Cybex Supplies Mobile Fitness and Therapy Centers Used on PGA TOUR and Champions Tour with High Performance Cybex …
Posted: February 23, 2012 at 12:48 am
MEDWAY, Mass.--(BUSINESS WIRE)--
Cybex International Inc. (NASDAQ: CYBI - News), a leading manufacturer of exercise equipment, is outfitting the state-of-the-art Allegheny Sports Medicine mobile fitness and therapy centers used by the world’s elite golfers on the PGA TOUR and Champions Tour in 2012.
“The world’s best players increasingly look to enhance their performance on the course through better fitness off it,” said golf legend Greg Norman. “Cybex equipment allows these players to exercise at higher levels of intensity without fear of injury or overuse.”
The PGA TOUR’s four mobile fitness and therapy centers travel to all tournament sites to support the players throughout the season. The PGA TOUR centers are outfitted with Cybex Arc Trainers (scientifically proven to provide faster weight loss, burning 16 percent more calories than ellipticals), Cybex treadmills and exercise bikes, Cybex Bravo functional trainers, and adjustable benches. The mobile centers are staffed with professional therapists, chiropractors and athletic trainers who assist the players with rehabilitative and preventive care as well as personal conditioning programs.
“To prevent injuries, endure the rigors of competitive play and succeed on the PGA TOUR, today’s professional golfers are continually focused on improving their performance level on the golf course through strength and cardio training,” said Paul Schueren, a physical therapist who has been with the player mobile fitness and therapy centers since 1988. “By using mobile fitness and therapy centers outfitted with Cybex equipment, more than 80 percent of PGA TOUR professionals are demonstrating that fitness and performance are linked at the highest level.”
Norman, a fitness aficionado who was once the world’s No. 1 ranked golfer, has seen professional golfers change their attitude toward regular exercise and fitness. “When I was younger, we were told exercising was bad for your golf swing but I still made fitness a central part of my regular exercise and training regimen,” said Norman. “It’s great to see a paradigm shift with professional golfers who now make fitness part of their daily routine. Today, golfers are bombing their drives 300-plus yards and they’re healthier and stronger because of regular exercise.”
“Even the veterans on the Champions Tour realize the importance of making fitness a central part of their training,” added Norman, who held the No. 1 ranking for 331 weeks. “Thankfully, the old mentality that fitness hurts your swing has changed forever.”
Cybex, a manufacturer and supplier of strength training and cardio equipment for thousands of fitness clubs, hotels, resorts, colleges, universities and municipalities across the globe, recently introduced a new Cybex Golf Performance Program.
“Golfers are constantly evolving both on the course and with their daily routines. Refining their swing is as important as their fitness training techniques,” said Stephen Alvezi, Director of Sales, Cybex Golf. “At clubs, fitness facilities and on tour, we see golfers are more focused on the concept of functional training to maximize effective targeting of muscles and joints used in their golf swing. Golfers are looking for any advantage they can get over their competition, and fitness is an area where they can raise their game to the next level.”
About Cybex
Cybex International, Inc. is a leading manufacturer of premium exercise equipment primarily for commercial use. The Cybex product line, including a full range of strength and cardio training machines, is designed using exercise science to reflect the natural movement of the human body. Led by the Cybex Research Institute, Cybex fitness equipment is engineered to produce optimal results for users from the first-time exerciser to the professional athlete. Cybex products, designed and built in the USA, are available for a wide range of facilities, from commercial health clubs to home gyms, and are sold in more than 85 countries worldwide. For more information on Cybex and its product lines, visit the Company’s website at http://www.cybexintl.com.
This news release may contain forward-looking statements. There are a number of risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made above. These include, but are not limited to, the ability of the Company to comply with the terms of its credit facilities, competitive factors, technological and product developments, market demand, economic conditions, and the resolution of litigation involving the Company. Further information on these and other factors which could affect the Company’s financial results can be found in the Company’s previously filed Report on Form 10-K for the year ended December 31, 2010, its Reports on Form 10-Q, its Current Reports on Form 8-K, and its proxy statement dated April 14, 2011.
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Cybex Supplies Mobile Fitness and Therapy Centers Used on PGA TOUR and Champions Tour with High Performance Cybex ...
