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Interesting Retirement Information
Keeping Your Retirement Plans on
Track
Our latest press releases
Interviewing Tips for the Older Job-seeking Population
Reverse Mortgage could be your answer
Retirement Planning is IMPORTANT!
Great tips for your tired eyes
Uncovering your hidden income
www.retiredbrains.com
- Great informational site for the work related, active senior.
Health Information
http://www.medicare.gov - This site contains
an overview section that explains eligibility, enrollment and how
to file a claim.
You’ll also find a directory of Medicare-participating physicians
and suppliers. There is a section on prescription drug assistance
program, as well as supplemental insurance policies that cover
expenses not
paid by Medicare. There is also a helpful section that compares
nursing homes around the country.
Join Gordon in his CENTENARIAN MARCH to
good health through a sensible regimen of weight training. Gordon
introduces a weight training concept designed to enhance muscularity,
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Keeping Your Retirement Plans on Track
We all wait for the opportunity when we will have lots
of time and the money to enjoy it. This idea seems very elusive
to most of us, at least until the time comes when we retire. And
only then will it be possible if we have made adequate financial
plans. As far away as retirement may seem when you are in your 20s,
30s, and 40s the truth is that retirement age creeps up very quickly.
Unfortunately, many people delay putting money away on a regular
basis for later because they are stuck in the instant gratification
mindset. They want what they think they can't live without
now. It isn't until we are older that many of us realize that
most of the materialistic things we have strived for when we are
younger are really not that important after all.
Also when it comes to saving and investing many think there will
be lots of time to catch up later. As most of us know playing
catch up is very difficult. Many of these individuals will find
themselves short on the funds they need and have to change some
of their ideas of how they want to spend their retirement.
Being prepared for retirement financially is very important
but it's not the only thing to be thinking about as we age.
We need to plan a lifestyle for our retirement too. You will
still need a purpose in life, something to get you going in the
mornings. Many retirees find themselves feeling bored, lost and
disillusioned either because they miss their old life or because
they haven't found fulfilling ways to fill their time.
When you retire from your job it's not only the work and pay that
you leave; its friends, coworkers, a routine and more. Also
for a lot of people, especially men they also feel less valued when
they are not a part of the workforce as many of them have their
identity tied to what they do. It really is important to consider
what you want your life to be like. Without a purpose there is a
real risk of becoming depressed, and it is totally unnecessary.
When it comes down to it, it's a matter of choice how we live
our lives in our retirement years. Many people are living
the life they had hoped for. They are busy fulfilling as many of
their goals and dreams as they can; while they can. They are
very productive.
Many spend time improving their home environment by doing odd jobs
around their homes, working on improving their garden, adding a
patio swing or adding an outdoor
garden water fountain, and growing vegetables and flowers.
They keep on learning, volunteer and are only too happy to help
others. Some decide to start a business, or work part time or use
their skills to teach others. All this activity helps to keep their
brain fit as well as their bodies.
When the time comes to retire whatever our age or financial situation
is we have to make the most of our opportunities. One thing that
we all need is good health. Many of our choices will be decided
by the state of our health as well as our finances.
Good health will give us more choices when it comes to activities,
like playing golf on your favorite golf course, or at least practicing
with your swing with a medicus
golf trainer, travel, and playing with your grandkids.
Poor health will surely limit us.
One of the critical things to having a successful retirement is
having a plan. Be smart and let Retirement -4-U help you create
a plan your future. They will coach you and help you better understand
what you need to do in order to have the future that you want. None
of us are experts in everything, and we are not meant to be. So
let someone that knows and cares guide you in the right direction
towards your retirement goals and dreams.
If you are going on a trip to somewhere that you’ve never
been before you need to plan. You need to know what your destination
is and you need a map to show you how to get there. Retirement
is the same concept it's somewhere that you have never been before.
You want to know what you're going to do and what you need when
you get there. If you just leave it to chance you could just be
missing out on all the main attractions. What will you need to be
able to participate in these attractions when you retire?
Wishing a Happy and Smart Retirement-4-U!
About the Author: Shirley Price is the author of LifeByDesignOver50.com.
Several years ago while doing research for a retirement workshop,
Shirley surveyed numerous retirees to find out their views on retirement.
The biggest complaint from most was that many of them were not prepared
financially and or emotionally. Many wished that they would have
planned better.
