Fidelity Investments has issued new savings guidelines suggesting that workers save at least eight times their final salary in order to meet basic income needs in retirement.

In the set of age-based targets released Wednesday, Fidelity says employees should have the equivalent of their annual salary in savings by age 35 in order to reach the first benchmark en route to that goal.

To stay on pace, individuals should then plan to have saved twice their salary by 40, four times' salary by 50, five times by 55 and six times by 60.

Under that scenario, then, someone with a $60,000 salary would need to have $240,000 in savings at age 50 to be on track.

Although many will need more, especially at higher pay levels, saving eight times' income by age 67 should provide most workers with roughly 85 percent of their pre-retirement income in retirement, according to Fidelity.

The nation's largest 401(k) administrator is distributing the guidelines as what it calls a rule of thumb to help employees become more active in their retirement planning. Its 12 million accountholders had an average balance of about $73,000 at the end of June.

"We constantly are asked by participants, 'How do I know if I'm on track and what do I set as a target to ensure I will have sufficient income in retirement?'" said Beth McHugh, vice president of thought leadership at Boston-based Fidelity. "The ultimate goal is to get them more engaged and get them to seek guidance -- either directly from one of our representatives or through one of our online tools."

Setting a savings target that's a multiple of income is an increasingly popular concept in financial planning. Its advocates believe it is a simpler and more manageable way of monitoring progress toward retirement security than trying to achieve a certain level of assets.

Most advisers say you'll need to make anywhere from 70 percent to 85 percent of your pre-retirement income to maintain a similar standard of living in retirement, although it can vary widely depending on lifestyle.

Fidelity's 8X savings guideline, which is a lower target than some published scenarios, is based on a worker saving in a 401(k) or other workplace retirement plan from age 25 to 67, then living until 92. The worker would begin by contributing 6 percent of annual salary, then raise the amount 1 percent every year until reaching 12 percent, all the while receiving a 3 percent match from the employer.

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Fidelity issues new retirement savings guidelines

By Andrea Coombes

SAN FRANCISCO (MarketWatch)Are you saving enough for retirement? A new tool from Fidelity Investments aims to give savers a rough guide to let them know whether theyre on trackbut, as with all retirement tools aimed at a broad audience, take the information with a grain of salt.

Fidelitys new guide estimates that workers should save at least eight times their salary by the time they retire at age 67, in order to replace 85% of their pre-retirement income. (To reach that 85% replacement rate, Fidelity adds in expected Social Security benefits.) The guide offers specific age-based savings goals to meet along the way.

For example, Fidelity says that a 35-year-old should be on track to cover her basic retirement expenses if shes saved one years worth of her current salary and she continues to save at a specified rate until she retires at age 67. For a 40-year-old, its two times salary; for a 55-year-old its five times salary.

For people who are unsure about whether theyre saving enoughand plenty of us fit that descriptionthis type of guidepost may be a useful check-in. Fidelity Investments, which unveiled the new tool on Wednesday, manages 401(k) plans for about 12 million participants and said workers are asking for this type of information.

Among workers who call for retirement guidance, The No. 1 question we get from participants when they call is, Am I on track? said Beth McHugh, vice president of thought leadership at Fidelity Investments.

Heres the rub: Any tool or guide that promises to tell you how much you need to save is using assumptions that may or may not fit your situation. You may end up saving too littleor too much. As Fidelity notes in its news release: Every individuals situation will differ greatly. The best advice is to proceed with caution with this tool and with any of the myriad retirement-savings calculators and guides out there.

For example, while Fidelity says that having saved eight times your salary by the time you retire is a good rule of thumb to reach an 85% replacement rate, consulting firm Aon Hewitt says youll need 11 times your salary saved to pay for retirement costs.

According to Aons report, which studied savings behavior of 2.2 million workers at 78 large firms, a 25-year-old worker with solely a 401(k) plan needs to save 15% a year (including the company match) to retire at 65 with adequate resources.

The Aon report adds that people who wait until age 30 to start saving need to set aside 19% of pay (including the match). Aon assumes a company match of 6% and an employee contribution of 9% every year for 40 years, and that men will live to 87 and women to 88.

