TORONTO, ONTARIO--(Marketwire -02/17/12)- 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 33:

Be Generous But Don't Give Away Too Much

You have had a good life, and now you want to help your children and/or grandchildren financially. Your heirs will inherit your money anyway, but you still want to help them while you are still alive. While this is a noble view, keep in mind that retirement can last 30+ years; you need to start thinking more about your future and how much money you will need, rather than how much you should be giving to the kids. There are ways to be generous and still be mindful of your retirement savings. Consider the following:

-- Rather than cash, give away personal property or family heirlooms during
your lifetime.
-- If you want to help fund a grandchild's education, consider contributing
to a Registered Education Savings Plan (RESP). One of the important
features of the RESP is that you can take back your contributions should
you be in the unfortunate situation of needing the money during your
retirement years.
-- Draft a loan - document the fact that a loan has been given to a family
member and ask for a demand promissory note.
-- Consider registering a mortgage on the home you helped your child to buy
-- Document large gifts and amend your will to take the gift(s) into
account when dividing the estate among the beneficiaries.

Tip Number 34:

Spend During Your Retirement, But Do Some Planning First

You have worked hard to accumulate personal savings for retirement and now that you are retired, why should you hesitate to spend the money? However, spending your retirement savings comes with a myriad of fears and decisions. Consider the following when deciding how much to spend:

-- If you are concerned about outliving your money, investigate investment
products that guarantee income for life.
-- Determine how important it is for you to leave an estate and decide how
much you would like to leave.
-- Assess whether you can afford to leave a legacy and, if not, discuss,
with your financial advisor options to create an estate by using life
insurance products.
-- Have an open dialogue with your children about your wish to leave an
inheritance- you may find your children would rather you use the money
during your lifetime.

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: Be Generous But Don't Give Away Too Much During Your Life & Spend During Your ...

A retirement filled with golf, shopping and relaxation is no longer in the cards for most Americans over  age 60, new research finds.

A study conducted by CareerBuilder revealed that 57 percent of workers age 60-plus plan to look for a new job after retiring from their current company, showing that retirement no longer means the end of one's working days.

Many of those over 60 don't see a stereotypical retirement in their future for a number of years, the research found. Half of those surveyed said it will be at least five years before they plan to retire from their current job, with one in 10 thinking they'll never be able step away from their job.

The good news for such seasoned workers is that many employers are open to hiring them, the study shows. More than 40 percent of the surveyed employers plan to hire workers over age 50 this year. Additionally, 75 percent of employers said they'd consider an application from an overqualified worker who is 50-plus, with 59 percent of them saying it's because mature candidates bring a wealth of knowledge to an organization and can mentor others.

[The Secret to Finding a Job After 50]

"Whether mature workers are motivated by financial concerns or simply enjoy going to work every day, we're seeing more people move away from the traditional definition of retirement and seek 'rehirement,'" said Rosemary Haefner, vice president of human resources at CareerBuilder. "At the same time, employers are seeing the value these mature workers can bring to an organization, from their intellectual capital to their mentoring and training capabilities."

PrimeCB.com, CareerBuilder's job site for mature workers and retirees, offers several tips for finding jobs later in life:

Leverage professional and real-world experience — When updating a résumé or interviewing for a job, mature workers should think about their experience in terms of both work and life skills. Whether it's strong leadership skills or a wherewithal to weather a tough economy, play up the strengths that come with having more years under the belt. Bring value to the company — Seasoned employees looking to stay with their current company beyond retirement age need to find new ways to contribute outside of their day-to-day tasks, such as spearheading a mentorship program or offering to train new hires. Consider part-time or freelance work — For workers who aren't ready to completely stop working, part-time employment may be a good solution. They should check out job boards, talk to staffing firms and tap into their social and professional networks for part time, freelance or temporary work.

The study was based on surveys of more than 800 U.S. workers age 60 and older and more than 3,000 hiring managers and human resources professionals.

This story was provided by BusinessNewsDaily, a sister site to LiveScience. Chad Brooks is a Chicago-based freelance writer who spent 10 years as a newspaper reporter before working in public relations. You can reach him at chadgbrooks@gmail.com or follow him on Twitter @cbrooks76.

