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Archive for the ‘Retirement’ Category

Couples Find Love After Retirement – Video

Posted: February 21, 2012 at 12:37 am


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15-02-2012 16:05 Lovers always plan to grow old together, but what if someone grows old without that special someone? Dating services say they are seeing more clients who are looking for romance after retirement.

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Couples Find Love After Retirement - Video

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February 21st, 2012 at 12:37 am

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BMO Retirement Tips of the Day: Take Advantage of the TFSA & Plan Ahead for Possible U.S. Estate Taxes

Posted: February 19, 2012 at 10:04 pm


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TORONTO, ONTARIO--(Marketwire -02/19/12)- 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 37:

Take Advantage of tax gifts such as the Tax Free Savings Account

When the Tax Free Savings Account (TFSA) was introduced in 2009, it changed the way Canadians approached savings and investing. While tax-efficient vehicles such as RRSPs or registered pension plans allow Canadians to defer or postpone tax on investments earned, payments out of these accounts are fully taxable as ordinary income. With a TFSA, withdrawals are completely tax free, regardless of whether they are drawn from cash or returns on different investment vehicles held within it. TFSAs provide a big tax saving opportunity that Canadians should use by doing the following:

-- Take advantage now: Open a TFSA and maximize your available
contribution. If this is the first year you're getting a TFSA, you can
invest up to $20,000 and contribute the $5,000 maximum each year
thereafter. For those with children over 18, encouraging them to open
and contribute early could mean they may never pay income tax on any
investment income they earn.
-- Double-up: Open a TFSA for a spouse or common-law partner to double-up
on tax-free savings.
-- Continue to take advantage during retirement: Continue to use your TFSA
to your advantage well after you retire to help minimize tax on
investment income, maximize OAS entitlement, provide flexibility to pay
for unexpected costs without increasing your taxable income or to
preserve the tax-free status of any inheritance you have received.

Tip Number 38:

If you own U.S. property, account for estate taxes as part of your succession plan

While there is no estate tax in Canada, many countries impose estate tax on succession duties, including our neighbour south of the border. Canadians who own U.S. property may have to pay U.S. estate tax at the time of death. This applies to real property, such as vacation homes, furniture or vehicles, and stocks or options to acquire stocks issued by a U.S. corporation. Without proper planning ahead of time, this substantial tax could significantly hamper your succession plan.

To minimize U.S. estate taxes, consider the following:

-- Review your net worth with your financial advisor to determine your
exposure to U.S. estate tax.
-- Look for opportunities to invest in U.S. securities through Canadian
mutual funds.
-- Speak to a financial expert to determine whether it is appropriate for
you to hold U.S. investments in a Canadian holding company.
-- If your current U.S. vacation or secondary property isn't being used,
sell it and move furniture and other related belongings to Canada.

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: Take Advantage of the TFSA & Plan Ahead for Possible U.S. Estate Taxes

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February 19th, 2012 at 10:04 pm

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Do Tax Rates Go Up or Down in Retirement?

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The decision about whether to opt for Roth tax treatment of your retirement assets--where you pay taxes upfront in exchange for tax-free withdrawals later on--requires you to make a judgment about whether your taxes will be higher in retirement than they were while you were working.

That's a lot harder than it sounds, as my colleague Adam Zoll explored in this article (http://news.morningstar.com/articlenet/article.aspx?id=537102). Not only does itinvolve divining what tax rates are apt to be on a macroeconomic level by the time you retire, but you also need to bear your own personal situation in mind. For lower earners who are early in their careers, it's likely that their income tax brackets will be higher in the future than they are today, making Roth contributions and conversions a good bet. For older savers, that might not be the case.

To help gather insights into the latter question, I recently surveyed Morningstar.com's many retired readers about their tax experiences, both pre- and post-retirement. Posting in the Investing During Retirement section of Morningstar.com's Discuss boards. I asked them whether their tax rates had gone up or down during retirement. Posters shared their own observations and how they navigated the "to Roth or not to Roth" question themselves. Several posters also weighed in with their own strategies for keeping their in-retirement tax rates down. Click here (http://socialize.morningstar.com/NewSocialize/forums/p/299270/3200784.aspx#3200784) to read the complete thread or share your own experience.

