.

"This is a critical wake-up call to everyone, no matter what your age," said Brian Corbett, Vice President, M&I Wealth Management, a part of BMO Financial Group. "Our best advice - start now! Get smart about planning and saving for retirement, and get educated about the many strategies and tools available to help maximize your savings."

Corbett provides the following tips to guide you as you review or initiate your retirement planning:

Meet with a professional: A financial advisor can provide the guidance you need to learn about the retirement planning process and assist you in creating a realistic retirement plan. You just might be surprised at some of the opportunities available to help build your nest egg.

Start Early: We can't say it enough. Start saving at an early age. Doing so gives you the advantage of compound interest, your money will be working for you every single day. Just ask your parents, they learned this lesson the hard way.

It's never too late: Don't be discouraged if you haven't been saving for retirement. Instead of giving up, like many people do, start now. Contact a financial advisor who can help you develop a plan for the best retirement that you can have.

Take advantage of your company 401(k): There are many advantages to 401(k) plans. Don't miss out on any of them. Although rare these days, some companies still offer to match your contributions (guidelines will vary by company). If there is no match, you still benefit because whatever you put into your 401(k) plan is tax-deferred. Don't forget that when you leave a company, you can take your 401(k) contributions with you or make a rollover into other retirement vehicles.

Consider a Roth IRA: A Roth IRA is a special type of retirement plan under U.S. law that is generally not taxed, provided certain conditions are met. Tax treatment is different for this plan because the tax break is granted on money withdrawn from the plan during retirement, rather than for money placed into the plan.

Commit to saving, even if you start small: Ben Franklin said it best, "A penny saved, is a penny earned."

Parents, educate your children: So many of us are learning the retirement lesson, save early and save often, the hard way. Share this knowledge with your children, and guide them to make saving an important part of their financial lives.

Excerpt from:
US Residents Delaying Retirement Due to Lack of Savings According to BMO Harris Survey

PITTSBURGH, March 20, 2012 /PRNewswire/ --fi360, the nation's premier organization for fiduciary education and investment analytics, and The Retirement Advisor University (TRAU) at the UCLA Anderson School of Management today announced that they have established a strategic partnership to expand their educational reach.

The partnership will provide participants from each program with access to both fi360 and TRAU training courses and designations. At a time when fiduciary regulation is continuing to evolve, fi360 and TRAU are expanding their educational offerings to support advisors with a comprehensive approach to both fiduciary responsibility and retirement planning.

The strategic partnership will enable current students and clients to earn reciprocal course credits and participate at a discounted rate in each organization's training programs, expand the scope of their education, and receive both the AIF designation from fi360 and the C(k)P designation from TRAU.

"This partnership with fi360 will add depth to our retirement advisor curriculum," said Fred Barstein, the founder and executive director of TRAU, the first retirement planning certification program associated with a nationally recognized institution of higher learning. "Given the ongoing regulatory debate surrounding the fiduciary standard, it now makes sense to increase our educational offerings to help current advisors, registered representatives and other investment fiduciaries prepare for the changes ahead."

"As more of our students seek continuing education, we believe this initiative with TRAU will help them to expand their curriculum with ease," said Blaine Aikin, CEO of fi360. "We are very pleased to be working with an educational organization that, like fi360, has the best interests of the fiduciary community at heart."

For more information on the fi360, TRAU partnership, please visit their websites at http://www.fi360.com/main/index.jsp and http://www.trauniv.com/trau/AboutTRAU.asp.

About fi360

fi360 offers a comprehensive approach to investment fiduciary education, practice management and support that has established them as the go-to source for investment fiduciary insights. With substantiated Practices as the foundation, fi360 offers world-class fiduciary Training/Education,ToolsandResourcesthat are essential for fiduciaries and those who provide services to fiduciaries to effectively and successfully manage their roles and responsibilities. Fi360 assists those who rely on their fiduciary education programs, professionalAIF and AIFA designations, Web-based analytical and reporting software and resources to achieve success. For more information about fi360, please visitwww.fi360.comor Twitter: @fiduciary360.

