5 Best Countries to Retire For Singles - Find the Best Places to Retire in the World For Singles

It's never too early to plan for your retirement especially now that the value of dollars is volatile. To make the most of your hard-earned money, retirement outside your home country will go a long way. Here are some of the best countries to retire for singles:

Thailand is not only a tourist magnet but also a good place to stay for your retirement. The food is fabulous, the people are laidback and the weather is just right for your muscles and joints. Plus the beaches in Phuket are absolute charmers too.

Ecuador's main attraction is the low cost of living. If you want to make your money go a long way, this is the place to go. Visit Quito, one of UNESCO's first world heritage sites, enjoy the airline promos for retirees and the tropical climate. Ecuador makes it easy for you to have a grand time anytime.

Panama is full of adventure so for those who don't want to totally leave behind what they have back home, this is a perfect place to set your retirement home. Americans will enjoy Panama City's conveniences. But if it gets too hot, you have an option to head for the cooler mountain places. Just learn Spanish.

New Zealand welcomes retirees for six months at a time. If you want a retirement place that is relaxed, laid back and has the convenience that you've gotten used to, then New Zealand will provide you all that and more.

Belize may not ring a bell as a place for retirement but not for long. Its tropical climate is attracting a lot of retirees. Its retired person program gives perks and exemptions too hard to resist. Its beaches are best for your aching bones and muscles. And the official language is English!

Keep in mind that what you are looking for in a best place to retire may not be the same as someone else. Good thing there are sites available that help you make better choices.

Learn more about the best countries to live and spend your retirement. Who knows, you may just find that special someone you've been longing for. Best Country To Live

Article Source: http://EzineArticles.com/?expert=Stephanie_Hofstetler

Find the Best Place to Retire in the World

The word "retirement" isn't just for those over 55 anymore. With many people having the option of working from home on the internet, taking a mini-retirement to a simpler, more relaxed place like Mexico is becoming an option many can enjoy.

As top retirement spots like Arizona, California and Florida become less affordable and more crowded, you may consider relocating overseas to spend your leisure years.

Mexico, with affordable living, interesting culture, and beautiful locales, should be at the top of your list. Though you may be reluctant to make a move to a foreign country, in truth, the Mexican government is very welcoming to expatriates from all over the world and have made residency requirements as simple as possible.

If you're an older retiree, you may also be concerned about the quality of Mexico's health care system. Because many doctors have been educated and trained in the United States and abroad, you will find good medical care available. Though Medicaid and Medicare are not accepted in Mexico, the cost of care is significantly cheaper. Also, foreigners living legally in Mexico are eligible to purchase medical coverage known as IMSS, or Instituto Mexicano del Seguro Social. This coverage costs just hundreds of dollars per year.

Though most expatriates make their home in Baja California, there are many other excellent cities with friendly locals and active, vibrant communities. You will discover large groups of foreigners from all over the world living near Guadalajara, San Miguel de Allende, and Puerto Vallarta, for example. You may even have always dreamed of living near the beach and in Mexico, your dream can become a reality. If that's the case, check out the Riviera Nayarit, a stream of towns bordering the Pacific north of Puerto Vallarta.

Making a move to a new place is always scary and though there will be obstacles to making an overseas move, Mexico is a wonderful country to retire.

I'm ready to retire; are you? You don't have to wait until your golden years to live a slower, simpler life. Find out how you can retire in Mexico and find homes for sale at http://www.buymexicohomes.com

Article Source: http://EzineArticles.com/?expert=Jennifer_Schindel

Best Places to Retire Lists Need Not Be So Long

There are so many Best Places to Retire Lists, but I think I have found the key to what people are looking for in retirement places. Looking at the searches being done on my website helps a little to know what people are thinking--they are not thinking traffic, noise and pollution, for one thing. If you are not staying in your long time home for retirement or downsizing and retiring to a community nearby, what are you looking for.

The most popular requests on my site are for the places that we already know about. There isn't much unusual or surprising. Most of the searches are for communities and senior housing in Florida--not a very big surprise. Here are a couple more not-big surprises: Arizona, Southern California, and Washington state. Here are some areas of secondary interest: the Northeast, areas like Tennessee and Arkansas, presumably because known as low-cost areas. Beach and resort areas like Rehoboth Beach, Delaware, and some isolated resort areas like St. George, Utah, are also popular.

If you manage a city and you want people to retire there, make it first a vacation spot. People like to retire in places they feel comfortable in; a place they can call home, and they usually find it by vacationing there first. There aren't too many real adventurers when it comes to retirement places from what I can see.

All those best places to retire lists need to cover those areas thoroughly because people do not want: sprawling areas where people are commuting back and forth to work and producing heavy traffic, cold weather or polluted air.

Once in awhile, there is someone who expresses what we all are thinking when it is time to retire: Like this phrase typed into the search engine: "quaint places to retire." That sums it up for a lot of us. Enjoy my Best Places to Retire List on my website.

Carol Fena, Realtor and Webmaster for http://www.bestguide-retirementcommunities.com/bestplacestoretire.html

Article Source: http://EzineArticles.com/?expert=Carol_Fena

The Best Time to Plan for your Retirement

If you are not working to be a millionaire, you should at least work to have a comfortable retirement years. With the advancement of medical technologies, human beings are expected to live longer. When you live longer, it also means that you will need more money for your retirement.

Retirement funding is a no joke process. One must be fully aware of their retirement fund. It is too late to plan for your retirement if you have reached 50 and above. Hence, retirement planning should start as soon as one starts too have an income.

As a financial planner, I met with a lot of people that do not think that retirement is important. Most of them think that they should settle their current financial problem first, and then they will look at their retirement needs. The more you procrastinate on your retirement goals, the more difficult for you to reach your retirement goals.

Let me give you two examples;

Eugene is 42 years old who earns $40,000 annually. His current investments are worth $50,000. He plans to retire in 20 years time and expected to live until the age of 85. He also indicated that he will need 60% of his last drawn income for retirement.

Assumptions:

• Investment rate of return before retirement: 8% pa

• Investment rate of return after retirement : 5% pa

• Inflation rate : 2%

• Wage growth rate: 3%

Therefore;

• First year retirement income : $43, 346

• Resources needed to fund retirement income : $738, 318

• Projected value of current resources at retirement : $238,048

• Retirement fund shortfall : $505,207

• Annual funding required at the end of each year: $11,041

As you can see, Eugene needs additional $505,207 for his retirement and he is required to have $11, 041 yearly to accommodate his retirement shortfall.

Let’s look at another example

Mike is 32 years old who earns $40,000 annually. His current investments are worth $50,000. He plans to retire in 32 years time and expected to live until the age of 85. He also indicated that he will need 60% of his last drawn income for retirement.

Therefore;

• First year retirement income : $58,254

• Resources needed to fund retirement income : $992, 246

• Projected value of current resources at retirement : $503,132

• Retirement fund shortfall : $487, 039

• Annual funding required at the end of each year: $8,740

As you can see, Mike needs to have $8,870 yearly to make his retirement fund adequate. From both examples, you can see that the age that you plan for your retirement is very important. The later you plan for your retirement, the more money you will need yearly to fund your retirement.

Note: Calculations were made on a financial calculator.

Article Source: http://EzineArticles.com/?expert=Nurazrin_Suhadi

Is This A Bad Time To Retire? Not If You Have Rental Properties

In a recent newspaper article by Chuck Jaffe entitled Retiring when the market is down is costly if stocks provide nest egg, the question is asked by John, a participant in an investment seminar, "Is this a bad year to retire?"

Although retirement may seem like a lifetime away, it's a question that we will all one day have to consider.

In this case, the answer would be "yes" to John although he has $400,000 invested in 18 stock funds. The fact that comes barreling out at people from left field is that if you must withdraw funds from your retirement savings when the market is in the toilet and that loud sucking sound is the additional dollars flying out of your portfolio, you can ruin your nest egg.

