(MoneyWatch) With average U.S. life expectancy still rising, if you look after your health it's quite possible you might live into your late '80s or beyond. As a result, people who retire in their 60s could be retired for at least two or three decades. That should be a good thing -- except if you run out of money in your 70s or 80s!

If you're like most baby boomers, you haven't put enough away in retirement savings to maintain your current lifestyle, so you'll need to squeeze as much income as possible from what you did sock away. And unless you'll be receiving significant benefits from a traditional pension plan, which provides a lifetime monthly income, you should be certain to manage your retirement savings so you don't outlive it.

Unfortunately, research suggests many people simply "wing it" when it comes to retirement planning and drawing down their savings. They simply withdraw what they need for living expenses and hope the money lasts.

Hope is never good strategy! If you spend your retirement savings without planning, there's a good chance you'll go broke in your retirement years.

Let me instead introduce you to a better strategy to draw down and invest any type of retirement savings you have, whether a straightforward savings account with no special tax features; a 401(k), 403(b), 457 or cash-balance plan; or a traditional or Roth IRA.

Don't spend savings

When it comes to living off your retirement savings, the most important strategy you can adopt is this: Don't spend your savings!

Can that be right? Absolutely. The concern is that after immediately after retiring, you'll have accumulated a tidy sum to spend during retirement. It'll look like a lot of money, and you may think you can easily afford to buy that boat or take that expensive cruise you've been dreaming about. You might start spending your retirement savings on the things you've been planning for and pull out whatever you think you need to cover daily living expenses.

If you're not careful, you'll exhaust the balance in your retirement accounts before too many years have gone by. You may have plenty of years to live, but you'll be broke and faced with some hard choices, such as returning to work, drastically scaling back your living expenses or moving in with your kids.

Instead of spending haphazardly, what you should do is consider your retirement savings as a monthly retirement income generator. Spend no more than the amount of your paychecks. Since most of us already live paycheck to paycheck during our working lives, adhering to this financial discipline when we retire shouldn't be too hard. If you plan your spending in retirement, there's a good chance you won't go broke.

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How to avoid going broke in retirement

How much should you save for retirement? The true answer is that no one knows. However, Barbara Friedberg is sure of one thing -- those who start their retirement planning and save early often will end up in much better shape than people who begin saving in their 40s or later. Retirement planning in your early years of life will save you from facing financial hardship during your retired years.

However, the lecturer at the Leavey School of Business at Santa Clara University and editor in chief of BarbaraFriedbergPersonalFinance.com says do not worry if you are among the procrastinators -- all hope is not lost.

What is the correct amount of money that people should save for retirement on a percentage basis? Should it be 10 percent, 15 percent or 20 percent?

In general, it is best to save as much as possible and even more importantly to start as soon as you begin working. If a young adult starts her retirement planning in her 20s, she does not need to save as much as a person who starts saving in her 40s.

For example, Jill starts investing $300 per month in a diversified all-world stock index fund at age 25. She continues to invest the same amount per month until age 65. Over the 40 years, she invested a total of $144,000 and at age 65, she amassed $770,000. Assume an average rate of return of 6.9 percent over the 40 years.

If Jill earned $45,000 at age 25, then that $3,600 per year was only 8 percent of her salary. As her salary grew, the percent of her salary invested was even less than 8 percent.

Consider Jack, who didn't start investing until age 40. Assume Jack earned $60,000 per year and decided to save 15 percent of his salary, or $9,000 per year, for retirement. He invests in the same diversified all-world stock index fund as Jill. For simplicity's sake, assume he continues to save $9,000 ($750 per month) until age 65. The total amount Jack invests is $225,000. At age 65, Jack's retirement savings equal $598,025.

Jill invests less money, starts earlier than Jack and ends up with more wealth in retirement. The best retirement strategy is to start young. Start later, and you need to save a lot more than those who begin earlier.

Longevity risk -- the risk of outliving your money -- is a big issue for people about ready to retire. Companies now are offering their former employees a choice between a lump sum and a regular pension check. Companies hope the lump sum offer is accepted so they can offload the longevity risk. Who should bear this risk?

The companies who initially offered the pensions are under a social (and usually legal) contract to uphold their obligation.

