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Archive for the ‘Retirement’ Category

Does your financial advisor have the skills to plan your retirement?

Posted: November 7, 2012 at 6:49 am


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(MoneyWatch) Generating reliable retirement income for the rest of your life -- no matter how long you live -- is an ambitious undertaking that takes time and skill. So it's entirely understandable that you might want to seek the advice of a professional financial advisor to help you with this task. After all, you can't afford to make mistakes, and you'll need to make every dollar count if you want your money to last throughout your retirement.

Yet not all financial advisors are qualified to help plan for retirement. Some advisors lack the necessary skills or expertise when it comes to generating retirement income, while some are more interested in making money for themselves than for you. Indeed, be aware that some advisors actually pose a danger to your retirement security.

Of course, there are also trustworthy advisors with specialized skills in this sort of financial planning. Your job is to find a trusted financial advisor who will take your goals and circumstances into account and then help you choose the best methods for you for generating a lifelong retirement income.

Let's start by distinguishing between investment advisors and retirement planners. An investment advisor might be good at helping you decide what your asset allocation should be and selecting specific securities or mutual funds. They might also help you minimize income taxes on your investments. This may have been all the advice you really needed while you were growing your retirement nest egg.

But using your retirement savings to generate retirement income is more complex, and you'll need a retirement planner who's experienced with helping people decide which retirement income generator (RIG), or combination of RIGS, will work best for you.

To this end, look for an advisor with credentials that require substantial training and experience with financial planning. Examples include Certified Financial Planners (CFP), Chartered Financial Analysts (CFA), Certified Public Accountants - Personal Financial Specialists (CPA-PFS), and Chartered Financial Consultants (ChFC). These credentials all show evidence of training on a broad variety of financial planning topics.

But be aware that these credentials focus on asset investment and accumulation, without much of an emphasis on generating lifetime retirement income. As a result, I recommend that you ask potential advisors if they have supplemented their training or expertise with specialized training on the various methods of generating retirement income. Three examples of this are the Certified Retirement Counselor (CRC) designation from the International Foundation for Retirement Education; Retirement Management Analyst (RMA) designation from the Retirement Income Industry Association; and the Retirement Income Certified Professional (RICP) designation from American College.

When you're interviewing potential retirement advisors, ask if they have one of these credentials. These designations are fairly new, so it may not be easy to find advisors with these certifications. At the very least, you'll want an advisor who's been trained on the various methods of generating a retirement paycheck and who is able to explain the pros and cons of each method in a way that is easy to understand.

In addition, I'd ask about their approach to generating retirement income. Find out if they'll work with you to decide which RIG (or combination of RIGs) will work best for you based on your needs and circumstances. Avoid planners who express any biases toward one method without first learning about your personal financial and retirement goals.

It's well worth your time to search for a skilled retirement advisor who puts your interests first. My next post will discuss another important consideration to achieve this goal: the best ways to pay your retirement advisor.

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Does your financial advisor have the skills to plan your retirement?

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November 7th, 2012 at 6:49 am

Posted in Retirement

How Democrats and Republicans View Your Retirement

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There are many clear differences between Republicans and Democrats this election season, one of which is their feelings about retirement. In a variety of recent surveys, members of each political party expressed contrasting views about how retirement should be paid for and the future of entitlements. Here's a look at how Democrats and Republicans differ in their perceptions of retirement:

Responsibility for funding retirement. Republicans (56 percent) are more likely than Democrats (42 percent) to say the responsibility for retirement finances rests largely with individuals, according to a recent Wells Fargo and Harris Interactive survey of 1,000 middle-class Americans. Democrats were more likely than Republicans to report that employers and the government should also play a role in funding retirement. "Most middle-class Americans are waking up to the fact that I own and control and am responsible for my own retirement," says Joseph Ready, executive vice president of Wells Fargo Institutional Retirement and Trust.

[Read: How Retirement Expectations Differ From Reality.]

401(k)s. Democrats are more likely than Republicans to think employers should play a bigger role in helping employees save and invest for retirement. More Democrats (86 percent) than Republicans (67 percent) say employers should provide personal advice to help employees manage their retirement savings. Democrats are also more likely to say companies should automatically enroll employees in 401(k) plans (77 percent) and automatically increase contribution rates by 1 percent each year (72 percent) than Republicans (55 percent and 56 percent, respectively), according to the Wells Fargo survey. "We see a generalization that these plans are confusing, but it sure would be nice to get some help," says Ready. "What's really great about these auto features is people can opt out of them."

Retirement saving. More Republicans (79 percent) between ages 55 and 65 say they started saving for retirement prior to age 50 than Democrats (69 percent), Independents (71 percent), or people without a political party preference (67 percent), according to an Allianz Life survey of 1,209 people approaching retirement. The survey also found that, among people within 10 years of age 65, 12 percent of Republicans, 19 percent of Democrats, 19 percent of Independents, and 23 percent of those with no party preference say they have not yet begun saving for retirement. The most popular decade to begin saving for retirement was the 30s, when 33 percent of Republicans and 28 percent of Democrats say they started to build a nest egg.