It's ironic that people can spend their whole lives preparing for retirement only to find that when the time comes to retire, they can't do it.

Stock Picking by Luck and Accident

Investment advisor, Judy Shine says, "People assume that if they pick the right funds and stick with them forever, they'll be set to retire and they might be, but that's more by luck or accident than by design."

Granted, planning for retire is a complicated process. A lot rests on what people determine are their needs and desires. However, there is a better way to get ready for retirement.

The Rental House Option

What could John have done differently? Get born to wealthy parents? Have Warren Buffet crash into his car? Maybe something less dramatic, but requiring similar foresight and planning.

Home ownership is widely recognized as a way to generate wealth. Can you get wealthy by being a renter? Maybe, but the odds are against you. In 2004, the average renter had a net worth of $4,000, while the average home owner had a median net worth of $184,000. If owning one house is good, wouldn't owning 2 or 3 be better?

Let's imagine that John bought a house soon after he started his professional life and got married. He lived in his house for 6 to 7 years then bought a better house, as most people do. But, unlike what most people do, John kept his old house to rent out. Six or 7 years later, John does the same thing again. Now John owns 3 houses. He has tenants in two of them who pay off the mortgage and provide rental income for John.

A Different Answer

Fast forward a few years and John again asks the question "Is it a bad year to retire?". This time he may get a different answer.

John has 3 houses "free and clear" with mortgages paid off. He's got a good chunk of money coming in each month in rent, and he makes no payments on his residence.

Unlike stocks, he doesn't have to remove money from his savings or from his investments. His house steadily increases in value when he retires, while he continues to collect rent, which also is constantly increasing in the long-term. With rents providing perhaps 40-50% of his income, if he collects a pension and starts taking social security payments, he is set to retire with barely a change in lifestyle.

In reality, having rental properties is like getting a retirement pension before you retire.

And, John has the option to sell a house to fill up his checking account or to help out one of the kids. He will still have a steady cash-flow from the remaining rental house. If he wanted to cash out and sell both properties, or all three and move into a smaller place, he would be sitting on a small fortune.

No matter how you slice it, John has greatly increased his chances for a successful segue way into his golden years.

Terry Sprouse is author of the book "Fix 'em Up, Rent 'em Out: How to Start Your Own House Fix-Up and Rental Business in Your Spare Time."

Terry's blogs:
http://www.fixemup.org
http://www.squidoo.com/fixerupper

Article Source: http://EzineArticles.com/?expert=Terry_Sprouse

One of the Best Ways to Retire Early - Live Full Time in an RV

If you have never considered RV life to be one of the best ways to retire early... think again. A lot of people do it, they enjoy the lifestyle, and it can be a very frugal way of retirement living. We RVed for 6 years for 6 to 22 month stretches at a time.

Now it is not frugal if you have to have an RV like Jeff Gordon lives in when he competes in NASCAR. You can spend over a million dollars on an RV. You can see the same scenery in a motor home or travel trailer costing $15,000 or less. Somewhere in between those 2 extremes is one of the best ways to retire early.

Full time RV does entail some sacrifice however. Due to storage limitations there is no room for your riding lawnmower or snow blower. Unless you like Ice fishing you won't need a winter wardrobe either. It seems most full time Rvers gravitate to warmer climes. Why?...because they can.

When your home has a steering wheel in the living room you are not bound to any one spot. It is always warm somewhere...picking your climate is one of the real pluses of RVing.

Don't like the neighbors, loud parties, barking dogs...that can be a problem if your home doesn't move. No problem in an RV, unhook and move.

Of course the more you travel the more you will spend on fuel and short stays at RV parks. A long term stay, a month, is much cheaper than the nightly rate. This will be you after a while. You will travel like crazy when you first have an RV...as you become exposed to more locations you find favorites and stay longer in specific places. You will also be spending less.

The larger the RV park the more varied the activities, and the more likely for you to find someone else with your particular interests. You want privacy you can dry camp (no utilities) or stay at smaller parks. It is your choice with full time RV living...flexibility is the key.

So if you have a bit of wanderlust and like having location options...full time Rving can be one of the best ways to retire early. It sure beats continuing to work.

Gary Pierce is the webmaster of http://www.frugal-retirement-living.com he retired early at 49, still retired at 63. He has experience in lifestyles that are both fulfilling and frugal. It is 2009 and many are wondering if they can ever retire. Don't give up until you check out this website. Enjoy.

Article Source: http://EzineArticles.com/?expert=Gary_P_Pierce

How Will I Know For Sure That It's Time to Retire?

A newspaper journalist asked me to contribute to an article he was writing on retirement. Since I am a retirement coach I had all kinds of information to offer him, but that is not what he wanted. It came down to answering his one question, "How will I know for sure that it is time to retire?" My response was short and simple, "You won't."

The decision to retire isn't much different from many other important, life-changing decisions we make. For instance, rarely do we know for sure that a specific career choice is the absolute best one to make. Very few parents say they knew for sure when it was time to have children. Important decisions require some risks and being willing to step into the unknown. Instead of knowing for sure, we can look for signs that retirement is on the horizon, and we can prepare ourselves for this decision.

Since knowing for sure was important to people who were considering retirement, I decided to ask people who were retired what they thought of the question. The first person I asked had struggled with the question herself for several years before retiring at 65 years of age. Her decision to retire was based primarily on her elderly mother's failing health, more so than being confident that this was the right time to retire. Knowing the struggle she had faced with the decision to retire, I was very surprised at her answer. She said, "When you start asking the question, then it is time to retire." Looking back she believes she spent too much time trying to feel like it was the right time rather than making a decision.

Another retiree said there were little signs that at first he didn't notice. Primarily beginning to feel obsolete at work. When you start feeling like you don't want to learn the new program or you do not have the interest or enthusiasm to adapt to new changes, then it may be time to move into the next stage of your life.

In all cases, the people I spoke with said once they made the decision to retire, then they felt free. The agony comes from being undecided. If you are struggling with the question of when to retire, realize that you may never know for sure, but once you make the decision you will be feel free to move forward with your life.

To request Patrice's 10 Tips to Creating a Meaningful Retirement send an email to: giftstogoals@aol.com

Patrice Jenkins is a frequent speaker and workshop leader on career and retirement transitions. To learn more about her work go to: http://whatwillidoallday.com or http://barbarasher.com/boards/viewtopic.php?f=3&t=20616

Copyright 2008. Patrice Jenkins. All Rights Reserved.Copyright 2008.

Article Source: http://EzineArticles.com/?expert=Patrice_Jenkins

How to Know When It's Time to Retire From Your Current Career

When you talk about retiring, do you say you plan to retire in five years? Have you been saying you plan to retire in five years for five (or more) years? You're not alone. Many of my friends and the people I meet as I travel around the country are all "retiring in five years" -- and they have been for years. I'm not sure why five years seems to be the magic years-from-retirement number, but I'm certain that one of the primary reasons for keeping retirement a moving target is the not knowing when it's the right time to say goodbye to your career.

Retirement is not about retiring from life. It's about retiring the part or parts of your life that no longer fit. It's time to retire your current work life when:

1. You've outgrown it. When you began your career, I'll bet you couldn't wait to get out of bed in the morning and get to work. Your job stretched you and helped you grow. You learned new skills, overcame challenges, and gained confidence. But, when was the last time you were truly excited about your work? I have a theory that the first 10 years of a career are about being challenged and gaining mastery, and the second 10 years are a slow slide into boredom. Not to say that there isn't always more you can learn or more you can master, but tell the truth. If the challenge is gone, and you've grown far beyond the confines of the job, it's time to find a better fit.

2. You're too comfortable. Okay, you've got a nice job, the money and benefits are good, and you move through each day with no heavy lifting. It's been so long since you've experienced the outer limits of your comfort zone that you're basically phoning it in each day. Just how comfortable is that comfort zone you're zoning out in? If it feels like you're flat lining, it's not comfort you're experiencing, but a slow death every day, and it's definitely time to head for the door.

