The New Retirement Attitude - Today's 60 is Yesterday's 40

If I say "retirement," what are the first five words that come to your mind? If they are "leisure," "relaxation," "comfort," "golf" and "old age," you're thinking about yesterday's retirement. This is the 21st century, when the new 60 looks like the old 40. And when retiring means "growth," "new opportunities," "excitement," "challenge," and "self-discovery."
Look on the bright side. When you retire, you have more time to pursue your passions. That's what Harry did. He was an on-air personality in the Midwest for most of his working life. When he retired, he moved to Sedona, AZ, where he had sought refuge during the years when the hectic pace of his life left him exhausted.
For the first couple of years, he played tennis and read. But soon he got bored, so he turned to photography -- an early love abandoned when he got his first big job. Before long his photos were published. Then he started a small greeting card company. He didn't need the money, so he donated the proceeds to a local arts program for teenagers. Then he put the two together and his greeting-card company offered exciting intern programs for aspiring artists. Harry still plays tennis three times a week, but he isn't bored any more.
Photography and tennis may not be your thing. But I'm certain there's something out there that will get you engaged. The new retirement is about personal growth. It's a chance to mend fences, heal old wounds, and really get to know you. Since you have more time, take up journaling. Indulge in the luxury of going deep -- and understanding your life, your relationships, and your lifetime motivations. Keep a "Gratitude Book" and write down the things you're thankful for -- the large and the small.
Dr. George E. Vaillant, author of Aging Well, a book that chronicles three studies of 824 people followed from their teens into their 80s, found that a capacity for gratitude is a major factor in successful aging. Practicing an attitude of gratitude can be done any time of day, but try it just before you go to sleep each night. Review the day and notice all the things you're thankful for from the rose bush that finally has a bloom to your third grandchild -- a girl at last.
Grow your mind, too. Learn new things by taking classes at your local community college or travel with Elder Hostel to study the Impressionist painters in France. In the "old" retirement you'd hang out with the same friends -- the threesome on the golf course or the regular Monday night bridge game with the couple you've known for 30 years. You'd design your life around the same activities day in and day out. Studies have actually proven that getting stuck in deadening routines can be dangerous to your health. Instead, meet new people. Do something novel you couldn't imagine doing even a few years ago.
Marcia had lived a very diverse life. An actress and a trained chef, she had played off Broadway and been a pastry chef on a Caribbean yacht. Her life's dream was to own a country inn, and she found the perfect place on the rugged Oregon coast when she was in her mid-fifties. But after 10 years of working 24x7 to meet the public's demands, she was ready to retire.
She started a small catering business, but that was more of the same. She craved a whole new world. So she said "yes" enthusiastically when a friend suggested she work a few days in a day-care center. Being with the young children nurtures her creative side on a regular basis, and getting to know the parents has enriched her life and expanded her universe. She falls into bed exhausted at the end of her days with the kids, but she's inspired and gratified, too.
Bottom line -- Cast off society's belief about aging and retirement. Retirement can be the adventure of a lifetime. It doesn't have to be a permanent rest stop.
Ask yourself whether your negative beliefs about retirement are getting in the way of how you really want to live the "third half" of your life. What one belief about retirement will you change today?

Retirees Feel Economic Crunch More Than Most

We are living longer and we have work and money options available to us that were unheard of when our parents and grandparents were planning for their "golden years." However, as some of the first baby boomers begin to consider retirement, the current financial crisis has many worried that their well-laid plans will be ruined. You should not be surprised to learn that retirees have been hit particularly hard our country's recent economic problems, and The New York Times featured these real concerns on its front page.
Quite a few senior citizens rely largely on dividends from stock investments to pay for their daily living. These men and women do not have time for the markets to rebound and they are having to sell stocks at a loss just to pay for expenses or, at the very least, they are scaling back their future plans. As Alicia H. Munnell, director of the Center for Retirement Research at Boston College said, "If you're 45 and the market goes down, it bothers you, but it comes back. But if you're retired or about to retire, you might have to sell your assets before they have a chance to recover."
It is not only those with stocks who are feeling the strain. Property taxes are going up as local communities try to compensate for reduced funding from the state and federal government. People who have paid for their home and lived there for decades are now struggling with the expense of living there.
Gas prices are affecting retirees beyond just the lack of freedom to travel as often as they would like. Increased costs for fuel are raising food prices as well as the availability of volunteer programs such as Meals on Wheels. To seniors on a fixed income, these changes are significant and nerve-wracking.
You can achieve financial happiness even in these difficult times. You must stay informed and up-to-date. Make managing your money as important as earning your money in the first place. No one has more to gain than you do - no one has less conflict of interest, in the management of your money, than you.



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What's on the Menu When it Comes to Your Pension Annuity?