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Early savings could pay off later in retirement

LOS ANGELES--(BUSINESS WIRE)--

Transamerica Retirement Services today released a new white paper titled, Creating an Education Policy Statement, that showcases the education policy statement as an important element of retirement plan fiduciary management. The Education Policy Statement is a natural extension of the Investment Policy Statement and, while not required by ERISA, is a key component of administering a plan and measuring ongoing performance. The Education Policy Statement provides structure for the plans employee education efforts, sets parameters and establishes measurement benchmarks to gauge progress and the success of education programs.

American workers are grappling with a high degree of uncertainty when it comes to planning for their retirement. This white paper outlines how plan sponsors and financial advisors can establish a plan to help educate employees to improve their retirement readiness, said Stig Nybo, president of pension sales and distribution for Transamerica Retirement Solutions. At Transamerica, we are committed to empowering plan participants to retire with confidence, and helping plan sponsors enhance their educational efforts is a step toward that goal.

Financial advisors who offer an Education Policy Statement to clients position themselves as credible resources to help plan sponsors and their participants better prepare for a comfortable retirement.

Tackling the retirement readiness challenge head-on, this white paper details the key ingredients of a well-crafted Education Policy Statement for retirement plans, boiling it down to five key elements: Clear plan purpose; plan objectives; education goals; measurements and benchmarking; and well-defined roles and responsibilities.

For more information about creating an Education Policy Statement, along with an annual employee education plan and a campaign calendar of events, call Transamerica Retirement Services at (888) 401-5826, Monday through Friday, 9 a.m. to 7 p.m. Eastern Time.

About Transamerica Retirement Services

Transamerica Retirement Solutions Corporation (Transamerica or Transamerica Retirement Services), which is headquartered in Los Angeles, CA, designs customized retirement plan solutions to meet the unique needs of small- to mid-sized businesses. Transamerica has more than 17,0001 retirement plans totaling more than $20 billion1 in assets. For more information about Transamerica, please refer to http://www.TA-Retirement.com.

1As of December 31, 2011.

TRSC 6362-1012

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Transamerica Retirement Services Promotes Importance of Education Policy Statements for Retirement Plans

Video Link: https://www.youtube.com/watch?v=HS-SDSuAKJw

14-10-2012 12:12 KPOP music act Vixx had a meet & greet along with a q&a at the KCON 2012 hours before their performance at the event. However, fans were given a surprise personal performance as the boys got up from their chairs to and performed Rock Ur Body to the fans delight! KCON was held at the Verizonwireless Amphitheatre in Irvine, CA this past Saturday, October 13, 2012 with over 10000 KPOP fans in attendance. This was the first ever KPOP convention held in the United States hosted by MNET and CJ Entertainment. Pacific Rim Video along with affiliate media outlet Front Row Features Wire covered the over all event which included various panels from KPOP songwriters, choreographers, fashion and social media. Video produced by Peter Gonzaga. Follow us at and like us at

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Vixx surprise performance of Rock Ur Body at Q

LONDON--(BUSINESS WIRE)--

Market conditions for UK non-life insurers remain challenging as the difficult economic environment curbs demand for coverage and insurers can no longer rely on reserve releases to improve profitability, according to a new report from A.M. Best Co.

As investment returns remain low, insurers are coming under increasing pressure to focus on appropriate pricing, according to the report, Rates Rise, but Economic Conditions Place Pressure on Performance. Rates for general insurance personal lines have improved, although those for commercial lines are lagging.

The report examines how weak economic activity is impacting some lines of business to a greater extent than others. While compulsory products are somewhat insulated, policyholders are more likely to consider purchasing lower limits and increasing excesses for discretionary products such as contents insurance. Insurers dependent on trade volumes are also being negatively affected. A deep recession could lead to a further reduction in demand for insurance products.

Catherine Thomas, director, analytics said: Low investment returns and shrinking reserve releases are resulting in insurers having to focus increasingly on adequate pricing of risks. Modest rate increases have been achieved for most lines of business in 2011 and 2012, with the greatest rate increases occurring in the motor lines. However, appropriate pricing of risks is challenging as economic difficulties are suppressing demand for insurance products, while excess capacity is chasing what business is available.

The report looks closely at the UK motor, property and liability sectors and the impact of the severe flooding that occurred in June, July and September. Yvette Essen, report author and director of industry research, Europe and emerging markets, said: The UK property market has faced a difficult 2012. Prior to the 2012 floods, rates had experienced some upward pressure, although increases were modest. Rates are expected to gain further momentum post the floods, but to what extent remains to be seen. The level of weather-related losses is a key driver of performance in the property sector, and flood risk in particular is a major concern.

