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Archive for the ‘Retirement’ Category

Pacquiao Before Retirement – Mayweather Fight – Video

Posted: February 24, 2012 at 7:08 am


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February 24th, 2012 at 7:08 am

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GLEN CAMPBELL GETS MERIT AS ALZHEIMERS FORCES RETIREMENT – Video

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22-02-2012 02:15 Glen Campbell who had a monster hit with "Rhinestone Cowboy" in the '70s among other hits was given a Merit Award as he's on his last tour due to Alzheimers.

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GLEN CAMPBELL GETS MERIT AS ALZHEIMERS FORCES RETIREMENT - Video

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February 24th, 2012 at 7:08 am

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9 Key Ages for Retirement Money Decisions

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The idea of retiring at 65 seems almost quaint these days. Even before the recession, rising numbers of people were working past their 65th birthdays, and this trend has accelerated during these past few years. For many, retirement is a forever-retreating goal. For others, moving to part-time work as part of an incremental retirement strategy makes sense.

[See 10 Steps to Fine-Tune Your Retirement Plan.]

Whatever your retirement prospects look like, there are many dates besides the day you stop working that can influence your decision. Here are different age milestones that might affect your retirement decisions.

59½. This is the earliest age at which withdrawals from tax-deferred retirement accounts--401(k)s, 403(b)s, IRAs, and the like--may begin without incurring an early withdrawal penalty.

62. This is the earliest age at which you may begin collecting Social Security benefits. However, the amount of benefits you get will be only 75 percent of what they would be if you waited until you reached your full retirement age (66 or 67 for people born after 1943).

65. You are eligible for Medicare benefits when you turn 65. If you are still covered by employer health insurance (either directly or through your spouse's health plan), you do not need to sign up for Medicare right away. Otherwise, you have a seven-month window (three months before your 65th birthday up until four months after your birthday) to sign up. This is an important deadline: If you miss it, you may wind up paying higher Medicare premiums for the rest of your life.

[See How to Size Up Your Retirement Nest Egg.]

66. If you were born between 1943 and 1954, your full retirement age (FRA) for Social Security benefits begins with your 66th birthday. The FRA is an important date. It is the date at which you are entitled to 100 percent of your Social Security retirement benefit. Because you can begin benefits as early as age 62 or defer them as late as age 70, your FRA controls the percentage of your full benefits that you would receive at these other ages. It also affects the tax treatment of any outside income you earn. And it is used to determine when your spouse can collect benefits based on your covered Social Security earnings.

67. If you were born in 1960 or later, this is your FRA.

70. This is the latest age through which your Social Security benefits will increase for each year you defer beginning to collect benefits. If your full retirement age is 66, for example, your benefits will rise by about 8 percent a year each year until you turn 70. They will not increase after that date, so there is no benefit to deferring benefits past your 70th birthday. In addition to collecting 132 percent of your FRA benefit if you wait until age 70, you would also collect any annual cost-of-living adjustments. So your "profit" for waiting each year is a return of 8 percent plus the rate of inflation.

[See Retirement Plans That Weather Economic Storms.]

70½. If you are retired, you must begin taking money from your tax-deferred retirement accounts when you reach this age. The smallest amount of money you can withdraw without incurring a tax penalty is called your RMD, or required minimum distribution.

The size of your RMD is calculated by the government based on life-expectancy tables. Legislation is regularly introduced, including in the Obama Administration's proposed 2013 budget, to relax RMD rules. The goal of the proposals is to give retirees more control over the timing of their account withdrawals.

85. This is a standard date at which payments begin for what are called longevity annuities. These are deferred annuities purchased 20 or even 30 years earlier. They are designed primarily for people who are worried about running out of money before they die. Because many people will have died before turning 85, insurance companies are able to provide attractive rates for these products. And because retirees know how much money they would begin receiving should they survive to age 85, they can spend down their other assets by that date, should they choose, without fear of later running out of money.

Your Age at Retirement. This is, of course, the most important of all the ages listed here. Good luck!

Twitter: @PhilMoeller

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9 Key Ages for Retirement Money Decisions

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February 24th, 2012 at 7:08 am

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Will Low Retirement Ages Last Forever?

