Shawn Johnson Retirement Exclusive Interview – Video
Posted: June 7, 2012 at 12:17 pm
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Shawn Johnson Retirement Exclusive Interview - Video
AEGON Retirement Readiness Survey Finds Global Outlook for Future Retirement Bleak Without Immediate Action
Posted: at 12:17 pm
THE HAGUE, The Netherlands, June 7, 2012 /PRNewswire/ --
The first AEGON Retirement Readiness Survey of 9000 respondents provides key findings:
Despite the fundamentally positive aspects of living longer, longevity increases have brought greater costs and potential reductions in retirement systems, including government and private pensions. The global economic crisis of recent years and ongoing economic uncertainty and austerity measures have put even greater pressure on these retirement systems and shifted more of the responsibility to individuals to save for their own retirement.
An international survey initiated by AEGON, one of the world's leading providers of retirement security, indicates that there is widespread pessimism about the future state of retirement. Seventy-one percent of respondents still working believe that future generations will be worse-off in retirement than current retirees - reversing the long-established notion that each generation helps pave the way for subsequent generations to enjoy a higher standard of living.
More than two-thirds of the 9000 people surveyed in eight European countries and the United States accept that they bear principal responsibility for their retirement security. However, only 15% are confident that they are on course to achieve the retirement income they need. This is also reflected in the AEGON Retirement Readiness Index that has been developed to measure how prepared people feel about their own retirement in the various countries represented in the report.
Most respondents support increased taxes, reduced benefits (or both) to ensure the viability of government sponsored pension systems. At the same time, nearly half of the respondents do not support raising the age of retirement, even as people are living longer, healthier lives. However, a clear majority of respondents expect to continue working in some form past traditional retirement age.
AEGON CEO Alex Wynaendts said: "People in general are enjoying longer, healthier lives, and yet their readiness for a longer retirement is considerably less than that of previous generations of retirees. A concerted effort is needed to reconsider traditional retirement models and provide greater flexibility for phased retirement. If current pension systems are not adapted to the new realities of longer life spans and declining government and employer funding, the burdens placed on society will be a source of even greater economic and societal turmoil in the future. The good news is that people in general accept their responsibility in creating the conditions that will provide for a secure and satisfying retirement."
The AEGON survey also showed that the traditional "retirement cliff" is disappearing, referring to people going straight from working life into full retirement. Consequently, phased retirement is set to become the norm as more people expect to continue some kind of work activity past traditional retirement age. Fifty-four percent of the current generation of retirees went straight from work into full retirement, but only 30% of the current working generation expects a similar path. The findings further indicate that "silver entrepreneurs" could become more common as many in this current generation plan to combine activities such as starting their own businesses with leisure pursuits in their advanced years.
Alex Wynaendts: "Advances in longevity and health, combined with a modern approach to retirement, can make this life stage a period of productivity and personal fulfillment. It is in the interests of public policy makers, employers and the financial services industry - working together - to provide the incentives and opportunity for people to achieve the level of financial security that will be required for a longer period than at any time in history."
The AEGON survey, developed in collaboration with the Transamerica Center for Retirement Studies - a non-profit, private foundation in the United States dedicated to conducting research and educating the public on retirement security trends - and Cicero Consulting, a leading public policy and communications consulting firm providing independent market research to the financial services sector, was conducted with the aim of understanding prevailing attitudes about retirement in the future and to determine the levels of financial readiness that currently exist among today's working generation.
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AEGON Retirement Readiness Survey Finds Global Outlook for Future Retirement Bleak Without Immediate Action
In-Retirement Distributions: There's More Than One Way to Get It Done
Posted: at 12:17 pm
I recently asked Morningstar.com readers whether their retirement-plan withdrawals were fixed or variable. A lively thread on our Discuss forum boards ensued, with retirees and pre-retirees sharing lots of sensible advice.
As I read through the comments, however, I realized that there's still a lot of confusion about this topic, and I inadvertently stoked it with the terms I referenced in my question. For starters, whether a payout is fixed and variable is really in the eye of the beholder: Taking out a fixed percentage of a portfolio per year results in varying amounts of dollars coming in the door, while taking out fixed dollar amounts will mean that a retiree's withdrawals will vary on a percentage-of-portfolio basis.
