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Saving for Retirement – 7 Retirement Questions You Should Answer for Yourself

Are you concerned about how your life will be when you retire? Whether you have long established plans or you’re just getting started to be serious about retirement, here are seven questions you should answer for yourself.

1. When Do I Plan To Retire?

2. How Much Have I Saved Toward Retirement (401(K), Roth IRA, Passbook, Etc.)?

3. Is My Retirement Income Projected To Be Greater Then, Equal To, or Less Than

My Pre-Retirement Income?

4. Would I Like To Live In My Present Home?

5. Have I Made Any Long-Term Care Arrangements?

6. How Much Social Security Income Do I Expect To Receive?

7. How Do I Feel About Possibly Having To Live On Less Income In Retirement?

My purpose for writing this article is to alert as many people as possible to the financial realities of retirement for most people. There are various studies around that state that the number of people who will retire to fixed incomes that are less than their “working” income is as high as 85-95%. I refer to statistical studies primarily to indicate how pervasive the problem is, but you and I both know that the only person that really matters in studies is YOU. Are you in that 85-95% or not? Another of my objectives is to suggest to those who which to do something positive to move themselves toward financial freedom, some possibilities as to some actions that are available to you.

I am assuming that you have not yet retired, but retirement is finally something you feel deserves more of your attention. When you take a look at how much present income you receive and look at how much is used on necessities or near necessities, the amount remaining is what’s available to enjoy life and set aside for retirement. Now I really encourage you to not get down on yourself too hard if the remainder after expenses is not very large. The truth is most paycheck-to-paycheck employees simply DO NOT EARN ENOUGH income to live the lives they desire and to save for retirement as well.

I submit that you do not have to live on less in retirement. No matter where you are right now financially, you can build and enjoy a retirement lifestyle you desire…IF YOU REALLY WANT TO. Peace.

My name is Harold L. Lowe and I am a “former” retiree who, at age 62, saw my six-figure income position eliminated. I chose to retire and what I discovered was a shocking 50% reduction in my (combined pension and Social Security) income and what I call the “financial reality of retirement” faced by most paycheck-to-paycheck employees. You can get a copy of my Free, eye-opening Report “Financial Planning for Retirement is not Enough!” at my website: http://www.haroldllowe.com

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

Retirement Cards

Retirement is a very memorable part of a person’s life and is a time to celebrate all the glorious achievements of the past. It is the time to say goodbye to all those special colleagues and move ahead. Organizations usually give a memento or a souvenir to their retirees as a demonstration of their appreciation for their invaluable services. A retirement card is often attached to these gifts. These cards are usually concise and may only include greetings.

Retirement cards are available in various styles, sizes, and shapes. They can be either very short and precise or elaborate. These cards can be of great help to people who lack the ability of expressing their feelings. They can simply purchase an appropriate retirement card and send it across to the retiree to wish a happy and peaceful retirement.

There are innumerable sites on the Internet that offer greeting cards for various occasions. Many sites offer various quotes, and witty one-liners that can be included in the retirement cards. Friends and colleagues can gift these cards to the retirees. Individuals can purchase retirement cards online from any of these websites. Individuals are required to select a suitable card from the catalog. The cards are divided in to categories that may include regular cards, humorous cards, and cards for a particular profession. Individuals can place an order for the required cards and pay via a debit or credit card. They can also send an electronic card via email. These cards are colorful and animated, and may also include melodious music. Electronic retirement cards are greatly preferred by most people as they are convenient and the sender is assured of prompt delivery. They have a better visual appeal as compared to ordinary cards and can be instantly sent around the world. Besides, a large number of service providers offer these cards for free. Individuals have the freedom of entering the text of their choice, thus giving it a personal touch.

Retirement cards can also be given to the retiree in retirement parties in case the invite specifically mentions not to bring any gifts.

Retirement provides detailed information on Retirement, Retirement Plans, Retirement Communities, Individual Retirement Accounts and more. Retirement is affiliated with Retirement Financial Planning.

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

Military Retirement

Retirement benefits are extremely important. It is solely the best gratification one could ever have after so many years of working hard.

In the military, people who work for the government and for their respective community should likewise be entitled to receive the benefits that are due for them.

Basically, military retirement is available in three remuneration plans. These plans were authorized by the Congress, which are entitled for every military personnel who have rendered the needed services to the government and to the whole country as well.

Military retirement plans are unique on its basic concept inclusive of the service dates, in which the amount of retirement benefits will be based from.

These military retirement benefits involve the “primary service dates” that provides the DIEMS or the “Date of Initial Entry into Military Service” and the service date as stipulated in the Title 10, Section 1405 of the United States Code.

For a complete understanding of the benefits in military retirement, here is a list of the three remuneration plans.