Although the idea of facing a number of different options when it comes to your pension annuity may seem alien to some, it is an important issue as what you decide to do with your fund can influence how you spend your later years. Get it wrong, and you may end up with less of an income than you wanted. Get it right, and you may get the rest you deserve in complete peace of mind.
For those not in the know, you can currently turn the pension fund which you have been saving into an annuity option at the age of 50 at the earliest. Many people will decide to do something a lot later than this, but nonetheless you need to make a decision in time. There are many things you can do when the time comes to make your choice, and there are more options available than many people realise.
The entire pot of money you have put into a pension fund while working is not untouchable. You may decide to take what is known as tax-free cash. Quite simply this is a slice of the fund tax-free which you can then spend as you wish, but some of it will need to be left behind and turned into an annuity. This is where your options expand further.
In most cases whoever has been administering your fund will offer you a pension annuity deal, essentially turning your fund into a method of income for the rest of your life. But this is not the only option and you are free to shop around a number of different providers who may offer different packages at different values. Your right to take this route is known as the open market option or OMO, and fund providers are obliged to advise you of it and ensure you understand that other companies and annuity deals are available.
The open market option is something which was created by law and means you can shop around a number of providers. Some may offer you a lower income than others for a shorter period meaning there is competition for your cash. And some deals will be better than others. For example, one company might be able to offer you £9,000 a year for the rest of your life if you had a £100,000 fund. But another provider might be able to provide you with a £10,000 a year income for the rest of your life from the same fund.
Impartial financial advice is always a good idea when selecting a pension annuity as many different products are linked to investments and other variables. These are sometimes favoured by people who have other resources such as savings to fall back on if their investment doesn't work out. There are also impaired or enhanced annuities which supply potentially superior incomes to people who have a reduced life expectancy due to health reasons. Whatever your situation, the annuity market may be broader than you first thought, all you have to do is choose the right way for you.

The Benefits of Retirement Planning and Why it is Very Important

Obviously, you plan on retiring at some point. The question is in what manner do you wish to retire: forced or planned? By making that decision early on, you can plan accordingly.
Far too many people decide on "forced". Although it's the far easier choice, this means that you will be limited to social security's benefits in your advanced years, or becoming a burden on your family. Either option is not an entirely pleasant one, and could have been avoided just by making some basic plans when you were a bit younger. Admittedly many people have no real choice in this (the whims of fate can affect anyone, no matter how prepared), it's nonetheless a choice that is made. More accurately, it's a choice of omission; the person doesn't really bother to make a choice and simply goes along with whatever happens. Sometimes it's far easier to go with the river than to force it the way you want it.
However difficult it may be to force the river to change direction, the direction needs to be changed. Decisions need to be actually made, and then acted upon. The earlier that the river is changed to a course of your liking, the easier it is too change in the first place, and the easier it is to maintain, and to adjust the course should something untoward happen. It is even easy to look for potential bumps in the river, and to allow for them before you even get there.
It helps to look at your income as a river on a number of levels. After all, you can explore a number of income streams, each of which increases the size of your river. You can see rocks (solid problems that need to be avoided) and rapids (softer problems that just need be survived) just by paying attention. It's just a matter of changing the course of your personal river to course that you want it, and then learning to flow with the changes. Just determine how much water you can send out, and which ways are most effective for you; not everyone has the same mix, and that what works for one person may not apply to someone else, and may actually hurt the person. Remember that your needs are not the same as everyone else's, and you should do okay as long as you commit to your personal river.

How to Avoid Debt in Retirement

Avoid debt in retirement by using the right tools and resources today.
Being retired does not have to mean you are bound to a fixed-income existence.
Many couples who have recently retired want to make use of all of their newly found free time by traveling or making large ticket purchases. After a lifetime of carefully saving, they feel that it is their time to finally enjoy the good life.
However, too often the nest egg that has been building for decades can get depleted much quicker than anticipated. This is where the problem of having too much debt in retirement can occur.
In addition, seniors with a lifetime of good credit attract many credit card companies who are more than willing to offer large lines of unsecured credit. Even the savviest of savers can soon find themselves in a financial mess, which leads to stress, anxiety and the feeling that they may need to go back to work and set aside their dreams of retirement.
Other issues that occur in retirement is that it is just "too quiet." When a person is used to being highly productive for so long, they may not feel comfortable with so much time at their disposal - they still need to feed their creative outlets.
Getting older does not take away one's desire to feel productive and contributing to something that is mentally rewarding and stimulating. For these reasons, many retirees are already getting involved with learning about the Internet and what types of business opportunities they can pursue on their own time schedule with no risk to their next egg.
Specifically, when a destructive cycle of debt in retirement has already begun, it is not too late to replace that debt with extra income.
In order to save, traditionally we have been taught to believe one needs to live within their means so that they are able to contribute a substantial portion of their pay into savings. This is solid personal finance advice that still applies today. However, most of us were never taught to create multiple sources of income in order to limit our risk of debt when a primary source of income is lost.
In retirement, that primary source of income is typically the interest received from a lifetime of savings. However, despite what you've been told all your life, interest income is usually not enough to sustain you indefinitely.
As your savings is depleted, growing debt is not far behind. The key here is to attack both sides of the financial issue. That means avoiding debt, while continuing to increase your income - even during retirement!
When it comes to new ways to bring in more income, all a retiree needs to do is think about what they love doing. How do they like to spend their time? What makes them feel productive and provides meaningful rewards?
For example, consider the recent retiree who is an avid gardener. Upon retirement, this person finally has the time and resources to work on their garden and build it to the point they've always dreamed about. They have accumulated a lifetime of knowledge about how to grow a great garden. This is highly valuable information to anyone on the planet who shares your special interest!
Starting an Internet business can be as simple as choosing to share this knowledge with others in some profitable way over the Internet. You do not have to be technically inclined and you do not have to learn a new language. Today, virtually anyone who can turn on a computer and surf the Internet has the skills required to create a profitable home business.
Don't let anyone tell you that you are too old to pursue your lifelong dreams. Remember, in another year you'll be exactly where you are today, unless you choose to take action and do something different now.
On the other hand, if you decide to go for it - you will soon learn that your fears were unfounded and that by taking that first step toward your dreams of life-long financial stability you opened doors of opportunity you never thought were possible.
The fact is, we only get one life to live - and without any doubt, life is for LIVING. Perhaps the word "retirement" should be changed to "re-inspire-ment"?
Creating a new home based Internet business is a great way to create additional sources of revenue so you can truly enjoy your golden years and avoid the risk of accumulating any debt in retirement. And, it's fun!