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Retirement Morphs Into 'Rehirement' for Most Americans

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15-02-2012 05:57 http://www.nma.tv Accomplished NFL wide receiver Randy Moss wants to come out of retirement and play in the NFL again in 2012, he announced Monday on UStream. Moss, who holds the record for most touchdowns in a single season (23 with the 2007 New England Patriots), last played in 2010 with the Tennessee Titans. He had a lackluster season, and announced he was retiring last August. But with his proclamation made Monday, his 35th birthday, it seems like Moss has unfinished business on the field. Cris Carter thinks his old Minnesota Vikings teammate is up for the challenge. According to him, Moss can run a 40-yard dash in 4.3 seconds. But which team would be willing to put up with Randy's antics? He has a long rap sheet riddled with fines for bad behavior, like squirting a referee with a water bottle and pretending to moon an opposing team's fans. He has also been accused of quitting on his teammates, like when he walked off the field with time remaining on the clock in a 2005 loss to the Washington Redskins. And then there are the legal troubles. In 2002, Moss faced two misdemeanors in Minneapolis after knocking over a traffic cop with his car while in possession of marijuana. Even so, that hasn't stopped the sports rumor mills from speculating on possible suitors. According to a report, the Philadelphia Eagles and New York Jets are curious about a future with Moss.

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Randy Moss: retirement over, ready for NFL again - Video

TORONTO, ONTARIO--(Marketwire -02/16/12)- 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 31:

Do Your Homework Before Starting a Business in Retirement

Canadians aged 55+ lead the country when it comes to starting new businesses. While Canada's boomers may have an entrepreneurial streak, there are some big risks they need to consider before starting a new business during retirement. These include:

-- Do you have the necessary skills or licenses to run the business? How
long would it take to be qualified or get certified? Would you hire
staff?
-- What initial funding is required for the start-up?
-- How will the business be structured (sole proprietor, partnership or
incorporated)?
-- Is there a demand for your product or service?
-- Who are your competitors?
-- What are the location and time commitments?

Tip Number 32:

Avoid Spending Too Much Too Early in Retirement

Despite the excitement you might feel upon retirement, dipping into your nest egg too quickly can increase the chance that you will run out of money before you run out of time. Keep in mind that the different phases of retirement require different levels of planning, so plan your savings accordingly.

-- Early Phase: You are ready to do the things you've been putting off and
are generally the healthiest in these years.
-- Middle Phase: This is usually the longest phase. You are realistic about
how much time and money certain activities consume and have developed a
routine.
-- Late Phase: Also known as the "slow years", your health or the loss of a
partner prompts you to slow down and you will be spending money on home
care or other services that did not need funding in the past.

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: Do Your Homework Before Starting a Business in Retirement & Avoid Spending Too Much ...

Enlarge Chris Lehman /for NPR

The Rainbow Vista retirement community in Gresham, Ore., bills itself as "100 percent gay owned and operated."

Chris Lehman /for NPR

The Rainbow Vista retirement community in Gresham, Ore., bills itself as "100 percent gay owned and operated."

February 16, 2012 from N3

When Pat Matthews turned 65, her declining health led her in search of a place that could offer increasing levels of care as she grew older.

And Matthews had one other requirement: She wanted to bring Carol Bosworth, her partner of nearly 20 years. At the very first place they visited, that was a problem.

"They didn't say we couldn't come. But they said that we would be best off if we were sisters," Matthews says. "We crossed them off our list, because that's not the way we want to live."

As lesbian, gay, bisexual and transgender people age, finding suitable retirement housing can be a unique challenge. Some facilities allow only married couples to live together, and many gay seniors fear a cold shoulder from staff or fellow retirees.

But some retirement homes have begun catering specifically to LGBT seniors. Matthews and Bosworth found a more welcoming reception at one such facility, the Rose Villa retirement community in Portland, Ore.

It's a fairly typical senior complex: People share gossip and do jigsaw puzzles in the lobby. Matthews says she and her partner were fortunate to find it.

"Some of our gay [and] lesbian friends that are older than us have chosen to stay home, because they don't trust what they might find," she says.

Making A Home More Welcoming

Rose Villa CEO Vassar Byrd says the community had always welcomed gays, but that Matthews and Bosworth's story was a wake-up call.

"I couldn't believe that in this day and age that that would happen," she says. "I was absolutely shocked beyond belief."

They weren't saying, 'Oh boy, here's our gay couple.' They were saying, 'Well, here's our new resident.'

- Rod Dolan, on the retirement community where he lives with partner Michael Stotts

Byrd set out to make Rose Villa as hospitable as possible to lesbian, gay, bisexual and transgender people. She immediately integrated LGBT issues into the diversity training that all staff — from nurses to custodians — undergo.