About The Retirement Advisor University

TRAU, The Retirement Advisor University at UCLA Anderson School of Management Executive Education is the first retirement planning certification program associated with a nationally recognized institution of higher learning. Participating advisors and wholesalers can benefit by earning certification that has real meaning to plan sponsor clients, prospects, and the retirement industry as a whole. The Retirement Advisor University is the product of collaboration with UCLA Anderson Executive Education. Curriculum is a combination of onsite classes at the UCLA campus, virtual classroom courses E-Learning and self study. By combining world-class professors with retirement industry leaders TRAU has created the most comprehensive retirement training program for financial advisors in America.

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fi360 and The Retirement Advisor University Announce Strategic Partnership

LEAWOOD, Kan., March 20, 2012 /PRNewswire/ --Adequate retirement savings has become an issue of significant concern to members of every income bracket. It should come as no surprise that according to a recent BMO Harris survey, the majority of U.S. residents (57 percent) are not confident in their ability to save for their ideal retirement lifestyle. Approximately half of U.S. residents (52 percent) say they have/will or anticipate maybe having to delay their retirement and/or work part-time during retirement due to a shortage of retirement savings.

"This is a critical wake-up call to everyone, no matter what your age," said Kelli Glynn, Managing Director and Regional Senior Vice President, M&I Wealth Management, a part of BMO Financial Group. "Our best advice, start now! Get smart about planning and saving for retirement, and get educated about the many strategies and tools available to help maximize your savings."

Glynn provides the following tips to guide you as you review or initiate your retirement planning:

Meet with a professional: A financial advisor can provide the guidance you need to learn about the retirement planning process and assist you in creating a realistic retirement plan. You just might be surprised at some of the opportunities available to help build your nest egg.

Start Early: We can't say it enough. Start saving at an early age. Doing so gives you the advantage of compound interest, your money will be working for you every single day. Just ask your parents, they learned this lesson the hard way.

It's never too late: Don't be discouraged if you haven't been saving for retirement. Instead of giving up, like many people do, start now. Contact a financial advisor who can help you develop a plan for the best retirement that you can have.

Take advantage of your company 401(k): There are many advantages to 401(k) plans. Don't miss out on any of them. Although rare these days, some companies still offer to match your contributions (guidelines will vary by company). If there is no match, you still benefit because whatever you put into your 401(k) plan is tax-deferred. Don't forget that when you leave a company, you can take your 401(k) contributions with you or make a rollover into other retirement vehicles.

Consider a Roth IRA: A Roth IRA is a special type of retirement plan under U.S. law that is generally not taxed, provided certain conditions are met. Tax treatment is different for this plan because the tax break is granted on money withdrawn from the plan during retirement, rather than for money placed into the plan.

Commit to saving, even if you start small: Ben Franklin said it best, "A penny saved, is a penny earned."

Parents, educate your children: So many of us are learning the retirement lesson, save early and save often, the hard way. Share this knowledge with your children, and guide them to make saving an important part of their financial lives.

Read more:
U.S. Residents Short of Savings Will Delay Retirement Survey Shows

MINNEAPOLIS and ST. PAUL, Minn., March 20, 2012 /PRNewswire/ --Adequate retirement savings has become an issue of significant concern to members of every income bracket. It should come as no surprise that according to a recent BMO Harris survey, the majority of U.S. residents (57 percent) are not confident in their ability to save for their ideal retirement lifestyle. Approximately half of U.S. residents (52 percent) say they have/will or anticipate maybe having to delay their retirement and/or work part-time during retirement due to a shortage of retirement savings.

"This is a critical wake-up call to everyone, no matter what your age," said Pete Schmidt Vice President, M&I Wealth Management, a part of BMO Financial Group. "Our best advice - start now! Get smart about planning and saving for retirement, and get educated about the many strategies and tools available to help maximize your savings."

Schmidt provides the following tips to guide you as you review or initiate your retirement planning:

Meet with a professional: A financial advisor can provide the guidance you need to learn about the retirement planning process and assist you in creating a realistic retirement plan.You just might be surprised at some of the opportunities available to help build your nest egg.

