TOM PULLAR-STRECKER

Retirement Commissioner Diana Crossan has labelled her $5.8 million budget "pathetic", telling MPs the commission needed three times as much money.

Crossan later upped that to "20 times", while acknowledging that was probably how many people felt about budgeting for retirement.

She is not alone in pleading poverty.

Chief ombudsman Beverley Wakem said last month that the Office of the Ombudsmen was in crisis and appealed for an extra $1m to be added to its $8.6m budget.

Privacy Commissioner Marie Shroff last month told Justice Minister Judith Collins that its $3.4m budget had not increased since 2006 and rapid growth in ICT and online activity was "placing pressure on its regulatory, policy and communications capabilities".

Appearing in front of a select committee yesterday, Crossan said that if the Commission for Financial Literacy and Retirement Income had more money, the first place she would put it would be in schools.

"The Australians announced last year that $10m would go into teaching financial education in schools over the next three years. We get nothing in particular for this."

The Bankers Association and the Young Enterprise Trust had helped develop teaching resources and the commission had partnered with banks to provide education to schoolchildren, but Crossan said she believed financial literacy would best be taught by "ordinary classroom teachers".

ASB Bank's retail general manager, Ian Park, said it had helped 175,000 schoolchildren learn basic money management skills since it launched its free "GetWise" programme two years ago and last year doubled the number of "classroom facilitators" to six.

Read more here:
Retirement commissioner seeking increase

What can we learn about retirement planning from successful investors? Plenty! Bank of America and Merrill Lynch recently published their Affluent Insights Survey of 1,000 investors with assets of $250,000 or more, and the results are indeed insightful.

Any time successful people are willing to share their point of view, I'm interested to see what I can learn. You'll see that these secrets aren't rocket science and can be used by anybody, not just the privileged, to get ahead financially. In fact, these "secrets" are just common sense, offering guidelines on what to do -- and not do -- when it comes to your money. Let's take a look.

Secret No. 1: Redefine retirement

The successful investors consulted for the survey are changing the definition of retirement. Almost three-fourths of respondents who aren't yet retired view this upcoming life stage as a second act during which they plan to work full or part time. Almost 30 percent intend to cycle between work and leisure, 22 percent plan to work at a job they enjoy more than the one they currently have, and 14 percent want to continue working part time in their current job.

About one in four define retirement as never working again, while only 14 percent define retirement as hitting a certain age.

Secret No. 2: Make lifestyle tradeoffs

If given the choice, half of the affluent Americans surveyed who are not yet retired would rather retire later than make tradeoffs in their lifestyle now. But 81 percent would choose to reduce their standard of living when push comes to shove -- as it most certainly will, even for affluent investors. The survey respondents reported a variety of actions they'd be willing to take; each of the following actions would be taken by one-fourth to one-third of the survey respondents:

-- Trim day-to-day expenses -- Buy fewer luxuries -- Limit vacations -- Cut back on entertainment -- Keep the same car longer -- Leave less of an inheritance -- Downsize their home

I contend that these actions won't ruin their lives. Even if they have to implement some of these strategies in order to save enough for retirement, they'll still enjoy a good life.

Secret No. 3: Plan for retirement

See the rest here:
Retirement Secrets of Successful Investors

Retirement Commissioner Diana Crossan has told MPs she needs more money if her office is to increase the financial literacy of Maori and Pacific Islanders.

The Commission for Financial Literacy and Retirement Income, which operates the Sorted.org website, was urged to extend its coverage to lower socio-economic groups at Wednesday's hearing of parliament's social services committee.

Since it was established in 1993, the commission has predominately focused on improving the financial literacy of middle income New Zealanders.

"We don't have the facilities or the money that would be required to target some of these groups," Ms Crossan said.

"We are aware that what we are doing is for the general population - we are targeting some smaller areas but we don't have a lot of the resources. We can't work alone."

She said the commission has no specific strategy to target Maori and Pacific Islanders. She acknowledged a relationship with the Ministry of Pacific Island Affairs would be an important pathway to developing one.

"We have talked with iwi - we want them to get into a long-term strategy," Ms Crossan said.

"What we have had to do is to alert them to the fact that the resources are there - we can help you but we can't do it."

Read the original:
Retirement Commissioner wants more money

3/20/2012 12:57 PM ET

By Annie Mueller, Investopedia

It's hard to think of retirement when you're still young, but smart moves now can make sure your older self will be financially secure.

You want to not only have enough money to live comfortably when you retire, you also want a little bit more. Maybe you want enough to travel, start that side business you always talked about or purchase your dream home since you'll have time to enjoy it. Whatever your retirement dreams are, maximizing your retirement income can help.