Health and Wellness calendar for the week beginning Thursday, Feb. 22, 2012
Posted: at 12:48 am
Thursday Verdugo Hills Chapter of The Compassionate Friends: Support group for parents who have experienced the death of a child of any age, 7:30 p.m. and the fourth Thursday of the month (except November and December). Verdugo Hills Hospital, conference room on fourth floor, 1812 Verdugo Blvd., Glendale. http://www.tcfla.org.
Memory assessment for seniors: Seniors 65 and older may make an appointment, 9 a.m.-8 p.m. Wednesday-Thursday. 6345 Balboa Blvd, building 3, No. 363, Encino. 818-705-7450. http://www.priresearch.com.
Gentle yoga for cancer patients, survivors and their families: 1-2 p.m. Thursdays and Tuesdays. Free but reservations required. Jennifer Diamond Cancer Foundation, 9410 Owensmouth Ave., Chatsworth. 818-700-6900. http://www.jenniferdiamond foundation.org.
Dental services for low-income and uninsured adults: Appointments, 7:30 a.m.-4:30 p.m. Monday-Thursday and 7:30 a.m.-4 p.m. Friday. S. Mark Taper Foundation Health Center, 6043 Hollywood Blvd., Los Angeles. 323-653-1990. http://www.thesabanfreeclinic.org.
Fitness classes for older adults: Energy exercises, qigong and warm-ups, 9:30-10:40 a.m. Thursdays, Fridays, Mondays. Call for fee. Be The Change Energy Center, 22030 Clarendon St., Suite 213, Woodland Hills.
818-888-8664. http://www.BeEnergyCenter.com.
Meditation as Medicine -- Yogic Meditation for Health and Healing: Weekly class, 7-8 p.m. Thursdays. Cost $17 per class; $150 series of 10. Reservations required. The Healing Compass Acupuncture Clinic and Qi Center, 22440 Clarendon St., No. 101, Woodland Hills. 818-591-8600.
Arthritis Foundation exercise program: For adults 50 and older, 10-11 a.m. Thursdays. Fee $10 per month. Agoura Hills Recreation Center, 30610 Thousand Oaks Blvd. 818-597-7361.
Gentle yoga: 8:15-9:45 a.m.; and tai chi, 10-11:15 a.m. Thursdays. Free. OneGeneration Senior Center, 18255 Victory Blvd., Reseda. 818-702-8693.
Breast-feeding support group: 10-11:30 a.m. Thursdays. Reservations requested. Northridge Hospital Medical Center, 18300 Roscoe Blvd. 818-885-8500, Ext. 2289. http://www.NorthridgeHospital.org/BabiesFirst
Gentle yoga for cancer patients, survivors and their families: 11 a.m. Thursdays. Also, 1 p.m. Tuesdays. Reservations required. The Wellness Community Valley/Ventura, meeting at Our Redeemer Lutheran Church, north hall, 8520 Winnetka Ave., Winnetka. 818-407-1695. http://www.TwcVv.org.
Food Addicts in Recovery Anonymous meetings: 7 p.m. Thursdays, Kaiser Permanente Medical Center, 27107 Tourney Road, Santa Clarita; 8:30 a.m. Fridays, Goebel Senior Center, 1385 E. Janss Road, Thousand Oaks; 8-9:30 a.m. Saturdays, Sherman Oaks Presbyterian Church, fellowship hall, 4445 Noble Ave.; 9 a.m. Sundays, Encino Hospital, 16237 Ventura Blvd. 800-600-6028. http://www.foodaddicts.org.
Friday Depression and bipolar support alliance group: The group meets 6:45-9 p.m. Fridays and Wednesdays. Northridge Hospital Medical Center,
Spine education class: 5:30-6:30 p.m. fourth Tuesday of the month. Reservations requested. Henry Mayo Outpatient Physical Therapy, Golden Valley Plaza, 19013 Golden Valley Road, Santa Clarita. 661-253-8959. (Jupiterimages)
18300 Roscoe Blvd. 818-850-3272. http://www.dbsanorthridge.org.
Walking Cane Defense: Instruction will be offered 2-3 p.m. Fridays and Mondays and 8:30-9:45 p.m. Tuesdays. Classes run through March. Call for fee. 171 W. Magnolia Blvd., Burbank. 818-339-4051.
The Wellness Community Valley/Ventura classes for cancer patients, survivors and their families: Orientation meeting with information on cancer support groups, education and stress management programs, 10 a.m. Fridays and 7 p.m. Tuesdays. Call for location. 805-379-4777. http://www.TwcVv.org.