3. You're burnt out. Have you been a high-powered professional or in one of the care-giving professions for two or more decades? There's a good chance you're just plain running on empty. especially if you love your job. When was the last time you felt filled to overflowing ­ refreshed, recharged and ready for a new adventure? If you're too fried to care, it's time to fill up your tank and drive out of town.

4. You're downsized. Congratulations! The Universe has given you a great big push out the door into the wonderful world of possibility. Instead of heading for the nearest Sun City, or worse yet, diving right back into the same job in a different place, take a deep breath and be honest with yourself. Haven't you been ready for a big change for a long time, but were afraid to take the leap? Sure it's scary, but did you know that physiologically you experience fear and excitement exactly the same way in your body? So, choose to be excited about this opportunity, and decide that it's time to breathe life into that long dormant dream of yours. Go for it!

5. Your IGS is telling you it's time. Your IGS is your Internal Guidance System. It's like the GPS in your car, only better. It's solid gold and it will never, ever steer you in the wrong direction. It's that hunch, small voice, intuition, gut feel, or deep inner knowing you've been ignoring. You know -- the one you've been ignoring that's letting you know you just can't keep doing what you're doing. It doesn't matter what you call it. What matters is that you begin to listen to it, and learn to trust it. So often I meet women who can't define why it's time to move on, they just know it is. And, you wouldn't believe how many clients have come to me over the years to create a 12-18 month exit strategy from their current work, only to be downsized within two to six months. That's the IGS working!

Remember that retiring from you current work life is not a death sentence, but at last, the freedom to live. So trust your IGS, and take Agnes Gooch's advice from Auntie Mame, and "live, live, live!"

Copyright (c) 2008 Lin Schreiber

Certified Retirement Coach Lin Schreiber, author of The ABC's of Revolutionizing Retirement, helps self-reliant women reinvent themselves in the next stage of life, formerly known as "retirement." To claim your free Revolutionize Retirement Starter Kit, visit her site at RevolutionizeRetirement.com

Article Source: http://EzineArticles.com/?expert=Lin_Schreiber

How to Calculate What You Need in Order to Retire Early

Today more and more people are now thinking about retiring early. Now people see retirement as a way of finally getting to do the things that they enjoy and could not do whilst they worked. But if you are seriously thinking about retiring then you need to look at and calculate early retirement figures in order to make sure that it will be beneficial to you.

When considering retiring early there are two issues which makes be thought about first.

1. Can you really afford to retire early?

2. Do you actually really want to retire early?

In order for any one to retire early then will need to calculate out how much they will actually need in order to live comfortably.

1. First you need to determine your pay out period. This relates to the length of time you will need your retirement funds to last for. So really what we are asking here is what is your life expectancy? A great way for finding out what your life expectancy will be is by looking at the Life Expectancy Tables provided by the IRS. However, it might be advisable to add on a further 5 or 10 years on to the figure that they come up with and this will be your pay out period.

2. Once you have determined what your pay out period is going to be you can then calculate the inflation adjusted withdrawal rate. During this part of the calculation you will need to think about how much risk you are willing to take.

To calculate what your expenses will be on an annual basis in order to calculate early retirement. What you do is take your annual expenses and then increase them by 5% in order to provide you with a ball park figure of what it is likely to cost you to live comfortably each year during your retirement. In to this equation you will also need to include an inflation rate. So I would recommend that you say put this at about 4% as during the last 20 years it has sat at around 5%.

So by using the pointers provided above a person should be able to calculate early retirement in order to see if it would be beneficial to them to do so.

If you need more helpful information on Retirement try visiting retirement-life-today, a website that specializes in providing helpful tips, advice, and retirement resources to include calculate early retirement.

Article Source: http://EzineArticles.com/?expert=Tom_Turner

How to Make Cash Quick From Blogs and Retire Early

If you want to discover how to make cash quick from blogs, then you have come to the right place. Picture yourself quitting your day job all because you are already using blogs to earn almost 10 times what you are earning from your day job. Yes. You can do it, once you know how.
There is one thing that you must realize when it comes to making cash quick from blogs. It is not a pipe dream; it is a real business capable of earning you thousands per day if you are careful to learn the ropes using easy-to-understand techniques.

Let me make one thing very clear to you. There are certain skills that you need to acquire if you want to know how to make cash quick from blogs. Without acquiring these skills you won't be able to generate a single cent from your blog let alone generate massive income from it.

Here are some of the skills that you need to acquire;

1) You have to know how to build a community of interested followers so that you will easy make quick cash on demand anytime from your blog.

2) You have to know how to create SEO (search engine optimization) friendly blogs so that you can get better search engine rankings. This will equal more visitors to your blog and more sales for you.

3) You need to know how to research and write content that will attract highly targeted streams of traffic to your blog everyday.

There are many more skills that you will need to acquire and I can't possibly list all of them here. So here is what I suggest.

If you really want to know how to make cash quick from blogs, I suggest that you follow this link immediately:
Click here now

Discover how you can turn your blog to a cash generator

Article Source: http://EzineArticles.com/?expert=Ay_Samuel

Top Five Fears of Those Who Retire Early

Retiring early is something we all think about but never have the courage to go ahead with it. The reasons is many but primarily it is because of fears that plague us and we keep pondering what will happen if we retire early.

Here are the top fears of those who retire early:

1. Early retirement is seen as a large increase in the cost of healthcare and health insurance. No doubt this is a legitimate fear. You will be able to do without a new car or a yearly vacation but you will not be able to cope with the pain in the hip requiring a hip replacement surgery. Unfortunately, healthcare costs are unavoidable and it affects any and everyone retiring, not just those who retire early. That is why it is important to plan for early retirement if you want to hang up your gloves before any of your peers.

2. Seeing cutbacks in Social Security benefits or increase in tax. Unfortunately what lawmakers are going to do down the line is practically unknown. Any changes in taxes or Social security laws will affect all workers but it tends to affect those planning early retirement all the more as they do not have that many options available.

The best way to handle this early retirement fear by not counting on Social Security at all and should you get it, treat it as an bonus rather than depending on it. Plan your retirement income in such a way that you do not depend on Social Security to help you financially each month.

3. Once resignation is handed, it will be impossible for you to return to a workplace. Just because you resign or retire early does not mean that you lose all your capabilities and skills. If you change your mind and want to return to work, you will be able to do so. However, it may not be at the same position. You will be able to work at a few rung lower; but returning to work is always an option for anyone retiring early.

4. Incurring financial responsibilities for children that were not anticipated when doing financial planning. The fact remains that if you retire early, the possibility of having children is there after retirement. That is why it is important that you factor in the financial responsibilities when you are planning your early retirement.

5. Early retirement means experiencing boredom. This is a problem faced by many people who retire early. However, early retirement should be looked at from a different perspective. It is a new of living and you have to give enough thought of what you want to do after you retire. If you do not know how you will spend your time after retirement, you are not at all prepared for retired life.

About Author: Pauline Go is an online leading expert in finance industry. She also offers top quality financial tips like :Tutorial on Globalization and International Business and Thailand Shipping Company

Article Source: http://EzineArticles.com/?expert=Pauline_Go

Can You Still Retire Early?

A lot of people look forward to retirement. Images of relaxing on the beach, taking a cruise, and enjoying the fruits of your labor come to mind. No nest egg is too big for retirement. However, with the economic downturn draining the value from IRAs, 401(k), and pension plans, a lot of would-be retirees are wondering if they can really afford to retire early or even retire at the right age at all.

Previous goals which used to be realistic only a few years ago now seem completely off the table. The financial predicaments many people are finding themselves in are testing the assumptions they made about retirement planning. Solid retirement plans that used to give decent yields are now in jeopardy. Many would-be retirees are questioning whether it is possible for them to retire early or if it would be possible to retire at all.