Moreover, even though "safe withdrawal rate" has become a nearly ubiquitous term in retirement-planning circles, the "withdrawal" part of the phrase is something of a misnomer. As such, it tends to stir up unnecessary acrimony or, at the very least, confusion. Some income-oriented investors assume, not unreasonably, that "withdrawal" means that retirees steadily invade their capital until it's all gone, ignoring income-producing securities altogether. But the "withdrawal" in "safe withdrawal rate" generally assumes that retirees can be free-ranging in terms of where they go for cash, such asdrawing income for living expenses from bonds or dividends, rebalancing proceeds, required minimum distributions, tax-loss sales, and yes, the outright selling of securities. In a similar vein, the term "income" also fans the flames of confusion (and stirs investing passions). Are we talking about actual interest and dividend income, or income for living expenses from wherever we can scare it up? The term "distribution" is more encompassing than "withdrawal" or "income," but you don't see it used as much.
Given all of the question marks flying around about the topic of--ahem--retirement distributions, as well as the importance of arriving at a sensible and sustainable strategy, I thought it would be useful to provide an overview on some of the key approaches: how they work as well as their pros and cons.
Income OnlyThe granddaddy of all retirement strategies, the income-only approach means that the retiree subsists on whatever dividend and interest income distributions his or her holdings kick off. Someone earning 5% in dividend and interest income on a $1 million portfolio can spend $50,000 that year.
Pros: It's no wonder so many retirees anchor on this strategy. In addition to being easy-to-understand, there are few more comforting notions than knowing that your portfolio can create all the income you need. Because you're not touching your principal, you can pass it to your heirs or use it for periodic splurges.
Cons: The obvious drawback with income-centric approaches, as yields have slunk lower during the past few decades, is that it has gotten tough to generate a livable income stream from an income-only portfolio without an awful lot of wealth or without taking substantial risk. Because yields on safe securities like cash and high-quality bonds have dropped so low, many income-hungry retirees have found themselves venturing into increasingly arcane and volatile asset types in order to generate the income they need. Moreover, those using the income-only approach may give short shrift to their own quality of life in retirement while passing on outsized sums to their heirs; that may or may not have been their plan.
Percentage of Starting Balance With Annual Inflation AdjustmentThis is the strategy that underpins the so-called 4% rule for retirement distributions. The 4% rule doesn't mean the retiree withdraws 4% of her portfolio's value throughout her retirement years. Rather, under this method, retirees calculate 4% of their starting balance when embarking upon retirement, and use that as their distribution amount in year 1. (Again, that distribution can come from any combination of dividend and interest income, rebalancing and tax-loss sale proceeds, and portfolio withdrawals.) The retiree then inflation-adjusts that dollar amount annually throughout her retirement, as discussed in this article (http://news.morningstar.com/articlenet/article.aspx?id=388066).
Pros: The big benefit of this approach is that the retiree's real payout remains fixed throughout his or her life, allowing for an even-keeled and predictable standard of living--something most retirees want. And assuming the starting withdrawal amount is reasonable given the retiree's time horizon and the investment portfolio's asset allocation, the retiree will have a good chance of not outliving his or her nest egg, according to a fairly broad body of investment research.
Cons: The big disadvantage of distribution approaches that use a fixed real dollar payout is that they're not sensitive to market performance. In very strong and sustained up markets, for example, sticking with the predetermined withdrawal amount might lead the retiree to live more modestly than necessary. Perhaps more worrisome is what can happen if a retiree doesn't adjust his or her withdrawal rate in a prolonged down market: What started out as a 4% rate of withdrawal can readily morph into a much higher percentage in an unforgiving market. Although a fixed real dollar payout is appealing on many levels, real-life income needs might be lumpy: higher in some years, lower in others.
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In-Retirement Distributions: There's More Than One Way to Get It Done
High Performance Edge Track Walk – Video
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High Performance Edge Track Walk - Video
(RRW) Athletics: Coburn Raises Her Game In Bid for First Olympic Berth
Posted: at 12:17 pm
(07-Jun) -- With her 9:25.28 personal best performance at last Saturday's Prefontaine Classic in Eugene, Ore., University of Colorado redshirt senior Emma Coburn joined an elite club. Her mark made her America's fourth-fastest steeplechaser ever --just the fifth to break 9:30-- and cemented her status as the favorite to win the USA Olympic Trials on the same Hayward Field track later this month.
"My PR prior to this was only 9:37," a delighted Coburn told reporters after her race. She continued: "To run 9:25, I was really pleased with that. I felt really relaxed the whole time, too, so I'm confident that I can repeat that performance again in a couple of weeks."