'My Retirement Tax Bracket Is Radically Lower'
Many posters noted that their in-retirement tax brackets were lower than when they were working, and that was, at least in part, by design. Several retired or soon-to-be retired readers said their lower earned incomes in retirement had helped; others noted that they had taken maximum advantage of asset location and tax-advantaged investments such as municipal bonds to limit their in-retirement income. However, posters' responses also alluded to the fact that managing tax brackets becomes more difficult past age 70 1/2, when seniors are required to begin taking minimum distributions, or RMDs, from their traditional IRAs and 401(k)s; those distributions are taxable.

Capecod's response to my query was unequivocal: "My retirement tax bracket is radically lower than pre-retirement. That is a consequence of one, no work compensation/earned income; two, living off Social Security and a portfolio composed largely of tax-free munis; and three, holding growth and higher-yielding taxable assets in an IRA with mandatory distributions still several years in the future."

Hanneral has employed similar strategies--and a few others--to keep taxes down in retirement. "My tax rate has dropped a lot [in retirement]. I have moved many of my high-return stocks to the tax-deferred account. I also added a number of munis to my holdings several years ago while their rates were more favorable. I also make maximum use of opportunities like donating unused time-share properties to charity. I have been retired now for 14 years and these steps have aided in keeping my tax rate low."

The same holds true for ThePrune, who shared, "Before retirement our married filing jointly tax bracket would have been 28%, but by making use of tax-deferral savings such as 401(k), 403(b) and 457 plans, we were able to push ourselves down into the 25% marginal tax bracket. After our recent retirement our marginal tax rate rate has dropped from 25% down into the middle of the 15% bracket. And I have a long-range tax planning strategy to keep it in the 15% bracket, even once required minimum distributions begin."

Hoodee is using a similar playbook: "My tax bracket went down dramatically and has stayed down in the 12 years since retirement. I can manage my investments to time capital gains so that I pay little in taxes; also, when I was working, my adjusted gross income was much higher."

Snorton is taking tax management a step further still: "I'm not yet retired, but I expect to pay less tax because I will be able to control how much I draw from taxable assets, unlike now where everything is taxed. I hope to change our official residence to a tax-free state where we have a second home to escape California's 10% (and rising) tax."

Poster audreyh1, who also participates in the Early Retirement Forum, has observed it's not uncommon for tax rates to go down during retirement. She wrote, "Many retirees seem to be able to stay in the 15% tax bracket. It may also be that some are receiving part of their income as capital gains and qualified dividends which are taxed at the 15% rate. Some of retirees have reported that they way overestimated the taxes portion of their retirement budget."

Audreyh1went on to provide a few additional reasons that retirees often see their taxes decline. "The total tax burden drops as well as a retiree is no longer paying Social Security or Medicare taxes. During the past decade, the amounts an older investor can put aside into tax-deferred retirement accounts has increased a lot. Back in the 1990s, the amounts that could be tax-deferred were much more limited. So perhaps newer retirees won't see such a drop in taxes if they were able to invest heavily in tax-deferred accounts before retiring."

Rossinator, with a big share of overall assets in taxable accounts, exemplifies Audrey1's point: Those with taxable assets can take advantage of a variety of maneuvers to keep taxes down, something those required to take RMDs cannot do. "My taxable investment account is a good deal larger than my retirement account (now a Roth IRA). The good news about this is that I can pass the Roth on to my heirs (hopefully), and I can manage my capital gains in my taxable account. I have been looking at my taxes for 2011 and noticed that my capital loss carry forward will run out on the 2011 tax return. So I won't have an extra $3,000 to deduct from income in 2012, but my tax rate in future years should still be substantially lower in retirement."

For Morningboy1, lower in-retirement tax rates are, at least in part, a sign of the times in which we live. "My tax rate went down because the interest rate went down and some banks went bust."