3 Step Process to Damage Control

Despite the economic downturn, it is still possible to take control of your retirement. The three steps include: finding a job you love, saving more, and maintaining a modest living standard. Even if you do decide to change your investment strategy, the critical aspect is to keep on saving. It is important to maximize whatever retirement program from work because you will definitely need it.

It is also important to be aware of what's happening in the market. However, no matter what you hear, never panic. Sit down with a qualified financial expert who will you help in your long-term strategy. It would be a good idea to hire someone who is not affiliated with certain financial companies. That way, he will be able to give unbiased review and good advice. There are unique instances when you will need to take a more active role in managing your money. The challenges today are one of them.

Is There a Target Figure?

There is no magic number when it comes to retirement planning. The amount you should target depends on your mindset, your capability, and what life stage you are in. A lot of financial advisers are simply advising their clients to put away as much as possible at the earliest possible time.

The main problem with setting targets is that during your 20's or even 30's, you have no idea what the living standards will be like several decades from now. In fact, even people in their 50's don't know exactly what their magic number should be. Even if you do come up with a figure early on, the large number might "take the wind off your sails".

Author and entrepreneur Bernz Jayma P. is the owner of a financial blog dedicated to helping people expand their knowledge on personal finance. You may visit his blog at http://www.Invesmint.com.

Article Source: http://EzineArticles.com/?expert=Bernz_Jayma_P.

What You Must Do If You Want To Retire Early

If you are looking to retire early then there are a number of things which you need to think about. The most obvious question is, can you really afford early retirement and if not, how can you ensure that you get more money?

Affording to Retire Early

Who wouldn't want to retire a few years early? No more early mornings or late nights at the office. No more answering to somebody else when you want a little 'me time'. However for many of us the dream of retiring and doing what we like is unfortunately a far away fantasy. With more and more people having to work long past the retiring age just to survive, how can you possibly find the money to for early retirement? Well there are ways and here you will find out exactly what those ways involve.

Know What You Are Spending

Most people these days tend to overspend and they do not even realise it. So if you really want to save money and retire early, you will need to focus more upon what you are spending. Think about whether you need what it is you are spending. By cutting back on things such as nights out and entertainment, you could potentially save quite a lot per month. Little things such as newspapers, magazines and treats also add up and so by cutting back a little you could really make a difference to your retirement fund.

Be Serious About Saving

It is a fact that most people these days do not save half as much as they need and that can be a huge problem. If you want to retire at all, never mind early, then you really need to make more of an effort to save. This means doing more than just putting away the odd dollar. You need to analyze your finances and work out how much you can afford to save. Then open up a separate savings account and set up a direct debit so that every month a certain amount is saved. That way you will not miss it as you will not have even seen it.

Overall there are a number of ways in which you can save money to retire early and the two mentioned above are just a couple of the best ones. You should also aim to eliminate any debts you may currently have too before you can seriously consider retiring early. Follow these tips and you may just be able to save yourself enough to relax and enjoy life a little earlier than you otherwise would.

For the latest on retirement visit http://www.retirementviews.com - a website that offers tips on retirement like saving for retirement, how to choose the perfect retirement community and how to retire early

Article Source: http://EzineArticles.com/?expert=Lee_Dobbins

Early Retirement - 5 Questions You Need to Answer Before Taking the "Package"

"Retirement has killed more people than hard work ever will"- A Wise Man

It is not surprising these days to hear about persons' being offered and receiving early retirement packages from employers. This is just one of a number of restructuring and downsizing method used by the corporate world to cut cost. And most recently you saw it used in the restructuring exercise of the Royal Bahamas Police Force.

So whether you are a part of the private or government sector it is something you had better get used to it. And that is why it is so important that you- fully understand what you are getting before accepting an "Early Retirement" package

There is no question that these packages can be quite attractive, and that is the intent of the employer to make it as attractive as possible from a cash in hand prospective but it may or may not be a good choice for you. Hopefully, once you are done reading you will be empowered to look carefully at what you are getting before accepting, even if you don't have an option to refuse the 'package'.

So what is this all about?

An early retirement package is an offer of money in return for you retiring at an earlier time than you had planned. Most companies include a severance pay based on your annual salary and your years of service. An early retirement package might also include benefits such as health insurance or life insurance.

Can I afford to this change?

To answer this question, you must have a clear picture of your current financial situation, your family's needs, and whether or not you have enough money to continue living the lifestyle you are accustomed too for the years of early retirement. If you had planned to retire at age 65 and you are now retiring at age 55, will you have enough money to support you for the additional 10 years?
Four steps you can take to prepare financially and make the transition less traumatic are:

Eliminate any major debts including mortgage and car payments

Create a peace of mind account to deal with any emergencies

Reduce or eliminate your credit card debt

And practice living on less than you earn.

Do I have appropriate protection?

Your employers may include health insurance in your early retirement package but most don't. And even if it is included you may have to pay the cost. And the cost may force you to get your own coverage. So you need to ensure that you and your family have adequate medical insurance coverage. Your best options maybe an individual medical policy or possibly coverage through your spouse's employment.

You maybe able to continue your life insurance coverage but this is usually very limited and and again you could be responsible for the cost. If your employer doesn't offer life insurance, then it's important that you get your own coverage.

What about my pension?

If your company has a pension plan, you usually can't start drawing from that pension until you reach a certain age but the good thing about this is the longer you wait, the more your monthly benefit check will be. But you should discuss all of your options and entitlements with your company's plan administrator or human resources department.

What about National Insurance?

It is important to note that early retirement benefit payment from National Insurance does not start until age 60. So if you retire earlier than age 60 you will have to wait for this benefit.
Also, if you rejoin the work force after age 60 your weekly salary must be less than $200.00 or monthly $866.67 to continue to receive National Insurance benefits.

What am I going to do?

Apart from all the money issues I feel this is the most important question you will have to answer. You may have been working for 30-40 year now that all coming to an end so what are you going to do. Believe it or not "Retirement has killed more people than hard work ever will." That's why it's so important that you know what you are going to do.

You may not have realized it but besides providing you with financial stability work also provided four other benefits:

an opportunity for you to socialize

a structured and scheduled environment

status or sense of importance

a sense of utility

Now that you will no longer be at work you must find activities to involve yourself in that would provide these benefits.

You can expect that With the current economic conditions that companies will continue to downsize and as a result offer early retirement packages. So start planning now before it happens to you. A helpful resource to help you plan is "Strategies for Achieving A Comfortable Retirement-Your" workbook.

"Retirement is the most expensive purchase you will ever make and it's the one thing you won't be able to borrow money for" - A Wise Man
Copyright © 2009 - Glenn S. Ferguson

Glenn Ferguson is a Financial Speaker, Consultant, Coach and Syndicated Writer, helping you to painlessly take control of your money to create wealth for you and your family. Tel: 1-242-327-2453 - Bahamas Tel: 1-501-588-4621- U.S.A. http://investinginyou.org

Article Source: http://EzineArticles.com/?expert=Glenn_Ferguson

Early Retirement Planning

Are you already on your 30s? Have you ever thought about early retirement planning? Well, many people find early retirement planning as not a very much important factor to consider in life. They tend to overlook everything that is related to it thinking that they are still young and retirement is still a long way to go. But the truth of the matter is, early retirement planning plays a very critical role in someone’s life. It’s not a good idea to work until you age and die, after all. Aside from that, planning for your early retirement allows you to enjoy everything that life has to offer even after you leave from the work force. It prepares you for everything that will happen in your life after retirement.

However, early retirement planning is not an easy process. As the word “planning” implies, there are a lot of things to be considered, including your savings, your assets, your family, and everything that can be affected. It is basically here where the importance of planning properly comes in.

So, how to plan properly for early retirement?

As far as I know, the most important move to take when thinking about early retirement is to consider first whether you are already financially stable or not. Yes, money greatly counts and this is due to the fact that when you retire, you are leaving one of your best sources for living – your work. So in early retirement planning, it is necessary to think how much you need to save for your life after retirement, how to invest, how much money the retirement plan you want will require, and what changes in terms of financial matters you need to make in your preparation.