In terms of financial instability in the Eurozone, the report finds UK insurers are partially insulated as they tend to hold sterling investments to match their sterling liabilities. However, there is the potential for asset exposure as some UK insurers have subsidiaries within the Eurozone, while other UK insurers are subsidiaries of Eurozone companies. A significant deterioration in global financial markets remains a risk to UK non-life insurers.

The report states in addition to these challenges, UK non-life insurers continue to face uncertainty regarding the final specifications of Solvency II and the feasibility of the implementation target date of 1 January 2014.

To access a complimentary copy of this report, please visit http://www.ambest.com/press/101501uknonlifespecialreport.pdf.

To watch a video of Catherine Thomas discussing the report, please visit http://www.ambest.com/v.asp?v=uknonlife1012.

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A.M. Best Special Report: UK Non-Life: Rates Rise, but Economic Conditions Place Pressure on Performance

DEARBORN, Mich., Oct. 15, 2012 /PRNewswire/ --

The dynamic, all-new Lincoln MKZ Hybrid delivers more miles per gallon than any luxury vehicle in America with an EPA-certified 45 mpg across the board city, highway and combined.

(Photo: http://photos.prnewswire.com/prnh/20121015/DE92667-a ) (Photo: http://photos.prnewswire.com/prnh/20121015/DE92667-b ) (Photo: http://photos.prnewswire.com/prnh/20121015/DE92667-c )

"The all-new MKZ Hybrid proves that thoughtful customers who prioritize fuel economy and reducing emissions do not need to compromise on luxury, driving quality or advanced technology," said Jim Farley, group vice president, Global Marketing, Sales and Service. "MKZ is our strongest proof yet on what the reinvented Lincoln stands for beautiful vehicles with compelling and warm experiences that create a clear alternative in today's increasingly competitive luxury marketplace."

EPA ratings put MKZ Hybrid ahead of its key competitors in the luxury midsize sedan market 5 mpg city and 6 mpg highway ahead of Lexus ES 300h; 18 mpg city and 13 mpg highway ahead of Infiniti M35h and 20 mpg city and 16 mpg highway ahead of BMW ActiveHybrid 3.

Additionally, the new MKZ Hybrid is 2 mpg city and 5 mpg better highway than the smaller Lexus CT 200h. The 2013 Lincoln MKZ Hybrid also is more fuel efficient than Audi, BMW and Mercedes-Benz diesel vehicles.

Lincoln is offering the new MKZ Hybrid at the same price as the equivalent non-hybrid model, giving luxury midsize sedan customers maximum choice as well as top fuel economy, true luxury sedan performance and superb value.

Lincoln was the first automaker to offer a premium hybrid vehicle with a suggested retail price matching its conventional-powered sibling.

Other competitors charge a premium for their hybrid models. The 2013 Lexus ES 300h, for example, is priced at $38,850, representing a $2,750 premium over the 2013 Lexus ES 350.

All hybrids are not available with all the options of their non-hybrid-powered models, but the Lincoln MKZ Hybrid is. This provides the opportunity to tailor one's own MKZ Hybrid and make it a real personal statement.

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Lincoln MKZ Hybrid: America's Luxury MPG Leader Delivers Personal, Unique Experience

Ask your average Canadian their impression, right now, of this countrys indigenous people and their hopes for prosperity, stability and success in their communities. In all likelihood, you will hear about a story they read recently involving an aboriginal communitys struggle with housing, education, youth motivation or even a rising rate of suicide.

In pictures: A B.C. reserve school unlike any other

What you probably wont hear is an answer that demonstrates even a basic knowledge of Canadas indigenous peoples involvement in the economic growth of this country; the initiatives they have under way for preparing the large numbers of indigenous youth poised to enter Canadas labour force; or even the names of two or three aboriginal organizations achieving remarkable success with their enterprises.

Here at the Banff Centre, we have spent the past two years in an intensive investigation of just what makes an aboriginal community successful. What are the wise practices that lead to success? we asked as we set out with a team of applied researchers, shadowed by a video crew and a group of highly engaged and eager aboriginal youth, to visit enterprises operated by four indigenous communities in Alberta. The resulting case studies, the details of which are now available to any and all interested in learning from them, were developed from research and conversations with the Mikisew Group of Companies, Mtis Crossing, the Alberta Indian Investment Corp. (AIIC) and Blackfoot Crossing Historical Park.