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Andrea Coombes' Ways and Means: Retirement savings: How much is enough?

Finding success in retirement is a matter of trade-offs. Some pre-retirees will say that they'd like to have every bit as much, if not more, money in retirement as they had while they were working, even if it means they have to work longer or economize more in advance. Ticking off items on their bucket lists is a key goal, and hiking in the Himalayas and playing golf at Pebble Peach don't come cheaply.

Other pre-retirees are comfortable with a different type of trade-off. They, too, would like a good quality of life in retirement, but don't mind economizing a bit in their later years, especially if it means they can be retired longer. They consider time to be the true luxury that accompanies retirement. To get there, they're willing to downsize their homes, hang on to their cars long enough to earn plaudits on the national radio talk show, "Car Talk," and entertain at home rather than enjoying lavish meals out.

Many others will balance the above two styles, economizing on some items but considering other splurges sacrosanct. I've known plenty of retirees who weren't wealthy but still managed to travel to fascinating places and contribute to charitable organizations that mirrored their values. They made room in their budgets for these priorities by saving on other line items.

If you're nearing retirement and you don't have as much saved as you had hoped, working longer, taking Social Security later, and continuing to sock money away are key ways to help bridge the shortfall. But you might also take heart in knowing that your successful retirement will depend on identifying your own trade-offs--areas where you're able to trim costs in exchange for what you really want, which might be the ability to retire sooner.

Here are some of the key ways in which retirees might be able to cut their costs.

Make Changes on the Home FrontMoving is a pain in the neck, but one of the easiest ways to make retirement more affordable is to consider moving to a less-expensive residence, usually someplace smaller. If you own your home, you might be able to reduce your mortgage amount or unlock equity by downsizing to a smaller place; you're also likely to cut your property taxes, maintenance costs, and utility bills. Of course, downsizing carries its own trade-offs; Morningstar.com users discussed them in this Discuss forum thread (http://socialize.morningstar.com/NewSocialize/forums/p/310170/3289160.aspx#3289160), and I summarized their comments in this article (http://news.morningstar.com/articlenet/article.aspx?id=565050). Several cited the ability to shed unnecessary objects as one of the key side benefits of downsizing, though many also noted that they didn't plan to downsize because they had never "upsized" in the first place.

In a related vein, some retirees and pre-retirees in the same Discuss forum thread noted that relocating to cheaper geographic locales had helped them dramatically reduce their in-retirement cost loads (and escape brutal Northern winters). Not only do housing costs vary significantly by geography, but so do tax burdens. This handy map (http://www.retirementliving.com/taxes-by-state) provides an overview of the tax rates in each state, including the skinny on property, income, and sales taxes. For adventurous pre-retirees who would like to economize, moving to a foreign country with low costs may be an option; this article (http://news.morningstar.com/articlenet/article.aspx?id=564465) provides an overview of some of the trade-offs that accompany retirement overseas.

Trim Day-to-Day ExpensesMaking changes to your housing situation is one of the biggest-ticket ways to cut your in-retirement costs, but it's also the one that will require the most dramatic lifestyle adjustment. For those who aren't prepared to take that plunge, there are a host of simple ways to reduce expenses on everything from food to utilities to personal care--small changes that will add up over time. This article (http://news.morningstar.com/articlenet/article.aspx?id=376020) details some of the easiest tweaks you can make to reduce your day-to-day outlay, and users also offered terrific tips of their own in the Comments field below the article.

Slice Travel and Leisure CostsRetirees have something working folks don't have, and they have it in abundance: time. But many retirees will also tell you that having more time gives them more opportunities to bust their budgets by overspending. Online alerts and daily deal sites make it particularly easy to save on everything from meals to vacations to skydiving, but there are old-fangled ways to economize on travel and leisure costs, too. This article (http://news.morningstar.com/articlenet/article.aspx?id=377819) amalgamates money-saving tips on everything from cultural and sporting events to travel, entertaining, and dining out.