This is simply about financial planning.

But there is more to early retirement planning than focusing on the financial aspects. Money is not the whole story, after all. In fact, there are some retirees out there who have retired with enough money on their pockets, but they don’t have a better health. They find themselves immobile and incapable of doing something great for their families at all. It is so sad, but true and I find it a result of not having proper early retirement planning.

So when considering retirement, it is important also to look at how you want to live after retirement. Look at your future condition. What are you goals? Do you find yourself enjoying a second career after your early retirement? In what way you’d like to spend your time after retirement? Consider all of these things and make sure that you’ve maintained a healthy lifestyle even after you retire. There are a lot of options for you to do, after all. So make use of your choices and enjoy what life has to offer. Consider this as part of your early retirement planning and you’ll surely obtain a good life after you leave the work force.

Milos Pesic is a successful webmaster and owner of popular and comprehensive Retirement information site. For more articles and resources on Retirement related topics, Retirement Plans, Retirement Communities, Individual Retirement Accounts and more visit his site at:
=>http://retirement.need-to-know.com

Article Source: http://EzineArticles.com/?expert=Milos_Pesic

Early Retirement - What About Your 401k?

So, why the push for early retirement? It is most common in the auto industry. Many American manufacturing companies are barely able to stay afloat. They need to trim costs. One of the easiest ways is with layoffs. Unfortunately, the workers costing these financially strapped companies the most money are those who have been with the company the longest. Most are in their 50s. If you are one of those individuals, your employer may suggest early retirement or push for it. Yes, early retirement does sound nice, but is it right for you? What happens to and how does this influence your 401k plan?

First, take your age into consideration. Most individuals wait until they are between the ages of 60 and 65 to retire. This is when most can dip into their 401k plans, Individual Retirement Accounts (IRAs), and collect Social Security. If you are 52 years old, you may have planned to work at least 8 more years. 8 years is a long time. Your plan was to work these years. You anticipated having steady income and more additions to your retirement accounts, like your 401k.

One of your options is to take an early withdrawal from your 401k plan. Unfortunately, you will be charged penalties. There is 10% charge for early withdrawals. The money in a 401k is tax sheltered, until used. For that reason, you will not only be charged an early withdrawal fee, but you must pay taxes on that money. How much does that leave you? A 10% early withdrawal fee may not seem like much, but it is money you are losing. Most importantly, since you are considering early retirement, you need to account for those added years. Remember, your plan was to work until 60 years of age. That leaves 8 years of life financially unaccounted for. How will you survive? You better know before accepting an offer of early retirement.

An employer can suggest early retirement, but you have the option to deny that request. However, the offer was made for a reason. As an older, long term worker, you are costing your company money. You are paid more than recently hired employees. If you do not accept early retirement, you may still find yourself in the unemployment line. This does however give you the opportunity to find a new job. If your new employer offers 401k and has a solid program, you can do a rollover. Your funds and investments will switch hands. Continue working until you reach your planned retirement age and live off your retirement without the added risks and penalties.

If you find yourself faced with unemployment or early retirement, take a step back and look at the situation as a whole. Learn more about self directed IRA LLC and self directed 401k at mywayira.com

Article Source: http://EzineArticles.com/?expert=Kurt_Naulaerts

Early Investor Earns Early Retirement

Time is the greatest ally that an investor could ever have. As an investor, you will make most of your money through compounded interest and the earlier you start, the more compound interest you can earn.

Let's look at an example. For this example we are going to assume that two different people can both start investing at 12% interest for a continuous period of time. The first person, Charles, is going to start investing $2,000 per year at the age of nineteen until he is 27, at which point he will stop adding to his investment. The second person, William, is going to wait until he is 27-years old before he starts investing his $2,000 per year. Although, William will be continuously adding $2,000 per year to his investment until he is the age of 65.

So, Charles has a total investment of $16,000 (2,000 per year for 8 years) and William has a total investment of $78,000 (2,000 per year for 39 years). However, by the time both investors reach the age of 65, Charles will have $2,288,996 and William will only have $1,532,166. This is a difference of $756,830!

However there is a tradeoff. $2,000 per year is a lot more money to a 19-year-old than it is to a 27-year-old. But if you can afford to invest $2,000 per year, you should. Even if $2,000 per year is outside of your budget, investing any amount you is better than investing nothing.

The reason that Charles made so much more money from his investment is solely because he started investing eight years before William. Charles earned eight years more compounded interest with his investment. Furthermore, it would take more than a lifetime for William's investment to catch-up. This is just a simple example explaining the overwhelming benefits that an investor can utilize by starting early.

Nick Tart is the editor of four main sites for Worldwide Marketing Solutions. One of which is Home Income News. HomeIncomeNews.com is a one-stop resource to will help you accomplish your personal, financial goals. Please check out HomeIncomeNews.com if you enjoyed reading this article.

Article Source: http://EzineArticles.com/?expert=Nick_Tart

Small Business Retirement Plans

Small business retirement plans are an ideal way for employers to retain employees and also set up a retirement account for themselves. The simplest retirement plan is the Simplified Employee Pension (SEP) plan. Though it is designed for self-employed individuals, partnerships, sole proprietors and independent contractors, other businesses are also eligible for the plan. A SEP plan requires the least amount of paperwork. Employers can establish a SEP plan only if they do not have any other qualified retirement plan in effect.

An employer is required to open an individual retirement account (IRA) for each eligible employee and make contributions to their accounts. The employer is responsible for funding the entire contribution. The employer may make a contribution of up to or lesser than 15% or $30,000 of compensation to the IRAs established in each employee's name. This arrangement is also known as a SEP-IRA.

Contributions to this account may be withdrawn or transferred by the employee at any time. These accounts are subject to all applicable IRA rules regarding transfer, withdrawal and taxation.

The Savings Incentive Match Plan for Employees (SIMPLE) was established by the Small Business Owners Protection Act of 1996. Employers that do not have any other retirement plan and have 100 or fewer employees, with at least $5,000 in compensation for the previous year, are eligible to set up a SIMPLE.

SIMPLE may be structured as an Individual Retirement Account (IRA) or a 401(k) plan.

Contributions are vested with the employee, and deposits and earnings in the account, accumulate tax free until withdrawn. Distributions from SIMPLE are taxed just as those from an IRA. SIMPLE plans are not eligible for transfer to other qualified retirement plans.

A Keogh or HR 10 plan is a tax-deferred retirement savings plan for sole proprietors or partnerships. Under this plan, all contributions are deducted from the gross income of an employee. In case of a net loss due to self-employment, no contribution for oneself can be made for the year. All taxes are deferred until the funds are withdrawn. The contribution limits as stipulated in a HR 10 plan are more liberal than Individual Retirement Accounts.

Small business retirement plans have been designed to enable employees of smaller organizations to save for their retirement.

Retirement Plans provides detailed information on Retirement Plans, 401K Retirement Plans, Small Business Retirement Plans, Retirement Plan Services and more. Retirement Plans is affiliated with Individual Retirement Account Withdrawals

Article Source: http://EzineArticles.com/?expert=Peter_Emerson

401K Retirement Plans

A 401K plan is a retirement savings plan that is funded by employee contributions and a matching contribution from the employer. Contributions are made from pre-tax salary and the funds grow tax-free until they are withdrawn. Companies, non-profit and other tax-exempt organizations can establish these plans for their employees. 401K retirement plans are named after the section of the Internal Revenue Code that prescribes the rules under which it operates.

It is also known as cash or deferred arrangement (CODA) plan.

Under the 401K plans, an employer allows the employee to defer receipt of part of his or her compensation by contributing that part to his or her account. The Employee Benefits Security

Administration of the U.S. Department of Labor regulates 401K plans.

Some 401K plans include a 50% matching contribution from the employer for the employee. Employers may also make contributions to an employee's account independent of the employee's contribution and these contributions may be tied to a firm's profits as part of a profit sharing plan. Some 401K plans offer individuals an opportunity to direct accounts to a variety of investment options like mutual funds, stock market or company stock.