“Red Alert … An
Over-50 Jobseeker Has Just Entered the Building”
Interviewing Tips for the Older Job-seeking Population
Written by
Teena Rose of Résumé to Referral
http://www.resumebycprw.com
A red alert is probably melodramatic, but I’m sure jobseekers
in this age bracket probably feel there is one. The bulk of the
job-seeking population is currently facing job-search woes that
the elderly population has been experiencing for years.
In recent years, I’ve seen that over-50 jobseekers have
wised up to the fact that age bias is still existent in America’s
workforce. Armed with this information, these jobseekers are redesigning
their résumés so that obvious red flags are no longer
present. Employers are finding it more difficult to “guesstimate” someone’s
age because these individuals are eliminating older positions,
degree dates, and shaving information from the backend of their
career; information that generally makes a résumé lengthy
and less focused. With a targeted and lean résumé,
an over-50 jobseeker is likely to obtain more interviews than with
a heavy, all-telling version.
Other factors older jobseekers should consider are personal hygiene,
attire, and language skills. A person who takes the time to adequately
prepare a résumé should also take enough time to
work on personal appearance and traits too.
I’m certainly not recommending that an individual run out
and get thousands of dollars worth of plastic surgery or spend
an insane amount of money on a new wardrobe. I am, however, recommending
that you take a good look at your appearance. Ask yourself, could
a new hairstyle or an attractive new business suit provide an added
edge? Willingness to change your appearance is solely up to you.
Keep in mind that you’ll likely be interviewed by someone
younger, so trimming a mustache, wearing a new pair of shoes or
shirt, and using ageless words during the interview, will likely
make a substantial difference.
Interviewers will ask loaded questions if he or she wants to determine
your age. Watch out for questions, covering age of grandchildren,
possible retirement date, or health status. These questions are
considered illegal; and although they’re not jail-worthy,
they will give him or her the ammunition to make a tainted employment
selection. Contact the Equal Employment Opportunity Commission
(EEOC), if you suspect a company of being age-biased.
Staying ahead of the technological curve, and representing this
in the résumé and during the interview, will allow
you to speak to the interviewer using acronyms and jargon that’s
familiar to that person. A knowledgeable individual, regardless
of age, will impress an interviewer and leave a positive impression.
Keep a positive mindset and you’ll appear young and lively.
An optimistic outlook is not always easy, particularly when you’ve
gone on several interviews that don’t result to job offers.
Support and golden age groups — provided by county career
centers and sponsored by colleges — will provide support,
a networking forum, and employment contacts that will make your
job search flow smoothly.
An over-50 jobseeker can also benefit from the help of a career
coach. A coach can help identify and resolve employment concerns,
as well as, personal and life issues that may be hindering personal
development. Filling a much-needed gap, career coaching is becoming
a crucial tool for those seeking to career transition and advance — even
at the youthful age of 50 or more.
Take the time to notice red flags in your résumé,
concentrate on your appearance and language skills, and surround
yourself with positive, resourceful professionals. I’m a
firm believer that successful people are backed by a team. It’s
your choice whether to play the game alone, or arm yourself with
skilled players.
Top of page
Reverse mortgages cushion senior lifestyles
Their use is on the rise as a way to tap into home equity.
By Loretta Kalb
Retirees looking for ways to supplement fixed incomes and defray
living expenses are increasingly finding the answer in their homes.
Reverse mortgages are being used to tap the equity in homes and
improve
the quality of life, and lending experts say this trend
will only intensify.
"
If we look ahead seven to 10 years, these will be as commonly known
as other financial products, like home equity loans or 401(k) s," said
Peter Bell, president of the National Reverse Mortgage Lenders
Association in Washington, D.C. "Right now, people are just
beginning to learn about them."
Just last year, homeowners took out more than 13,000 reverse mortgages,
68 percent more than the year before. The number of such mortgages
will likely take another big leap this year because, with the low
interest rates, more cash than ever is getting into homeowners'
pockets.
Donald Chamberlin said his daughter told him about reverse mortgages
- and that salvaged his deteriorating finances."
My wife passed away a couple of years ago ... and my (monthly)
income is only about $500," said Chamberlin, 74. When she
was alive, her $500 in fixed income helped with the couple's $400
house payment. Without her, he said, "things were pretty tight." Since
his needs are few, the loan taken as a line of credit made the
difference.
