Yesterday my step son had to put down his four-legged companion of the past fifteen years. The dog had lived well beyond her expected lifetime, but that did not make it any easier. He and his sister spent the afternoon with Princess spoiling her with peanut butter and cinnamon rolls, laying with her on the lawn where she had grown up from a puppy, and saying their goodbyes. It was a difficult time for everyone.

Sometimes retirement is a time when we must say our goodbyes to people and things we have loved. Once you reach a certain age it is inevitable that you will begin to see more people you know or admire in the obituary columns. This is why it is so important to spend time with the people that you love now.

The rapid pace of daily life too often distracts us from what we really want to be doing. Before we know it, years have passed and we find ourselves looking back on memories of people, places, and things that played a significant role in our lives. Some people we meet will barely cast a shadow, while others will have a real impact. But we never know how long we have left with people we care about.

Friends that we have had forever should not be taken for granted. Family that on occasion annoys us should be shown a bit more patience and understanding. Co-workers who may not have the best work ethic are still people living lives filled with challenges and deserving of our compassion. If you have something that you want to share, now is the time. If you wait too long to appreciate someone while they are still here, you may miss your opportunity all together. Few of us will be given a second chance to make right what we neglected the first time around.

The time will come when someone important to you is no longer here and everything you would like to say will remain unsaid. Here are a few things you shouldn't put off until tomorrow:

--Take the time to say "I love you" to those dearest to you. In our family we make a point of sharing these simple but magical words every time we say goodbye, whether on the phone or face to face.

--Let go of a grudge you have been stubbornly clinging to. In the overall scheme of things, how important is it really?

--Forgive an offense that still upsets you whenever you think of it. Holding onto anger will slowly eat you up inside.

--Really listen when someone talks to you, and hear the meaning behind the words.

--Step outside of the hustle and bustle and spend some quality time with important people in your life.

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Sometimes Retirement Means Saying Goodbye

"What's a realistic retirement age? How much longer will most of us have to work?" -- Charles Maimone, Wilmington, N.C.

The answer depends on how successful you've been at saving, how cushy a lifestyle you would like to have and, of course, when you prefer to disengage.

That said, after the battering 401(k)s took during the financial crisis, a lot of people feel they'll have to stay on the job beyond the traditional age of 65.

In a recent Wells Fargo survey, 12% of affluent Americans estimated that they'd have to work until age 80 to live comfortably in retirement. Okay, that's extreme. But when SunAmerica Financial Group surveyed pre-retirees last year, it found that workers were expecting to exit at 69 on average, up five years from a decade earlier.

The upside to waiting

There's no doubt that if you've fallen behind in your retirement planning, staying in the workforce longer can dramatically improve your chances of achieving a secure post-career life.

You'll have more years to contribute to your retirement accounts, and your investments have more time to grow. And the combination of extending your career and postponing Social Security can often boost the size of your benefit by 8% or more for each additional year you toil. Every extra year you work is also one fewer that your savings will have to support. That alone reduces the chances that your savings will run out.

Those are just the financial benefits: Research shows that as long as you're not slogging away at a job you abhor, working can improve your physical and psychological well-being and keep you more socially engaged.

How much will you need for retirement?

The choice isn't yours

Read the rest here:
Retirement age: At least 65

Retirement security seems to be an issue that the candidates running for president are running away from. But they shouldn't, according to growing number of executives in the financial services industry.

In fact, executives and others are demanding that President Barack Obama and Gov. Mitt Romney, the presumptive Republican candidate, lay out their respective positions on various retirement security issues, such as Social Security, automatic IRAs and the like.

Earlier this month, for instance, Robert Reynolds, the chief executive officer of Putnam Investments, asked in no uncertain terms that Obama and Romney endorse the tax incentives now in place for retirement saving programs such as the 401(k) and start debating how to make Social Security solvent.

In short, Reynolds called on the candidates from both political parties to recognize retirement security as not only a vital national challenge, but a key element in solving our nation's debt and deficit crisis over the long term. "If we solve the retirement challenge it would have a huge benefit for all Americans," Reynolds said in an interview. "If someone's future is secure, it allows them to do so much more with their lives."