Stroke and Brain Injury support group: 4-5:30 p.m. second and fourth Friday of the month. Henry Mayo Newhall Memorial Hospital, Pavilion meeting room, 23845 McBean Parkway, Valencia. 661-253-8651.
Write to Heal Cancer workshop: The group uses writing, art, meditation and music to generate positive energy, noon-2 p.m. second and fourth Friday of the month. Glendale Adventist Medical Center Cancer Services, boardroom, 381 Merrill Ave. 818-409-8218. http://www.glendaleadventist.com.
Saturday CPR Blitz: Learn CPR, 9 a.m.-2 p.m. Fee $25 deposit to register (refund to those who complete the class). Reservations with deposit required in advance. Northridge Hospital Medical Center, 18300 Roscoe Blvd. 818-885-3547.
Child car seat education and installation: 9 a.m.-1 p.m. Free but reservations are required. Northridge Hospital Medical Center, 18300 Roscoe Blvd. 818-885-8500, Ext. 3437.
Expectant parent tour of Women's Unit at Henry Mayo Newhall Memorial Hospital: Overview tour is held fourth Saturday of the month, 12:45-2 p.m. Meet in the hospital lobby, 23845 McBean Parkway, Valencia. 661-253-8607. http://www.henrymayo.com.
Internal Power Workshop: Exercises to improve alignment and body mechanics, 1-4 p.m. Donation $20. Tarzana Aikikai, 18580 Ventura Blvd., second floor. 818-705-0600. http://www.TarzanaAikikai.com.
Meditation as Medicine: A Yogic Meditation Foundation six-week workshop, 11 a.m.-1 p.m. Saturdays. Cost $160. Reservations required. The Healing Compass Acupuncture Clinic and Qi Center, 22440 Clarendon St., Woodland Hills. 818-591-8600.
Tai chi class: Outdoor two-hour class, 9-11 a.m. Saturdays. Cost $10. Call for other class times. Pine Tree Grove at Balboa Sports Center. Use parking lot at 17015 Burbank Blvd., Encino. 818-996-3787. http://www.master karoltaichiacademy.com.
Tai chi and qigong classes: 1 p.m. Saturdays and 3:30 p.m. Mondays at a location in the West Valley. Beginning students are welcome. Fee $15. Caroline, 818-888-3450.
Gentle Yoga With Meditation for Seniors: 9:30-10:45 a.m. Saturdays. Cost $4. North Hollywood Senior Center, 11430 Chandler Blvd. 818-763-7651.
Jazzercise: Classes held 9:30 a.m. Saturdays and 6:15 p.m. Tuesdays and Thursdays. Call for fee. Social hall at Little White Chapel, 1711 N. Avon St., Burbank. 818-846-5167.
Qigong: For cancer patients, survivors and their families, offered by The Wellness Community Valley/Ventura. 9 a.m. Saturdays. Reservations required. Call for location. 805-379-4777. http://www.TwcVv.org.
Sunday Santa Clarita Arthritis, Lupus, Fibromyalgia and Autoimmune Disease support group: 2-3:30 p.m. fourth Sunday of the month. Marie Callender's, 27630 The Old Road, Santa Clarita. 661-312-8913.
Support group for families and friends of persons diagnosed with mental illness: Two days and locations: 4:30-6 p.m. Sundays, Glendale Church of Christ, 2021 W. Glenoaks Blvd., and 6-7:30 p.m. Tuesdays, VMH Care, 1540 E. Colorado Blvd., Glendale. 818-636-3077.
Food Addicts in Recovery: 9-10:30 a.m. Sundays, Encino Hospital Medical Center, 16237 Ventura Blvd. 310-880-8203. 800-600-6028. http://www.foodaddicts.org.
Huntington's disease support group: 6-8 p.m. third Sunday of the month. Reservations requested. Northridge Hospital Medical Center, 18300 Roscoe Blvd. 888-443-7252.
Monday Lupus support group: 6:30 p.m. fourth Monday of the month. Circle of Care conference room at Sherman Oaks Hospital, 4929 Van Nuys Blvd. 818-892-1635. http://www.lupusla.org.
Lip-reading class: The Hearing Loss Association-SFV and LAUSD sponsors the class, 9-11 a.m. Mondays in Reseda. Reservations requested. 818-780-0188 or 818-344-4154. Email questions to: Sherrymail2003@aol.com.
Rejuvenation classes: Meditation, qigong and tai chi, 9-10 a.m. Mondays. Fee $4 per class. North Hollywood Senior Center, 11430 Chandler Blvd. 818-763-7651.