1. DIEMS before September 8, 1980

For military personnel whose DIEMS is before September 8, 1980, the military retirement benefit is based on the product of the military personnel’s monthly income and the 2 ½% of the concerned personnel’s years of service.

This plan is known as the present military retirement plan.

2. DIEMS between September 8, 1980 and July 31, 1986

Any military personnel whose service dates falls between September 8, 1980 and July 31, 1986, the expected retirement pay is the product of the 2 ½ % of the personnel’s years of service and the average of a personnel’s “highest 36 months” of the basic take-home pay based on the days of active duty.

This military retirement plan is known as the “High 36/50 Percent Plan.”

3. DIEMS on or after August 1, 1986

Any military personnel whose DIEMS is on or after August 1, 1986, the amount of the expected retirement benefit is the product of 2 ½% of the personnel’s years of service, but less than 1% for every year of service that is below 30 years, and the average of the personnel’s maximum income on a 36-month remuneration.

This plan is called “High 36/40 Percent Plan.”

Indeed, any of these three plans will definitely give the military people enough financial aid by the time they retired from service.

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

Investing for Senior Citizen Retirement

Senior citizen retirement could be an extended way off for you or it may represent something in the near future. Regardless of that amount of time, you without a doubt, need to begin saving up for it at once. Even so, preserving cash for retirement Is not what it used to be with the cost of living and the un-stableness of government social security.

Lets begin by having a look at the senior citizen retirement plan provided from your company. At one time, these programs were very well-grounded. Nonetheless, after scandals such as Enron and all that came after, folks aren’t as protected in their corporate retirement plans any longer. Whenever you decide not to commit in the company’s senior citizen retirement plan, you do possess other alternatives.

Initially, you could put money in stock markets, bond markets, mutual fund markets, CDs, or money market accounts for your retirement. You don’t need to express to anyone that your payoffs on these investment funds will be utilised for senior citizen retirement. Simply allow the money to mature over time, and once reliable investments achieve their maturity, reinvest them and proceed to allow the revenue to grow.

You may also begin an Individual Retirement Account (IRA). IRAs are very fashionable since the revenue isn’t assessed until you take out your cash. You might as well be capable of deducting your IRA contributions from your taxations that you owe. An individual senior citizen retirement account can be started at most financial institutions.

A different common type of senior citizen retirement vehicle is the 401-k plan. 401(ks) are commonly provided via employers, though you might be able to begin a 401-k plan) on your own. You had better talk with a retirement planner or accountant to assist you with this.

Whatever retirement investment you decide on, just be sure you decide on one! Once more, don’t rely on social security, corporate senior citizen retirement plans, or even an inheritance that might or might not materialize! Attend to your financial future from investments done today.

JD Stratis is a contributor to Equity Cash North Americas premiere program for protecting your hard-earned equity and creating Cash Flow with ZERO risk to your equity!

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

Retirement: No Ravings About Standard Savings

A recent study of the financial and retirement plans of U.S. adults revealed that, based on current retirement savings and changes in social security and pension, nearly half of all adults won’t be able to continue their current standard of living when they retire.

The study was conducted by the Boston College Center for Retirement Research and funded and sponsored by Columbus Ohio’s Nationwide Mutual Insurance Company. Economist have been predicting the dire straits that this survey now bears out. Americans are not doing nearly enough to prepare for their financial needs after retirement.

Many people who anticipate a certain standard of relaxation, travel and leisure when they retire are going to be disappointed if they don’t take more drastic financial measure for their retirement savings. Americans who have been raised on the affluence of post war years aren’t taking proper notice of the dire predictions offered by economists on the potential state of their upcoming retirement.

Because of this lack of foresight by many would-be retirees, the Boston College retirement center has put together its’ National Retirement Risk Index. This measures the amount of risk that exists of not being able to maintain expected retirement living standards. The news may be even worse than indicated by this index however, as certain things are assumed that may, in fact, not turn out to be the case. Assumptions include retirement at age 65, and many may retire before then. It assumes families annuitizing their wealth and reverse mortgaging their homes, which may not occur either.

While the situation is not good, it’s not hopeless. If people were to work just two years more before they retire and save only three percent more than they are now, their financial retirement outlook would improve drastically.

Jeanette Pollock is a freelance author and website owner of retirementdotcom.com. Visit Jeanette’s site to learn more about retirement and savings.

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

Do-it-Yourself Retirement Plan

For your retirement plan, do you have to rely on financial advisers? Or can you build your own retirement plan? Yes, it is possible to run your own retirement plan, and in many countries you are allowed to do so.