Watch Your Investment and Other Financial Costs Like a HawkThe aforementioned tips all relate to lifestyle changes. But if you want to cut your in-retirement expenses without having to change your living habits one little bit, the easiest way to do so is to reduce how much you're paying your financial institutions. Consumers don't typically write checks for most of these services; instead, their share of expenses is automatically deducted from their balances. That might be convenient, but the end result is that they're usually not particularly sensitive to what they're spending, even though financial-services costs can easily be one of the biggest line items in many retiree households. To boot, higher investment costs are inversely related to investment performance, making mutual funds and exchange-traded funds some of the rare consumer products where paying up doesn't typically buy you a better product. This article (http://news.morningstar.com/articlenet/article.aspx?id=376989) provides 50 tips for cutting your investment, insurance, and banking costs.

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How to Cut Costs in Retirement

Statistical highlights of the Twenty20 [ Images ] International between India [ Images ] and New Zealand [ Images ] played in Chennai on Tuesday.

# Virat Kohli's [ Images ] 70 off 41 balls is the highest individual innings by an Indian player against New Zealand in T20s.

# During the course of his innings, he has recorded a strike rate of 170.73 -- the highest in India-New Zealand T20s.

# Kohli's innings is his highest score in T20s, bettering the 68 against Sri Lanka [ Images ] at Pallekele on August 7, 2012.

# Brendon McCullum's [ Images ] excellent 91 off 55 balls is his second highest score in Twenty20 Internationals -- the best ever and the highest is 116 not out off 56 balls against Australia [ Images ] at Christchurch on February 28, 2010.

# McCullum's score is the second highest against India in T20s. Chris Gayle [ Images ] had made 98 at Bridgetown on May 9, 2010.

# McCullum's innings is the highest individual knock in Twenty20 Internationals in India.

# For the first time in T20s, McCullum has received the Player of the series award. He has received his fifth Man of the Match award in T20s.

# McCullum's tally of three Man of the Match awards against India is a record in T20s.

# McCullum is the first batsman to register 10 innings of 50-plus in Twenty20 Internationals -- a hundred and nine fifties. He is also the first player to post three fifties against India in T20s.

Read more:
Stats: Kohli records personal best score in T20s

Coming off a performance in which the offensive line gave up six sacks, senior left guard Chris Jacobson didn't pull any punches about his unit's motivation heading into Pitt's game Saturday against Virginia Tech.

"It's definitely personal," he said. "We're 0-2, we're coming in against a good defensive front, good defense. We're going to be as good as our front five are going to be."

Jacobson, and the rest of the offensive line, are looking to bounce back against the Hokies after a disappointing performance in a 34-10 loss Thursday to Cincinnati.

The Bearcats got pressure on quarterback Tino Sunseri early and often, with three sacks coming on Pitt's first three offensive drives.

While the offensive line is usually the unit blamed for poor pass protection, coach Paul Chryst said the responsibility flows throughout the offense. The quarterback needs to get rid of the ball quickly, receivers need to run precise routes, and backs and tight ends need to help when called upon.

"That's one of the neat things about football is that it takes all 11 guys, and that's a great example of it," Chryst said. "We all know that certain areas are lightning rods and everyone can take ownership of it. That's the great thing about football."

Still, Jacobson admitted there's plenty of room for the offensive line to improve after the first two games. Coming into the season, experience at the position was a major concern. Jacobson and center Ryan Turnley had plenty of experience, but the other three starters -- left tackle Cory King, right guard Ryan Schlieper and right tackle Matt Rotheram -- had only 15 career starts between them.

"There's no excuses," Jacobson said. "A couple of times we all missed calls, myself included. I mean, there's stuff I need to work on. The crowd noise played an effect for those guys, but they're fine. They're the hardest-working guys on the team."

Despite the disappointing result, Jacobson and Turnley said that there were some positives to take away from the Cincinnati game. Notably, Pitt's running backs ran the ball for an average of 4.9 yards per carry.

"We had some nice run plays, we had some bad ones," Turnley said. "Same thing in the passing game. We picked up some blitzes and we got beat a couple of times and we've just got to fix that."