Alateen meeting: Young people ages 12-20 who live with or are friends with an alcoholic are invited to attend a weekly support group, 7-8 p.m. Mondays. The Episcopal Church of St. Andrew and St. Charles, 16651 Rinaldi St., Granada Hills. Dylan, 818-439-3867.
Ms. Vickie's soul exercise line dance class: Class includes discussion of connection between the mind and the body, 6:30-8 p.m. Mondays, Wednesdays, Thursdays. All ages. Cost $5 per week. Pacoima Community Center, 11251 Glenoaks Blvd. 818-216-9059.
National Alliance on Mental Illness support group for family members and friends of people with mental illness: 7-9 p.m. second and fourth Monday of the month. West Valley Christian School, 22450 Sherman Way, West Hills. 818-994-6747. http://www.namisfv.org.
Tuesday Spine education class: 5:30-6:30 p.m. fourth Tuesday of the month. Reservations requested. Henry Mayo Outpatient Physical Therapy, Golden Valley Plaza, 19013 Golden Valley Road, Santa Clarita. 661-253-8959.
Sherman Oaks Parkinson & Movement Disorder support group: Recent updates on the disease will be discussed by Dr. Yvette Bordelon, 3 p.m. Free but reservations required. Leeza's Place, 5000 Van Nuys Blvd., Sherman Oaks. 310-991-0787.
Chronic pain support group: 11 a.m.-12:30 p.m. second and fourth Tuesday of the month. Northridge Hospital Medical Center, 18300 Roscoe Blvd. 818-885-8500, Ext. 3680. http://www.NorthridgeHospital.org/ supportgroups.
Breast cancer support group: 7-8:30 p.m. second and fourth Tuesday of the month. Northridge Hospital Medical Center, 18300 Roscoe Blvd. 818-885-8500, Ext. 2855.
Watercolor and quilting classes and qigong for cancer patients, survivors and their families: Watercolor, 10 a.m.-2 p.m. Tuesdays; quilting, 1-2 p.m. Tuesdays; qigong, 10-11 a.m. Tuesdays. Free but reservations required. Jennifer Diamond Cancer Foundation, 9410 Owensmouth Ave., Chatsworth. 818-700-6900. http://www.jenniferdiamond foundation.org.
Take Off Pounds Sensibly (TOPS) meeting: 8:30 a.m. Tuesdays. Prince of Peace Lutheran Church, 9440 Balboa Blvd., Northridge. 818-994-9365.
Al-Anon and Alateen: Family, including children 5-20, and friends who live with or know an alcoholic are invited to attend a weekly support group, 7:30-9 p.m. Tuesdays. Little White Chapel, 1711 N. Avon St., Burbank. Al-Anon, 818-980-6155; Alateen, 818-645-7662.
Bereavement support group: 6-7:30 p.m. Tuesdays. Reservations requested. Northridge Hospital Medical Center, 18300 Roscoe Blvd. 818-885-8500, Ext. 4560.
Brain injury support group: 7-8:30 p.m. Tuesdays and 3-4:30 p.m. Wednesdays. Northridge Hospital Medical Center, 18300 Roscoe Blvd. 818-885-8500, Ext. 3797.
Cancer support group: 11:30 a.m. Tuesdays. Reservations required. The Wellness Community Valley/Ventura, meeting at Our Redeemer Lutheran Church, north hall, 8520 Winnetka Ave., Winnetka. 818-407-1695. http://www.TwcVv.org.
Cancer Orientation -- Everything You Need to Know from Diagnosis to Recovery: Noon-1:30 p.m. Tuesdays. Reservations required. Northridge Hospital Medical Center, 18300 Roscoe Blvd. (Leavey Cancer Conference Center). 818-885-8500, Ext. 2855.
Overeaters Anonymous: 7:30 p.m. Tuesdays. Our Savior's Lutheran Church, 1821 W. Lancaster Blvd., Lancaster. 661-722-5833 or 661-948-7015.
Qigong for cancer patients, survivors and their families: 10 a.m. Tuesdays. Reservations required. The Wellness Community Valley/Ventura, meeting at Our Redeemer Lutheran Church, north hall, 8520 Winnetka Ave., Winnetka. 818-407-1695. http://www.TwcVv.org.