Weeks later, we're still waiting.

Obama and Romney have not responded to Reynolds' call. So, we set out to learn what each of the candidate's positions are on some of the major retirement security issues, and to echo Reynolds' plea for action as well.

Social Security

When it comes to making Social Security solvent, a spokesperson for Romney referred us to the campaign's website. And here's what Romney wants to do to fix Social Security:

First, for future generations of seniors, the retirement age should be slowly increased to account for increases in longevity. And two, for future generations of seniors, benefits should continue to grow but that the growth rate should be lower for those with higher incomes.

"With just those two simple steps, and no change in benefits for those at or near retirement, America can guarantee the preservation of the Social Security system for the foreseeable future," according to Romney's website.

Continued here:
How Both Obama and Romney Threaten Your Retirement

"The Boomer is a column written for adults nearing retirement age and those already in their golden years. It will also promote reader interaction by posting e-mail responses and answering reader questions. E-mail your questions or topic ideas to thefoxboomer@gmail.com.

Heres a scary statistic: About 49% of Americans say they aren't contributing to any retirement fund.

A new survey conducted by LIMRA, a trade association for the financial services industry, shows less than a third of Americans over age 50 worked with a financial professional to plan for retirement.

"The findings from this survey were disturbing, given that people will increasingly need to rely on their personal savings to make ends meet in retirement," says Matthew Drinkwater, associate managing director at LIMRA's retirement research division, in a statement.

Boomers need to take a more proactive role when it comes to their retirement and making sure they have adequate savings to cover their needs. Saving systematically can have a dramatic impact on boomers lifestyles after they leave the workforce.

The survey asked consumers what investment vehicles they were using to save for their retirement (when they were) and according to Drinkwater, only 45% of respondents in their 50s were contributing to a defined contribution plan, while 16% were contributing to a ROTH and 20% to a traditional IRA. Heres the more-troubling stat: Drinkwater says a survey conducted earlier this year showed 29% of those 55 or older reported being confident they were saving enough money to last through retirement.

So what gives? If boomers arent saving for retirement because they dont have enough funds leftover after covering daily expenses like food, housing, gas and putting kids through college, how do they feel like they will have enough savings for retirement? Well, many dont plan to ever retire fully or will delay leaving the workforce.

Although it may make sense to at least plan to work as long as you can, says Drinkwater, I don't think many people are going to be able to do that into their 70s and 80s. That is not really the solution. If you look at current retirees, a lot of them say that they retired earlier than expected.

He cited a two-year old survey that showed 38% of respondents retired when they planned to, with 56% saying they retired earlier than anticipated. Of that 56%, close to half had to leave involuntarily. The mindset of I dont have to save as much because I plan to work longer is risky.

You may need to think again because you may be jeopardizing your retirement security because you may have to make those dollars last longer than you had planned for.

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Why Boomers Aren't Saving for Retirement

The retirement income needs for women are similar to those that apply to men; however, there are some factors that make it more challenging for some women to achieve their retirement planning goals and objectives, particularly in the area of finance.

SEE: Retirement Planning

Longer Life ExpectanciesWhile living longer is definitely a plus for many individuals, it adds to the risk of outliving one's retirement savings. This is of a greater concern for women, who statistically live longer than men. According to a report by the National Center for Health Statistics, the life expectancy at birth for a man is 75 years, whereas it is 80.9 years for women. The same report indicates that the life expectancy for men at age 65, which is a generally accepted retirement age, is 17.6 years for men and 20.3 for women.

A three to four year difference in life expectancy may not seem like much, but when the cost of medical expenses during retirement is considered, along with other living expenses, the cost of living for a few years can be relatively high. According to a recent Fidelity report, "A 65-year-old couple retiring in 2012 is estimated to need $240,000 to cover medical expenses throughout retirement," if they are not covered by an employer medical coverage plan.

Women can manage these and other retirement living expenses by planning ahead and implementing practical solutions to saving for retirement.