Advocates for gay seniors say Rose Villa's level of concern is pretty unique. And while it's nearly impossible to quantify, they say a growing number are going back in the closet in order to find a retirement facility that will accept them.

Hilary Meyer, with the National Resource Center on LGBT Aging, says one of the biggest barriers to finding welcoming housing is a lack of sensitivity among staff.

"Older adults now have lived with this historic discrimination and stigma, and they have a tremendous fear, of course, of service providers carrying that into their work."

Meyer describes a typical case: An elderly lesbian grows infirm. With no immediate family, she moves into a nursing home, and "the staff at the facility dresses her in dresses and other feminine clothing. This obviously can be very disconcerting to a woman who has not worn a dress in 25 years."

'100 Percent Gay Owned And Operated'

Rainbow Vista, a gay-friendly senior complex in the Portland suburb of Gresham, is considered by many to be one of the most gay-friendly senior complexes in the nation. It proudly bills itself as "100 percent gay owned and operated."

Currently, everyone living there is gay or lesbian, but resident Doug Schukar says that's not a requirement.

"If somebody over the age of 55 wanted to move in here, and they weren't judgmental and bigoted and everything else, they'd be just as welcome here as anyone else is."

Schukar and his partner, Don McClure, moved here from central California in the summer of 2011. McClure says they spent months investigating retirement housing options.

"It was important for me that I could have a gay community; a place that I felt safe and I could be myself, especially as I start the aging process."

Despite stunning views of Mount Hood and relatively low rents, Rainbow Vista is only about one-third full. Elsewhere, some predominantly gay retirement complexes have waiting lists.

While an all-gay retirement center may be of interest to some, many gay seniors prefer to live in a more diverse community in their golden years. Back at the Rose Villa, Rod Dolan says he and Michael Stotts, his partner of 35 years, weren't looking for a gay retirement home. They just wanted a place where they'd be accepted for who they are.

"People were actually glad to see us," Dolan says of Rose Villa. "They weren't saying, 'Oh boy, here's our gay couple.' They were saying, 'Well, here's our new resident.' "

In fact, Dolan says, it's precisely the sort of welcome they received when, in their younger years, they first moved to their old neighborhood.

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Retirement Communities Find Niche With Gay Seniors

“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.

When I was a kid we spent many Easter vacations at my aunt’s house in Cocoa Beach, Fla. We would pack up the station wagon, fill the cooler with cold drinks and sandwiches and head south on I-95.

The nearly-20-hour drive didn’t bother me because I knew it would be worth it: warm weather and sandy beaches would be my playground for the week. Now, as I approach my 62nd birthday and the temperature continues to drop outside, I find myself thinking a lot about those childhood vacations to the Sunshine State. Wouldn't that be a great place to retire?

When it comes to picking a retirement destination, boomers can’t make the decision solely based on weather. Other factors like affordability, access to transportation and walkability, housing and activities should also come into play.  

According to a survey released this month by the Consumer Federation of the Southeast.(http://consumerfederationse.com/2012/02/01/new-poll-shows-what-baby-boomers-want/), boomers are increasingly looking to relocate when they leave the workforce, and their decision on where to settle will impact not only on their finances, but also the communities they decide to join.

I spoke with Ron Sachs, spokesman for the Consumer Federation of the Southeast and asked him what baby boomers need to know about picking a retirement location. Here is what he had to say:

Boomer: With thousands of baby boomers retiring every day, what do you find is the most important consideration they take into account on where to retire?

Sach: Baby boomers are going to be a much more active generation than any generation that retired before them. Our survey that was conducted by Mason Dixon shows that boomers that are planning to relocate seek a good climate year round, affordable housing, low taxes, quality and affordable healthcare and a lot of availability of outdoor recreational activities.

Boomer: What should factors should baby boomers consider when looking at moving into a retirement community?

Sachs: Baby boomers are going to be looking for communities that are not too large; urban metropolitan areas that still have a small-city quality and feel to them. Places in the neighborhood of 200,000 to 500,000 residents are going to be more appealing to them than a multi-million dollar urban demographic area.

They should also make sure the community they enter is caring, and offers a chance to  volunteer or get a part-time job. The community should be one where they can quickly assimilate into the ebb and flow of day and night life.

Boomer: Many baby boomers will have to continue to work past retirement just to make ends meet. Would you recommend these working boomers consider moving out of their home state?