Tai chi classes: 8 a.m. Tuesdays and Thursdays and also, 7:30 p.m. Wednesdays. Call for fee. California Arts building, 2977 Willow Lane, Suite 200, Westlake Village. 818-704-6256.
Wednesday Tai chi and qigong classes: 2:15 p.m. Wednesdays at a location in Calabasas. Beginning students are welcome. Fee $7; $5 seniors over 55. Caroline. 818-888-3450.
Restorative Gentle Yoga class, 6:30-8 p.m. Wednesdays. Reservations required. First class free; $15 each class after. Life Cycle Health Center, 5522 Sepulveda Blvd., Sherman Oaks. 818-988-7988. http://www.lifecyclehealth.net.
Counseling support group: For singles ages 39-60, 6:30-8 p.m. Wednesdays. Cost $15 per session. Appointment required. VBS Counseling Center, 15739 Ventura Blvd., Encino. 818-784-1414.
Stroke support group: 3-4 p.m. Wednesdays. Reservations requested. Northridge Hospital Medical Center, 18300 Roscoe Blvd. 818-885-8500, Ext. 4865. http://www.NorthridgeHospital.org/ supportgroups
English-Spanish yoga classes for cancer patients, survivors and family: Gentle yoga, 5:45 p.m. and Strength training yoga, 6:45 p.m. Wednesdays. Free, but reservations required. The Wellness Community Valley/Ventura, meeting at Our Redeemer Lutheran Church, north hall, 8520 Winnetka Ave., Winnetka. 818-407-1695. 818-269-9582 (Spanish).
Upcoming Yoga at Calabasas Library: Deanne Wenger leads a class, noon March 1 and March 15. Bring a yoga mat. 200 Civic Center Way. 818-225-7616.
Cancer stage IV discussion group: 6-7:30 p.m. March 1. Reservations required. The Wellness Community Valley/Ventura, 530 Hampshire Road, Westlake Village. 805-379-4777.
Health for seniors 55 and older series: Dr. Barbara Yates will discuss causes and symptoms of cataracts, 12:30 p.m. March 7. Joslyn Adult Center, 1301 W. Olive Ave., Burbank. 818-238-5353.
Sleep apnea support group: 6-7 p.m. March 7. Northridge Hospital, 18300 Roscoe Blvd. 818-885-8500, Ext. 5344. http://www.NorthridgeHospital.org/.
Send listings three weeks prior to event to: Health Calendar, LA Life, P.O. Box 4200, Woodland Hills, CA 91365. Fax to 818-713-0058 or email to Holly.Andres@ dailynews.com. Because of space limitations, the editors must be selective with these listings.
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Health and Wellness calendar for the week beginning Thursday, Feb. 22, 2012
Peyton Manning To Retire According to Rob Lowe tweets — News Story – Video
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Peyton Manning To Retire According to Rob Lowe tweets -- News Story - Video
BMO Retirement Tips of the Day: Consider Others During Your Retirement & Be Sure to Protect Your Most Important Asset …
Posted: at 12:48 am
TORONTO, ONTARIO--(Marketwire -02/22/12)- As the February 29th deadline approaches to make a contribution to a Registered Retirement Savings Plan (RRSP) and as part of its ongoing commitment to improving financial literacy, BMO Financial Group will be providing daily retirement tips during the month of February from BMO Retirement Institute Head Tina Di Vito's new book 52 Ways To Wreck Your Retirement...And How To Rescue It.
Tip Number 43:
Consider Others During your Retirement
More and more Canadians find themselves responsible for caring for their parents, a spouse, a friend or other family members. As you envision your retirement, make sure you consider how the added responsibility of caregiving might alter that vision.
-- Have a care strategy in place.
-- Ask family members for help.
-- Establish set vacation days from caregiving and stick to them.
-- Investigate workplace support for elder care services.
Tip Number 44:
Be Sure to Protect your Most Important Asset - You!
The best-laid plans can go astray if you do not take the proper steps to protect your earning capability during your working years, and your income and assets during retirement. Be sure to examine your life, disability, long-term care and critical illness insurance needs, for both now and into your retirement.
Before retirement:
-- Review your disability insurance policy, to make sure you have the
appropriate type and amount of coverage.
-- Review your life insurance policy. Is the coverage enough, and can you
continue the policy in retirement?
-- Consider long-term care and critical illness insurance to help cover the
costs that may arise.
In retirement:
-- Incorporate the potential costs of long-term care or a critical illness
into your retirement plan, and determine what impact these costs would
have on your retirement. Consider long-term care and critical illness
insurance to help cover costs that may arise.