Determine How Much Is Needed to Finance Your RetirementWhile there are no guarantees on how long you will live. Your health status and the lifestyle that you will actually live during retirement can be used to make reasonable assumptions about how much you will need to finance your retirement years. Ideally, you should work with a financial advisor who is able to prepare a comprehensive analysis, which takes into consideration factors such as:

These and other factors that affect the financial aspect of your planned retirement will help determine how much you will need to save.

Determine How Much You Can SaveIdeally, you want to save the amount needed to ensure that you meet your retirement savings goal. However, from a practical perspective, the amount that you can afford to add to your retirement nest egg should be limited to what you can afford.

For example Assume that you are 30 years old, you plan to retire at age 65 and your financial advisor projects that you will need $1 million, in addition to what you have already saved, to finance your retirement. Assuming a rate of return of 4% and an inflation rate of 3.1%, you will need to save about $1,100 per month in order to reach your goal.

However, the question becomes whether you can afford to save $1,100 per month. If you find that saving $1,100 per month causes financial challenges, including causing you to increase your amount of debt, it may be practical to reduce your savings amount and/or revise your retirement goals and objectives.

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Retirement Planning Tips For Women

Between inflation and consistently pitiful yields, retirement planning has become a Herculean task. Investment is tough when working with low returns. But there's a bigger problem on the horizon -- a large majority of baby boomers on the cusp of retirement won't have enough assets to last them for the duration.

In order to get a better understanding of retirement planning in a weak economy, we asked John Moore, associate professor of finance and economics at Walsh College, to provide us with some insight. As a frequent radio and television guest, he has served as an expert on Detroit Public Television as well as at the Economic and Business Historical Society annual conference.

Has the current economic situation changed retirement planning for baby boomers?

I believe the answer is yes. Returns from equities over the past dozen years have been disappointing by historical standards. Unfortunately, the near-term future of capital markets remains unclear due to the slow growth of the American economy and uncertainties in Europe.

The consequence is that many boomers are underfunded for their retirement. Many of them will need to work longer in order to accumulate the funds necessary to retire in comfort. An alternative will be to scale back lifestyle choices during the retirement years. The reality is that the average boomer will likely live their retirement years more comfortably than their grandparents, but perhaps not as well as their parents.

For retirees already on a fixed income, what effects has the recession caused?

The problem for fixed-income retirees is that the cost of "ordinary goods," such as groceries, gas and utilities, is currently increasing at a faster rate than the official (Consumer Price Index). This can seriously damage the real purchasing power that retirees have at their disposal. Although we are by no means in the same situation yet, the last time that retiree purchasing power was badly damaged was in the 1970s, when high inflation hurt retirees and the poor harder than any other segment of society.

How can an individual plan for retirement and determine the total amount he or she needs once retired?

Each individual's plan is unique. It depends on when they want to retire, what sort of lifestyle they want to live during retirement, the amount of savings they accumulate, and their investment styles. Everyone serious about retirement should work with some sort of qualified financial adviser to answer those questions.

In light of the currently volatile financial world, individuals should be prepared to save more and assemble a well-diversified portfolio in order to ensure they reach their investment goals. Although this may seem counterintuitive right now, a well-constructed portfolio should include some real assets such as real estate.

Go here to read the rest:
Should Baby Boomers Say 'Bye' to Retirement?

BOSTON (MarketWatch)Retirement security doesnt seem to be an issue that the candidates running for president want to discuss. But they should, according to growing number of executives in the financial services industry.

In fact, executives and others are demanding that President Barack Obama and Gov. Mitt Romney, the presumptive Republican candidate, lay out their respective positions on various retirement security issues, such as Social Security, automatic IRAs and the like.

Earlier this month, for instance, Robert Reynolds, the chief executive officer of Putnam Investments, asked in no uncertain terms that Obama and Romney endorse the tax incentives now in place for retirement saving programs such as the 401(k) and start debating how to make Social Security solvent.