A reverse mortgage, just like it sounds, is the reverse of a traditional
mortgage. Instead of making monthly payments, the homeowner receives
money, most often in the form of monthly payments from the lender,
or a line of credit, or some combination of the two.
The amount borrowed against the home's equity is not repaid and
the fixed monthly payments from the lender do not end - until the
owner moves out or dies.
When Chamberlin took out a reverse mortgage in Sacramento, he eliminated
the old-style loan and, with it, his $400 monthly mortgage payment.
Bonnie Daniel, a co-owner of Sacramento-based California Reverse
Mortgage
where he went for his loan, said Chamberlin's experience
is not unusual.
When one spouse dies, she said, income from Social Security and
other sources can fall by half. "
You would be amazed," she -said. "People are living on
$600 to $700 a month."
If they own a home, especially one with little or no existing mortgage
debt, they are candidates for a reverse mortgage.
Borrowers discover they have, improved quality of life and -more
financial independence, said Daniel, adding, "They don °have
to ask the kids for help." The concept of reverse mortgages
is not new. But many homeowners, as, they age, prefer to remain
in their homes and are giving the
loans new attention. Age, in fact, is a prime consideration in
calculating the cash available from a reverse mortgage. The actual
loan amount
is, governed
in part by a borrower age, home value and interest rate.
The 62-year-old owner of a home valued at $200,000, for example,
could receive a line of credit equal to $122,900, or a fixed monthly
payment of $645 or a combination of the two, Daniel said. An owner
age 72, with a shorter life expectancy, could receive more -
a $136,000 linen credit or a $790 monthly payment from the
same home. "
It's just phenomenal to me. How much money you can get - on a reverse
mortgage now compared to what you used to get," said Ken Scholen,
a nationally recognized reverse mortgage specialist for AARP.
"
This week's rates, in particular, are the lowest they've ever been,
period," he said. "And the amount of money you can get
h really surprising." If a homeowner takes the mortgage as
a line of credit, the - unused portion will earn interest. Borrowers
should be preparing for the fees, however, because they tend to
be higher than for "traditional loans. Fees are not based
on loan amounts. Rather, for FHA loans 'they mainly are based either
on the FHA maximum lending limit -for the
metropolitan area ($261,609 in Sacramento, Placer and El Dorado
counties) or on -the home's value, whichever is less.
For a $200,000 home, the fees in the FHA loan would be $9,000,
an amount built into the transaction so there is little or no out-of-pocket
expense. While reverse mortgages are available from a variety of
lending sources, including Wells Fargo, relatively few lenders
specialize. The nation's largest lender and service provider is
Financial Freedom Senior Funding, a subsidiary of Lehman Brothers
Bank FSB, which
serves Northern California through its toll free listing.
Ninety-five percent of the loans nationally from all sources are
written through FHA's Home Equity Conversion Mortgage program.
A second product, Fannie Mae's Homekeeper, is often favored in
some
rural counties where FHA imposes reduced lending limits. In addition,
Financial Freedom offers a "cash account" product
suited to homes in the above-$1 million range.
Since loans are not structured like traditional mortgages, borrowers
typically go through a session with a loan counselor before making
a loan commitment. But Doris Crowley had no trouble figuring out
the benefits of a reverse mortgage. She took out the first one
seven years ago and decided a year ago to do it again, since her
home
had increased in value.
"
I'm 85 years old and my family is all gone except for one son,
who is a priest," she said. "He suggested I get this."
I'm not flush. But I can live comfortably without a lot of extras.
I figured, at my age, why not?"
Some homeowners are reluctant to borrow because it means tapping
into an asset that they had hoped to leave to a son or daughter
after death. Some wait for a nod from their children that it's
OK to go forward.
Top of page
Retirement Dreams Fade
New study affirms baby boomers aren't saving enough for the golden
years
NEW YORK (CNNfn) - Baby boomers are falling woefully short matching
their long-term savings levels with their retirement dreams and
are confused about financial planning, a new study shows.
Half of the people surveyed by ING Aetna Financial Services said
they'd like to retire by 55, but only one in five said they'll
have enough saved. "By most indicators, retirement by 60 is
not a very realistic prospect for most people," said Thomas
McInerney, chief executive of ING Aetna. "We're talking about
a serious disconnect between the golf course and the grindstone." McInerney
appeared Thursday on CNNfn's The Money Gang to talk about the findings.