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Pitt's line is taking the 'personal' approach

Video Link: https://www.youtube.com/watch?v=5-dq6HCWAN0

10-09-2012 21:12 Discover what I do first thing in the morning to start off my day with unstoppable momentum and set myself up to win and achieve. If you create a morning ritual, also known as hour of power, similar to this - I can guarantee that you'll be on fire for the rest of the days and live a more happy, healthy, successful life.

Link:
Tony Robbins Having a Personal Success Ritual - Video

Opportunities exist to get the mentorship and financial support you need: Submit your idea now

KIRKLAND, QC, Sept. 12, 2012 /CNW/ - As a generation of ambitious thinkers, research has shown that over two-thirds of young Canadians would like to start something of their own, but a lack of financial support is preventing the majority from initiating a project they are passionate about.i

Budding entrepreneurs are looking for ways to make a career out of doing something they truly love.i According to the recent Start Something with Alesse survey of Canadians 18 to 34, the majority (86%) of young adults define personal success as doing something they are passionate about, and almost three-quarters (72%) ultimately want to be their own boss as opposed to working for someone else.i Many young Canadians say that financial support may prevent them from starting a project that they love, and almost half feel that not having guidance may be a barrier (67% and 45%, respectively): important statistics given that 92 per cent would like to make a career from doing something they love.i

Today's young Canadians have a unique set of values and an interest in doing something for themselves which is leading to larger, social change. It is their approach to entrepreneurship and interest in start-up initiatives, so vastly different than previous generations, that will result in profound effects on the economy, as well as the small-business landscape.ii

And this is exactly why the Start Something with Alesse contest exists.

Jesse Robson and Alyssa Reid, winners of last year's Start Something with Alesse contest, are two young Canadians that embody this entrepreneurial spirit. These ambitious young women took a different approach to personal success and created projects that truly reflect their education and personal passions.

Alyssa recognized an opportunity to help address a problem she acknowledged both in her community, and world-wide: obesity and malnutrition. With education in nutrition, she wanted to create something of her own.

"I was excited about my idea to create Planet Pounds, but was unsure of how to get it started," said Alyssa. "The mentorship and guidance I received from Start Something with Alesse is helping me get my project off the ground and bring my passion to life."

Jesse also had a clear idea of what she wanted to start, and has found the contest's support instrumental in her success story.

"Being a part of Start Something with Alesse has been an amazing opportunity and I have been able to extend my project, Centre for the Arts Exchange, further than I would have thought possible," said Jesse. "I encourage other young Canadians with a dream to submit their idea for something they want to start in order to help make their dream a reality."

Visit link:
Step forward with your future today and Start Something

A quick trip to fame and fortune seems to be a prevailing story these days: Post a video on YouTube and win a recording contract. Appear on a reality show and become a cookbook author.

Fund-raising is no different. With dozens of "crowd-funding" sites out there, three-year-old Kickstarter.com being the largest, anyone with an artistic endeavor can raise millions in capital in a minute. Right?

Artists wish. Certainly, there are some amazing success stories, like in February, when designer Casey Hopkins asked for $75,000 to make a luxury iPhone dock out of aluminum and got $1.4 million (the first Kickstarter project to break $1 million pledged) or when this year Philadelphia artist Rich Burlew asked for $57,750 to put his comic books back in print, and ended up with $1.3 million.

But for most people, it's a panic-inducing slog as they make a case for their cause while a clock winds down. Even as they collect seemingly tons of pledges, if the goal isn't reached by the deadline - which fund-raisers choose themselves - no money changes hands and the project is canceled. Donors can cancel their pledges up until the end, as well.

"That's nerve-wracking," said Lynette Shelley, whose Philly-based band Red Masque raised $2,222 in 2012 to make an album. But if the goal is reached - or better, surpassed - "donor credit cards are charged at deadline . . . and given to our Amazon payments site."

So, is there a secret to Kickstarter success? Philadelphians, with 488 funded projects and more than $4 million in pledges, have had their share of success. But there are many locals with tales of woe, too. All reveal lessons learned.

When choreographer Megan Mazarick and director Mason Rosenthal met in 2011, they immediately began collaborating on a performance, Mining the Mine of the Mind for Minderals. Once their participation in the three-week Live Arts Festival & Philly Fringe was confirmed, their next step was fund-raising, which Mazarick loathes.