Coburn, 21, the 2011 NCAA and USA open champion, is skipping her 2012 collegiate track season, both indoors and out, to focus on preparing for the Trials and the Olympic Games under coach Mark Wetmore. She is taking a similar path to Colorado alum Jenny Simpson who won the Olympic Trials in 2008 while she was still competing for her college team. Simpson, however, won the NCAA title the same year before going on to win the Trials, and finishing ninth in the Beijing Olympic final in a then American record 9:22.26.
When asked by a reporter last Saturday, Simpson agreed that her Prefontaine performance had moved her into a different category as an athlete: someone who could hope to make an impact on the world stage in the next few years.
"I think so," Coburn replied. "This spring has gone well so far. I'm redshirting the collegiate season to try and get ready for the Trials. It's the first time in college I've been able to put a good base of training in, because in the summer we're racing and I don't have a good base for cross country. Then cross country racing, indoor racing and outdoor racing. So, I've been really happy with how my training has gone thus far."
Coburn, from Crested Butte, Colo., had an exhausting year in 2011. At this point last year she had already raced ten times before winning both the NCAA and USA open titles last June. To stay sharp, she also raced twice in Europe before competing in the IAAF World Championships in Daegu, where she finished 13th in the final. With just a short time to recover, she competed for Colorado during the cross country season where she finished 20th in the NCAA Championships last November.
This season, Coburn is running on fresh legs with just two races in the books so far. She opened her season at the USATF High Performance Meet at Occidental College last month, running a personal best 4:09.42.
"At Oxy I ran 4:09, and I felt that got me at a new level with my 1500 time, so I'm pleased that my steeple time equates to my 1500 time," Coburn said. "Now I feel like I have two respectable times, maybe not on a world scale but on a U.S. scale. I'm jumping two levels, so I'm happy with that. There's still room for improvement to be able to run 9:15 with the top women in the world, or 9:05 with the top women in the world. That's still a few years in the making, but this is a good step and me and my coaches are really pleased."
America's other best steeplechase pros --Bridget Franek, Delilah Dicrescenzo, Sara Hall, and Stephanie Garcia-- are not running at Coburn's level. Franek, last year's runner-up at the national championships and a good bet to make the Olympic team, has only broken 9:35 once, and Dicrescenzo has never broken 9:40. Hall, last year's Pan Am Games gold medalist who competed in the same Prefontaine race as Coburn, finished 28 seconds behind her. Garcia's best time this season is 9:49.64.
But Coburn feels that her University of Colorado teammate, Shalaya Kipp, who has run 9:43.09 this season, should not be overlooked for an Olympic team berth.
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(RRW) Athletics: Coburn Raises Her Game In Bid for First Olympic Berth
Online Education-Take Quiz – Video
Posted: at 12:15 pm
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Online Education-Take Quiz - Video
McGraw-Hill Education Establishes First-Ever "Pay-for-Performance" Business Model In Partnership With Western …
Posted: at 12:15 pm
NEW YORK and SALT LAKE CITY, June 6, 2012 /PRNewswire/ --McGraw-Hill Education and Western Governors University (WGU) today announced a landmark agreement to establish a "pay-for-performance" model in which McGraw-Hill will receive variable compensation for those WGU students who use MHE technology and services for a particular course and pass.
Through the partnership, McGraw-Hill Education will provide e-books and access to industry-leading adaptive learning tools including McGraw-Hill LearnSmart to Western Governors University's (WGU) online courses. Under this new pricing structure, the university will pay a significantly discounted flat fee for McGraw-Hill's course materials. In addition, WGU will pay McGraw-Hill a premium for each student who uses the materials and passes the course (a passing grade at WGU is equivalent to a letter grade of "B" or better). Through this new pay-for-performance model, universities and learning companies share in the accountability for student success and students gain access to premium educational materials while keeping costs low.
"With more student loan than credit card debt in the United States, McGraw-Hill Education has an opportunity to be a part of the solution. Through this first-of-its-kind pay-for-performance agreement with Western Governors University, McGraw-Hill Education will be compensated for our digital technologies, services, and content based upon the performance of the students," said Brian Kibby, president, McGraw-Hill Higher Education. "This landmark agreement works to achieve two of the most pressing objectives in higher education: improving student performance and lowering costs."
The new business model supports WGU's philosophy of providing a mentor-guided, competency-based education that allows students to advance when they demonstrate mastery of all course competencies rather than accumulating credit hours by spending time in class. For each degree program, required knowledge and skills, called competencies, are defined in collaboration with education and industry experts, and assessments are developed to measure these competencies. WGU has drawn national attention for this innovative, competency-based approach to learning, which offers affordable, high quality education. Tuition at the private, nonprofit university is about $6,000 per 12-month year and has only increased by $200 in the past 6 years.