Start Early: We can't say it enough. Start saving at an early age. Doing so gives you the advantage of compound interest, your money will be working for you every single day. Just ask your parents, they learned this lesson the hard way.

It's never too late: Don't be discouraged if you haven't been saving for retirement. Instead of giving up, like many people do, start now. Contact a financial advisor who can help you develop a plan for the best retirement that you can have.

Take advantage of your company 401(k): There are many advantages to 401(k) plans. Don't miss out on any of them. Although rare these days, some companies still offer to match your contributions (guidelines will vary by company). If there is no match, you still benefit because whatever you put into your 401(k) plan is tax-deferred. Don't forget that when you leave a company, you can take your 401(k) contributions with you or make a rollover into other retirement vehicles.

Consider a Roth IRA: A Roth IRA is a special type of retirement plan under U.S. law that is generally not taxed, provided certain conditions are met. Tax treatment is different for this plan because the tax break is granted on money withdrawn from the plan during retirement, rather than for money placed into the plan.

Commit to saving, even if you start small: Ben Franklin said it best, "A penny saved, is a penny earned."

Parents, educate your children: So many of us are learning the retirement lesson, save early and save often, the hard way. Share this knowledge with your children, and guide them to make saving an important part of their financial lives.

Excerpt from:
Inadequate Savings Hinders Retirement Plans BMO Harris Survey Shows

ST. LOUIS, March 20, 2012 /PRNewswire/ --Adequate retirement savings has become an issue of significant concern to members of every income bracket. It should come as no surprise that according to a recent BMO Harris survey, the majority of U.S. residents (57 percent) are not confident in their ability to save for their ideal retirement lifestyle. Approximately half of U.S. residents (52 percent) say they have/will or anticipate maybe having to delay their retirement and/or work part-time during retirement due to a shortage of retirement savings.

"This is a critical wake-up call to everyone, no matter what your age," said Tom Thornton, Vice President, M&I Wealth Management, a part of BMO Financial Group. "Our best advice - start now! Get smart about planning and saving for retirement, and get educated about the many strategies and tools available to help maximize your savings."

Thornton provides the following tips to guide you as you review or initiate your retirement planning:

Meet with a professional: A financial advisor can provide the guidance you need to learn about the retirement planning process and assist you in creating a realistic retirement plan. You just might be surprised at some of the opportunities available to help build your nest egg.

Start Early: We can't say it enough. Start saving at an early age. Doing so gives you the advantage of compound interest, your money will be working for you every single day. Just ask your parents, they learned this lesson the hard way.

It's never too late: Don't be discouraged if you haven't been saving for retirement. Instead of giving up, like many people do, start now. Contact a financial advisor who can help you develop a plan for the best retirement that you can have.

Take advantage of your company 401(k): There are many advantages to 401(k) plans. Don't miss out on any of them. Although rare these days, some companies still offer to match your contributions (guidelines will vary by company). If there is no match, you still benefit because whatever you put into your 401(k) plan is tax-deferred. Don't forget that when you leave a company, you can take your 401(k) contributions with you or make a rollover into other retirement vehicles.

Consider a Roth IRA: A Roth IRA is a special type of retirement plan under U.S. law that is generally not taxed, provided certain conditions are met. Tax treatment is different for this plan because the tax break is granted on money withdrawn from the plan during retirement, rather than for money placed into the plan.

Commit to saving, even if you start small: Ben Franklin said it best, "A penny saved, is a penny earned."

Parents, educate your children: So many of us are learning the retirement lesson, save early and save often, the hard way. Share this knowledge with your children, and guide them to make saving an important part of their financial lives.

See the rest here:
Lack of Confidence Delaying Retirement BMO Harris Survey Shows

PHOENIX, March 20, 2012 /PRNewswire/ --Adequate retirement savings has become an issue of significant concern to members of every income bracket. It should come as no surprise that according to a recent BMO Harris survey, the majority of U.S. residents (57 percent) are not confident in their ability to save for their ideal retirement lifestyle. Approximately half of U.S. residents (52 percent) say they have/will or anticipate maybe having to delay their retirement and/or work part-time during retirement due to a shortage of retirement savings.