Sachs: If we know anything about baby boomers it is their willingness to go outside their comfort zone. Even in their retirement years, we expect baby boomers to deepen the reach of older individuals continuing to work, even if just part time.

It is conceivable that baby boomers will become part-time teachers, or become involved in various volunteer opportunities (paid or not paid), and that becomes a great asset to a community. I do think that working past retirement for baby boomers may take a different form in a different job or profession than where they earned most of their living during their primary working years.

Boomer: Where are the top five best places for retirement?

Sachs: Baby boomers have shown us the way of smaller communities. They are looking at cities that are smaller than typical big cities with good year round climates. They also want affordable housing and lower taxes, so a state that doesn't have an income tax, for example, would be more appealing. It seems that by and large, based on these considerations that southeast states would be attractive to retiring baby boomers: Florida, the Carolinas and Georgia to name a few.

Boomer: With the rising cost of health care, taxes, housing and utilities where are the most affordable retirement communities?

Sachs: Boomers are going to look carefully at states that don't have a state income tax, and Florida is one of those. Florida also benefits by having a great climate with very mild winters-- even in the northern parts of the state. Florida used to be the No.1 retirement destination, but in the last decade, the Carolinas have topped it. But I think Florida is going to have a resurgence with the baby boomer generation because many of them went there as a child and have fond memories.  

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Boomers on the Hunt for the Perfect Retirement Spot

Retirement is a subject that gets increasingly scarier as you age. There are just too many variables to accurately predict how much money is necessary. So, unless you are extremely wealthy, there's bound to be some anxiety about whether you will have enough to live comfortably. Here's how to eliminate some of your biggest retirement fears.

[See The 10 Best Places to Retire in 2012.]

Work on your health. Your health care expenses could increase exponentially in retirement. Many healthy workers almost never have to go see a doctor. But doctor visits, tests, and medications will become more frequent as you get older. Take steps to reduce your health care costs by staying active and eating a healthy diet. Exercising will help your energy level immediately, which could lead to other positive outcomes such as being more productive.

Pay off your house. Paying of your mortgage completely eliminates one of your biggest monthly costs. Although interest rates are currently extremely low, planning to make mortgage payments throughout retirement puts unnecessary stress on your finances. The easiest way to feel more secure in retirement is to reduce your fixed expenses as much as possible. This includes aiming to be debt free by the time you retire, and possibly downsizing so you aren't paying for unnecessary upkeep on a huge house. You might even find that you enjoy the simplicity that comes from a small house with no housing payments.

[See How to Finance Life Until 100.]

Stabilize your family obligations. Do you have parents that you will likely need to take care of when you retire? How about children who are still depending on you? Don't kick the can down the road anymore. Spend some time together to come up with a plan so all family members know what to expect when you retire. Figuring out what monetary or personal support you plan to provide to relatives will remove unnecessary strain and anxiety from your relationships and allow you to budget for the costs.

Develop your lifelong hobbies early. Many people jump from one interest to the next, and that can get very expensive. Many hobbies require an upfront capital investment that you may never get back. When you are retired, you may be tempted to try a lot of different hobbies, only to put your new equipment in the garage after three months. That's why it's a good idea to develop hobbies early, when you have less money in your bank account. When you are young and relatively poor (compared with your retired self), you also likely have more motivation and energy to figure out how to make the hobby work on a budget. Begin to pursue potential retirement activities before retirement, and figure out how to go about it in a frugal way.

[See How Long Should I Work Before Retirement?]

Retirement could be decades away, and there are many variables that are in flux. By reducing the expenses you know you will have, you will be much closer to guaranteeing a solid and comfortable retirement.

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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4 Ways to Reduce Your Retirement Anxiety

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14-02-2012 06:53 Retire in Stages

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Retire in Stages - Video

BALTIMORE, Feb. 15, 2012 /PRNewswire/ -- T. Rowe Price has expanded its suite of interactive planning tools with the launch of Ready-2-Retire (troweprice.com/ready2retire), a web-based tool that allows investors to envision how they might live in retirement.

Ready-2-Retire asks investors questions in a simple manner that helps them establish goals, set priorities, and understand risks.  No personal financial account information is necessary to use the tool.  When investors complete its questions, Ready-2-Retire produces a personal retirement profile summarizing their desired retirement lifestyle plan, their level of preparedness to minimize exposure to various risks they may face in retirement, and a list of next steps they may wish to take in the planning process.