"It's time-consuming and feels like groveling," Mazarick said. "But I felt passionately about wanting to do this work, and if we did not make our goal, I would have found another way to make the piece."

Kickstarter pages list all the cause's information, including a video, an explanation of the project, and a list of what donation levels earn what rewards - for $500 pledged, a signed print from a hope-to-be-published photography book, for instance - but sitting back and waiting will not earn pledges.

In Mazarick and Rosenthal's case, the pair estimated their stage, marketing, and Fringe fees at $3,500 - Amazon and Kickstarter take about 5 percent each of funds raised - then recorded YouTube requests (which they credit as key to their success) and wrote personal "ask letters" - detailed e-mails about the show's content and style and why the show was important. Mazarick's letters to her 200-plus mailing list also apologized for having to ask for money.

Read the rest here:
Crowd-funding sites such as Kickstarter yield a mixed record of success

CALABASAS, CA--(Marketwire - Sep 12, 2012) - Nova Development, a consumer unit of leading global software developer and publisher Avanquest Software ( EURONEXT PARIS : AVQ ), is proud to announce the release of their new Fall 2012 PC SuperBundle software suite.

Saving PC users over 87%, the seven exciting software titles included in the PC SuperBundle are valued at over $370 if purchased separately but are now available in one versatile and powerful package for just $49! Featuring Serif's top-rated desktop publishing software, PagePlus X6 (a $107+ value alone), this outstanding software bundle includes essential titles that will help both the professional and personal PC user to work in even more creative, productive and organized ways. The Fall 2012 PC SuperBundle launches on September 12th, 2012 and will only be available for 14 days.

"Our Fall PC SuperBundle offers an incredible value and includes 7 versatile titles ranging from award-winning utilities to powerful creative tools," said Barry Evleth, Product Marketing Director at Avanquest Software. "We are excited to offer Serif PagePlus X6 along with 6 other innovative programs."

The Fall 2012 PC SuperBundle Software Suite Includes:

PagePlus X6 -- the top-ranked desktop publishing software that lets you easily create, edit and produce professional looking newsletters, posters, flyers, presentations, stationery, PDFs, e-books, interactive multimedia brochures and more -- with no design experience required.

Photo Commander -- the fast and fun way to organize, edit and share photos through a user friendly interface that makes consolidating your photo collection as easy as child's play.

Video Editor -- the easy-to-use editing software with all the tools needed to create professional-style movies from your home videos, audio and photos, just like a Hollywood pro.

Video Converter Pro -- the powerful yet easy-to-use video and DVD converter that lets you rip DVDs, convert videos and extract audio into the formats you want for enjoyment wherever you go.

Marine Aquarium Deluxe 3.0 -- With over 30 fish species to choose from, this software offers a true-to-life, high-definition, customizable aquarium screensaver that will take your breath away.

GetBack Photo -- the complete way to quickly and easily recover deleted digital photos -- no matter where they've been stored.

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Nova Development Launches the Fall 2012 PC SuperBundle(TM)

Sept. 12, 2012, midnight

A SPORTSPERSONS' night featuring AFL champion Jonathan Brown will help send a Warrnambool aerobics team to the world titles.

Brown, former Olympic cyclist Michael Lynch and four-time world aerobics competitor Emma Bellman will speak at the event at the Whalers Hotel on Friday.

The event will raise money to send an EKB Fitness and Aerobics team to contest Federation of International Sport Aerobics and Fitness titles in the Netherlands. Bellman said the athletes had to fund-raise to offset the $4000 per competitor cost to compete overseas.

She said the team was about "halfway" to its goal of raising $12,000 ahead of the sportspersons' night.

"The parents are paying their own way over. If we can cover as much as possible for the girls, it does make it easier on the families," she said.

"Without sponsorship, the team wouldn't be going."

About 100 tickets remain for the sportspersons' night, which also includes a goods and services auction.

Tickets are available through the Whalers Hotel or by emailing emmabellman@hotmail.com.

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World title fund-raiser for Warrnambool aerobics team