In short, Reynolds called on the candidates from both political parties to recognize retirement security as not only a vital national challenge, but a key element in solving our nations debt and deficit crisis over the long term. If we solve the retirement challenge it would have a huge benefit for all Americans, Reynolds said in an interview. If someones future is secure, it allows them to do so much more with their lives.

Weeks later, were still waiting.

Obama and Romney have not responded to Reynolds call. So, we set out to learn what each of the candidates positions are on some of the major retirement security issues, and to echo Reynolds plea for action as well.

Social Security

When it comes to making Social Security solvent, a spokesperson for Romney referred us to the campaigns website. And heres what Romney wants to do to fix Social Security:

First, for future generations of seniors, the retirement age should be slowly increased to account for increases in longevity. And two, for future generations of seniors, benefits should continue to grow but that the growth rate should be lower for those with higher incomes.

With just those two simple steps, and no change in benefits for those at or near retirement, America can guarantee the preservation of the Social Security system for the foreseeable future, according to Romneys website.

Originally posted here:
Why Obama, Romney Threaten Your Retirement

LOS ANGELES--(BUSINESS WIRE)--

Chatham Partners recognized Transamerica Retirement Services sales team among the top retirement services providers in its 2011 Advisor/Distributor Satisfaction Analysis. Transamericas sales force was recognized for its knowledge, responsiveness and availability, and earned 10 Best in Class ratings in the survey.

In the survey, Transamericas external sales team earned Best in Class ratings from advisors and distributors for overall satisfaction, point-of-sale assistance and support, presentation skills, problem resolution skills, knowledge, responsiveness and availability. The companys internal sales team also garnered Best in Class ratings for responsiveness, knowledge and availability.

The survey results are a testament to the quality and value that Transamericas sales force brings to the advisor community, said Peter Starr, president of Chatham Partners. The ratings from advisors and distributors exemplify Transamericas dedication to providing Best in Class service to advisors and the retirement plan sponsors they serve.

Transamerica remains committed to helping financial advisors through all phases of selling and servicing retirement plan clients, said Jason Crane, senior vice president and national sales director of Transamerica Retirement Services. In this years survey, financial advisors have recognized our efforts in helping grow their practices, and in providing unparalleled support to advisors while working with prospective and current clients.

For more information about Transamericas retirement plan sales support, please call (888) 401-5826, Monday through Friday, 9 a.m. - 8 p.m. Eastern Time.

About Transamerica Retirement Services Corporation

Transamerica Retirement Services Corporation (Transamerica or Transamerica Retirement Services), which is headquartered in Los Angeles, CA, designs customized retirement plan solutions to meet the unique needs of small- to mid-sized businesses. Transamerica and its affiliates have more than 17,0001 retirement plans totaling more than $20 billion1 in assets. For more information about Transamerica, please refer to http://www.TA-Retirement.com.

About Chatham Partners 2011 Advisor/Distributor Satisfaction Analysis

Chathams independent third-party research helps isolate Transamericas key strengths, weaknesses, and gaps in delivery of client services, and benchmarks Transamericas standing relative to other small-market defined contribution providers. By identifying the most important drivers of advisor satisfaction, Transamerica uses these findings to help provide the best possible retirement planning solution for its clients.

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Transamerica Retirement Services Sales Team Ranks “Best in Class” in Chatham Partners’ 2011 Advisor/Distributor ...

(MoneyWatch) As a proponent of planning ahead, I've written previously about three strategies you should learn about that will "recession-proof" your retirement paycheck. One of my earlier posts showed how you might have fared if you had used one of these strategies -- drawing down interest and dividends only from a portfolio balanced between stocks and bonds -- during the "lost" decade of 2000 to 2009. Since a few years had passed, I wanted to update that analysis to include 2010 and 2011.

There are two simple, cost-effective ways for you generate a retirement paycheck from interest and dividends on a balanced portfolio. You can invest in one of the following two funds:

- Vanguard's Wellington fund (VWELX), which is invested about 65 percent in stocks and the rest in bonds and cash investments, or

- Vanguard's Wellesley fund (VWINX), which is invested about 40 percent in stocks and the rest in bonds and cash investments.