"Ready-2-Retire helps people jump-start their retirement planning in a straightforward, non-threatening way," said Carol Waddell, head of product management and development in T. Rowe Price's Retirement Plan Services division.  "The interactive, visual nature of the tool makes it easy to understand and use.  The Summary Profile it presents also provides links to additional planning and educational resources."

Investors of any age can use Ready-2-Retire in their future planning, but the primary audience is likely to be those nearing retirement age, 80% of whom attempt to self-educate on the topic of retirement, according to LIMRA.  With Ready-2-Retire, pre-retirees can think through the activities they want to participate in, their preferred living arrangements, and possible location changes, while also considering a variety of risks retirees may face – including longevity, inflation, investment, and health-care risks – and how they plan to address them. 

"Ready-2-Retire gives investors an easy way to envision the kind of life they would like to lead in retirement and provides focus on potential risks that could stand in their way," said T. Rowe Price financial planner Judith Ward, CFP®.   "It takes what for many people is an abstract concept – planning for retirement – and helps them visualize and prioritize what is most important to them.  Ready-2-Retire is also effective at helping individuals and couples begin or continue a retirement planning dialogue, either with a financial advisor or each other." 

Ready-2-Retire was developed by LIMRA and licensed to T. Rowe Price.  Other T. Rowe Price retirement and financial planning tools include Retirement Income Estimator, Retirement Income Calculator, and Retirement Income Manager.  Participants in certain corporate retirement plans administered by T. Rowe Price also have access to online financial advice tools from Morningstar and Financial Engines.

Founded in 1937, Baltimore-based T. Rowe Price is a global investment management organization with $489.5 billion in assets under management as of December 31, 2011.  The organization provides a broad array of mutual funds, retirement plans, subadvisory services, and separate account management for individual and institutional investors and financial intermediaries – in addition to the services offered by Retirement Plan Services.  The company also offers a variety of sophisticated investment planning and guidance tools.  T. Rowe Price's disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research.

Founded in 1916, LIMRA is a worldwide research, consulting, and professional development organization that helps more than 850 insurance and financial services companies in 73 countries increase their marketing and distribution effectiveness.  Visit LIMRA at http://www.limra.com.

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T. Rowe Price Adds to Suite of Retirement Planning Tools

SAN DIEGO, Feb. 14, 2012 /PRNewswire/ -- LPL Financial Retirement Partners, the retirement plan- focused division of LPL Financial LLC, the nation's largest independent broker/dealer*, announces the additions of Plan Health Check and Fee Comparison & Analysis Evaluation tools to bolster the Retirement Partners tool suite for advisors. The LPL Financial Retirement Partners tool suite offers a comprehensive collection of retirement plan tools designed to help advisors grow and maintain their book of business in an automated and scalable fashion.

LPL Financial Retirement Partners has partnered with Fiduciary Benchmarks, Inc. to provide peer level data for comparison purposes in both new offerings:

The Plan Health Check tool allows retirement plan advisors to track and report on a plan's value and success attributes such as plan participation, deferral rates and average account balance. The Fee Comparison & Analysis Evaluation tool quickly and legitimately compares plan fees and design against an appropriate peer group, producing an easy-to-read report for plan sponsors.

"This is the fourth addition to the already robust retirement tool suite since June," noted Bill Chetney, executive vice president of LPL Financial Retirement Partners. "We are thrilled that Retirement Partners continues to build out one of the strongest and most effective offerings of tools for advisors in the retirement plan arena."

About LPL Financial
LPL Financial, a wholly owned subsidiary of LPL Investment Holdings Inc. (NASDAQ: LPLA - News), is the nation's largest independent broker-dealer (based on total revenues, Financial Planning magazine, June 1996-2011), a top RIA custodian, and a leading independent consultant to retirement plans. LPL Financial offers proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to approximately 12,800 financial advisors and approximately 730 financial institutions nationwide. In addition, LPL Financial supports over 4,000 financial advisors licensed with insurance companies by providing customized clearing, advisory platforms and technology solutions. LPL Financial and its affiliates have approximately 2,700 employees with headquarters in Boston, Charlotte, and San Diego. For more information, visit http://www.lpl.com.

Securities offered through LPL Financial. Member FINRA/SIPC

* Based on total revenues, Financial Planning magazine, June 1996-2011

LPLA-C

LPL Financial Media Contact
Michael Herley
Kekst and Company
(212) 521-4897
michael-herley@kekst.com

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LPL Financial Retirement Partners Rolls Out New Retirement Plan Tools to Enhance Advisor Services