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Given the recent economic crisis in places like Greece and Italy, it's difficult to believe that the retirement age of workers in these countries is low. Turkey, for example, used to have a retirement age of 60 until the government abolished it and changed it to 25 years of contributions, meaning that depending on the age they entered the workforce, men and women would be eligible to retire based on the years they contributed to their retirement plan. The Organization for Economic Co-operation and Development (OECD) calculated that workers who made contributions for 25 years and started working at age 20 would be able to retire at 45. Greece closely follows Turkey in retirement age. In Greece the retirement age is 57 up from 55 in 1959. In Italy the age is 59, but will increase to 65 by 2030.

Turkey
Despite having low retirement ages, these countries have not been able to handle the economic strain the increasingly older population is placing on their government pension plans. This is demonstrated by their increasing retirement ages. Turkey has been struggling for years to keep up with its pension plan payouts. In 2008, the government was confronting a system that ate up 17% of its budget. Payments for the 12 years leading up to 2006 totaled 119% of that year's gross domestic product. Its early retirement age was threatening to bankrupt the country unless lawmakers decided to make a change. Social security was consuming almost 4% of gross national product. According to the OECD, this figure is forecasts to increase to 6% by 2045 if there are no changes.

In 2010, The United States Social Security Administration stated in their "Social Security Programs Throughout The World" report that as of 2036, Turkey's retirement age will rise gradually to age 65 by 2046 (men) and 2048 (women). This would allow pensions to accumulate more slowly.

National Retirement Age
Few countries now have a national retirement age of 60, including Belgium, Hungary, Korea and Luxembourg. France's current retirement age is 60.5. Given the increased life expectancy rates, many workers will have to wait longer to reach retirement. According to the OECD, to accommodate the growing old population, many countries are increasing their pensionable age.

The U.S. currently has the third highest retirement age: 66 and will increase to 67 by 2022. Iceland and Norway have the oldest 2010 retirement age of 67. Denmark will be gradually rising its retirement age to 67 by 2028. In the U.S., workers can start receiving social security retirement benefits at the age of 62 but at a lesser amount. However, the United Kingdom is currently projected to overtake all other countries by 2047 with a retirement age of 68. According to the OECD, the pensionable age will reach 65 for both sexes by 2020.

The Bottom Line
Due to the economic strain life expectancy rates are placing on countries, governments around the world are encouraging people to work longer. Some countries are even placing strict qualifying conditions on workers who want early retirement. Early retirement seekers get fewer pensions while a larger payout is given to workers who stay in the workforce longer. Some countries are even taking the retirement age limit further.

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Will Low Retirement Ages Last Forever?

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February 24th, 2012 at 7:08 am

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CalPERS Planning Your Retirement Webinar – Video

Posted: February 23, 2012 at 2:08 pm


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05-12-2011 13:14 Planning and education are crucial components to making sound decisions when considering retirement. This two-hour webinar will provide information about your CalPERS benefits and the retirement process. Transcript: http://www.calpers.ca.gov

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CalPERS Planning Your Retirement Webinar - Video

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February 23rd, 2012 at 2:08 pm

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Inside The Nba – Shaq’s Lakers Retirement Jersey – (10-2-2012) – Video

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10-02-2012 11:00 EJ, Kenny and Charles tell Shaq that the Lakers are going to retire his jersey next season! I do not claim ownership or makin' money from this video. All rights reserved by copyright owners. ---- DISCLAIMER! ---- Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favor of fair use.

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Inside The Nba - Shaq's Lakers Retirement Jersey - (10-2-2012) - Video

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February 23rd, 2012 at 2:08 pm

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What Atlantans Think About Retirement

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ATLANTA--(BUSINESS WIRE)--

Ah, the easy life of retirement – not so much for two in five Atlantans who think they’ll need to work. But more than half like Atlanta so much that they’ll stay here, many because of family and friends or the good medical facilities. And while Atlantans think they’ll need $750,000 to retire, the median amount saved is just $100,000. These are highlights of a new survey done for Wells Fargo. The details:

