hdk asked:


If I get a job from a County govt, what’s the required minimum number of years of service to be eligible for retirement? 20 years?

Wayne

– tambourine asked:


Sorta like a phased retirement. Or a transition to retirement.

Brian

Dr. Cynthia Barnett asked:


Many people in our society are clinging to retirement myths, despite the publicity and information available. Holding on to these myths as truth can be very harmful to your happiness in retirement.

To help you avoid holding on to these detrimental myths, I’d like to offer my take on some of the most widely held retirement myths.

Myth #1: Retirement is an event that occurs on the last day of your career. This is false. Retirement is a new phase of your life, quite unlike any previous stage of living. Few people step from the career phase of life to the retirement phase in a single action. The truth is that there will be a transition period of moving into a new lifestyle. The truth is that it will probably take a year or more for you to create your new retirement lifestyle.

Myth #2: Someone or something else will take care of me in retirement. This is unlikely today. Whether myth is that Social Security will take care of you or that you will be taken care of by an inheritance from your parents or by your children, it is increasingly unlikely that someone else will take care of you. Many retirees cannot subsist on Social Security alone. Many pensions have evaporated. Your parents now face the same economic challenges you are facing and will probably need to use much of their savings. Your children will also face these economic challenges, will need to be attending to the needs of their children, and must be saving for their own retirement. While I don’t think Social Security will disappear in the next ten years, as some predict, I do think it likely that retirement income from the government will decrease in the future.

Myth #3: I won’t need much to live on. The truth of this statement depends on how you define “much.” A recent study indicated that the average retiree will spend $250,000 on medical expenses between age 65 and death. We can expect to live another 18 to 30 years after retirement. As the cost of many essentials for living continues to rise, you might need to be thinking seriously about how you will supplement your retirement income.

Myth #4: Retirement is easy – it’s just one great long weekend. For the vast majority of people, this is simply not true. We all need meaning and purpose in our lives – this does not end when we retire from a job. The retirement transition can be difficult and can result in depression. Many people enter the second phase of life (retirement) with the attitude that they will spend the rest of their lives relaxing on a beach somewhere or pursuing other leisure activities. Most discover within one to three years, that a steady diet of leisure and relaxation creates a pretty empty and shallow existence. Our rest needs to be balanced by activity; our relaxation needs to be balanced with purposeful activity.

Myth #5: Retirement will be wonderful because I’ll spend all of my time with my spouse or significant other. Spending all of your time with your spouse or significant other will introduce new challenges to your retirement lifestyle. Many couples actually spend only about 20% of their time with their spouse before retiring. They don’t realize there must be some adjustment to spending significantly more time with their spouse. Statistics are indicating now that the highest divorce rate is with couples over age 55.



Ernest

taalyn_1 asked:


I am taking a new position at a non-profit organization. This company is offering a 403(b) retirement plan and I am wondering if I should take it or not. They will pay 75% after 1 year and I can make contributions, before taxes, of up to 10% and I can be fully vested after 3 years of employment . What is the difference between this and a 401K or other retirement programs really?

Ray

Miodrag Trajkovic asked:


Approximately one third of your life will be spent in retirement. It is important to plan ahead to be able to provide for yourself and enjoy this time of your life. Retirement is never too difficult to handle. However, many still have the misconception that retirement is a burden and a very difficult situation.

Before you enter your retirement age, it is best that you plan. Starting your retirement planning early will give you less stress and less trouble. It is better to start early with a minimum amount than starting it late and be overwhelmed with the amount that you have to save.

Make an accurate assessment on what you already have. It is better that you assess with the exact figures rather than making estimates. Retirement planning does not only rely on finances but also on many factors such as, health, emotional aspects, retirement location and safety. It is better to consider these factors to help you sustain for yourself without depending on your children.

Planning is not only a one-time event. It is a continuous process and may vary depending on many circumstances. Make sure that you are ready for any circumstances that might affect your retirement plan so that you will be ready for necessary adjustments.

You may want to consider hiring a financial adviser to help you ease the complexities of retirement planning. Before you hire the services of a retirement planning consultant, determine first the areas where you need assistance. Is it the retirement plan itself or the methods you need to implement the retirement plan.

There are a lot of retirement planning consultants and you should choose the ones that are experienced and competent enough to do the job for you. You may seek the advice of your friends and families and they may refer you to persons who know the best retirement planning consultants.