"Western Governors University is known for its innovative approach to solving the problems that persist in our higher education system," said Tom Malek, senior vice president of Learning Solutions and Services at McGraw-Hill Higher Education. "We believe in making radical changes when they can benefit our nation which is why we've partnered with WGU on this pay-for-performance program. We know that our curriculum and smart study tools like LearnSmart work when you have the commitment of the university and a willingness to try new business models that are designed to enhance performance."
"This partnership with McGraw-Hill Education is consistent with our goals at WGUto find innovative ways to reduce the cost and improve the quality of higher education," said WGU President Dr. Robert Mendenhall. "In addition, it helps support our objective of reinforcing accountability among our partners as well as our students."
About McGraw-Hill Education
McGraw-Hill Education is a content, software and services-based education company that draws on its more than 100 years of educational expertise to offer solutions, which improve learning outcomes around the world. McGraw-Hill is the adaptive education technology leader with the vision for creating a highly personalized learning experience that prepares students of all ages for the world that awaits. The company has offices acrossNorth America,India,China,Europe, theMiddle EastandSouth America, and makes its learning solutions available in more than 65 languages. For additional information, visit http://www.mheducation.com.
About Western Governors University
WGU is the only university in the U.S. offering online, competency-based degree programs. WGU offers more than 50 degree programs in business, K-12 teacher education, information technology, and health professions, including nursing. Since its inception in 1997, WGU has grown into a national institution, serving more than 32,000 students. WGU is self-sustaining on tuition of approximately $6,000 per 12-month year for most of its programs.
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Transportation and Field Trip Safety Online Training
Posted: at 12:15 pm
DULUTH, Ga., June 7, 2012 /PRNewswire/ -- ChildCare Education Institute (CCEI), an IACET approved, nationally accredited, online training institution dedicated exclusively to the child care and education workforce, is proud to announce the addition of ADM103: Basic Transportation and Field Trip Safety for Child Care Centers to the online child care training course catalog.
(Logo: http://photos.prnewswire.com/prnh/20111019/MM90221LOGO )
Motor vehicle accidents are the leading cause of death for persons age 5 through 29 years of age according to the National Highway Traffic Safety Administration (NHTSA), but most deaths and injuries are preventable if caregivers apply proper, recommended safety practices. Basic Transportation and Field Trip Safety for Child Care Centers presents recommended practices and policies for safe, developmentally appropriate transport of young children to and from child care centers and/or field trips. Topics include staff training and support; recommended vehicle types and maintenance routines; child passenger restraint systems; operating procedures and practices; safe loading and unloading procedures; field trip safety, and more.
"It is imperative that all providers be well trained in transportation safety procedures, and many states now mandate such training for all center staff," says Maria C. Taylor, President and CEO of CCEI. "ADM103 provides the latest research-based recommendations and promotes a solid understanding of how providers can implement a complete transportation plan that ensures safety and security to the greatest extent possible."
ADM103 is a two-hour, beginner level course and is available for purchase through online enrollment on the CCEI website. There is no additional cost to current individual or center-based subscription account holders.
About CCEI ChildCare Education Institute (CCEI) provides quality, affordable professional development programs for continuing education. Over 100 English and Spanish child care training courses are available to meet annual licensing and Head Start training requirements online, in addition to online certificate programs, such as the Online Child Development Associate (CDA), Online Director's Certificate options, Online Early Childhood Credential, and several others. CCEI is accredited by the Accrediting Commission of the Distance Education and Training Council, approved by the International Association for Continuing Education and Training to award IACET Continuing Education Units (CEUs), and authorized under the Nonpublic Postsecondary Educational Institutions Act of 1990, license number 837.
For more information on CCEI, visit http://www.cceionline.edu or call 1.800.499.9907.
ChildCare Education Institute, LLC 3059 Peachtree Industrial Blvd. Duluth, GA 30097 1.800.499.9907
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Transportation and Field Trip Safety Online Training
Citi and CredAbility Join with IAVA, TAPS, and MSCCN to Launch Online Financial Education and Counseling Program for …
Posted: at 12:15 pm
NEW YORK--(BUSINESS WIRE)--
Military service members, veterans, and their families and survivors need unique guidance and support to maintain their long-term financial health. Today, Citi joined with Iraq and Afghanistan Veterans of America (IAVA), the Tragedy Assistance Program for Survivors (TAPS), and the Military Spouse Corporate Career Network (MSCCN) to announce the launch of CredAbility ReConnect, a free online financial education and counseling program specifically designed to help these communities resolve financial difficulties and build economic security. The program, supported by a grant from Citi Community Development, was developed by CredAbility, a national nonprofit credit counseling organization, in collaboration with each of these established veterans service organizations.
