Archive for the ‘Retirement’ Category
Austrian skier Scheiber announces retirement
Posted: March 12, 2012 at 6:13 pm
SCHLADMING, Austria (AP)Austrian skier Mario Scheiber announced his retirement Monday after a career marred by knee and shoulder injuries.
I am not willing to take the risks involved in ski racing anymore, said Scheiber, who had an unsuccessful comeback season following last years downhill training crash in Chamonix, France, when he broke his nose and shoulder blade.
The crash kept him out of the world championships and Scheiber considered quitting then, but decided to continue as preparations for the new season initially went well. However, he had to pull out of the North-American leg of the World Cup in November with back problems.
The whole season has been one to forget, Scheiber said. I did not manage to reach my old level again. The many injuries Ive had during my career, especially my right knee, forced me to this decision.
Scheiber, who made his World Cup debut at a GS in Lillehammer, Norway in 2003, sat out the entire 2005-06 season after tearing ligaments in his right knee and was sidelined for months with a left shoulder injury two years later.
Scheiber, who won the giant slalom title at the 2003 junior world championships, finished on a World Cup podium 13 times but failed to win a race. He finished fourth in the downhill at the 2010 Vancouver Olympics.
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Austrian skier Scheiber announces retirement
Fundamentals of retirement plans
Posted: at 6:13 pm
retirement
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Retirement Fundamentals Of Retirement Plans
If you're among the lucky Americans whose employers offer a workplace retirement plan, it behooves you to take full advantage of it. True, some plans will automatically enroll you, so all you have to do is show up to work every day and do your job. If you don't want to join, you have to actively take steps to opt out of the plan.
It would be a mistake to opt out. In fact, it would be a mistake to allow yourself to be automatically enrolled without getting involved in the decisions pertaining to your plan. Otherwise, you may end up contributing just a paltry amount, and your money may go into a fund that's too conservative or too risky or too expensive for your taste.
In this package of stories, Bankrate covers the fundamentals of retirement plans -- everything you ever wanted to know about 401(k) plans, 403(b) plans and 457(b) plans -- plus a whole lot more.
For the uninitiated, 401(k) plans are found in the private sector, 403(b) plans in the nonprofit area and 457(b) plans are offered in state, county and municipal workplaces. All have their arcane sets of rules, and all provide a way for you to save money in a tax-deferred account. Some are stranger than others. Bankrate's story, "Shakeout in 403(b) plans affects teachers," uncovers the unusual situation in the education market and explains why teachers are dropping out of their 403(b) plans.
If you work for a small business that doesn't offer a plan -- and the majority do not -- then it's time to lobby the boss for change. Employers can pick from several different types of plans ranging from simple payroll deduction individual retirement accounts to complex defined benefit plans that require serious commitment. Bankrate's story, "Retirement plans for small biz," covers the nuts and bolts of 10 different retirement plans designed specifically for small businesses and self-employed individuals.
The government devised several different types of plans in order to entice people to save for retirement, even at the expense of federal tax revenue. Retirement savings in workplace plans keep money out of government coffers -- contributions made on a pretax basis are not counted as income, so you dodge the tax bullet on those funds until it's time to take the money out.
To find out if you have a first-class 401(k) plan or a mediocre one, check out "What makes a 401(k) plan great." Get ready for changes in your corporate retirement plan as well. This year, sponsors of 401(k) plans will be required to break out all costs to plan participants, as discussed in the story, "401(k) plan fees to be unveiled." This event will surely be an eye-opener for everyone.
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Fundamentals of retirement plans
6 Ways Spending Changes in Retirement
Posted: at 6:13 pm
Most people spend less money in retirement than they did while they were working. Retired households spend a median of $31,365 annually, which is about 80 percent of the $39,945 working households spend, according to a recent Employee Benefit Research Institute (EBRI) analysis of Health and Retirement Study data. Annual expenses also decline steadily with age, falling by 19 percent between ages 65 and 75, and plunging 52 percent by age 95. The majority of study participants (66 percent) experienced a drop in retirement spending, while 16 percent of the households spent more money in retirement.
[See 21 Ways to Reduce Your Retirement Expenses.]
Retirees have lower expenses largely because they are able to eliminate work-related costs like commuting and office attire, and they no longer have to pay FICA taxes or save for retirement. But retirees often spend more on healthcare than people who are still in the workforce, especially if they develop a significant health problem that requires long-term care. Here's a look at the major ways costs change in retirement:
Housing. Housing is the single largest expense for both workers and retirees. Home-related expenses represent 47 percent of all costs for people ages 50 to 64, which declines to 44 percent between ages 65 and 74. "People probably finish paying off their mortgages, so they don't have to pay the mortgage anymore," says Sudipto Banerjee, a research associate at EBRI and author of the report. Downsizing to a less expensive house or condo or moving to a cheaper part of the country can also significantly decrease your housing expenses in retirement.