Two out of five (41%) Atlanta area pre-retirees expect they will need to work during retirement in order to afford their lifestyle or make ends meet. Another 40% say they’ll work in retirement because they want to. Fifty-seven percent of pre-retirees in Atlanta plan to stay in the area when they retire; their top three reasons for staying are family and friends nearby, good weather, and low cost of living. Retirees cite similar reasons for settling in the area. Seventy-one percent of retirees cite being close to family and friends as a major factor for retiring in Atlanta. Good medical facilities and not having to relocate are also important. Among 10 major cities including Atlanta, those in Washington are least likely to retire there (38%) and those in Chicago are most likely (65%). Atlanta is close to Miami (55%) and Philadelphia (59%). About a third of Atlanta respondents (retirees and pre-retirees) rate health care facilities in their area as among the best in the country. In Houston, 70% think their health care facilities are among the best. In Miami just 12% do. Atlantans (32%) are closest to Washingtonians (31%). The median amount Atlanta pre-retirees have saved for retirement is only 13% of what they believe they actually need. Atlanta pre-retirees believe they need $750,000 for retirement; the median amount saved is $100,000. Almost 50% of Atlanta area pre-retirees say their biggest fear about retirement savings is that they will do all the right things today and it still won’t be enough. Seven out of ten (72%) Atlanta area retirees are confident they will have enough money to live the lifestyle they want throughout retirement. Despite this confidence, 28% of Atlanta retirees agree that they need to significantly cut back spending today in order to have enough money throughout their retirement. Among Atlanta respondents with children, 41% agree that they will not be able to leave an inheritance to their children due to the money needed to support their retirement. Atlanta pre-retirees under 65 are evenly split 50/50 on whether it is more likely that the Falcons will win the Super Bowl by the time they are 65 or they will be able to retire at 65!

About the Survey

On behalf of Wells Fargo Retirement, Richard Day Research conducted an online survey between December 2nd and December 18, 2011 among Atlanta area residents ages 25-75 with $25K+ in investable assets (total n=366). Comparisons were made to a similar national online sample of n=1,190.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC - News) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 270,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortune’s 2011 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.

About Richard Day Research (a Market Probe company)

Richard Day Research is a full-service market research firm, located in Evanston, Ill., specializing in behavioral and opinion research among hard-to-reach populations and professional communities. For more information, visit rdresearch.com.

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What Atlantans Think About Retirement

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February 23rd, 2012 at 2:08 pm

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Peyton Manning To Retire According to Rob Lowe tweets — News Story – Video

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19-01-2012 17:04 Peyton Manning To Retire? Rob Lowe Cites Sources With Surprising Colts News thoughts Rob Lowe may be adding NFL reporter to his resume.On Wednesday afternoon, the star tweeted that his "people" were telling him that Peyton Manning is set to retire from the NFL.The actor lit up social media when he tweeted that Peyton Manning was done.Lowe said he'd heard from "my people" that the Indianapolis Colts quarterback would retire later in the day.No official word yet from Manning, the 35-year-old star who missed this season with a neck injury. Colts spokesman Avis Roper and Manning's agent ,Tom Condon, had no comment.Lowe currently is on the NBC show "Parks and Recreation," which is set in Indiana. He's also friends with Colts owner Jim Irsay. Rob Lowe tweets about Peyton Manning thoughts

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Peyton Manning To Retire According to Rob Lowe tweets -- News Story - Video

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February 23rd, 2012 at 12:48 am

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BMO Retirement Tips of the Day: Consider Others During Your Retirement & Be Sure to Protect Your Most Important Asset …

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TORONTO, ONTARIO--(Marketwire -02/22/12)- As the February 29th deadline approaches to make a contribution to a Registered Retirement Savings Plan (RRSP) and as part of its ongoing commitment to improving financial literacy, BMO Financial Group will be providing daily retirement tips during the month of February from BMO Retirement Institute Head Tina Di Vito's new book 52 Ways To Wreck Your Retirement...And How To Rescue It.

Tip Number 43:

Consider Others During your Retirement

More and more Canadians find themselves responsible for caring for their parents, a spouse, a friend or other family members. As you envision your retirement, make sure you consider how the added responsibility of caregiving might alter that vision.

-- Have a care strategy in place.
-- Ask family members for help.
-- Establish set vacation days from caregiving and stick to them.
-- Investigate workplace support for elder care services.

Tip Number 44:

Be Sure to Protect your Most Important Asset - You!

The best-laid plans can go astray if you do not take the proper steps to protect your earning capability during your working years, and your income and assets during retirement. Be sure to examine your life, disability, long-term care and critical illness insurance needs, for both now and into your retirement.