But building a retirement plan takes time and effort – it is no good just putting your money into one thing like a group of equities and leave them alone. You might scan the financial pages of the paper one day to find your retirement plan had lost 30-50% of its value!

To build your own retirement plan, you will need to spend, say, an hour a week managing it, and more time reading.

How does the Big Picture affect your retirement plan?

The reason you need to keep in touch with what is happening in the investment world is that you need to see the Big Picture well to make your retirement plan work. What do I mean?

You need to know:

1. Whether the economy is growing or flagging or in recession.

2.

What is expected to happen with inflation over the next two years or so – and keep getting it right.

3.

Is the stock market in an uptrend, going sideway, or going down – these trends can last from one to 10 years.

4.

How high are interest rates relative to inflation.

Here are some examples. If real inflation was zero, and interest rates were 10% – you might just stick bonds in your retirement plan. It would be that simple.

Alternatively, if you knew that the stock market had just embarked on an uptrend that would last ten years – then you might put good quality stocks in your retirement plan.

If inflation is growing, and likely to grow in the future, then you might want to put lots of property, gold and/or silver coins or bullion and collectibles in your retirement plan.

These are just extreme examples. However, life is rarely like that, while investment advisers – who are mostly salesmen – will tell you that the outlook is good for stocks whatever is happening. Generally, it is necessary to have some of your retirement plan invested in government bonds, some in stocks and some in property bonds. If the stock market is weak, then a Bear Fund may be appropriate.

If you are prepared to study the stock market, and follow the long trends, it may be worth managing your own retirement plan. However, you should seek professional advice whatever you do.

Disclaimer: This information is not intended as investment advice, but is intended to show how things can behave differently at different times. Do not use this information as investment advice for your retirement plan or anything else – consult a professional advisor.

Rex Truman is not retied but should be – instead he gives information at www.retirewhenulike.com, retirewhenulike.com to help people save enough so they can enjoy retirement, ideally with an interesting job where they are in control

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

Early Retirement Planning and Active Adult Retirement Communities

The baby boomers are reaching retirement age and this has led to the active adult retirement community boom. In an attempt to attract the large numbers of people reaching retirement age, more and more communities are opening and doing so in resort areas around the country. California, Florida, and Arizona are the hot spots for the adult community industry because of the climate. Although the numbers of communities is constantly increasing, it is not keeping ahead of the number of people reaching retirement age. This has increased the need for early retirement planning.

It has always been wise to carefully plan for retirement. What has changed is that more than just financial considerations now need to be factored into the planning process. There are many people who prefer to spend their retirement in the same location and even the same home where they raised their families and spent their working yeas. As long as they remain healthy, they prefer the nearness of their families and the things with which they are familiar. Other people view retirement as an opportunity to go to the kind of place they have always dreamed of spending their retirement. It may be near the beaches of Florida or in the mild climate of California away from the snow and ice of harsh winters.

It is going to be necessary to begin planning for this retirement early. You need to develop an idea of what, where, and when. The variety of locations and types of retirement communities will amaze you when you first begin to study the matter. The year and time of retirement should be decided, and you should make your contacts with the home of your choice early. Some homes have waiting lists and most very limited vacancies and so the sooner you being the better chance you will have of getting into the home of your choice.

The cost is the final consideration of early retirement planning. The best active adult homes are not inexpensive and your must be aware of the costs compared to your expected retirement income. If your retirement planning begins early enough, you have a target for your saving and investment plans. Financial consultants can assist you in taking the steps to insure an adequate investment income. The general rule to remember is that the sooner you begin your retirement planning, the better your retirement is going to be.

Natalie Aranda writes about finance. The baby boomers are reaching retirement age and this has led to the active adult retirement community boom. In an attempt to attract the large numbers of people reaching retirement age, more and more communities are opening and doing so in resort areas around the country. California, Florida, and Arizona are the hot spots for the adult community industry because of the climate. Although the numbers of communities is constantly increasing, it is not keeping ahead of the number of people reaching retirement age. This has increased the need for early retirement planning.

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

Retirement Jobs

Money is a very important factor when preparing for retirement. Many of today’s retirees go back to work because they are either bored in doing nothing on their home, or yearning to go back to work because of financial matters. Retirement jobs impose a significant constructive impact on the finances of a retiree. Below are the four factors of why most retirees prefer to go back to the work force.

Financial Factor – the possibility of earning additional earnings is one of the most significant factors why retirees tend to take retirement jobs. Because not only does retirement jobs extend their retirement funds, retirement jobs can make a retiree have enough money for a few extravagances that they want to experience.

Love of Work Factor – there are some retiree who chose to go back to work because for the love to work. Retirees whose works involves resourcefulness and self-sufficiency, like artists and proprietors, tend to go back to work. It is because their jobs are a great part of their existence.