'It Is Hard to Reduce Our Taxes as Some Have Done'
Other posters, meanwhile, haven't seen a substantial change in their tax rates in retirement relative to what they paid while they were working. Those retirees who are deriving a big share of their income from pensions, RMDs from traditional retirement accounts, and Social Security were the most likely to report that their tax rates had stayed the same or even gone a little bit higher in retirement; they exert less control over their income streams than those retirees with big shares of their portfolios in taxable accounts and those who have yet to start taking RMDs.

For poster DennyF, keeping taxes--and income--level was part of the plan. "Our marginal tax rate (25%) has remained the same. But that was an expected outcome of our financial planning. Our goal was to work until our pension and Social Security benefits matched our pre-retirement income."

The same goes for Hondo, who noted, "We have remained in the same tax bracket that we were in before retirement. We both receive pensions and RMD income, plus I have Social Security, and we must take the standard deductions on our tax return. Therefore, it is hard to reduce our taxes as some have done."

Mdgardner concurred. "Our rate is about the same as before retirement. Most of our income is from combined pensions and Social Security and puts us into the 25% bracket."

Nittwit's post hints at the fact that for many seniors, retirement doesn't mean completely saying goodbye to the workaday world, and that can increase the tax bill. "I am retired 'on and off,'" this reader wrote. "This means that when managing my property and finances leaves me with too much free time, I seek employment. My wife is 10 years younger and loves to work and works for good people (boy does that make a difference), and so for tax purposes we still work. Our effective tax rate according to Turbo Tax for 2010 was 14.5%. My projections do not see that effective rate changing when we both retire although our official tax rate will decrease."

Mjlevine, like Nittwit, has also continued to work, which in turn has had implications on the tax front. "No one seems to consider the person who chooses never to retire because they love their work! I'll be 70 1/2 this year and will have to start taking RMDs. I'll still be earning as much as before, part of my Social Security is taxable, and I'll owe tax on my distributions. My bracket will therefore actually be higher!"

'So Far So Good'
Posters also weighed in on the pros and cons of converting traditional IRA and 401(k) assets to Roth status; doing so will reduce in-retirement tax bills and reduce the amount of money that must be distributed during their lifetimes. (Owners of Roth IRA accounts, in contrast with traditional IRA owners, are not required to take taxable required minimum distributions.)

Dipiranha notes that the ability to take tax-free IRA distributions keeps in-retirement taxes at or close to zero. "Before I retired two years ago, I was paying about 25% Federal, 14% self employment tax, and 9% California tax. Seventy percent of my money is in a Roth and 30% in Taxable IRAs. I pull just enough out of my taxable accounts to avoid any tax and the rest of my yearly expenses comes out of the Roth."

Poster WOODJ believes the decision to convert traditional IRA assets to a Roth IRA has helped increase in-pocket income during retirement. He shared his complete strategy for reducing in-retirement taxes in the thread, concluding. "Paying no taxes means that all of our income can be spent on the good things in life."

Jomil has also been pleased with the decision to convert: "I converted the last of the 'alphabet soup' of deferred compensation plans and IRAs to Roths in 2010. So far no regrets or worries about 'what ifs.'"

FidlStix, not yet retired, thinks that the possibility of higher tax rates in the future bolsters the case for converting traditional retirement vehicles to Roth. "Since taxes are sure to go up substantially in the years ahead, I'm thinking hard about biting the bullet and rolling 10% of my 401(k) into my Roth (backdoorwise) when I retire."

Paulbrown notes that being in a low tax bracket when the conversion takes place can make a conversion advantageous; his post also alludes the fact that reducing taxable income from other sources reduces the taxation of Social Security benefits. "I thought the only advantage [to conversion] was that it would lower my RMD, and I may never have to take more than what is required. When I did [the conversion] seven years ago I was already in the 15% bracket with no earned income, only Social Security, and RMD from IRAs. I was hoping I could also have less than 85% of our Social Security that was taxable. So far, so good."

Scotty believes that estate-planning considerations bolster the case for converting to Roth status. "With the Roth IRA the returns can be passed on to their children as tax-free extensions since the tax has already been paid upfront. At least this is with current law."