Rocky Sinclair, a principal with the AIIC, headquartered just outside Edmonton, was one of the representatives from the research communities presenting at an international symposium that convened at the Banff Centre last month.

Mr. Sinclair shared the struggles and triumphs that the AIIC has encountered since its formation in 1987, as well as its numerical and personal markers of success. This developmental lender has provided more than 800 loans worth some $53-million to Albertas aboriginal start-up businesses. Even more powerful: Were seeing generational success were lending to the kids of people we loaned to 20 years ago, Mr. Sinclair said.

The success stories depicted in these case studies along with the positive, energetic and thoughtful dialogue of the symposium speakers and delegates from Canada, the United States, Australia and New Zealand form a collective wisdom that we believe can and will help other indigenous leaders in shaping their communities futures.

The topic of youth and their involvement in the future success of aboriginal communities in Canada was never far from the top of the agenda at the symposium, with many speakers making note of the astounding potential for aboriginal youth to shape their communities and the countrys economic future. Canada cannot ignore the fact that more than 600,000 aboriginal youth will have entered the labour market between 2001 and 2026.

Roberta Jamieson, president and CEO of Indspire (formerly the National Aboriginal Achievement Foundation), spoke about the creation and support of a positive future for aboriginal youth throughout her keynote speech at the symposium.

Canada cannot afford to squander the opportunity, she said, adding that it will take more than political will to advance the prospects of aboriginal youth. This is not a game to watch from the sidelines If its going to impact Indian people, Indian people have to lead it.

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Let’s hear more indigenous success stories

Inside Higher Ed has an interesting interview with Professors Kelly Ward (Washington State University) and Lisa Wolf-Wendel (University of Kansas) the authors of the new book Academic Motherhood: How Faculty Manage Work and Family. The whole thing is worth a read, including important points about how liberal arts colleges tend to be less family-friendly than research institutions because of their teaching loads and high expectations for campus involvement. I was glad to see research institutions were often places where structures and policies were in place to support families, and that those who work at community colleges tend to be the most satisfied.

But there is still a long way for all campuses to go, including my own.

Something that troubles me in the academic job rhetoric is how much personal agency matters to success: are you advocating for yourself, are you finding your own mentors, are you contesting a manuscript rejection, are you getting yourself invited for talks, are you negotiating properly for start-up? And in general, the mentoring I have received as a tenure-track professor has been framed as though its simply up to me to argue hard for myself and get everything I need. This doesnt help me navigate identify-specific issues like gendered or racial discrimination, or family duties. This kind of advice ignores the other side of the agency coin, and thats institution.

This is why I was thrilled to see this portion of the Ward and Wolf-Wendel interview:

Q: What are your top recommendations to institutions that want to be more supportive of academic parents?

A: Greater transparency! The biggest thing campuses need to do is not just have policies, but to, more importantly, let people know they can use the policies. We refer to this as a culture of use. Campuses need to make faculty aware of policies and let faculty know they can use those policies without fear of professional or personal retribution. This requires a cultural shift on behalf of all members of the campus, not just the faculty in need of the policy. Policies have to be known, easy to find, and useable.

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Move away from making deals equitable policy environments grant all faculty access to policies. Success at navigating work and family should not just be a matter of personal agency.

Agency only gets you halfway to resolving a social problem (like support of families, racial inequality, etc). The other half has to be institution, by which I mean culture like Ward and Wolf-Wendels point about creating a culture of use and policy like parental leave that understands a parents need for more time in order to achieve at work when, for instance, there is a squalling newborn at home (not to mention potential health issues, recovery from childbirth, and other kinds of fun).

Universities need to stop allowing different departments to regulate their own minimums for parental leave and family support, hoping department heads will remember to throw in the occasional stopped clock or semester off from teaching for new parents (oh, the horror stories I have heard), and set a progressive standard. This will have a positive effect not only on faculty with families, but those without: the more support parents have, the less the burden of academic service will get put on those without children.

Excerpt from:
Personal Agency, My Arse: Policy, Not Agency, Needed to Improve Outcomes for Academic Parents

The state-of-the-art facility will focus on bringing new personal and home care innovations to the market.

Mumbai, Oct 15:

Global specialty chemical company Ashland today said it has set up a specialities technical research and development (R&D) centre in Mumbai to support producers of personal and home care products in India and southeast Asia.