Here are some ways to do just that:

You've no doubt heard of the benefits of compound interest. The key is that the sooner you start saving, the sooner you start gaining the interest and the sooner that interest can start compounding. Two years makes a difference, but five or 10 years makes an even bigger difference in the amount you end up with upon retirement. If you're on a tight budget, you can still stash at least a little bit away in a retirement account. Have a set amount automatically deducted from your paycheck, so you're not tempted to spend it. You're investing in your own future. (Are you saving enough for retirement? Find out with MSN Money's calculator.)

This one isn't always possible, but if you happen to have a nice lump sum of money come into your possession, consider using it as the base of your retirement fund. Graduations and weddings often result in gifts of cash, so use these as the seed of your retirement account for increased compound interest and a larger return when you retire.

Continued here:
Maximize retirement income

Regardless of how old you are, it's never too early to start thinking about retirement. It will be here much sooner than you think and if you find yourself unprepared, there may be no way to make up for the lack of preparation in the past.

If you're close to retirement and not sure if now is the right time, you have a unique set of questions to ask yourself before saying goodbye to the life you've lived for decades. Whether you're young or old, there are questions you need to answer before you have a clear picture of what retirement means for you.

Do I Have Enough Money?The "magic number" question is the question that we all ask, and getting a useful answer is often difficult. The long held wisdom is that you should have enough money to provide 80% of the income you were earning right before retirement. Some studies show that retirees spend less than when they were younger making the eighty percent rule too high, but other studies seem to show that less money is spent because retirees are forced to live on less due to shortfalls in retirement savings.

There is one fact not in dispute: Saving as much as possible now will better position you for retirement later. It doesn't have to be in a formal retirement account either. Fund your 401(k) to its maximum extent and start an IRA. Other savings can be in an investment or savings account. Rather than trying to find a magic number, save and invest more in your working years.

Should I Keep Working?The traditional retirement age is 65, but that number has slowly risen to 69 according to recent studies by SunAmerica. A variety of reasons have factored in to this but the largest may be the loss of retirement savings as a result of the 2008 and 2009 recession. If you have a shortfall in your retirement accounts or you're in relative good health and could live longer than the amount of money you have to live on, working longer may be required.

There are also non-financial reasons. Some people have a live-to-work mentality where staying at home and taking part in recreational activities isn't healthy for them. If you enjoy working and have the means to do so, working longer can help you reach your savings goals while also keeping your mind and body healthier. Remember that some retirement accounts require that you begin taking payments at a certain age so consulting with a financial planner is well advised.

Is Working an Option?Forty one percent of people reaching retirement age cite medical problems as holding them back from working any longer. If you're far away from retirement age, it would be dangerous to rely on working past 60 to shore up your retirement goals. There's a better than average chance that you'll have the opportunity to work longer, but money decisions should never be made with hope as part of the reasoning.

What Would You Like to Do?If you want to work after retirement, position yourself now to be able to do that. What types of jobs would you like to do as a retiree and how can you train for those now? Would you like to be a writer? A consultant? A counselor? Less physically demanding jobs that allow you to work on your own schedule might allow you to achieve a lifestyle of both retirement and still earning a living even if minor health problems do become an issue.

The Bottom LineAlthough we hear all the time how we should plan for our retirement, an alarming amount of people have done very little to plan for the golden years. If that's you, now is the time to come up with a plan and start funding those goals.

More From Investopedia

Here is the original post:
Ask Yourself These Retirement Questions Before It's Too Late

Video Link: https://www.youtube.com/watch?v=byBqrtB8Kow

19-03-2012 23:28 JOE LACOB BOOED AT CHRIS MULLIN JERSEY RETIREMENT CEREMONY, Joe Lacob Warriors owner booed at Chris Mullin jersey retirement, Golden State Warriors, Chris Mullin, NBA, Joe Lacob booed, Warriors, NBA, Bay Area Sports, 95.7 FM The Game, The Wheelhouse @JohnLundRadio, Golden State Warriors, Joe Lacob booed, Chris Mullin #17 retired jersey.

See the original post here:
JOE LACOB BOOED AT CHRIS MULLIN JERSEY RETIREMENT CEREMONY - Video

SARASOTA, Fla., March 20, 2012 /PRNewswire/ -- Adequate retirement savings has become an issue of significant concern to members of every income bracket.It should come as no surprise that according to a recent BMO Harris survey, the majority of U.S. residents (57 percent) are not confident in their ability to save for their ideal retirement lifestyle. Approximately half of U.S. residents (52 percent) say they have/will or anticipate maybe having to delay their retirement and/or work part-time during retirement due to a shortage of retirement savings.