State governments are prohibited from offering 401K plans to their employees. Private, tax-exempt employers however, are eligible to establish a 401K plan for their qualified employees.
There are numerous advantages with 401K plans from the perspective of an employee.

Employees can contribute to their 401K plan with pre-tax money. This reduces the amount of tax paid out of each salary check. All contributions from the employer and any growth of capital are exempted from taxes. The employee can decide where to direct future contributions and savings, giving them control over the investments. All contributions can be moved from one company's plan to the next company's plan if an employee changes jobs. 40 K plans are very popular as a retirement plan because of the double benefit of saving money for retirement as also saving on tax liability. plan.

Retirement Plans provides detailed information on Retirement Plans, 401K Retirement Plans, Small Business Retirement Plans, Retirement Plan Services and more. Retirement Plans is affiliated with Individual Retirement Account Withdrawals

Article Source: http://EzineArticles.com/?expert=Peter_Emerson

Current Issues and Long Range Retirement Plans

When it comes to your personal retirement plans, you need to keep in mind that there are some issues that you need to watch out for. Current issues may be an issue, and you need to allow for those issues if you are going to have a nest egg when you retire.

Obviously, the current recession is one of those issues. The big problem is that it's making some stocks more volatile than they generally would be normally, and so a lot of stock advisers are essentially clueless when it comes to dealing with the situation. This does not mean that you should not trust any advice given, as most of the advice is still good advice, and is still valid. It does mean that you need to recognize that sometimes the advice you are given may be outdated or worthless, and so you need to learn to trust your gut. After all, your instincts may be looking at something that your conscious mind isn't, and that subconscious voice may be aware of something that you aren't.

A word of warning when it comes to dealing with your gut: Treat it like any other asset, and monitor it like you would any other asset. Not everyone's instincts are completely worthy of trust; if you trust yours regardless of how accurate it is, you may be setting yourself up for failure. At the same time, if yours is usually on the money, then it is something you should trust. If you are constantly being made fun of by your friends because of how often you are wrong, then following your instinct may be a bad idea. Otherwise, it may give you vital information on a current situation.

Otherwise, playing it conservatively may not be a bad idea right now. Although taking reasonable risks may be acceptable, taking too many risks in a volatile situation may eventually work against you, and cost you everything. Just remember to cover your bets, and keep your head down. For now, you need to keep in mind that rapids will eventually end, and you just need to be able to last until then; if you can last until the rapids are in the background, there will be a number of rewards for you, not the least of which is that you kept your money. When the recession is over, you need to be able to reap the rewards, and be ready for a return to interesting times!

Author and entrepreneur Bernz Jayma P. is the owner of a financial blog dedicated to helping people expand their knowledge on personal finance. You may visit his blog at http://www.Invesmint.com

Article Source: http://EzineArticles.com/?expert=Bernz_Jayma_P.

Retirement Plans - Diversification For Our Generation

Planning for your retirement can be nerve racking, yet it is something that we all must do if we want to live a secure life after we stop working. With so many different types of retirement plans out there today, how do you know which one to use? 401k's, IRA's, the list goes on and on. Which one should I use? How much should I invest? It's enough to make your head spin. Since there are so many options and so many rules, many people stick to the basics and use the one that the company they are working for use.

Most retirement plans are managed by large corporations, which ultimately charge you to keep and invest your money with them. You're giving your hard earned money away to someone you don't even know! Wouldn't you rather put it towards something that you can directly see? Something that you have the ability to make changes to at anytime with no finance charges or hidden fees?

With your retirement plan, you are restricted in many ways.

-How much you can or can't invest.

-When you can use the money you have earned.

-When you can change your investment types.

-How much return is possible.

That is just a few, but the list is never ending. It's true, retirement plans are easy. You don't have to touch them. You don't have to look at them, though you should. You don't even have to see the money that you are putting into it if you have them directly taken out of your check.
But with the stock market being in the dumps, your money has not been making money for the last few years. Instead, it's been losing money! I personally have lost almost half of the value of my 401k due to the recent market conditions. Why not try something different? The investors tell you to diversify and not put all of your eggs in one basket, yet they put all of your eggs in the mutual fund basket!

Isn't the purpose of a retirement fund, to make money for you to have when you retire? What if you could build a business on the side to make money that will continue to make you money for the rest of your life? I have attached a link below to show you a few of those proven methods that thousands of people are using today to supplement their failing retirement plans.

Stop waiting for the market to turn and take your future into your own hands. Stop giving you money to someone who really doesn't care if you lose money. Diversify your life and stop wondering what life will be like when you retire. Make your own future. Take control over your money and live out your dreams.

http://easyonlinemoneymakingtechniques.com/

Article Source: http://EzineArticles.com/?expert=Thomas_Stillman

Retirement Party Ideas - A Simple Guide To Retirement Party Planning

Planning a fun and memorable retirement party can seem like a huge chore if you don’t have a game plan for the party already in place. To help get you on your way, we’ve created a basic guideline that is intended to make your job easier and spark your creativity. For organizational purposes, the guideline is broken down into seven major categories:

Venue

Selecting the right venue for a retirement party plays a critical role in determining how much time and effort you will have to put into planning the party. In general, parties held in the workplace demand more planning time and effort because they require you to supply your own food and beverages, decorations, and other party supplies. A restaurant can be an easy venue option for many reasons. To name a few, holding the party at a restaurant minimizes your setup and cleanup times, it eliminates the need for food shopping and preparation, and it reduces the need for party decorations. If holding the party at a restaurant isn’t an option, consider where exactly in your workplace you want to hold the party. The kitchen or break room isn’t always the best option!

Day and Time

Choose a day and time for the party when everyone will be in the office and will not be in a rush to get back to work or their home immediately after. We recommend hosting the party on a Thursday afternoon during work hours (4 to 5 p.m. works well). By holding the party during work hours, you will get a far better turnout.

Theme

Choosing a theme for a retirement party is not essential, but it can add an extra element of fun to the occasion, especially if you are holding the party at your workplace. In choosing a theme, consider where the person might be moving after retiring or if they have a favorite hobby that they will be pursuing in their retirement. For example, if the person is moving to Hawaii, you could throw and island-themed party. If they love to play golf, that could be a theme as well. If the person has a noteworthy trait, you can also make that a theme for the party (i.e. if they always wear blue shirts to work, you could inform the guests to wear blue shirts).

Decorations

Decorations for the party can be simple as long as they are creative. If you choose not to have a theme for the party, you can always hang framed portraits or pictures of the person that is retiring. If the person who is retiring has a good sense of humor, you can doctor the images in Adobe Photoshop to get a rise out of the guests.

Food and Beverage

Serve hors d'oeuvres and drinks to stay within budget and keep the preparations manageable. If you are holding the party in a restaurant, make sure to prearrange which hors d'oeuvres will be served. If the person retiring has a favorite food or beverage, serve it if it fits in with your theme. Be sure to consult your company’s alcohol policy if you plan to serve any alcoholic beverages.

Activities

Party activities should be fun but not overwhelming. Your guests will want to chat and have the opportunity to give their best to the person who is retiring. Slideshows and roasts are two popular retirement party activities. A slide show can either be played in the background during the party, or it can be narrated with a story. A video roast can be another good option. To organize the video roast, send out an email to the person’s friends and colleagues asking them for stories that you can videotape. Employ a funny and well-liked person to serve as the roast master. The roast master can introduce the video with a funny story and also conclude the roast with a few upbeat, witty remarks.

Invitations

Invitations for the party can be done in a number of easy ways: send an email, post flyers in the office, and place formal invitations in work mailboxes. A reminder email is always helpful the morning of the party to ensure maximum attendance.