Politicized investing. The Allianz Life survey also found that 57 percent of the Republicans surveyed say they will change their retirement saving strategy if Barack Obama were to be reelected. The majority of Democrats, Independents, and people with no political preference said they would not change their retirement investment strategy based on the election results. "Politics is so polarizing right now," says Katie Libbe, vice president of Consumer Insights for Allianz Life. "Who knows if they would really change their strategy, but they said they would."

[Read: Why Older Citizens are More Likely to Vote.]

Social Security. An overwhelming majority of Americans (87 percent) of all political persuasions agree that Social Security has been good for the country, according to a 2011 Pew Research Center survey of 1,502 adults. Most Americans also say preventing future cuts to the program is more important than avoiding increases in Social Security taxes for workers and employers (56 percent to 33 percent). However, a greater proportion of Democrats (67 percent) prioritize avoiding benefit cuts than Independents (55 percent) and Republicans (49 percent). There is also a divide within the Republican party, with preserving benefits being much more important to low-income Republicans than affluent Republicans. Some 63 percent of Republicans and Republican-leaning independents with family incomes of $75,000 or more say it is more important to take steps to reduce the budget deficit than to preserve entitlements. The majority of middle-income Republicans (53 percent) and Republicans with incomes of $30,000 or less (62 percent) prioritize maintaining entitlements over deficit reduction (53 percent). Democrats do not have a divide among income lines.

Medicare. Majorities of Republicans (53 percent), Democrats (72 percent), and Independents (58 percent) say people on Medicare already pay enough of the cost for their healthcare, the Pew Research Center found. But 41 percent of Republicans say recipients should pay more for Medicare benefits, compared with 32 percent of Independents and 23 percent of Democrats. Young and more affluent Republicans are more likely than Republicans overall to want to pass more of Medicare's costs on to retirees. In neither party does the majority of those surveyed favor changing Medicare into a program that offers future participants credits or vouchers toward purchasing private health-insurance coverage, but Republicans (46 percent) are much more likely to be in favor of this change than Democrats (28 percent) or Independents (34 percent).

[In Pictures: States with the Best Older Voter Turnout.]

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How Democrats and Republicans View Your Retirement

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November 7th, 2012 at 6:49 am

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4 fun and frugal ways to downsize in retirement

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Downsized retirement lifestyles

When empty nesters think about changing their retirement lifestyle, they usually consider downsizing to a place with fewer rooms to heat and cool, less grass to cut.

But some retired and semiretired boomers have changed their lifestyle to the extreme, ditching their fixed residences for homes on wheels, going off the grid and finding other ways to live smaller.

They're the kind of people Lloyd Kahn, editor-in-chief of Shelter Publications, features in his 2012 book, "Tiny Homes: Simple Shelter," such as the elderly man who fashioned himself a home out of a 120-square-foot garden shed, or the 70-something woman who lived in a converted school bus.

Kahn says the current tiny-homes movement, spurred partly by the downturn in the economy, is a bit of a throwback to the late '60s and early '70s.

"It's an idea that's been around, but all of a sudden a lot of people are thinking in terms of getting smaller rather than larger," says Kahn.

This trend doesn't apply to everyone, of course. Recent Census Bureau figures show the average size of new homes went up slightly from 2010 to 2011. But Bankrate found four examples of people who altered their retirement lifestyle, ranging from the fairly typical to the extremely frugal.

Priscilla Kleinman, a retired teacher and Kenner, La., resident, shrank her living space by about 60 percent when she moved from her 2,200-square-foot home to a 900-square-foot apartment. She later relocated to another similarly sized apartment in the gated community where she now lives.

Kleinman and her ex-husband sold their home in 2002 after they divorced. Because the house was paid off, downsizing for Kleinman has actually meant an increase in housing expenses. She says her current rent, which she would only give as "more than $800 a month" for a one-bedroom, second-floor walk-up, is straining her budget.

"My rent is more than what we were paying in maintenance, insurance and taxes," says Kleinman, who nevertheless appreciates not having to worry about the upkeep of her apartment.

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4 fun and frugal ways to downsize in retirement

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November 7th, 2012 at 6:49 am

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Westmont Retirement Facility| Will my family member ever have to move — out? – Video

Posted: November 5, 2012 at 9:51 am


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Westmont Retirement Facility| Will my family member ever have to move -- out?
http://www.assistedlivingwestmont.com | 630-230-1933 Westmont Retirement Facility Will my family member ever have to move -- out? http Most families don #39;t know to ask whether or not they need to move out towards when services get too much. We hope that you don #39;t have to move out; every move for our resident is hard on them. Physically, emotionally, it #39;s hard for anybody actually. But it #39;s nice to ask those hard questions when you are looking for a facility, it #39;s hard to think that long term but it #39;s important to find the facility that could accommodate services up until a point where you just need to be comfortable. So that #39;s our goal, to keep you here and work with the family and the resident, your friends. Try to make sure that there is comfortable as possible and this is last move. The Birches has been serving residents in the Westmont community since 1999. We hope you found this information helpful. If you have any questions, give us a call today. We would love to speak with you. Westmont Retirement Homes http://www.youtube.com The Birches 215 55th Street Clarendon Hills, IL 60514 630-230-1933From:BirchesSeniorLivingViews:1 0ratingsTime:01:14More inPeople Blogs