Healthcare. Health-related expenses are the only major cost that increases steadily and significantly with age. Health costs represent about 9 percent of most people's budget between ages 50 and 64. This number doubles to 18 percent after age 85. "As their health declines, it means more care and the cost of healthcare itself is increasing. The same amount of care costs more now," says Banerjee. "If you have to go into a nursing home or enter into some form of long-term care, that is going to significantly increase your expenses."
[See How to Save for Retirement on a Low Income.]
Transportation. You no longer need to commute to work in retirement. Transportation costs drop from 14 percent of the budget of 50- to 64-year-olds to 8 percent for those 85 and older. Couples who previously needed two cars can often get by with one.
Food and clothing. People tend to spend the same share of their income on food (12 percent) and clothing (3 percent) in retirement as they did while working. But there's certainly room to make cuts if you trade in your suits for jeans and eat more of your meals at home.
Gifts and donations. When grandchildren are born, many retirees spend more on gifts and trips to see them. Some retirees also plan bequests to relatives or charities. "The budget shares spent on donations and gifts go up a lot with age," says Susann Rohwedder, associate director of the RAND Center for the Study of Aging. "As people age, they may start to think they really don't need that money and might start to give it away."
[See 5 Surprise Retirement Costs.]
Timing Makes a Difference in Retirement – Video
Posted: at 7:26 am
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Timing Makes a Difference in Retirement - Video
Uttar Pradesh cabinet secretary takes premature retirement -Newsx – Video
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Uttar Pradesh cabinet secretary takes premature retirement -Newsx - Video
The perks of a government retirement plan
Posted: at 7:26 am
Retirement Perks Of A Government Retirement Plan
State and local government jobs may not seem like the height of glamour, but they aren't without their perks. Benefits such as pensions, plus access to tax-advantaged government retirement plans known as 457(b) plans, help make working at the county or municipal level more rewarding for local civil servants.
Employees of the federal government do not have a 457(b) plan; instead they have the thrift savings plan, which comes with its own idiosyncrasies.
A 457(b) is roughly analogous to a 401(k), but it comes with its own quirks.
"It's very similar in that you can only defer a certain dollar amount each year, and the amount you can defer is linked to the cost of living (indexes) as the 401(k) is," says Dominick Pizzano, a New Jersey-based employee benefits consultant at Milliman, an actuarial and consulting firm.
The contribution limit is $17,000 for 2012. If the plan allows it, a participant can make Roth contributions to his retirement account, paying taxes on the contribution before it goes into the account. Interest and earnings would be tax-free in retirement.
Also similar to the 401(k) is one of the catch-up provisions that allow workers older than 50 to put away extra money -- specifically an extra $5,500.
Now for the curve ball: 457(b) plans also may allow workers to squirrel away extra money starting three years before the so-called normal retirement age, which the plan specifies.
The normal retirement age can vary, but the special contributions can begin three years before that point.
"So if someone was to retire at 50, at 48 they could begin the 457 catch-up because it's three years prior to their retirement age. It's called the three-year rule," says Julia Durand, director at CalSTRS and president of the National Association of Government Defined Contribution Administrators, or NAGDCA.
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The perks of a government retirement plan
Everything you want to know about retirement plans
Posted: at 7:26 am
Retirement Fundamentals Of Retirement Plans
If you're among the lucky Americans whose employers offer a workplace retirement plan, it behooves you to take full advantage of it. True, some plans will automatically enroll you, so all you have to do is show up to work every day and do your job. If you don't want to join, you have to actively take steps to opt out of the plan.
It would be a mistake to opt out. In fact, it would be a mistake to allow yourself to be automatically enrolled without getting involved in the decisions pertaining to your plan. Otherwise, you may end up contributing just a paltry amount, and your money may go into a fund that's too conservative or too risky or too expensive for your taste.
In this package of stories, Bankrate covers the fundamentals of retirement plans -- everything you ever wanted to know about 401(k) plans, 403(b) plans and 457(b) plans -- plus a whole lot more.
For the uninitiated, 401(k) plans are found in the private sector, 403(b) plans in the nonprofit area and 457(b) plans are offered in state, county and municipal workplaces. All have their arcane sets of rules, and all provide a way for you to save money in a tax-deferred account. Some are stranger than others. Bankrate's story, "Shakeout in 403(b) plans affects teachers," uncovers the unusual situation in the education market and explains why teachers are dropping out of their 403(b) plans.
