Archive for the ‘Retirement’ Category
Parents Snared in College Debt Trap Risk Retirement – Video
Posted: February 13, 2012 at 2:03 am
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Parents Snared in College Debt Trap Risk Retirement - Video
BMO Retirement Tips of the Day: Understand the Impact of Inflation and Determine How Much Is Enough
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TORONTO, ONTARIO--(Marketwire -02/10/12)- 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 Nineteen:
Recognize the effects that inflation will have on retirement income
Understanding how inflation can impact your retirement lifestyle. Inflation is a measure of the rise in the price of goods and services over time. It is calculated by Statistics Canada based on the basket of approximately 600 goods and services called the Consumer Price Index (CPI). Although most recently inflation has been very low, it is important to understand that not all of the items in the basket of goods in the CPI go up by the same amount, and every individual is impacted differently by inflation based on what they buy within the basket of goods.
It is important to take inflation into consideration when planning for retirement as your nest egg may lose value over time - during your working years and in retirement - if not secured in an investment vehicle that ensures your savings are growing at a rate higher than inflation.
Tip Number Twenty:
Determine the size of your nest egg and how much is enough for you
To determine how much you will need to save for retirement, base it off of your current lifestyle, your desire to maintain or alter this during retirement and how much it will cost to sustain that standard of living. It is important to ask yourself the difficult questions regarding retirement. Be honest with yourself about how much you currently have saved, what you can expect from government and company pension plans, the number of years you plan to be in retirement, etc. Also be aware that there are a lot of unknowns that require contingency planning, such as life span, inflation, health care needs, market volatility and place of residence, that will impact how much is enough for you to sustain your desired lifestyle.
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: Understand the Impact of Inflation and Determine How Much Is Enough
Transamerica Retirement Services to Host “Leveraging Social Media” Webinar on February 21
Posted: at 2:03 am
LOS ANGELES--(BUSINESS WIRE)--
Transamerica Retirement Services will host a webinar on February 21, 2012, at noon Eastern Standard Time, for third party administrators and financial advisors entitled “How Businesses Are Effectively Leveraging Social Media.” Social media expert D.J. Waldow will be the featured speaker of the webinar, which will highlight how businesses are using social media for marketing to and communicating with their targeted audiences.
During the webinar, Mr. Waldow will discuss real-life examples of how businesses are using social media to gain leads, increase brand awareness, communicate with customers, and promote products and services.
“We know that retirement plan professionals are seeking to better understand the role social media plays in the future of communication,” said Stig Nybo, president of Transamerica Retirement Services. “We look forward to hosting this webinar to share how and where social media is being effectively employed. Transamerica’s goal is quite simple – to help third party administrators and financial advisors better understand the world of social media.”
Mr. Waldow is a nationally recognized speaker on social media, and counsels professionals and companies on building social communities. He is the CEO of Waldow Social, a firm that specializes in the development, implementation and management of interactive programs to build leads, sales and online communities.
Third party administrators and financial advisors can register for the webinar by calling Transamerica at (888) 401-5826 and selecting option one, Monday - Friday, 9:00 a.m. - 7:00 p.m. Eastern Standard 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 15,5001 retirement plans totaling more than $19.5 billion1 in assets. For more information about Transamerica, please refer to http://www.TA-Retirement.com.
1As of December 31, 2010.
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Transamerica Retirement Services to Host “Leveraging Social Media” Webinar on February 21
BMO Retirement Tips of the Day: Save More for Retirement by Paying Down Credit Card Debt and Taking Advantage of …
Posted: at 2:03 am
TORONTO, ONTARIO--(Marketwire -02/09/12)- 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 Seventeen:
Be wary of using credit cards as a long-term loan solution
An easy way to wreck your retirement is to incur interest charges on credit card balances. To minimize interest costs and maximize savings, understand the rates and fees associated with your credit card, such as interest charges, annual fees, cash advance fees and foreign exchange charges, and effectively manage your purchases and payments. Also, take advantage of rewards programs offered in conjunction with your credit card.