"This is a critical wake-up call to everyone, no matter what your age," said Jack Kuhn, Florida Manager, M&I Wealth Management, a part of BMO Financial Group. "Our best advice, start now!Get smart about planning and saving for retirement, and get educated about the many strategies and tools available to help maximize your savings."

Kuhn provides the following tips to guide you as you review or initiate your retirement planning:

Meet with a professional: A financial advisor can provide the guidance you need to learn about the retirement planning process and assist you in creating a realistic retirement plan.You just might be surprised at some of the opportunities available to help build your nest egg.

Start Early: We can't say it enough.Start saving at an early age.Doing so gives you the advantage of compound interest, your money will be working for you every single day.Just ask your parents, they learned this lesson the hard way.

It's never too late: Don't be discouraged if you haven't been saving for retirement. Instead of giving up, like many people do, start now. Contact a financial advisor who can help you develop a plan for the best retirement that you can have.

Take advantage of your company 401(k): There are many advantages to 401(k) plans. Don't miss out on any of them.Although rare these days, some companies still offer to match your contributions (guidelines will vary by company). If there is no match, you still benefit because whatever you put into your 401(k) plan is tax-deferred. Don't forget that when you leave a company, you can take your 401(k) contributions with you or make a rollover into other retirement vehicles.

Consider a Roth IRA: A Roth IRA is a special type of retirement plan under U.S. law that is generally not taxed, provided certain conditions are met. Tax treatment is different for this plan because the tax break is granted on money withdrawn from the plan during retirement, rather than for money placed into the plan.

Commit to saving, even if you start small: Ben Franklin said it best, "A penny saved, is a penny earned."

Parents, educate your children: So many of us are learning the retirement lesson, save early and save often, the hard way.Share this knowledge with your children, and guide them to make saving an important part of their financial lives.

More here:
U.S. Residents Not Confident in Their Ability to Save for Retirement

INDIANAPOLIS, March 20, 2012 /PRNewswire/ --Adequate retirement savings has become an issue of significant concern to members of every income bracket. It should come as no surprise that according to a recent BMO Harris survey, the majority of U.S. residents (57 percent) are not confident in their ability to save for their ideal retirement lifestyle. Approximately half of U.S. residents (52 percent) say they have/will or anticipate maybe having to delay their retirement and/or work part-time during retirement due to a shortage of retirement savings.

"This is a critical wake-up call to everyone, no matter what your age," said Brian Corbett, Vice President, M&I Wealth Management, a part of BMO Financial Group. "Our best advice - start now! Get smart about planning and saving for retirement, and get educated about the many strategies and tools available to help maximize your savings."

Corbett provides the following tips to guide you as you review or initiate your retirement planning:

Meet with a professional: A financial advisor can provide the guidance you need to learn about the retirement planning process and assist you in creating a realistic retirement plan. You just might be surprised at some of the opportunities available to help build your nest egg.

Start Early: We can't say it enough. Start saving at an early age. Doing so gives you the advantage of compound interest, your money will be working for you every single day. Just ask your parents, they learned this lesson the hard way.

It's never too late: Don't be discouraged if you haven't been saving for retirement. Instead of giving up, like many people do, start now. Contact a financial advisor who can help you develop a plan for the best retirement that you can have.

Take advantage of your company 401(k): There are many advantages to 401(k) plans. Don't miss out on any of them. Although rare these days, some companies still offer to match your contributions (guidelines will vary by company). If there is no match, you still benefit because whatever you put into your 401(k) plan is tax-deferred. Don't forget that when you leave a company, you can take your 401(k) contributions with you or make a rollover into other retirement vehicles.

Consider a Roth IRA: A Roth IRA is a special type of retirement plan under U.S. law that is generally not taxed, provided certain conditions are met. Tax treatment is different for this plan because the tax break is granted on money withdrawn from the plan during retirement, rather than for money placed into the plan.

Commit to saving, even if you start small: Ben Franklin said it best, "A penny saved, is a penny earned."

Parents, educate your children: So many of us are learning the retirement lesson, save early and save often, the hard way. Share this knowledge with your children, and guide them to make saving an important part of their financial lives.

Excerpt from:
US Residents Delaying Retirement Due to Lack of Savings According to BMO Harris Survey

PITTSBURGH, March 20, 2012 /PRNewswire/ --fi360, the nation's premier organization for fiduciary education and investment analytics, and The Retirement Advisor University (TRAU) at the UCLA Anderson School of Management today announced that they have established a strategic partnership to expand their educational reach.

The partnership will provide participants from each program with access to both fi360 and TRAU training courses and designations. At a time when fiduciary regulation is continuing to evolve, fi360 and TRAU are expanding their educational offerings to support advisors with a comprehensive approach to both fiduciary responsibility and retirement planning.

