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
Tuesday, February 17, 2009
Thursday, February 12, 2009
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
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
Saturday, February 7, 2009
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
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
Monday, February 2, 2009
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
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
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