Avoid charging items that you can't afford to pay off quickly as monthly interest charges can end up costing you a lot more than the original price of the item. Instead, save for the item beforehand and pay off the balance/charge by the due date to avoid additional charges.
Tip Number Eighteen:
Take advantage of employee benefits and save more money for retirement
Do not make the mistake of thinking you are alone in saving for retirement. Many employers offer registered pension plans such as a Defined Contribution pension plan (DC), Defined Benefit pension plan (DB) or a group RRSP, that match employee contributions. This is essentially free money that can easily double the amount of pension savings you accumulate.
Also, take full advantage of employee benefits such as insurance programs, dental and health care coverage, stock purchase plans, employee assistance programs and employee discounts. These are services that you do not have to pay for yourself and they will end up helping you save more money that you can allocate to your retirement or use to pay off debts.
For more information on retirement: http://www.bmo.com/retirement.
Get the latest BMO press releases via Twitter by following @BMOmedia.
Talk with your spouse now about retirement plans
Posted: at 2:03 am
There are many reasons I agreed to marry my husband, but one thing that clinched it for me was his answer to a question I asked early in our courtship.
“Where do you see yourself when you retire?” I wondered.
“I see myself in a rocking chair on a porch in a warm location watching our grandchildren playing in the backyard,” he said.
I swooned.
I’ve been looking forward to retiring with this man ever since. And in our 20 years together, we’ve had many conversations about our retirement plans.
Last year, Fidelity Investments conducted a survey to find out whether couples are talking with each other about how they see their retirement years. For the most part, the surveyed couples who were approaching retirement or already retired weren’t communicating well.
Less than half of couples were handling their retirement investment decisions and savings together. One-third said they either don’t agree or don’t know where they plan to retire. Nearly two-thirds of the couples approaching retirement didn’t agree on the age at which they would retire.
“Millions of American couples have worked very hard to save for retirement. However, far too many don’t take the time, or have the comfort level, to jointly discuss their plans for the future,” Kathleen A. Murphy, president of personal investing at Fidelity, said when the retirement survey was released.
Murphy said couples should sit down long before they retire to discuss not just financial issues but things such as what lifestyle they hope to enjoy.
Not sure how to get the conversation going or worried it will end in an argument? Then I have a book for you. In fact, this would be a great gift to give your spouse for Valentine’s Day. To me, the romance in a relationship is enhanced with better communication, especially regarding something as important as retirement.
So this month for the Color of Money Book Club, get “The Couple’s Retirement Puzzle: 10 Must-Have Conversations for Transitioning to the Second Half of Life,” by Roberta K. Taylor and Dorian Mintzer.
Taylor and Mintzer, who are relationship therapists and retirement coaches, offer advice that will help you map out a plan on how to live happily in retirement with your partner.
The two authors spend time addressing and then busting retirement myths. For example, you may think your retirement will be fine as long as you’re financially secure. That’s not necessarily so. What if your spouse wants to move Florida, but you hate the idea of living in a hot-weather area? What if you had planned on a leisurely retirement with a lot of traveling, but your spouse wants to stay put and keep working full-time or start a business or second career?
“There are major decisions to consider when planning your retirement transition, and you probably won’t see eye to eye on all of them,” the authors say. “Compromises often need to be negotiated, with offers and concessions going back and forth, until you meet somewhere in the middle.”
From the start, Taylor and Mintzer ask couples to take a 10-question quiz to see if they are in sync. Much like a therapy session, rather than tell people what to do, the authors use exercises and other people’s post- and pre-retirement stories to get couples to think ahead and anticipate areas where they might disagree.
“The structure may help you avoid arguments and have more positive conversations,” they write. “The goal is to clarify what is important to each of you in developing a shared vision for the next part of your life together.”
This book will help you create a long-term plan. Some of the must-have conversations include:
●At what age you want to retire.
●How you can talk about your retirement finances without fighting.
●Where you wish to live.
●How you want to spend your time in retirement.