"This is a critical wake-up call to everyone, no matter what your age," said Larry Skolnik, Vice President, M&I Wealth Management, a part of BMO Financial Group. "Our best advice, start now! Get smart about planning and saving for retirement, and get educated about the many strategies and tools available to help maximize your savings."

Skolnik provides the following tips to guide you as you review or initiate your retirement planning:

Meet with a professional: A financial advisor can provide the guidance you need to learn about the retirement planning process and assist you in creating a realistic retirement plan.You just might be surprised at some of the opportunities available to help build your nest egg.

Start Early: We can't say it enough. Start saving at an early age. Doing so gives you the advantage of compound interest, your money will be working for you every single day. Just ask your parents, they learned this lesson the hard way.

It's never too late: Don't be discouraged if you haven't been saving for retirement. Instead of giving up, like many people do, start now. Contact a financial advisor who can help you develop a plan for the best retirement that you can have.

Take advantage of your company 401(k): There are many advantages to 401(k) plans. Don't miss out on any of them.Although rare these days, some companies still offer to match your contributions (guidelines will vary by company). If there is no match, you still benefit because whatever you put into your 401(k) plan is tax-deferred. Don't forget that when you leave a company, you can take your 401(k) contributions with you or make a rollover into other retirement vehicles.

Consider a Roth IRA: A Roth IRA is a special type of retirement plan under U.S. law that is generally not taxed, provided certain conditions are met. Tax treatment is different for this plan because the tax break is granted on money withdrawn from the plan during retirement, rather than for money placed into the plan.

Commit to saving, even if you start small: Ben Franklin said it best, "A penny saved, is a penny earned."

Parents, educate your children: So many of us are learning the retirement lesson, save early and save often, the hard way. Share this knowledge with your children, and guide them to make saving an important part of their financial lives.

See the original post here:
Retirement Wake up Call: Survey Shows Majority of U.S. Residents Shortage of Savings Will Delay Their Retirement

WASHINGTON, March 19, 2012 /PRNewswire/ -- Judy Diamond Associates, the premier publisher of retirement industry prospecting tools and plan data, today announced the launch of the all-new Directory of Retirement TPAs, the best online source for searchable data on hundreds of third party administrators of 401(k) and retirement plans. Judy Diamond Associates obtains the information from the TPAs themselves annually and verifies the firms before including them.

(Logo: http://photos.prnewswire.com/prnh/20100316/SUMMITLOGO )

The Directory of Retirement TPAs, formerly available only in print as the Directory of Third Party Retirement Plan Administrators, is a searchable, online database of contact and business information for third party retirement plan administrators. It provides financial institutions that sell a wide array of retirement products with a single source for selecting TPAs to administer their retirement offerings based on information provided by the administrators themselves. Information available to subscribers includes:

"Finding qualified TPAs who specialize in retirement products is a particular challenge for many financial institutions," said Steve Weitzner, CEO of Summit Business Media, which owns Judy Diamond Associates. "The Directory of Retirement TPAs compiles the largest collection of TPA business and contact information in the industry to deliver exactly what the market needs to identify the best administrators by using simple but effective search tools built into the database."

To learn more about The Directory of Retirement TPAs or any other Judy Diamond Associates product, please visit http://www.judydiamond.com or call 800-231-0669.

About Judy Diamond AssociatesJudy Diamond Associates, Inc. is the premier publisher of employee benefits industry prospecting tools and plan data. Our pension/retirement and health/welfare prospecting tools provide:

Judy Diamond Associates is a division of Summit Business Media.

About Summit Business MediaSummit Business Media is the leading B2B media and information company serving theinsurance,financial, legalandinvestment advisorymarkets.Summit strives to be "The Next Generation of Business Information" for executives and practitioners by providing breaking news and analysis, in-depth practice management strategies, business-building techniques and actionable data.Summit services the information needs of its customers through numerous channels, including digital, print, and live events.For more information, please visitwww.summitbusinessmedia.com.

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Judy Diamond Associates Launches Online Database to Allow Institutions Selling Retirement Products to Target TPAs of ...