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Hypnosis technique – Stiff as a board | Life Coaching – Video
Posted: February 2, 2012 at 9:44 pm
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New Years Resolution – Yoga Secret – Video
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June-Marie Raw Food and Fitness Health videos in Princess Leia Halloween Costume 011 – Video
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June-Marie Raw Food and Fitness Health 43 years old dancing ‘Princess Leia" costume 007 – Video
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June-Marie Raw Food and Fitness Health 43 Years Old Dancing "Princess Leia" costume 005 – Video
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Treasury, Labor Department announce retirement proposals
Posted: at 9:43 pm
The Obama administration proposed new rules Thursday to help retirees make their savings last throughout their lifetime -- by investing in annuities.
By taking out some of the regulatory roadblocks that have made annuities less attractive for employees and employers to add to their retirement plans, the government is hoping to give more Americans ways to keep income flowing later in life.
Annuities are investments that pay out fixed amounts of income at a future date. Depending on the type of annuity, you can receive payments on a monthly, annual or lump-sum basis.
The retirement rescue plan, which was announced in a joint press release by the Internal Revenue Service and the Treasury Department, comes at a time when an increasing number of Americans are being forced to wait longer to retire and find themselves without enough money to live comfortably once they do reach their golden years.
The proposals are an extension of other measures that President Obama has put in place to help Americans save for retirement, including automatic enrollment in 401(k)s. The latest proposals will have to be approved by Congress.
Partial annuities: The first proposal would offer employees more options when it comes to how they cash out their pension plans at retirement. Upon retirement, employees typically face the option of either cashing out their pension or getting a lifetime income stream through an annuity. For many retirees, it's often much more appealing to just take the lump sum.
Don't outlive your savings: How annuities can help
Yet, this option often leads them to come up short on funds later on in retirement. To prevent this from happening, the government is encouraging retirees to take a combination of both approaches, or a partial annuity. The pension holder gets both a lump sum of money immediately upon retirement, but also receives income payments throughout retirement.
Many accounts don't offer this option, or if they do, employees are largely unaware it exists. In order to make this option clearer and more attractive, the government said it wants to simplify the way partial annuities are calculated, so that it's easier for employers to realize the potential benefit of this option and advertise it to employees.
Longevity annuities: The government also wants to make it easier for employees to invest in longevity annuities through their 401(k)s and IRAs. To do so, it wants to provide relief from minimum distribution requirements that could cause them to run out of money in retirement.
Want to buy an annuity? Don't wait for higher rates
Longevity annuities typically don't start making income payments until the investor is well into retirement, say 85 years old. When offered in 401(k)s and IRAs, these annuities are funded using part of the employee's retirement savings.
Under the minimum distribution requirement, individuals must begin taking payouts from their retirement plans soon after age 70. That minimum distribution amount is typically calculated by dividing the employee's entire account balance by their life expectancy.
Even though the retiree may not have access to the funds in the annuity, it's still used in the calculation that determines how much they must withdraw, putting them at risk of running out of money before they can access the funds from the annuity. As a result, many employees don't invest in longevity annuities.
In order to encourage more employees to choose this option, the government is proposing to ease the minimum distribution requirements for longevity annuities.
For annuities that cost up to 25% of the account balance or $100,000 (whichever is less) and that are scheduled to begin distributing income by age 85, the value of the annuity will not be included in the minimum distribution requirement calculation until the annuity begins.
401(k) fee disclosure: In addition to the new annuity proposals, the government also finalized a set of rules aimed at boosting transparency in the retirement market and allowing employers to shop around for the best plan.
Watch out for hidden 401(k) fees
The new rules require 401(k) providers to disclose to employers the fees that they pay for retirement plan administration and money management. The original deadline for compliance by the plan sponsors has been pushed back by three months, to July 1, the government said Thursday.
A separate proposal that would require 401(k) providers to publish a concise and easy-to-understand "roadmap" of their fees for employers was delayed prior to Thursday's announcement, but will be introduced in the "near future", according to the agencies.
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Retirement savings: Will $4 million be enough?
Posted: at 9:43 pm
I hope to have $4 million saved by the time I retire in 30 years. That sounds like a lot of money, but how much would that be in today's dollars? -- Brian
It would seem as if $4 million should be enough to fund a comfy retirement 30 years from now. But you're right not to assume it will be sufficient.