Recent data shows that members of the armed forces, veterans and their families face particular financial difficulties. According to the Bureau of Labor Statistics, the unemployment rate for veterans who have served on active duty since September 2001 was 12.1 percent in 2011, compared to the national unemployment rate of 8.9 percent that same year. According to Debt.org, more than 25 percent of military families that have credit card debt carry a balance of more than $10,000, and a third of military families report they have trouble paying monthly bills. Also, 2011 data from CredAbility of veterans who went through credit counseling shows that veterans ages 29 or younger have average monthly expenses that exceed their net income by $880 as well as average credit card debt of $7,234.
CredAbility ReConnect addresses these financial challenges with a set of online tools, education and counseling. Individuals and families served by IAVA, TAPS, and MSCCN will be able to access custom versions of the online program, free of charge, tailored to the unique needs of the veterans, families and survivors they serve. Members of the armed forces, veterans and their families not affiliated with these organizations can access CredAbility ReConnect at http://www.CredAbility.org/recon.
CredAbility ReConnect covers:
Free one-on-one credit counseling with a CredAbility certified counselor is also available by telephone at 888-808-7285.
A serious need exists for a targeted set of financial assistance services like CredAbility ReConnect, said Mechel Glass, Vice President of Community Outreach for CredAbility and a veteran of the Persian Gulf War. Young veterans who served in Iraq or Afghanistan might want to create a plan to make regular deposits to an emergency savings account and pay down debt. And active duty servicemembers might want to create a financial support plan for spouses and children during times of deployment or transfer, or in the event of a loss that leaves them financially vulnerable. CredAbility ReConnect will provide the education and counseling to show them how to accomplish these personal finance goals.
Every member of the armed forces has sacrificed a great deal in service to their country, and in addition to the challenges of military service, many face tremendous financial pressures as well, said Suni Harford, Citis Regional Head of Markets for North America. These brave men and women receive extensive military training, but far too few of them receive any kind of formal financial education. CredAbility ReConnect was developed to help these deserving men and women build financial capability and achieve long-term economic security for themselves and their families.
Citi is an established leader in the national effort to support veterans and active-duty servicemembers, including those in the Guard and Reserve, and CredAbility ReConnect is the latest initiative in a coordinated, firm-wide effort in this area. In May, Citi launched Citi Salutes, a one-stop resource that consolidates all of Citis programs, products and partnerships that support the greater veterans community. Later this month, Citi will be helping to lead the second annual Veterans on Wall Street conference and job fair in New York, an initiative co-founded by Citi to develop career opportunities in the financial services industry for veterans.
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Citi and CredAbility Join with IAVA, TAPS, and MSCCN to Launch Online Financial Education and Counseling Program for ...
Pilates Program Helps Stroke Victims Recover
Posted: at 11:17 am
A new pilates program at the Davis Family YMCA in Boardman is helping stroke survivors regain strength, mobility and quality of life.
Local veteran Dave Burns is benefitting from the program.
Burns spent 14 years in the Air Force, flying F-15's during Operation Just Cause in Panama, and Operation Desert Storm and Desert Shield in the Middle East. He then flew commercial airlines for Delta.But in August 2010, he was hit with a stroke.
"It wiped out the whole left side of my body," said Burns."I'm blind, everything, over this way,I can't move my arm,I couldn't move my leg."
Pilates instructor Doretta Hegg knew the Reformers pilates benches could help Burns. She researched the machines and convinced the YMCA to buy a few.
"At firstI was a little skeptical, but when you can't move, you'll try anything," said Burns.
During the last 18 months of physical therapy, Burns has regained strength and some motion on his left side. Hegg explained just how this painfulprocess took place.
"Shoring in the shoulder to get those muscles that sling the arm in stronger, getting his leg stronger so he can go from sitting to standing," said Hegg.
Burnssaid some days are tougher than others, but he always feels better after the hour-long sessions three times a week.
"If there's a silver lining to a stroke, she's it," said Burns. "Because she was as good for me emotionally as she was with these machines, because she's a wonderful person."
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Pilates Program Helps Stroke Victims Recover