-- Consider life insurance to pay estate costs and income taxes, or to
create an inheritance.
For more information on retirement: http://www.bmo.com/retirement.
Get the latest BMO press releases via Twitter by following @BMOmedia.
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BMO Retirement Tips of the Day: Consider Others During Your Retirement & Be Sure to Protect Your Most Important Asset ...
The Standard Adds New Fiduciary Protection for Retirement Plan Sponsors
Posted: at 12:48 am
PORTLAND, Ore.--(BUSINESS WIRE)--
Standard Retirement Services, Inc., has enhanced its core retirement plan services with significant, new fiduciary protection services. The company can now act as an ERISA 3(16) fiduciary in performing certain plan administrative duties on behalf of plan sponsors who delegate these tasks. These duties can include required compliance testing, plan eligibility notifications, approval of participant loans and distributions, and delivery of required participant notifications and disclosures.
“Plan sponsors must take on considerable administrative responsibilities in order to comply with ERISA regulations,” said Dan Hall, vice president of Retirement Plan Sales. “By leveraging our internal expertise and resources, we are able to take on a significant amount of plan sponsors’ administrative burden while better supplementing the offerings of plan advisors.”
To further complement the needs of advisors and their clients, StanCorp Investment Advisers, Inc., can now take on ERISA 3(38) fiduciary responsibility for the removal and replacement of investments at the plan level. This expanded layer of protection adds to The Standard’s existing fiduciary capabilities, which include acting as an ERISA 3(21) fiduciary for the selection and ongoing monitoring of the investments offered in a plan sponsor’s retirement plan and acting as an ERISA 3(38) fiduciary for participants who are enrolled in Mainspring ManagedSM, the company’s goal-based savings and investment planning and advice service.
“We recognize that many advisors provide some level of investment fiduciary services as part of their offerings to plan sponsors, while others do not provide such services,” Hall said. “Our fiduciary services are intended to complement the unique value proposition and service delivery model that each advisor brings to the table. Advisors can choose to use all, some or none of our fiduciary services as they determine what is most appropriate for a particular client’s plan. This approach gives advisors maximum flexibility to deliver the right level of fiduciary protection to their clients.”
In addition, the three-level fiduciary protection services under ERISA 3(16), 3(21), and 3(38) will be available to plan sponsors of any size.
“We designed our fiduciary offering to be cost effective for all employers, especially for those with smaller plans who have not traditionally had access to this level of fiduciary protection,” Hall said. “When you also consider that The Standard does not outsource any of this fiduciary responsibility to a third party, we believe that our fiduciary services offer a very compelling value to advisors and sponsors.”
Disclosure
StanCorp Equities, Inc., member FINRA, distributes group annuity contracts issued by Standard Insurance Company and may provide other brokerage services. Third party administrative services are provided by Standard Retirement Services, Inc. Investment advisory services are provided by StanCorp Investment Advisers, Inc., a registered investment advisor.
About The Standard
The Standard is a leading provider of financial products and services, including group and individual disability insurance, group life, AD&D, dental and vision insurance, retirement plans products and services, individual annuities and investment advice. For more information about The Standard, visit http://www.standard.com.
The Standard is the marketing name for StanCorp Financial Group, Inc., and its subsidiaries: Standard Insurance Company, Inc., The Standard Life Insurance Company of New York, Inc., Standard Retirement Services, Inc., StanCorp Mortgage Investors, Inc., StanCorp Investment Advisers, Inc., StanCorp Real Estate, LLC, and StanCorp Equities, Inc.
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The Standard Adds New Fiduciary Protection for Retirement Plan Sponsors
Retirement planning inspiration from the Oscars
Posted: at 12:48 am
(MoneyWatch)
As an actuary, I'm a numbers guy. That's why most of my posts offer analyses, strategies and insights from my 35-plus years of actuarial experience to help you make the best of your retirement.
But many people need more than facts and figures to get them to take action to improve their lives -- they need inspiration. And motion pictures often tell the stories that move us to make changes in our lives.
With Oscar night approaching, it's a good time to watch a few movie clips that will inspire us to take charge of the rest of our lives. All of these clips except one come from movieclips.com, a fun website that organizes a treasure trove of clips from the classics and beyond. One clip comes courtesy of YouTube.