Baby boomers are the influential group of 80 million Americans
between the ages of 35 and 55. ING Aetna surveyed 500 people who
earn between $50,000 and $125,000.
The study found 44 percent of boomers spend one hour or less on
financial planning in a typical month, compared with 120 hours
of television viewing. "Some of this may be because financial
planning is confusing," McInerney said. And 44 percent of
those surveyed said they find retirement planning "overwhelming
or confusing," or they don't think about it at all.
Baby boomers blamed a late start on retirement planning and living
beyond their means for their lack of preparedness. About half of
those surveyed said they don't expect to receive any inheritance
money, although many financial pros have been saying for years
that baby boomers are set to inherit millions from the wealth accumulated
by their World War II parents.
But McInerney said new laws that raise the savings limits for
retirement plans will help baby boomers get back on track. President
Bush signed legislation recently that raises the savings limit
to $15,000 from $10,500 for 401(k) plans by 2006 and to $5,000
from $2,000 for IRAs by 2008.
We at Retirement-4-U can take the feeling of being overwhelmed
or confused out of the retirement planning process. Click on our
affordable retirement planning services to find out more information.
Top of page
Aging Eyes by Sandy Berger
One minute you feel like you're eighteen. The next your bones
ache, your energy levels (not to mention your skin) sags, and the
print on everything seems to be getting smaller and smaller. The
years catch up with us quickly, and nowhere is this more noticeable
than with one of our most precious gifts, our eyes.
As we get older, our eyesight diminishes. Physical changes occur
altering the capacity of our eyes to receive an image and transmit
it to the retina. Conditions like "night blindness" become
more common. As we age, we also become less sensitive to color,
particularly the short waves (blue and green). And that is not
all. Unfortunately, according to the Better Vision Institute, a
number of vision-related problems associated with the aging process
like cataracts, glaucoma, and presbyopia await us.
The retina, a thin lining on the back of the eye, is made up of
cells that receive visual images and pass them on to the brain.
Retinal disorders are a leading cause of blindness in the United
States and include age-related macular degeneration, diabetic retinopathy,
and retinal detachment.
Working on the computer can make things worse. The computer is
a very vision oriented device that can add stress and strain to
our inevitably aging eyes. There are some great products on the
market to help with existing eye problems and to avoid future ones.
As our eyes age, focusing on small print becomes difficult. This
condition has a name all its own called presbyopia; it impacts
nearly everyone over age forty. Presbyopia can begin in the late
thirties, but by the age of fifty-five, close to 100% of the population
is affected. You will probably know when this aging problem begins
to appear. Letters look fuzzy when reading up close. Reading in
low-light situations is difficult. Although presbyopia will not
threaten your eyesight, it is a progressive condition that should
be properly diagnosed and treated by an eye care professional.
If you would like to see what presbyopia and other eye problems
are like, visit the SOLA Web site.
Run your mouse across a picture and see the same type image as
someone with cataracts, macular degeneration, and other eye conditions.
Bifocal lenses, which solve the problem of presbyopia, present
another dilemma for computer users. Bifocal wearers frequently
move their heads up and down to switch between the close and distant
viewing sections of their glasses when working on the computer.
If you wear bifocals and use the computer, you will want to check
out ®PCLens, a clip-on product that provides an inexpensive
solution for bifocal wearers.
For years, I wore special bifocal lenses made specifically for
computer use (Access lenses by Sola). Recently, however, I found
a new product that I am especially excited about. Melanin glasses.
If you don't know what melanin is, don't worry; I didn't either,
until I found these glasses. It turns out that melanin is a pigment
that occurs naturally in your body. It gives your skin and hair
its color, and, in the eyes, it protects against damaging light
rays. You guessed it! Aging eyes are deficient in melanin. By age
fifty, about 25% of our melanin is lost.
Melanin soaks up light over a broad spectral range absorbing higher
energy light more strongly than the lower energy light. So it absorbs
Ultra Violet more than blue, and the blue more than green - and
so on. In this way melanin provides protection to the lens of the
eye against UV. Many say that this decreases the risk of cataracts.
Melanin provides near optimum protection to the retina by filtering
the different colors in proportion to their ability to damage the
tissue of the retina, thereby also reducing the risk of macular
degeneration. Because the blue light is reduced, so is the glare,
and vision is thus enhanced.