For texasboy, the decision to convert was driven by his desire for tax diversification--the ability to draw assets from vehicles with varying tax treatment. "I believed in spreading investments out among vehicles so I have traditional/Roth/401/403(b) depending on my ability to fund in any given year. That way I can pull from vehicles as each year's needs dictate would be best."

Both estate planning and tax diversification played a role in Rule72's decision to convert part of the household's IRA assets. "I will probably stop conversions once we are about 50/50 split in the Roth versus a traditional IRA. At least in our case it appears beneficial to pay more taxes now so 'the family' can pay less overall. And since we won't convert 100% I guess that means we've hedged our bets on the future taxing of tax qualified accounts. I reserve the right to adjust my spread sheet and change my opinions as the tax rules change."

Other posters weren't as sold on the benefits of converting traditional IRA assets to Roth. Hondo wrote, "I did convert some traditional IRA money to Roth before retiring. Looking back, I'm not sure that was a wise decision. Perhaps Roth conversions are good if the person is young, but I now feel it is unwise if the person is near retirement. In general, I don't believe in paying a tax before you have to."

Capecod was on the same page, noting that the appropriateness of a Roth conversion varies by individual. "For what it's worth, I've never understood the appeal of converting a traditional IRA to a Roth, but perhaps those with higher net worths see tax/estate planning advantages that don't apply to my family."

Johnep also did the analysis and concluded that Roth conversions weren't for him. "I went from top of 25% bracket to mid-point. Using pension and Social Security now but [being required to take] RMDs in a few years will put me back in high range of 25% bracket. I looked very closely at Roth but could not see the benefit starting now. A clear benefit for those starting much younger."

See More Articles by Christine Benz

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Do Tax Rates Go Up or Down in Retirement?

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February 19th, 2012 at 10:04 pm

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Retirement optimism stifled by economic realities

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My editor (age withheld) shuddered when I told her I had an item about what folks are thinking when they think about retirement.

Here's a clue: Most of them think the 49ers will win the Super Bowl before they get there.

Actually, it may not be quite as dire as my editor fears, if a new survey of Bay Area "pre-retirees" is to be believed. Most, for example, think they'll have enough money to live the good life through their golden years. Less than half believe they'll have to continue working.

There may, however, be an element of Cloud Cuckoo Land here. In a report to be released Monday by Wells Fargo, those surveyed estimate they'll need $1 million to enjoy retirement. On average, they're about 10 percent of the way there. Many acknowledge a lurking fear their savings won't be enough and swear they're going to cut back on spending today to save for tomorrow.

Kids, take note: One-third of parents surveyed said they probably won't be leaving their offspring any money when they die. Oh, and by the way, two-thirds of the pre-retirees, including parents, say they intend to stay in the Bay Area when they do retire. They like the weather and the health facilities.

While that suggests a comfort with their surroundings, said Bob Morgan, a financial planner at Wells Fargo, "There is a significant level of anxiety about what they can do to save and prepare for retirement."

The survey, conducted in December by Richard Day Research, interviewed 364 Bay Area residents, ages 25 to 75, with investable assets of more than $25,000. That amount, of course, excludes residents with far fewer assets and a great deal more to worry about.

The Bay Area findings also differ markedly from a larger national survey conducted for Wells Fargo last year. It found 74 percent of middle-class Americans, ages 25 to 49, expected to work well into their retirement years, many by choice, and a quarter of them saying they will "need to work until at least age 80."

Their estimated nest egg needed for retirement was $350,000, far less than the Bay Area. On average, those surveyed nationally were 7 percent of the way there, even lower than the Bay Area. The reaction from Wells Fargo retirement specialists to the national survey was also more downbeat.

"The fact that the vast majority of middle-class Americans expect to work well past the traditional retirement age has significant societal and economic implications," said Joe Ready, director of the bank's Institutional Retirement and Trust department. "Will people be physically and mentally able to work later in life? What will it mean for young people entering the workforce?"

The Bay Area may be better off than most of the rest of the nation, but the same questions, and gnawing anxieties, still apply.