With all the bad news about retirement -- inadequate savings, stock market meltdowns, layoffs, retirement benefits cutbacks, and the threat of reduced Social Security benefits -- it's understandable if you're mad as hell about retirement. If it helps to get it out of your system, go ahead and shout out your frustrations, like Peter Finch's character did in the movie "Network," when he yelled, "I'm mad as hell, and I'm not going to take this anymore!"
But just being mad won't change the reality of the retirement challenges that boomers face today. So redirect that energy and take action steps that will make your life better. Believe that failure is not an option, and develop a plan that will work, as shown by this scene from "Apollo 13."
Some movie clips offer examples of what not to do, such as this scene in "Shrek Forever After," when Shrek meets up with the retired cat Puss in Boots, who had lost purpose in life, and had degenerated into a fat cat. Instead, you'll thrive in your retirement years if you enter them with a spirit of renewal and transformation, as shown in this scene from "Man of La Mancha."
Speaking of contrasts, one thing you may want to avoid is adopting Billy Crystal's cynical attitude about aging, as shown in this clip from "City Slickers." Instead, look no farther than the tale of reinvention in one of this year's nominees for best picture, "The Artist."
While planning for your retirement years, don't forget to make plans to ensure that your spouse or partner will be secure after you've gone to the great cutting room floor in the sky. In this famous scene from "Gone With the Wind," Clark Gable's character, Rhett Butler, gives us an example of how not to think about the future. Instead, it's better to be sure you'll never be sorry about the plans you've made for your spouse's future, as illustrated in this equally famous scene from "Love Story."
The people who do best in their retirement years are the ones who commit to making a difference in their lives and the lives of others. Need some inspiration for that? Watch this scene from "Star Trek: Generations," and you'll see what I mean.
Motivated to learn more about retirement planning? These posts are a good start:
Retirement planning: How to do it right
Women: Don't go broke in retirement
So what are you waiting for? It's time to start planning for the rest of your life. May the Force be with you!
Race And Retirement: Who’s Saving The Most, Least?
Posted: at 12:48 am
What does race have to do with retirement? Apparently plenty. A new study, Retirement Revealed, from ING U.S. examines how cultural environment can affect one's financial situation and behavior.
While no one in America seems to be feeling terribly confident about retirement, not even those who are a lot closer to the lofty 1% than the rest of us, there remain significant differences among ethnic groups. The Retirement Revealed study shines the spotlight on the differences between Asians, African Americans and Hispanics (as compared to an overall set of 4,000+ U.S. respondents), when it comes to retirement saving, planning and preparedness.
ING's research showed that Hispanics feel the least prepared, with 54% indicating that they feel "not very" or "not at all" prepared. This compares with 50% of African-Americans, 48% of whites and 44% of Asians polled who said they don't feel prepared. The feelings make sense when you look at the amount save in employer-sponsored retirement plans, where Hispanics reported having the lowest average balance ($54,000) in their retirement plans. This amount was notably lower than the average balance across all groups, ($69,000). The top savers were Asians, who had the highest average balance of $81,000.
Savings shortfall
What's getting in the way of saving?
Nearly three-quarters (73%) of those surveyed admitted having barriers to saving. Among the groups, African-Americans said debt was their biggest obstacle. More than 60% of African-Americans said that whittling away their debt was their most important short-term financial goal. Needing to know more about their savings options is a greater barrier to savings for Hispanics than for any other group.
Fail to plan, plan to fail
The Hispanics said they were less focused on their future retirement goals — well over half (57%) have never done the math to come up with a figure for how much money they'll need to mirror their current lifestyle later down the road. Seventy percent didn't have a formal investment plan to reach their goals. In fact, only 29% of all who shared their thoughts said they had a formal investment plan. African-Americans are most likely to have one (32%) and whites are least (28%).
No safety net
Nearly half of all participants have too little savings to amount to much (one month or less). The number increases to 47% for Hispanics, 50% for African-Americans, while only 25% of Asians have one month or less saved for hard times.
Cart before the horse syndrome
While Asians win the trophy for being most prepared for retirement, they seem to have their priorities somewhat misplaced. Lifestyle matters much for Asians, who put a higher priority on purchasing a nice house or car, than planning for retirement, according to the survey.
What's the takeaway?
Truth is, the survey shows that everybody on the planet could likely benefit from professional planning advice. "Having a road map to retirement will increase one's probability of achieving one's goal," says Fred Makonnen, vice president of Multicultural Sales at ING. Universally, there is a need for a stash of at least six months worth of expenses. Then too, across the board there is also room for improvement in getting life insurance coverage. However, there is one group that stands out: nearly one-in-four African-Americans have life insurance coverage equal to four to five times their salary, higher than the total population (18%).