One key issue is the purchasing power of future dollars versus today's dollars. Most people are not accustomed to thinking of money in real, or inflation-adjusted, terms. They use a calculator, plug in the amount they plan to invest for the next 10, 20 or 30 years, throw in a rate of return (often too high) and come away with a big six- or seven-figure projected nest egg that they think shows they'll have it made in the shade in retirement.
But psychologists and behavioral economists are familiar with our tendency to overestimate the value of future dollars. They even have a name for this phenomenon: money illusion.
Four million bucks does sound like a lot of money -- and it still will be even 30 years from now. But it won't be worth anything close to $4 million today.
Unless we go through a sustained period of deflation, inflation will erode the future purchasing power of that sum until, to quote that great economic thinker Yogi Berra, "a nickel ain't worth a dime anymore."
Even if inflation were a relatively modest 2% a year, $4 million in 30 years would have the purchasing power of about $2.2 million today. And if inflation heats up to a 4% annual pace, $4 million in 30 years would be the equivalent to about $1.2 million today. Hardly chicken feed, but a long way from $4 million.
Best New Money Moves
If you'd like to see what any sum in the future is worth today at different rates of inflation, check out this present value calculator.
Another key issue is our propensity to view the goal of retirement planning as accumulating a single large sum. The best example of this way of looking at retirement is the too-often-heard phrase, "What's Your Number?"
It's better to focus on the annual income you'll need in retirement rather than some big lump sum. Yes, both are estimates, but income is something that's more easily translated to a lifestyle. Besides, a big number can give you a false impression of how well off you are, as it may not generate nearly as much annual income throughout retirement as you think.
For example, using the 4% rule, a common metric for turning assets into income with a high probability of it lasting at least 30 years, a $4 million nest egg would generate about $160,000 in annual retirement income.
That's in 2042 dollars, however. In terms of purchasing power, $160,000 would be the equivalent of about $88,000 today, assuming 2% inflation over the next 30 years, or roughly $49,000, at 4% inflation. Still meaningful sums, but they don't conjure up that feeling of having hit the jackpot that $4 million does.
One more issue that goes to the heart of retirement planning -- how do you know whether you're saving enough to give yourself a realistic shot at a secure retirement?
You hope to have $4 million socked away by the time you retire in 30 years. But what does that figure represent? Is it the amount you project having based on how much you save and what you expect your investments to earn? Is it the amount you think you'll need to maintain your pre-retirement lifestyle?
Should I contribute to a traditional or Roth 401(k)?
It's hard to get an accurate fix on how much you'll need to save for a retirement that won't begin for several decades. There are a lot of unknowns -- how much you'll earn in the future, what sort of lifestyle you'll lead over the next 30 years, how long you'll live.
You may not be able to save as much as you envision due to layoffs or higher-than-expected living expenses. Your investments might not earn what you expect. You could be forced into retirement earlier than you wish by health problems or a "rightsizing" at work. No one can foresee how things will shake out over the next 10 years, let alone the next 30. By going to a tool like our Retirement Planner or T. Rowe Price's Retirement Income Calculator, you can make some reasonable assumptions about how much you'll need for retirement, how much you should save and how you should invest. From that, you can get a sense of your chances of achieving a secure retirement.
Your assumptions aren't going to be spot on. Life and the financial markets are too unpredictable. But updating your information and assumptions in light of actual experience and re-doing this exercise every couple of years will help monitor your progress. You can make adjustments in the amount you save, how you invest or your planned retirement date. By making a number of small course corrections over the years, you'll reduce the chances of having to make dramatic changes on the eve of retirement.
Ask the Help Desk your retirement planning questions
Instead of wondering what $4 million will be worth in 30 years, I recommend that you focus on getting a realistic idea of how much you should be saving and how you should be investing to retire in comfort -- however many years from now that may be and however large a nest egg you'll eventually need.
MONEY magazine is researching an article on ways to reduce the financial pain of college. We're looking for families that can talk about new and creative ways that they're raising cash for college and cutting costs while they're there. Sound like you? Tell us your story and you might even get your picture in the magazine! E-mail Beth_Braverman@moneymail.com.
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Retirement savings: Will $4 million be enough?