Less money, more risk: Younger pre-retirees among the state's public employees may have more to worry about, according to the California Public Employees' Retirement System.

Analyzing one of Gov. Jerry Brown's pension reform proposals - replacing the current defined benefits plan with a "hybrid risk-sharing plan," i.e., a tacked-on 401(k) type plan - CalPERS says that the resulting benefits will be lower for new employees.

The report, presented to the Legislature last week, also said the 401(k) element adds more risk and uncertainty for employee benefits.

CalPERS has yet to evaluate other proposals in Brown's reform package, including raising the retirement age from 55 to 67 and having a significantly greater percentage of the pension costs deducted from employees' paychecks.

Socially responsible reward: The Northern California Community Loan Fund got a rather nice 25th anniversary present last week - a $2 million grant from JPMorgan Chase.

The money will go toward the San Francisco nonprofit's housing preservation program in low-income communities, one of numerous programs it has developed since its founding in February 1987.

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Retirement optimism stifled by economic realities

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February 19th, 2012 at 12:37 am

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Richard Brookhiser: The Significance of George Washington’s Retirement – Video

Posted: February 18, 2012 at 7:17 pm


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17-02-2012 13:27 First Among Equals: George Washington and the American Presidency http://www.aei.org

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Richard Brookhiser: The Significance of George Washington's Retirement - Video

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February 18th, 2012 at 7:17 pm

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BMO Retirement Tips of the Day: Consider Splitting Income to Pay Less Tax & Take Steps to Keep More of Your OAS Income

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TORONTO, ONTARIO--(Marketwire -02/18/12)- 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 35:

Consider splitting income to pay less in taxes, now and during retirement

In the Canadian tax system, higher-income Canadians pay anywhere from 38 to 50 per cent in income tax, depending on the province or territory in which they live. Because Canadians file separate income tax returns from their spouse or common-law partner, there may be situations where one person is paying at the highest tax rate, while the other is paying no tax at all. If couples split their income as reported on their tax returns, they could save a great deal of tax. For example:

Before income tax splitting
----------------------------------------------------------------------------
You Your Partner Combined
----------------------------------------------------------------------------
Income $65,000 $5,000 $70,000
----------------------------------------------------------------------------
Tax estimate $13,000 $0 $13,000
----------------------------------------------------------------------------
Net after tax $52,000 $5,000 $57,000
----------------------------------------------------------------------------
After income tax splitting
----------------------------------------------------------------------------
You Your Partner Combined
----------------------------------------------------------------------------
Income $35,000 $35,000 $70,000
----------------------------------------------------------------------------
Tax estimate $5,000 $5,000 $10,000
----------------------------------------------------------------------------
Net after tax $30,000 $30,000 $60,000
----------------------------------------------------------------------------

The simplified example above results in a savings of $3,000. Income splitting is not always automatic. Here are tips for couples to keep more of their income and pay less in income taxes:

Pre-retirement years:

-- Higher income earning spouses should pay all of the household expenses
so the lower income earner can save most of their income in their own
name.
-- Build assets in the lower income earning spouse's name by making a
contribution to his/her spousal RRSP, Tax Free Savings Account or
setting up a spousal loan.

During Retirement:

-- As soon as you are eligible to split pension income, make an election on
your tax return and claim pension income split up to 50 per cent of
eligible pension income.
-- As soon as you are eligible to share CPP/QPP payments, apply to do so.

Tip Number 36:

Take steps to keep as much of your Old Age Security income as possible

Old Age Security (OAS) is paid to Canadians aged 65 and older who have lived in Canada for at least 10 years after their 18th birthday. Those that qualify for OAS get the maximum entitlement after 40 years of Canadian residency, which over a 25-year period can amount to $160,000. However, besides being subjected to income tax, OAS is also income-tested; this means that some or all of that amount may be paid in taxes if your income in retirement exceeds the annual threshold amount, which is approximately $69,562 for 2012.