About the Author
For more retirement party ideas , click here or visit http://afteriretire.com.
Published At: www.Isnare.comPermanent Link: http://www.isnare.com/?aid=189405&ca=Business

Planning For Retirement In Turbulent Times: Watch Out For Six Hazards That Can Torpedo Even The Best Retirement-Planning Process

For the last thirty years, I’ve devoted my career to helping improve the personal finances of families and households across America. This year, I have watched the very ground we stand on undergo a series of seismic shifts that have tossed most Americans’ hopes and plans for finding eventual financial security into total disarray.

The bursting of the sub-prime credit markets, the stock market meltdown, and the accompanying credit crunch and recession that are now upon us could not be more alarming, especially for Baby Boomers who are approaching retirement.

Of the 30 million “early Baby Boomers” who are currently aged 53 to 63, 62% admit to feeling financially unprepared to retire. It’s easy to understand why. In fact, a Harris poll found that two thirds of Baby Boomers they surveyed said they believe the cost of living is too high to truly retire and never work again.

Planning for retirement and living on a fixed income become profoundly difficult when inflation is on the rise and the markets are in turmoil. You’ve got to start now to have a way to make an ongoing income after retirement from your primary career.

Unfortunately, retirement has become a do-it-yourself project. Twenty years ago, 80% of all workers at medium and large U.S. companies were covered by defined-benefit pension plans. That meant they knew they were going to receive a portion of their salary, every year, after they retired, usually adjusted upward annually to keep pace with inflation.

By 1997, that number had dropped to 50%. The latest figures show that just 21% of workers at all private companies are covered today by defined-benefit plans.

The situation has gotten far worse because U.S. property values have declined an average of 15% to 20% nationally since 2005. Most homeowners were banking on the ballooning equity in their homes to finance their debts and provide future financial security in retirement.

Millions of Baby Boomers have just not adjusted to the new economic reality: that the primary responsibility for funding the retirement years has shifted from business and the federal government, directly onto the shoulders of workers themselves.

In addition, six common hazards can torpedo even the best retirement planning and saving process. They include:

1. Divorce-- one of the most common causes of retirement planning failure.

2. Treating your house as your primary retirement vehicle (especially when housing values are plummeting).

3. Investors nearing retirement get sweet-talked at seminars into buying property or other investments, sight unseen.

4. Your withdrawal strategy may be unrealistically excessive.

5. Not planning for longevity. A husband and wife who are 65 years old today have a 40% chance of one of them reaching age 95.

6. Dumping all stocks and moving into bonds is an unbalanced, outdated move that assures sub-par returns.

To truly prepare for a secure retirement, you’ve got to protect yourself against many complex risks, from the danger that inflation or falling markets will eat away at your assets, to the strong likelihood that you’ll need costly long term care. (Today, 9 out of 10 people over 80 need some kind of help to take care of themselves). Ideally, you’ll want to develop an ongoing income source through a passion or skill you can turn into a part-time business.

Determining an appropriate asset allocation is also crucial. You’ll need to divide your money among stocks, bonds, and cash as a time-tested strategy for helping you pursue your financial goals and obtain safe investments.

The Baby Boomers Retirement Club (BBRC) offers advice and resources that Baby Boomers need to stay afloat in the current economic crisis and in the challenging years ahead. There are resources that can help you create and maintain an ongoing income stream, which is a critical priority. The tools and calculators at http://www.mybbrc.com can help you develop an intelligent and workable roadmap and financial plan for your retirement years.

Richard Roll, a retirement expert and bestselling Book-of-the-Month Club author, is the founder of the Baby Boomers Retirement Club (BBRC) web portal and membership site. He also founded the American Homeowners Association (AHA).

About the Author
Take a free 10-minute retirement quiz at http://www.mybbrc.com-- and start on your way to a happier and more successful next stage of life. Contact Richard at richardroll@mybbrc.com
Published At: www.Isnare.comPermanent Link: http://www.isnare.com/?aid=309507&ca=Finances

Retirement Wealth Facts: What Is The Average Retirement Like?

Nobody starts their working lives thinking that after working forty years they’ll be poverty stricken. No, we all start our working lives full of enthusiasm with the belief that the future has something special in store for us.

A study in 2005 by the prestigious private bank Coutts and Co (the bank the Queen of England uses) found that “Over 50% of people believe they may become a millionaire in their lifetime.” That’s £1 million, or approximately USD $2.0 million.

Similarly, a 2003 Gallup poll found that 51% of Americans aged 18 to 29 thought it was very or somewhat likely that they would be rich one day. (That number dropped to 8% for those 65 and over!)

Inaccurate data:

One of the most published pieces of research I’ve come across states that of 100 people who start work at age 25, by the age of 65:

* 1 is wealthy

* 4 are financially independent

* 3 are still working

* 63 are totally dependent on others (government, friends and charities)

* 29 are dead

This research can be found in dozens of websites (usually associated with multilevel marketing promotion) and in some of the most popular self-help business books on the market. It’s usually attributed to the U.S. Bureau of Labor Statistics. Unfortunately, it’s not true. It was totally made up and been copied by people until it developed a life of its own.

The head of longitudinal research at the Bureau of Labor Statistics, who oversees all statistics they produce that cover multiple years like this, confirmed that the data is indeed false.

So let’s look at some of the claims. What are the chances that a person will die between the age of 25 and 65? According to the inaccurate date is 29%. The National Centre for Health Statistics produces a life table that shows that those who survive to age 25 have an 84% probability of surviving to age 65. In other words, the chances of someone dieing between age 25 and age 65 is 16%, not 29% as stated in the false research.

In addition, the false research states that at age 65, 3 people will have to work because they can’t afford to retire. Unfortunately, the reality is far worse. A report by the U.S. Labor Department states that in 2000, 24.4% of 65- to 69-year-olds and 13.5% of 70- to 75- year-olds continue to work.

Retirement truth:

So, assuming you reach age 65—which 84% of 25-year-olds will—what does the average retiree’s finances look like? Not very good. According to the U.S. Department of Health and Human Services, “the median income of older persons (age 65 and above) in 2002 was $19,436 for males and $11,406 for females.” Furthermore, “the median household income for families headed by persons 65+ in 2002 was $33,802.”

The U.S. Census Bureau reports “the median net worth of elderly households (with a householder aged 65+) in 2000 was $108,885.” However, “home ownership accounts for $85,516 or 78.5% of this net worth,” which leaves only $23,369 on average to fund their retirement. With an average of only $23,369 to fund your whole retirement, where does the average retiree get the income they need to survive?

The Bureau of Labor Statistics found that government-provided social security is the major source of income (providing 50% or more of total income) for 66% of those aged 65 and older. Thus, two thirds of all people over the age of 65 are totally dependent on social security to maintain their standard of living. Furthermore, social security dependency rises from 50% or more of total income to 90% or more of total income for one-third of those aged 65 and older, and is the only source of income for 22% of them.

The sad truth is that being “average” means being poor and mostly dependent on the government to support you in your later years. 66% of those 65 and older have to get 50% or more of their income from social security and 24% of 65- to 69-year-olds are still working.

About the Author
Emlyn Scott is the founder of Rich1Percent, investor and wealth creation author. He is a wealth creation and finance expert with 4 post graduate qualifications and has amassed a multi-million dollar investment portfolio.
Published At: www.Isnare.comPermanent Link: http://www.isnare.com/?aid=254943&ca=Self+Help

Retirement Plans: Financial Security Upon Retirement

Most employees, upon reaching retirement age, anticipate such time when they can totally relax while still enjoying financial security. That’s why even at the very beginning of their employment, they are already looking far into the future about the kind of retirement benefits they might possibly get.

There are formal contracts to provide retirement benefits for employees upon reaching retirement age. They are called retirement plans. Some retirement plans can be set up by the employee themselves while some are sponsored by their employer.

The Employee Retirement Income Security Act or ERISA Law is the federal law governing employee’s retirement plans. Qualified retirement plan is the operative term for the specific plan that complies with ERISA law. By complying with this applicable law, the plan’s taxes are deferred on contributions and earnings of the employee until withdrawn. ERISA has non-discrimination rules and other safety nets to protect employee’s benefits.