The strategic partnership will enable current students and clients to earn reciprocal course credits and participate at a discounted rate in each organization's training programs, expand the scope of their education, and receive both the AIF designation from fi360 and the C(k)P designation from TRAU.

"This partnership with fi360 will add depth to our retirement advisor curriculum," said Fred Barstein, the founder and executive director of TRAU, the first retirement planning certification program associated with a nationally recognized institution of higher learning. "Given the ongoing regulatory debate surrounding the fiduciary standard, it now makes sense to increase our educational offerings to help current advisors, registered representatives and other investment fiduciaries prepare for the changes ahead."

"As more of our students seek continuing education, we believe this initiative with TRAU will help them to expand their curriculum with ease," said Blaine Aikin, CEO of fi360. "We are very pleased to be working with an educational organization that, like fi360, has the best interests of the fiduciary community at heart."

For more information on the fi360, TRAU partnership, please visit their websites at http://www.fi360.com/main/index.jsp and http://www.trauniv.com/trau/AboutTRAU.asp.

About fi360

fi360 offers a comprehensive approach to investment fiduciary education, practice management and support that has established them as the go-to source for investment fiduciary insights. With substantiated Practices as the foundation, fi360 offers world-class fiduciary Training/Education,ToolsandResourcesthat are essential for fiduciaries and those who provide services to fiduciaries to effectively and successfully manage their roles and responsibilities. Fi360 assists those who rely on their fiduciary education programs, professionalAIF and AIFA designations, Web-based analytical and reporting software and resources to achieve success. For more information about fi360, please visitwww.fi360.comor Twitter: @fiduciary360.

About The Retirement Advisor University

TRAU, The Retirement Advisor University at UCLA Anderson School of Management Executive Education is the first retirement planning certification program associated with a nationally recognized institution of higher learning. Participating advisors and wholesalers can benefit by earning certification that has real meaning to plan sponsor clients, prospects, and the retirement industry as a whole. The Retirement Advisor University is the product of collaboration with UCLA Anderson Executive Education. Curriculum is a combination of onsite classes at the UCLA campus, virtual classroom courses E-Learning and self study. By combining world-class professors with retirement industry leaders TRAU has created the most comprehensive retirement training program for financial advisors in America.

Read more:
fi360 and The Retirement Advisor University Announce Strategic Partnership

LEAWOOD, Kan., March 20, 2012 /PRNewswire/ --Adequate retirement savings has become an issue of significant concern to members of every income bracket. It should come as no surprise that according to a recent BMO Harris survey, the majority of U.S. residents (57 percent) are not confident in their ability to save for their ideal retirement lifestyle. Approximately half of U.S. residents (52 percent) say they have/will or anticipate maybe having to delay their retirement and/or work part-time during retirement due to a shortage of retirement savings.

"This is a critical wake-up call to everyone, no matter what your age," said Kelli Glynn, Managing Director and Regional Senior Vice President, M&I Wealth Management, a part of BMO Financial Group. "Our best advice, start now! Get smart about planning and saving for retirement, and get educated about the many strategies and tools available to help maximize your savings."

Glynn provides the following tips to guide you as you review or initiate your retirement planning:

Meet with a professional: A financial advisor can provide the guidance you need to learn about the retirement planning process and assist you in creating a realistic retirement plan. You just might be surprised at some of the opportunities available to help build your nest egg.

Start Early: We can't say it enough. Start saving at an early age. Doing so gives you the advantage of compound interest, your money will be working for you every single day. Just ask your parents, they learned this lesson the hard way.

It's never too late: Don't be discouraged if you haven't been saving for retirement. Instead of giving up, like many people do, start now. Contact a financial advisor who can help you develop a plan for the best retirement that you can have.

Take advantage of your company 401(k): There are many advantages to 401(k) plans. Don't miss out on any of them. Although rare these days, some companies still offer to match your contributions (guidelines will vary by company). If there is no match, you still benefit because whatever you put into your 401(k) plan is tax-deferred. Don't forget that when you leave a company, you can take your 401(k) contributions with you or make a rollover into other retirement vehicles.

Consider a Roth IRA: A Roth IRA is a special type of retirement plan under U.S. law that is generally not taxed, provided certain conditions are met. Tax treatment is different for this plan because the tax break is granted on money withdrawn from the plan during retirement, rather than for money placed into the plan.

Commit to saving, even if you start small: Ben Franklin said it best, "A penny saved, is a penny earned."

Parents, educate your children: So many of us are learning the retirement lesson, save early and save often, the hard way. Share this knowledge with your children, and guide them to make saving an important part of their financial lives.

Read more:
U.S. Residents Short of Savings Will Delay Retirement Survey Shows