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Westmont Retirement Facility| Will my family member ever have to move -- out? - Video

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November 5th, 2012 at 9:51 am

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La Grange Retirement Facility| Can dining services accommodate special dietary needs? – Video

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La Grange Retirement Facility| Can dining services accommodate special dietary needs?
http://www.assistedlivingwestmont.com | 630-230-1933 La Grange Retirement Facility Can dining services accommodate special dietary needs? http We accommodate special dietary needs for our residents. We get to know our residents very well. And servers are your long term employees and they get to know the residents well and meet their needs. The Birches has been serving residents in the La Grange community since 1999. We hope you found this information helpful. If you have any questions, give us a call today. We would love to speak with you. La Grange Retirement Homes http://www.youtube.com The Birches 215 55th Street Clarendon Hills, IL 60514 630-230-1933From:BirchesSeniorLivingViews:1 0ratingsTime:00:42More inPeople Blogs

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La Grange Retirement Facility| Can dining services accommodate special dietary needs? - Video

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November 5th, 2012 at 9:51 am

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Come Home. Sarah Finnegan, Sabrina Vega, Rebecca Bross, Elizabeth Price – Video

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Come Home. Sarah Finnegan, Sabrina Vega, Rebecca Bross, Elizabeth Price
This is a montage of three very talented gymnasts who did not make the Olympic team but have not announced their retirement. I #39;m pretty sure they are all still training (I #39;m not sure about Becca). Any one of these girls could have been on that Olympic team. They are all so beautiful and talented. I wish them the best of luck this upcoming season and I really hope they come home and keep competing for Team USA. I also tried to focus on the relationship they have with their coaches because I #39;m sure their coaches do not want to lose them. I know I have a lot of Elizabeth Price at the end but her coaches have the best reactions. I used only trials footage which was hard because a lot of the routines were not shown so I did the best I could 🙂 I tried to keep it simple to really showcase the gymnastics. Thanks for watching! @Ashley_Flipper **A HUGE thanks to TayTayandZoee (@EquestrianKim) for the song idea!! for all the love and support I DO NOT OWN OR CLAIM TO OWN ANYTHING IN THIS VIDEOFrom:AshleyakaFlipper2Views:106 8ratingsTime:04:05More inSports

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Come Home. Sarah Finnegan, Sabrina Vega, Rebecca Bross, Elizabeth Price - Video

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November 5th, 2012 at 9:51 am

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Nina Schwartz Retirement – Video

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Nina Schwartz Retirement
Celebration, retirementFrom:sgtaylor41Views:1 0ratingsTime:07:31More inPeople Blogs

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Nina Schwartz Retirement - Video

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November 5th, 2012 at 9:51 am

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Cuentamelo Show 48 _El Asilo Part 1 – Video

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Cuentamelo Show 48 _El Asilo Part 1
In this show we talk about the cons pros or taking your elderly relatives to a retirement center. TV show is produced by Karla Mason Majestic Actors Productions. Cuentamelo Copyrights 2012.From:MajesticActorsViews:0 0ratingsTime:13:18More inEntertainment

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Cuentamelo Show 48 _El Asilo Part 1 - Video

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November 5th, 2012 at 9:51 am

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Randy Couture talks wrestling in MMA

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Randy Couture talks wrestling in MMA behind-the-scenes stories from his movies
Fight Nerd correspondent Michael Stets caught up with UFC Hall of famer multiple-time champion, Randy "The Natural" Couture, at the opening of his new Xtreme Couture gym in Astoria, Queens, NY. In part one of this interview, Couture talks about this new 10000 sq. ft gym, life after retirement, some stories from acting in "The Expendables" and "The Set-up", the passing of Jeff Blatnick, wrestlers in MMA, and more. Please forgive the occasionally blurry camera - Randy #39;s black shirt blended in with the background and caused the camera to have trouble staying on target. Stay tuned for part two of this interview later in the week!From:TheFightNerdViews:21 1ratingsTime:09:23More inSports

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Randy Couture talks wrestling in MMA

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November 5th, 2012 at 9:51 am

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love on top – Video

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love on top
Music by Beyonc performing Love On Top. (C) 2011 Sony Music Entertainment I came out of retirement, to tell you bros TO KEEP THE LOVE ON TOP! ALWAYS! Been a rough week for some and a beginning of a new one. Awkward? yees... but i hope you bros and sistas keep smilin, LOVE ON TOP! Kidney stone passed on, now dance with meh!From:run2ronViews:0 0ratingsTime:02:32More inGaming

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love on top - Video

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November 5th, 2012 at 9:51 am

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