The state-of-the-art facility will focus on bringing new personal and home care innovations to market and providing technical support that may be required to meet consumers rising expectations for higher-performing products in these regions, the company said in a statement.

With 15 per cent year-on-year growth in personal care expenditures, India is a market that increasingly requires the formulating expertise of our technical team.

This centre reflects our vision of aligning our R&D resources to support our customers innovation in personal and home care in this emerging market, John Panichella, Group operating officer said.

The facility is expected to cater to clients like Hindustan Unilever, P&G, Colgate Palmolive, LOreal, Godrej Consumer Products, Emami, Dabur India, Cavin Kare, Himalaya and Marico Industries among others, the release said.

By setting up a facility centre in Mumbai, the company plans to collaborate with marketers and manufacturers on new product innovations directed at consumer needs in the region, he said.

In addition, the technical team here will also provide preservative efficacy studies and general formulation support upon request. The centre will also serve as headquarters for key account managers in India and as a base of operations for distributor training and technical seminars, Panichella said.

This facility has dedicated formulation laboratories to hair, skin, oral and home care, controlled environment laboratories for measurement science to support claims substantiation and a microbiology laboratory for preservative optimisation and micro challenge test, the release said.

Excerpt from:
Ashland opens specialties technical centre in Mumbai

10.15.2012

Personal remittances from overseas Filipinos (OFs) continued to rise in August 2012, posting a growth of 7.9 percent from the year-ago level to reach US$2 billion, Bangko Sentral ng Pilipinas Officer-in-Charge Juan D. De Zuiga, Jr. announced today.1This favorable development brought the cumulative personal remittances during the first eight months of the year to US$15.3 billion, higher by 5.6 percent compared to the level registered in the same period last year. Growth in remittances was sustained by higher personal transfers from land-based OF workers (OFWs) with work contracts of one year or more (by 3.3 percent), as well as sea-based workers and land-based workers with short-term contracts (by 13.3 percent).

Cash remittances from OFs coursed through banks likewise expanded by 5.5 percent to reach US$13.7 billion for the first eight months of 2012 relative to the level registered in the comparable period last year. The steady influx of remittances was observed from both sea-based (US$3.2 billion) and land-based workers (US$10.5 billion). Key sources of remittances were the U.S. (43.1 percent of total cash remittances), Canada (9.5 percent), Saudi Arabia (7.7 percent), the United Kingdom (4.9 percent), Japan (4.9 percent), the United Arab Emirates (4.2 percent), and Singapore (4 percent).

Preliminary reports by the Philippine Overseas Employment Administration (POEA) indicated continued demand for skilled Filipino workers. For the period January-September 2012, a total of 231,316 job orders mostly for service, production, and professional, technical and related workers were processed in response to the manpower requirements in Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, and Taiwan. The POEA also reported that workers with processed contracts and those awaiting deployment reached 1,081,513 for the first semester of 2012. However, this was lower by about 35 percent than the level recorded in the same period last year. Meanwhile, the Department of Labor and Employment (DOLE) reported last month that the Philippines ratified the Maritime Labour Convention (MLC), 2006, dubbed as the Seafarers International Bill of Rights and the International Labor Organization (ILO) Convention No. 189 or the Decent Work for Domestic Workers Convention. These measures should provide better work opportunities abroad through strengthened protection for OFs.

With expectations of sustained demand for skilled Filipino workers overseas, remittances are projected to continue to boost economic activity and provide a steady supply of foreign exchange. Moreover, the increasing use of financial channels for transfers and the continued introduction of innovations in remittance products are expected to contribute to the steady flow of remittances into the country.

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1The BSP started the release of data on personal remittances in June 2012. As defined in the Balance of Payments Manual, 6th Edition (BPM6), personal remittances represent the sum of net compensation of employees (i.e., gross earnings of overseas Filipino (OF) workers with work contracts of less than one year, including all sea-based workers, less taxes, social contributions, and transportation and travel expenditures in their host countries), personal transfers (i.e., all current transfers in cash or in kind by OF workers with work contracts of one year or more as well as other household-to-household transfers between Filipinos who have migrated abroad and their families in the Philippines), and capital transfers between households (i.e., transfers of fixed assets and financial assets that arise from the migration of individuals from one economy to another).

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/Personal Remittances Sustain Growth Momentum; January-August 2012 Level Reaches US$15.3 Billion