Friends Factor – there are some retirees who want to go back to the work force because they are bored at staying all day on their homes. These are people who are sociable and are fond of mingling with other people. Retirement jobs offer a flamboyant social moment in their retirement.

Apprehension Factor – people who are devoted completely on their profession prefer working at retirement jobs as much as necessary. The fear of doing nothing but eat and sleep all day renders them to look for retirement jobs.

Some time ago, retirees would not consider going back to work. These days more and more retirees make most of their retirement years by having retirement jobs. If you are a retiree and want to go back to the work force the best place to look for a retirement job is your previous employer. Ask your previous employer if they have any sort of part time retirement job that they could give you. Recent studies show that most of employers allow their older employees to decrease their working hours more willingly than allow them to take full retirement. More and more employers these days are interested in hiring retirees because of their experiences and expertise. There are even some employers that set up atypical recruitment courses for retirement jobs to catch the attention of the retirees. Making some of them consider taking the retirement jobs.

More and more retirees choose to integrate retirement jobs in their retirement. More and more employers are hiring individuals who want to go out of retirement, thus, creating more and more retirement jobs for the retirees.

If you are considering of going out of retirement, it is advisable that you begin planning or start looking for a retirement job that you want as soon as possible.

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

Individual Retirement Accounts

Almost anyone can open an Individual Retirement Account, better known as an IRA. This is a retirement investing tool that is not run by an employer. If you want to open this account, you just have to ask a bank, brokerage firm, or other financial institution on how to file an application and make a contribution.

Generally, after you retire, your IRA account will grow tax free until you withdraw the amount. However, there are factors that will determine which type of IRA that you are eligible for. Some of these factors include type of income and amount of adjusted gross income, participation in an employer-sponsored retirement plan, and age.

Basically, there are four types of IRAs, the traditional IRA, the Roth IRA, the SIMPLE IRA, and the SEP IRA. The traditional IRA is one of the most commonly considered retirement account. Here, money is deposited without being taxed and earns interest over time. The earnings are also not taxed and the money will only be taxed when it is withdrawn at retirement.

The Roth IRA is another type of IRA that is meant to help individuals save money for retirement by giving them tax advantages. It differs from the traditional IRA because the money invested here is taxed before it is deposited into the account. But it also accumulates interest tax free until the money is withdrawn at retirement.

The last two types, the SIMPLE IRA and the SEP IRA, are retirement plans established by employers. In a SIMPLE IRA, there are lower contribution limits and a simpler administration of the money. This is quite similar to SEP IRA, which allows an employer to make contributions toward the employees’ retirement.

Anyone who is considering an individual retirement account is considering a quality investment account. But it is always best to consult a financial advisor to help you decide which IRA is best for your retirement needs.

Individual Retirement Accounts provides detailed information on Individual Retirement Accounts, Individual Retirement Account Services, Individual Retirement Account Withdrawals, Individual Retirement Account Rules and more. Individual Retirement Accounts is affiliated with Small Business Retirement Plans.

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

Retirement Planning Courses-Get The Money You Need For Your Retirement Lifestyle

There are many people today that offer retirement planning courses to help you map out where you want to be when you retire. So what is the most important part of your retirement planning process? First of all, you absolutely need to have a plan in place and know where you want be when you retire.

No matter how good you are with investing, nothing is a good substitute for having a plan in place, and knowing exactly how much money you’ll need to retirement. In fact, without this information, you can never hope to achieve your retirement goals.

Now, there are probably many great local retirement planning courses you can take for free; a simple look to the newspaper will probably provide these for you. However, these courses, while providing you with a good starting point, will never give you all the information you’ll need. For this, you’ll probably need to hire a financial advisor to help you with your retirement planning needs.

First of all, before you go to see your financial advisor, sit down and decide exactly what you want to achieve during your retirement. Leave nothing out. For instance, you need decide what to house you live in, the car you wish to drive, etc.

Once you understand this, simply figure out how much money you’ll need in order to live that can a lifestyle. This will be your target amount that you need for retirement. You absolutely must know this number specifically, in order to help you achieve your retirement goals.

If you don’t know how much money you’ll need when you retire, how can you know when you get there? Once you know this, now your retirement planning advisor can help you significantly, in order help you find the right investment that will help you get the money you need.

Therefore, retirement planning courses certainly are not useless; in fact, they’ll provide you with a great starting point to help you map out your retirement goals. However they should not be the end-all. Once you’ve taken some good retirement planning courses, go look for a financial advisor help you map a your retirement goals, and you’ll achieve whatever kind of lifestyle you wish to live in your golden years.

For retirement planning investment info, visit online-retirement-planning.com, and learn about retirement planning calculators and more tips.

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

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