For those in retirement, consider these strategies to keep as much of your OAS income possible:

-- Make an estimate of your retirement income to determine how close you
might be to the OAS threshold. Ask your financial planner to help you
with this.
-- Begin to rebalance your portfolio up to five years before you start
collecting OAS so that there is no spike in income resulting from
capital gains.
-- Seek out advice and proper planning so you can reduce the impact that a
withdrawal from your savings will have on your income and the OAS
clawback in retirement.

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 Splitting Income to Pay Less Tax & Take Steps to Keep More of Your OAS Income

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February 18th, 2012 at 7:17 pm

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BMO Retirement Tips of the Day: Be Generous But Don't Give Away Too Much During Your Life & Spend During Your …

Posted: February 17, 2012 at 4:08 pm


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TORONTO, ONTARIO--(Marketwire -02/17/12)- 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 33:

Be Generous But Don't Give Away Too Much

You have had a good life, and now you want to help your children and/or grandchildren financially. Your heirs will inherit your money anyway, but you still want to help them while you are still alive. While this is a noble view, keep in mind that retirement can last 30+ years; you need to start thinking more about your future and how much money you will need, rather than how much you should be giving to the kids. There are ways to be generous and still be mindful of your retirement savings. Consider the following:

-- Rather than cash, give away personal property or family heirlooms during
your lifetime.
-- If you want to help fund a grandchild's education, consider contributing
to a Registered Education Savings Plan (RESP). One of the important
features of the RESP is that you can take back your contributions should
you be in the unfortunate situation of needing the money during your
retirement years.
-- Draft a loan - document the fact that a loan has been given to a family
member and ask for a demand promissory note.
-- Consider registering a mortgage on the home you helped your child to buy
-- Document large gifts and amend your will to take the gift(s) into
account when dividing the estate among the beneficiaries.

Tip Number 34:

Spend During Your Retirement, But Do Some Planning First

You have worked hard to accumulate personal savings for retirement and now that you are retired, why should you hesitate to spend the money? However, spending your retirement savings comes with a myriad of fears and decisions. Consider the following when deciding how much to spend:

-- If you are concerned about outliving your money, investigate investment
products that guarantee income for life.
-- Determine how important it is for you to leave an estate and decide how
much you would like to leave.
-- Assess whether you can afford to leave a legacy and, if not, discuss,
with your financial advisor options to create an estate by using life
insurance products.
-- Have an open dialogue with your children about your wish to leave an
inheritance- you may find your children would rather you use the money
during your lifetime.

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: Be Generous But Don't Give Away Too Much During Your Life & Spend During Your ...

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February 17th, 2012 at 4:08 pm

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Retirement Morphs Into 'Rehirement' for Most Americans

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A retirement filled with golf, shopping and relaxation is no longer in the cards for most Americans over  age 60, new research finds.

A study conducted by CareerBuilder revealed that 57 percent of workers age 60-plus plan to look for a new job after retiring from their current company, showing that retirement no longer means the end of one's working days.

Many of those over 60 don't see a stereotypical retirement in their future for a number of years, the research found. Half of those surveyed said it will be at least five years before they plan to retire from their current job, with one in 10 thinking they'll never be able step away from their job.

The good news for such seasoned workers is that many employers are open to hiring them, the study shows. More than 40 percent of the surveyed employers plan to hire workers over age 50 this year. Additionally, 75 percent of employers said they'd consider an application from an overqualified worker who is 50-plus, with 59 percent of them saying it's because mature candidates bring a wealth of knowledge to an organization and can mentor others.

[The Secret to Finding a Job After 50]

"Whether mature workers are motivated by financial concerns or simply enjoy going to work every day, we're seeing more people move away from the traditional definition of retirement and seek 'rehirement,'" said Rosemary Haefner, vice president of human resources at CareerBuilder. "At the same time, employers are seeing the value these mature workers can bring to an organization, from their intellectual capital to their mentoring and training capabilities."