Making a Will - Don't Put it Off!

What is a Will? Essentially a Will is a legal document that specifies how you wants your assets i.e. property, money, personal affects divided and distributed to loved ones in the event of your death. Most people won't be thinking about their death. But once in a blue moon, we somehow worry about the consequences of our premature death.
You might think that there is not much to leave in your Will but the things that you can leave in your Will make for a long list. They include your home, your furniture, your personal belongings, your keepsakes, your family heirlooms, your clothes, your cheque account, etc. If you took a few minutes to look around, you'd probably be surprised by how much you do have to leave.
One thing to remember when making Wills is that you can also leave a legacy will that will help Cancer Research or similar Charities, like the British Heart Foundation.
This can help them with important research work that will help future generations, and this can be a consolation to your family during their loss. It can also be a comfort you knowing that you have left something of true value to the world.
One important factor when making Wills is to keep an eye on who is going to administer your Will. Is there any change of your guardian status? Is there any change of your executor status? Did they migrate, pass away, suffer a relationship breakdown, incapacity, or bankruptcy? Also, make sure that your Will is kept in a very safe place for your lifetime and that people can access it quickly and easily when the time comes, without having to ask you where it is.
One of the biggest of those reasons is that they don't like to think about their own death or they superstitiously believe that creating this important document will somehow expedite their demise - but it will not! So go and get that Will made as soon as possible!

401k Rollover Option

The Internal Revenue Code uses very sensitive, diplomatic language to describe your departure from a job: The Code never says "lay-off," "furlough," or "suspension"; and its authors never-ever would have considered ugly words like "fired," "dismissed," or "terminated." When they mean retirement, they say "retirement"; otherwise they always refer to packing-up your desk and leaving as "separation." No matter what the circumstances, no matter how grim and painful, the Internal Revenue Code always politely describes it as "separation."
At your separation, you may leave your 401k with your old employer. The law requires the old boss to maintain it for you until you reach retirement age or die. But the old boss reserves the right to charge you administrative fees for watching your money grow. And especially if you suffer "separation anxiety," it's best to cut all the ties; it's your money, so take it with you.
You should take advantage of one among your several 401k rollover options.
If you go immediately to another job, use your 401k rollover to move your retirement funds into the new boss's 401k plan. Because you already have rights and privileges under the 401k rollover guidelines, you do not have to wait for vesting to get into the new company's plan. You may, however, be required to complete your training and probationary period before you exercise your 401k rollover privileges. If you exercise this option, make sure you do not exceed the annual limit on 401k contributions. The new payroll administrator will have no way of knowing how much you already have invested, and if you have increased the amount of income you wish to defer, you create the risk of violating the ceiling. You will have until April 15 of the next calendar year to clear the excess from your account and move it to some other safe, interest-rich place.
If, on the other hand, you carpe diem, seizing this opportunity to follow your passion, setting-up your own business and doing something you've always dreamt of doing, then you will have two 401k rollover options: You may set-up a 401k for your sole proprietorship, administering your own plan according to the IRS guidelines, and keeping your retirement account growing the way it always has. When you hire more employees, you can expand the 401k to include them, too. Or you may exercise your 401k rollover privileges by putting your savings into an Individual Retirement Account at the financial institution of your choice. Most bail-out-proof banks offer excellent investment products with proven track records of exceptional performance, and you will have the option of moving your funds around as you always have. Using your 401k rollover privileges to move your money into an IRA, you also gain liquidity; if you need to invest some of your retirement funds in your start-up enterprise, the IRA puts very few restrictions on withdrawals. You will, of course, have to pay taxes on your distributions, but it still may represent the easiest way to capitalize your new venture.