Although there are no existing laws that obligate employers to establish retirement plans for their employees, they may provide such packages in order to attract incoming employees and maintain present employees. Aside from that, setting up qualified plans by employers lets them gain tax benefits.

If there are qualified plans, there can also be non-qualified plans. As opposed to the former, non-qualified plans, as the work itself connotes, do not qualify the plan for tax benefits. Such plans are usually set up by employers for their management executives.

There are several examples of qualified retirement plans. The more popular ones are the individual retirement account or IRA. It is a contract by the employee with himself with the purpose of having the money in a tax-qualified account until their actual retirement.
In having an IRA, the employee’s taxes are postponed contributions along with the ensuing earnings until they are withdrawn.

The 401(k) plans, is another type of a delayed compensation plan. An employee can contribute ever year while their employers share a corresponding percentage of what they contribute. Not until the employee start receiving distributions does he get taxed for contributions.

However if the employee starts withdrawing before they reached the age of 59 1/2, he may have to pay up stiff penalties. However, contributions can grow and accumulate until withdrawal, and everything is on a pre-tax basis.

Profit sharing plans, in simplest terms let employees share in the profits. This type of plan gives employers a chance to supplement other retirement benefits for the employee. It depends on the employer how much are the contributions. Employers must observe that the contributions must be on a non-discriminatory basis. Usually employers make contributions according to the percentage of total annual pay roll.

Pension plans have two basic qualified types. The defined benefit plans have a specific pension amount according to a certain formula and the defined contribution plans have a specific amount the employees are required to contribute in individual accounts.

It is essential for an employee to be aware of the retirement plan set up by their employers during their employment. Employees need to understand the plan itself, how it works and what benefits to be gained. Then, they must also keep tabs of their money wherever it is deposited. This way, employees and their families can be assured of their future financial security.

About the Author
For more information visit our Los Angeles Employment Law Attorneys http://www.mesrianilaw.com
Published At: www.Isnare.comPermanent Link: http://www.isnare.com/?aid=169886&ca=Legal

Relax Into Your Retirement With The Ideal Retirement Community For You!

So you’ve finally retired! After all the decades of hard work and stress, you are now in a position to put your feet up and take a well earned rest from it all. Whether you have been slaving in an office for the last thirty or forty years, or spending your time chasing after children day in day out, you and your partner deserve a break.

More importantly, you have earned to right to move to a retirement community that not only offers superior quality accommodation and facilities, but also the interesting and fun social networks that will see every minute of your retirement spent in comfort, relaxation and joy.
For many couples, choosing a retirement village can be a daunting task. It’s understandable too, since you have to factor in your future needs. After all, as you and your partner grow older, your needs will naturally change. It’s imperative to make the right decision now!

Choosing a retirement village or community requires homework, and there a number of things you need to consider. Probably the first concern will be the cost of the accommodation. No only are there entry costs to consider, almost all communities require recurrent charges, extra fees for services and increased fees if you need to move to a higher level of care. Having a budget will make things easier for you.

Checking the sort of contract that governs your accommodation is also a key step. Are you signing onto a loan/license, lease, strata or company title? Each contractual relationship is different and will effect your rights as a resident and the costs you may face.

Other considerations are access and location. No doubt you will want to be near to your family and loved ones, but easy access to shops, public transport and other services is an important factor as well. As far as access is concerned, remember that as you age, you may need a walking aid or wheel chair, so be sure to find a community that accommodates these.

The ability to upgrade to a higher level of care is also imperative. After all, if you become frail or unable to care for yourself, you will want the option of moving into an assisted care arrangement. Many retirement communities offer a spectrum of graded housing, from villa homes and independent living apartments, to assisted living apartments, long-term nursing care, short-term rehabilitative care, and specialized Alzheimer's/dementia care.

Choosing the right retirement community is a big step. But by thinking down the track you can be sure you and your partner will be comfortable and properly cared for, so that you can really get the most out of your golden years.

About the Author
John Kilminster writes for valleyrivervillage.com a website dedicated to helping people choose a retirement community that suits their needs.
Published At: www.Isnare.comPermanent Link: http://www.isnare.com/?aid=94121&ca=Aging

Retirement Q&A: Understanding Your Options For Retirement Communities

* What are Active Adult Communities?

Active Adult Communities are specially designed communities for those who are age 55 and above. They are designed for a lifestyle best suited to their age.

These are for couples who have no children living with them anymore. They can enjoy living in this kind of community along with other people in their own age group. Here there are two to three bedroom houses being offered to their community members.

These active adult communities feature a lot of facilities and amenities that will cater to their favorite activities. Usually there are golf courses, clubhouses, parks, nature trails, and places where they can enjoy retirement.

* What are Independent Living Communities?

Independent Living Communities, otherwise known as retirement homes, are like condominiums and apartments where seniors and retirees capable of living independently can stay with their peers.

Here they can enjoy a lifestyle that is laidback and full of recreation together with other seniors and retirees.

This kind of community offers security and the convenience of community living while still being an independent person.

There are plenty of activities offered in this type of community that help keep community members fit, alert and comfortable.

* What are Continuing Care Retirement Communities?

Continuing Care Retirement Communities are a kind of community wherein retirees and seniors can obtain three different levels of community care programs. In continuing care retirement communities, a senior or retiree can choose from 1) independent living, 2) assisted living, and 3) nursing home care all within a single community.

For a one time or monthly fee basis, a retired person can avail of a living quarters, meals, health care in different levels and the company of other seniors and retired persons.

* What are Assisted Living Communities?

Assisted Living Communities can be differentiated by the different types of levels of assistance provided by the hosts of the communities as well as the different kinds of living units by their residents.

This is a community wherein retirees and senior citizen residents live together and requires some assistance in their everyday activities. Licensed and well-trained medical staff are at hand to provide service and assistance to their residents that either could not do their daily activity independently due to old age or because of an illness or ailment.

* What are Nursing Care Facilities?

Nursing Care Facilities, or Nursing Homes, provide a living community for senior citizens and retirees who need constant or daily care. Most states require a nursing care facility to have a license. They are expected to meet federal requirements such as having licensed and well-trained medical attendants.

Advanced aged residents can avail of medical attention all day. As well, they can live with other people with their same condition and enjoy daily activities that can keep them physically and mentally active.

* What are golf retirement communities?

As its name implies, a Golf Retirement Community is a living community wherein a golf course is centered. Retirees and senior citizens who love the game of golf get a chance to play the game they adore everyday.

This kind of community is designed to cater to the needs of those who are advanced in age and want to live in a community among their peers. Many amenities are available that do not only cater to golfing. They can enjoy other activities such as card playing, swimming, exercising and more.

This type of community offers different housing plans such as two door houses or apartment type living quarters.

* What are RV retirement communities?

RV retirement communities are where senior citizens or retirees live in RV’s or Recreational Vehicles that are parked in designated areas. RV Communities have permanent structures and facilities wherein residents can avail of many services such as recreation, medical and other physical activities.

A couple or single senior retiree can enjoy living independently in his RV but still get the attention he needs. Living with other retirees in their own RV’s cuts the cost of renting housing facilities or buying a home.

* What are rental retirement communities?

Rental retirement communities allow you to live in a community where you do not have an obligation to purchase a property. You can enjoy retired life to the fullest in a community where like-minded people can take pleasure in living in a community where they can get to do what they like.

A rental retirement community lets you live in a community where there are a various choices of living conditions. From luxurious villas to studio type apartments, you can stay as long as you want when you want it. You can take advantage of services like independent living, assisted living and nursing care living.

About the Author
Randy Yingger is a regular contributor to retirement-related websites such as Retirement FAQ. Website: http://www.Retirement-FAQ.com
Published At: www.Isnare.comPermanent Link: http://www.isnare.com/?aid=46544&ca=Family+Concerns