Most important, when you have these conversations, have what the authors call a BLAST. Start with the “B” and don’t let blaming get in your way. Listen without interrupting your spouse. Agree to disagree if the conversation is getting heated. Set a safe space for your discussions. Take the time to talk without distractions.
I’ll be hosting a live online discussion about “The Couple’s Retirement Puzzle” at noon Eastern on Feb. 23 at washingtonpost.com/conversations . Taylor and Mintzer will be joining me to answer your questions.
Every month, I randomly select readers to receive a copy of the featured book, which is donated by the publisher. For a chance to win a copy of this month’s book club selection, send an
e-mail to with your name and address.
Readers can write to Michelle Singletary c/o The Washington Post, 1150 15th St., N.W., Washington, D.C. 20071. Or e-mail: . Personal responses may not be possible. Please also note that comments or questions may be used in a future column, with the writer’s name, unless a specific request to do otherwise is indicated.
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Talk with your spouse now about retirement plans
Growing Interest in Part-Time Retirement
Posted: at 2:03 am
Even if you have enough money saved to support yourself throughout your retirement, you might still want to work for the intellectual stimulation and camaraderie a job environment offers. Many older workers would prefer to stay somewhat connected to the workforce instead of pursuing full-time retirement.
[See The 10 Best Places to Retire in 2012.]
Most older workers (65 percent) say they would ideally like to include some form of work in their retirement, according to a 2011 Harris Interactive survey of 1,001 people age 55 and older commissioned by Sun America. But only 4 percent of the survey respondents want to work full time in retirement. A quarter of older workers would prefer to work part time in retirement, and 36 percent want to go back and forth between periods of work and leisure.
Most of us would like to enjoy some time away from the hustle of the working world. And, yet, work does have positive aspects. Wouldn't it be nice to have the best of both worlds, with time to enjoy retirement as well as time dedicated to work?
Part-time retirement also allows you to address one of my biggest retirement fears, which is becoming bored as a retiree. As a part-time retiree, whenever you have had enough recharging and find yourself searching for things to do to keep busy and engaged, you can start looking for your next work opportunity. By continuing to engage with the working world on a somewhat regular basis you will meet a new group of people and assume responsibilities requiring your mental effort and learned skills. You will not have time to be bored.
[See 7 Misconceptions About Retired Life.]
However, this dynamic retirement strategy may not be for everyone and comes with risks. You will need to save up for an extended period of unemployment and could be offered a reduced salary at a new job. You also might not be able to fully enjoy your time off knowing that you will need to find another job at some point. Part-time retirees need to decide whether they want to continue to invest in learning new skills and technologies and compete with younger workers who are eager to prove themselves.
It might take some experimentation to find a role that suits you, while also allowing enough of the free time you crave. If one job does not work out you might need to find another or extend your retirement phase a bit longer. This variety and change could be exciting, and you will have a considerable amount of control over when and how you work. But part-time retirement could also be stressful if job offers are not forthcoming when you want or expect them to be.
[See 5 Alternatives to Traditional Retirement.]
For me the ideal would be a cycle of working for one year and then taking three months of retirement. During the first retirement weeks I would take care of my to-do list. Then I would take an extended journey of three to four weeks. After that I would start researching and gearing up for my next job adventure. With such a plan, there is always something new and fresh on the horizon.
Dave Bernard is not yet retired but has begun his due diligence to plan for a satisfying retirement. With a focus on the non-financial aspects of retiring, he shares his discoveries and insights on his blog Retirement-Only the Beginning.
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Growing Interest in Part-Time Retirement
Money Matters: Smart Retirement Planning – Video
Posted: February 12, 2012 at 10:44 am
Buzz: Worst for retirement – Video
Posted: February 11, 2012 at 4:25 am
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Buzz: Worst for retirement - Video
Brandon Roy: Blazing To Retirement – Career Tribute (2011) – Video
Posted: February 10, 2012 at 1:03 am
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Brandon Roy: Blazing To Retirement - Career Tribute (2011) - Video
St. Leonards retirement center is non-traditional – Video
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St. Leonards retirement center is non-traditional - Video