PrimeCB.com, CareerBuilder's job site for mature workers and retirees, offers several tips for finding jobs later in life:

Leverage professional and real-world experience — When updating a résumé or interviewing for a job, mature workers should think about their experience in terms of both work and life skills. Whether it's strong leadership skills or a wherewithal to weather a tough economy, play up the strengths that come with having more years under the belt. Bring value to the company — Seasoned employees looking to stay with their current company beyond retirement age need to find new ways to contribute outside of their day-to-day tasks, such as spearheading a mentorship program or offering to train new hires. Consider part-time or freelance work — For workers who aren't ready to completely stop working, part-time employment may be a good solution. They should check out job boards, talk to staffing firms and tap into their social and professional networks for part time, freelance or temporary work.

The study was based on surveys of more than 800 U.S. workers age 60 and older and more than 3,000 hiring managers and human resources professionals.

This story was provided by BusinessNewsDaily, a sister site to LiveScience. Chad Brooks is a Chicago-based freelance writer who spent 10 years as a newspaper reporter before working in public relations. You can reach him at chadgbrooks@gmail.com or follow him on Twitter @cbrooks76.

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Retirement Morphs Into 'Rehirement' for Most Americans

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February 17th, 2012 at 4:08 pm

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Randy Moss: retirement over, ready for NFL again – Video

Posted: February 16, 2012 at 5:28 pm


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15-02-2012 05:57 http://www.nma.tv Accomplished NFL wide receiver Randy Moss wants to come out of retirement and play in the NFL again in 2012, he announced Monday on UStream. Moss, who holds the record for most touchdowns in a single season (23 with the 2007 New England Patriots), last played in 2010 with the Tennessee Titans. He had a lackluster season, and announced he was retiring last August. But with his proclamation made Monday, his 35th birthday, it seems like Moss has unfinished business on the field. Cris Carter thinks his old Minnesota Vikings teammate is up for the challenge. According to him, Moss can run a 40-yard dash in 4.3 seconds. But which team would be willing to put up with Randy's antics? He has a long rap sheet riddled with fines for bad behavior, like squirting a referee with a water bottle and pretending to moon an opposing team's fans. He has also been accused of quitting on his teammates, like when he walked off the field with time remaining on the clock in a 2005 loss to the Washington Redskins. And then there are the legal troubles. In 2002, Moss faced two misdemeanors in Minneapolis after knocking over a traffic cop with his car while in possession of marijuana. Even so, that hasn't stopped the sports rumor mills from speculating on possible suitors. According to a report, the Philadelphia Eagles and New York Jets are curious about a future with Moss.

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Randy Moss: retirement over, ready for NFL again - Video

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February 16th, 2012 at 5:28 pm

Posted in Retirement

BMO Retirement Tips of the Day: Do Your Homework Before Starting a Business in Retirement & Avoid Spending Too Much …

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TORONTO, ONTARIO--(Marketwire -02/16/12)- 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 31:

Do Your Homework Before Starting a Business in Retirement

Canadians aged 55+ lead the country when it comes to starting new businesses. While Canada's boomers may have an entrepreneurial streak, there are some big risks they need to consider before starting a new business during retirement. These include:

-- Do you have the necessary skills or licenses to run the business? How
long would it take to be qualified or get certified? Would you hire
staff?
-- What initial funding is required for the start-up?
-- How will the business be structured (sole proprietor, partnership or
incorporated)?
-- Is there a demand for your product or service?
-- Who are your competitors?
-- What are the location and time commitments?

Tip Number 32:

Avoid Spending Too Much Too Early in Retirement

Despite the excitement you might feel upon retirement, dipping into your nest egg too quickly can increase the chance that you will run out of money before you run out of time. Keep in mind that the different phases of retirement require different levels of planning, so plan your savings accordingly.

-- Early Phase: You are ready to do the things you've been putting off and
are generally the healthiest in these years.
-- Middle Phase: This is usually the longest phase. You are realistic about
how much time and money certain activities consume and have developed a
routine.
-- Late Phase: Also known as the "slow years", your health or the loss of a
partner prompts you to slow down and you will be spending money on home
care or other services that did not need funding in the past.

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

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See original here:
BMO Retirement Tips of the Day: Do Your Homework Before Starting a Business in Retirement & Avoid Spending Too Much ...

Written by admin

February 16th, 2012 at 5:28 pm

Posted in Retirement


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