Melanin has been successfully added to both prescription and non-prescription
lenses for sunglasses, computer glasses, and night driving glasses.
I have heard from numerous sufferers of macular degeneration that
melanin glasses helped their vision. Healthy-eyed wearers as well
as those who are suffering from macular degeneration and other
eye problems have raved about the glasses.
When dealing with the computer, whether you need the help of glasses
or not, there are good habits and practices that can help those
poor old eyes.
Establish an eye-friendly environment for your computer use.
Position your monitor 20" to 26" from your eyes and
about 4" to 6" below eye level.
Dim the lights. Most offices, especially those with florescent
lights, are too bright. Flickering florescent lights should be
eliminated.
Use proper lighting. Eliminate reflections on the computer screen.
Reduce excessively bright light both inside and out.
Match the computer screen to the brightness of the environment.
Adjust your monitor for contrast and brightness. In general, dark
letters on a light background are easier for most people to read.
Minimize glare on the computer screen. Use window shades, blinds,
or drapes to block excessive sunlight.
Move the computer to a location that causes no glare on the screen
or use an anti-glare screen guard or hood.
If you are seated in a draft or near an air vent, try to eliminate
the flow of air past your eyes. Make sure you sit straight in front
of the monitor rather than off to the side.
Take a 5-minute break every hour or two to reduce eyestrain.
Blink more often. When staring at a computer, people blink about
five times less frequently than normal according to some studies.
Blinking lubricates the eyes. If you don't blink, tears that coat
the eye evaporate causing dry eyes. Dry air in the computer room
can aggravate this condition.
Every fifteen minutes, focus on distant objects to relax your
muscles.
There are ways to keep the twinkle in your eye by following good
habits and using some clever vision aids. Although the years add
up much too quickly, let's do our best to take care of one of our
most precious gifts, our eyes.
Top of page
Hidden Source of Income
Are you one of the many people who have worked at several companies
during your working life? Maybe you worked for company X for say,
10 years. Were laid off, when to work for company Y and worked
there for 7 years. You then found a better job and have worked
for company Z for the last 20 years and are now thinking of retiring.
Do you know if you have retirement benefits from companies X and
Y?
The Social Security Administration can help you figure out whether
you have a pension waiting for you at one or more former employers.
But in order for you to maximize your benefits you must be proactive
and act fast.
What we are talking about is called "deferred vested pension." Let's
say you worked at company X for 10 years and company Y for 7 years
before settling down with your current company. If company X has
a defined-benefit pension plan and you left the company before
you reached the eligible retirement age, which is normally 55,
any pension you earned would be "deferred." The benefits
would sit there until you reach the plan's retirement age, at which
point you could claim your pension.
Now keep in mind, years ago former employers were obligated to
remind you of your earned benefits, however, that’s not the
case anymore. If you can’t remember those past employers
or if you lost contact with them, the Social Security Administration
can be of considerable help to you.
The Social Security maintains a database courtesy of the Internal
Revenue Service that identifies individuals who have qualified
for pension benefits under private retirement plans. When you first
file for Social Security benefits, the agency will match your name
against the database and notify you if you appear to be eligible
to collect a pension from an earlier job.
Remember when we earlier said to act fast? The key is when you
first file for Social Security benefits. Let's say you file at
age 62, at which point you learn about a pension or pensions that
you would have been eligible to tap at age 55. You would have lost
the opportunity to collect 7 years' worth of retirement savings.
This amounts to a missing source of income for retirement.
The Social Security Administration says individuals can contact
the agency at any point in time to learn whether they're part of
the pension database. The database currently holds 27.2 million
records of pension obligations.
The Social Security Administration should be able to tell you the
name and address of your pension plan's administrator. When contacting
the administrator, ask how to determine the amount of the pension
at different retirement ages. This could make a big difference
on your benefit and when you should withdraw from your plan.
Usually, taking benefits from most retirement plans at an early
age, like 55, often means a big reduction in those benefits. The
longer you wait to collect most pension benefits, the larger the
benefits.
Keep in mind, deferred vested pensions stem only from traditional "defined-benefit" retirement
plans, not "defined-contribution" plans like 401ks. You
also had to stay at your old job long enough to qualify for the
firm's retirement plan. Finally, the pension itself probably was
frozen at the point when you left the company and hasn't been growing
in value.
So, while found money is always a treat, don't expect
millions. However, every little bit helps.
Top of page |