Makonnen, has this advice for African-Americans, "Tackle debt. Write your goals on paper and create a plan to get there. Start with reducing your debt. It may require cutting your cable or other expenses. African-Americans also incur higher levels of late fees. You can avoid unnecessary penalties by setting up an automatic payment account." Once the debt is paid off, the next task should be building an emergency and stepping up retirement savings at work.
For Hispanics, his words of wisdom are simple, "Get focused. Create a comprehensive plan that takes into account shorter-term goals like weddings and college and longer-term goals like retirement."
Although Asians are strong savers, they are the least likely to have a last will and testament (26%), compared with 31% for Hispanics and 37% for whites. Makonnen urges Asians to put creating a will high on the to-do list.
While the research reveals cultural differences, I'm left wondering why? The intersection of culture, tradition and money is fascinating. How much of one's financial personality and attitudes can be attributed to upbringing, environment, culture and tradition? No one can say for sure yet. I'm waiting for that study.
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Race And Retirement: Who’s Saving The Most, Least?
Retirement Gotchas Experts Rarely Talk About
Posted: at 12:48 am
Retirement planning is full of rules of thumb. The 4 percent rule can help you to decide how much to withdraw from your retirement savings each year, and aiming to replace a certain percentage of your pre-retirement income can give you a rough idea of how much to save. However, this well-intentioned advice sometimes gets slowly twisted into something else that does more harm than good. Here are some ways following expert advice can actually harm your financial future.
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You are unlikely to implement the 4 percent rule. The 4 percent rule is based on withdrawing 4 percent of your assets annually and adjusting the amount based on inflation every year. So even if the market does really well or drops precipitously, you stick with a 4 percent withdrawal based on the original nest egg and ride out the bumps. But can you imagine anyone actually doing this throughout retirement? Say you are 20 years into retirement. By then, even the most stubborn and disciplined person has probably come up with a new percentage to draw based on market performance and personal circumstances. In reality, people end up twisting the 4 percent rule, perhaps to withdraw more money when they incur an unexpected expense or skip a withdrawal while the market is down. This may or may not work for them, but it's not the 4 percent rule.
Everyone doesn't need the same percentage of pre-retirement income. Some studies have calculated that most people will need a specific percentage of their pre-retirement income to live comfortably in retirement, such as 75 or 80 percent of working income. This is another rule that could help you get a sense of how much is needed for your retirement years, but it may not work in practice. There are just too many expense variables to say that everyone will be able to get by on a given percentage of their pre-retirement income. For example, many people have a mortgage payment that consumes around 25 percent of their income. Obviously, people who pay off their house before they retire will have a vastly different expense situation than those who are still making payments. Therefore, the only way to come up with any realistic retirement budget is to know your own situation and track your expenses. There's no other way to determine how much you need to save for retirement.
[See The 10 Best Places to Retire in 2012.]
There's inflation between now and retirement too. While most people consider how inflation will impact their nest egg during their retirement years, not enough people account for inflation eroding their purchasing power from now until the day they decide to start their retirement. Of course, this problem is worst for younger folks who have decades until they retire. But workers nearing retirement should acknowledge that they will probably need a bigger nest egg to account for inflation. Once you figure out your expenses, you need to remember to add inflation into the calculation too. For example, if your expenses are currently $40,000 a year, the same level of consumption could cost as much as $54,000 in 10 years.
Social Security is a big help. It's true that the Social Security system has a long-term deficit. But there is almost no chance that the program will be eliminated in its entirety. This means that, for the vast majority of Americans, there will be some sort of check coming to you on a monthly basis for the rest of your life, and it will be adjusted each year to keep up with inflation. The program won't replace all your working income, but the monthly payments will give your retirement standard of living a significant boost.
[See 7 Misconceptions About Retired Life.]
Instead of writing the whole scheme off completely, you should make sure that you are doing what you can to increase your retirement benefit. This means at least 35 years of paying into the system, and taking some time to figure out the pros and cons of claiming your benefits at various ages. Married individuals should explore ways to maximize their lifetime benefit as a couple.
David Ning runs MoneyNing, a personal finance site aimed at helping others change their habits for a better financial future. He suggests that everyone to sign up for an online savings account to get more out of our hard earned money.
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