Before retirement:

-- Review your disability insurance policy, to make sure you have the
appropriate type and amount of coverage.
-- Review your life insurance policy. Is the coverage enough, and can you
continue the policy in retirement?
-- Consider long-term care and critical illness insurance to help cover the
costs that may arise.

In retirement:

-- Incorporate the potential costs of long-term care or a critical illness
into your retirement plan, and determine what impact these costs would
have on your retirement. Consider long-term care and critical illness
insurance to help cover costs that may arise.
-- Consider life insurance to pay estate costs and income taxes, or to
create an inheritance.

For more information on retirement: http://www.bmo.com/retirement.

Get the latest BMO press releases via Twitter by following @BMOmedia.

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BMO Retirement Tips of the Day: Consider Others During Your Retirement & Be Sure to Protect Your Most Important Asset ...

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February 23rd, 2012 at 12:48 am

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The Standard Adds New Fiduciary Protection for Retirement Plan Sponsors

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PORTLAND, Ore.--(BUSINESS WIRE)--

Standard Retirement Services, Inc., has enhanced its core retirement plan services with significant, new fiduciary protection services. The company can now act as an ERISA 3(16) fiduciary in performing certain plan administrative duties on behalf of plan sponsors who delegate these tasks. These duties can include required compliance testing, plan eligibility notifications, approval of participant loans and distributions, and delivery of required participant notifications and disclosures.

“Plan sponsors must take on considerable administrative responsibilities in order to comply with ERISA regulations,” said Dan Hall, vice president of Retirement Plan Sales. “By leveraging our internal expertise and resources, we are able to take on a significant amount of plan sponsors’ administrative burden while better supplementing the offerings of plan advisors.”

To further complement the needs of advisors and their clients, StanCorp Investment Advisers, Inc., can now take on ERISA 3(38) fiduciary responsibility for the removal and replacement of investments at the plan level. This expanded layer of protection adds to The Standard’s existing fiduciary capabilities, which include acting as an ERISA 3(21) fiduciary for the selection and ongoing monitoring of the investments offered in a plan sponsor’s retirement plan and acting as an ERISA 3(38) fiduciary for participants who are enrolled in Mainspring ManagedSM, the company’s goal-based savings and investment planning and advice service.

“We recognize that many advisors provide some level of investment fiduciary services as part of their offerings to plan sponsors, while others do not provide such services,” Hall said. “Our fiduciary services are intended to complement the unique value proposition and service delivery model that each advisor brings to the table. Advisors can choose to use all, some or none of our fiduciary services as they determine what is most appropriate for a particular client’s plan. This approach gives advisors maximum flexibility to deliver the right level of fiduciary protection to their clients.”

In addition, the three-level fiduciary protection services under ERISA 3(16), 3(21), and 3(38) will be available to plan sponsors of any size.

“We designed our fiduciary offering to be cost effective for all employers, especially for those with smaller plans who have not traditionally had access to this level of fiduciary protection,” Hall said. “When you also consider that The Standard does not outsource any of this fiduciary responsibility to a third party, we believe that our fiduciary services offer a very compelling value to advisors and sponsors.”

Disclosure

StanCorp Equities, Inc., member FINRA, distributes group annuity contracts issued by Standard Insurance Company and may provide other brokerage services. Third party administrative services are provided by Standard Retirement Services, Inc. Investment advisory services are provided by StanCorp Investment Advisers, Inc., a registered investment advisor.

About The Standard

The Standard is a leading provider of financial products and services, including group and individual disability insurance, group life, AD&D, dental and vision insurance, retirement plans products and services, individual annuities and investment advice. For more information about The Standard, visit http://www.standard.com.

The Standard is the marketing name for StanCorp Financial Group, Inc., and its subsidiaries: Standard Insurance Company, Inc., The Standard Life Insurance Company of New York, Inc., Standard Retirement Services, Inc., StanCorp Mortgage Investors, Inc., StanCorp Investment Advisers, Inc., StanCorp Real Estate, LLC, and StanCorp Equities, Inc.

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The Standard Adds New Fiduciary Protection for Retirement Plan Sponsors

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February 23rd, 2012 at 12:48 am

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