If you work for a small business that doesn't offer a plan -- and the majority do not -- then it's time to lobby the boss for change. Employers can pick from several different types of plans ranging from simple payroll deduction individual retirement accounts to complex defined benefit plans that require serious commitment. Bankrate's story, "Retirement plans for small biz," covers the nuts and bolts of 10 different retirement plans designed specifically for small businesses and self-employed individuals.
The government devised several different types of plans in order to entice people to save for retirement, even at the expense of federal tax revenue. Retirement savings in workplace plans keep money out of government coffers -- contributions made on a pretax basis are not counted as income, so you dodge the tax bullet on those funds until it's time to take the money out.
To find out if you have a first-class 401(k) plan or a mediocre one, check out "What makes a 401(k) plan great." Get ready for changes in your corporate retirement plan as well. This year, sponsors of 401(k) plans will be required to break out all costs to plan participants, as discussed in the story, "401(k) plan fees to be unveiled." This event will surely be an eye-opener for everyone.
Why should you contribute to your retirement plan? Because doing so affords you options you likely won't have otherwise. Once you sign up to contribute 10 percent or 15 percent of your paycheck into the plan, you won't miss the money. And it's a bonus if you get matching contributions. Over time, you will likely be surprised by how much you will have accumulated. It's your best chance to prepare for your golden years, so you can maintain your lifestyle long after you stop setting the alarm clock to get ready for work.
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Everything you want to know about retirement plans
The best retirement plan for your business
Posted: at 7:26 am
Do you work for a small business that offers no retirement plan? Are you self-employed and so busy that you're (regretfully) putting your retirement plans on the back burner? Do you own a small business and want to provide a retirement plan for your employees? You've come to the right place.
Retirement plans provide a tax-advantaged way to grow wealth for retirement. A well-designed retirement plan can help attract and retain talented employees and give the employer the satisfaction of knowing they've helped their employees -- as well as themselves -- toward a financially sound retirement.
There's a host of different plans available for businesses, and each comes with its own set of rules. Some are dead easy to implement; others are more complicated. Some are qualified plans and others are nonqualified plans. Qualified plans meet certain government requirements and offer tax benefits to both the employer and employee. Conversely, nonqualified plans are not eligible for tax-deferral benefits, and they're generally geared to the top brass.
We focus on qualified plans, of which there are two basic kinds -- defined benefit plans and defined contribution plans. Read on to learn about 10 types of retirement plans for small businesses.
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The best retirement plan for your business
Rahul Dravid Retirement Press Conference – Video
Posted: March 11, 2012 at 9:23 pm
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Rahul Dravid Retirement Press Conference - Video
Retirement plan fees in focus
Posted: at 1:22 pm
By CHRIS FREEMAN - cfreeman@shawmedia.com
By this summer, companies and employees will be able to find out more information on their employer-based retirement plans than ever before.
New regulations from the Department of Labor are going to require employers and retirement plan providers to determine whether the money paid to retirement plan servicers is reasonable and to disclose the feeds that are being charged by the servicer.
And that could provide transparency that the industry has not seen on a grand scale before, said Clear Financial Strategies Global Wealth Manager Allen Bronton.
[The new rules] say corporations must gather what the fees are for the retirement plan, and its their responsibility to do it, not the plan providers, Bronton said. Once they have the information, they have to be able to make a decision on what the participants are paying, and whether thats reasonable for the service they receive.
The final rule implementation has been pushed back by the Labor Department to July 1, and all companies must be in compliance with the regulations by that date.
The common-sense rule that we are finalizing today will shed light on the true costs of 401(k) accounts and ultimately reward those working hard and saving for retirement, Labor Secretary Hilda L. Solis said in a news release last month. This rule, and its companion participant-level fee disclosure rule, will greatly increase the level of transparency in retirement plans.
When businesses that sponsor retirement plans, and the workers who participate in those plans, get better information on associated fees and expenses, theyll be able to shop around and make informed decisions that will lead to cost savings and a larger nest egg at retirement.
The three most common fees that plans charge that generally are not announced, Bronton said, are the 12(b)-1 fee, the Shareholder Service fee, and the Sub-TA fee.
The 12(b)-1 fee covers cost for advertising, marketing, and distribution of the plan. For larger companies such as Fidelity or Morningstar, that would cover the cost of promoting the plan inside and outside the workplace.
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Retirement plan fees in focus