IRAs and 401(k): 3 ways to generate lifetime retirement income Recession-proof your retirement savings IRA and 401(k): Generate retirement income with just interest and dividends

Of course, there are other low-cost, balanced funds available; most likely your 401(k) plan at work has an investment option that could also could fit the bill.

So let's see how you would have fared if you had invested $200,000 in each of these two funds at the beginning of 2000, and then withdrew just interest and dividends each of the 12 years through the end of 2011.

Vanguard Wellington Fund

By the end of 2011, your initial investment of $200,000 would have grown to $227,266 just on the appreciation of the fund's share price, for a modest total gain of 13.6 percent over the course of 12 years. During your first year -- 2000 -- your interest and dividend payments would have been $7,739, for a yield on investment income of 3.9 percent. Over the next dozen years, you would have received a stream of income with a modest roller-coaster ride, as shown in this graph:

During those 12 years, you also would have received $53,002 in capital gains distributions. You could have used these distributions to boost your retirement savings by the end of 2011 or to fill in the dips in the dividend income stream (or some combination thereof).

The rest is here:
Recession-proof your retirement income

(MoneyWatch) This post starts my series on various retirement income offerings that are being introduced in 401(k) and other defined contribution retirement plans. Today we'll take a look at Income Solutions, the online annuity bidding platform offered by Hueler Investment Services that's available on the platforms of many 401(k) plan administrators. It's also available to customers of Vanguard through its Annuity Access program.

Do you long for the good old days of company pensions, where you're paid a monthly retirement income for the rest of your life, no matter how long you live and no matter what happens in the economy? You can get that with a simple "immediate annuity," a product that's been available for years from insurance companies. But don't confuse these time-tested products with "deferred variable" annuities, which can have high expenses and poor investment returns -- they've given annuities a bad reputation.

What happens if your insurance company fails? 401(k) Retirement income options coming your way Retirement income scorecard: Immediate annuities IRAs and 401(k): Maximize retirement income with immediate annuities

If you don't want to pay a lot of commissions to an insurance agent, consider buying an immediate annuity with the help of Income Solutions, which competitively bids fixed and inflation-adjusted immediate annuities among a panel of highly rated insurance companies.

It's pretty easy to use. Go to Income Solutions' website and answer a few simple questions, including your date of birth, sex, state of residence, and whether you want to cover your spouse or beneficiary to have a joint and survivor annuity (and his or her date of birth and sex). You'll also need to tell the system how much money you have to purchase an annuity.

You can also tell the system whether you want an annuity that's fixed in dollar amount, increases at a specified annual rate, or is adjusted according to the Consumer Price Index. The inflation protection will cost you more, meaning that a given amount of retirement savings will produce a lower initial monthly payment with an inflation-adjusted annuity.

The system then gets bids from Hueler's panel of top-rated insurance companies, and it shows how much of a monthly paycheck each insurance company would provide. For each insurance company, the system also shows you their credit ratings from A. M. Best, Moody's (MCO), and Standard & Poor's.

Non-commissioned telephone representatives can answer any questions you may have about the transaction, help you understand the terms, and guide you through the tools on the website. However, they won't give you financial planning advice, such as whether an annuity best meets your goals and circumstances, or how much of your retirement savings to devote to an annuity. The phone representatives will also be glad to work with your financial planner, if you're using one.

If you elect to apply part or all of your 401(k) account to an annuity, you'll want to make sure you buy a tax-qualified annuity, so you don't have to pay income taxes on the part of your savings that's applied to the annuity. Instead, you'll pay taxes on the income that you receive each year. The representatives at Income Solutions can help you execute the transaction in compliance with the IRS rules in order to maintain this favorable tax treatment.

"Our program gives consumers a fair shake when buying an immediate annuity," Kelli Hueler, founder of the Income Solutions platform, told me in an interview. "We obtain institutional pricing for individuals, compare the bids from the different insurance companies, and then transparently disclose all transaction costs. This helps put your mind at ease about buying an annuity."

Link:
Retirement income review: Hueler's plan