You can do some selection process by interviewing the candidates about their background and experience. Make sure that you know the cost of the services they offer. Always remember that there is a tendency that they are selling their services and you should not believe whatever they say. It is still best to ask other people who have hired them to check their expertise.

Once you have made your final pick, determine if the person you hired is registered. You may contact your state securities to get this information. You have to make sure that the person is free from any illegal activities and could be trusted.

Retirement planning takes a lot of accountability. No matter how competent the retirement planning consultant could be, your planning still depends on your responsibility. If you become responsible with yourself, retirement planning is never a tough job. Make the little sacrifices now and reap the fruits when you retire. Retirement is a time to enjoy and relax and not to burden you.



Diana

I love sushi asked:


I quit my job to stay home with my daughter. But i may go back to work some day and would like to use my 401K money to continue saving for retirement in the mean time. What is the best option?

Stephen

scottklajic asked:


I spent 3 years, 9 months and 10 days on active duty (was released 3 months early for graduate school) That gives me on my retirement printout 1371 retirement points.

Then, I joined the guard and received another 164. Total retirement points 1535 for a total 5 “good” years.

However, I also did some correspndence corses which I was told to turn in to the retirement person which shows up on my printout as “ACCP Misc Points” and is added to the “Total Career Points” column–NOT the “Total Points for Retirement Pay” column.

Question–what is the difference between “career points” and “retirement points?” If career points are not calculted for retirement pay, what are they good for?
To the one responder so far–I am sure you know what you are talking about–however, I have no idea what “non-retirement bond” means.

Leslie

Elijah James asked:


You are middle aged, and retirement seems far away for the moment, but in this current economical crisis, will there be a future for your retirement?  This and other concerns are starting to settle in the minds of middle-aged Americans today.  With Social Security in the balance, banks being closed, and people losing their 401K accounts, it’s time to start looking much deeper ahead than we first realized.  Using a Basic Retirement Calculator can give an idea of what you need to do today for a comfortable retirement tomorrow.

Living on a budget is what many Americans have to endure these days.  Prices are going up on the staple of existence.  Food, mortgages, and gasoline have all hit high marks, with no indication that it will get better.  Businesses are closing down, and many people who thought they were secure are now losing their homes and pensions.  Frightening as this all sounds, there is a way to secure at least enough funds to get us through our retirement years.

The next step is to use the basic retirement calculator for what is needed now for retirement later.  There is a simple method of calculating a goal and current income.  For example, if you would like to have at least a $45,000 annual retirement income, and you project no house payments by that time, then you have to look at your present income, monthly contributions, payments and tax for the projected retirement age.  If you already have IRA or 401K accounts that are secure, then you will have even more monthly payments upon retirement.  Savings and brokerages are also put into the calculation under current retirement assets.  Any accounts that are tax-advantaged give much needed leverage when considering retirement income.

Consider any pensions and, of course, Social Security payments that will be given at retirement age.  Expected inflation during retirement is another issue to consider.  Projecting this number from historical rate increases gives an idea for the future, but not completely reliable.  Calculating your current retirement assets can give an idea of what you will have after retirement from your accounts.  A rate of return for any of your portfolios that are high risk/high return can be toned down once retirement is on the horizon.  That way you have them to draw on when needed without fear of loss.

Sale of real estate or any other one-time income should also be entered into the basic retirement calculator.  This will affect your monthly amount, but could also lend a hand as being a much-needed emergency nest egg.  An after retirement job may be necessary to supplement your income, and many retirees choose to work after retirement as a rewarding experience anyway.

Looking to the future is important if you need to be secure in your retirement.  What happens today will reflect on your quality of life tomorrow.  A Basic Retirement Calculator online can help you see immediately what you need to do to have a comfortable retirement.



Christopher

Josh Neumann asked:


Retirement finance planning is one of the most important activities you will ever engage in. Quite simply, if you don’t know where the money is coming from once you’ve finished working, you won’t have a very enjoyable later life.

Various occupations have different retirement ages. There might be several reasons behind a person’s retirement. Retirement surely brings significant changes in the life style of concerned person.

Gone are the days when retirement symbolizes getting older. Retired young and early is current trend.

Unfortunately, the vast majority of people get so caught up in the hustle and bustle of their daily lives that they don’t even consider having a retirement plan until it’s too late. This is one of the primary reasons that, according to the social security administration, 95% of people in the world today are either dead or dead broke by the time they hit retirement; a simply lack of planning.

Employers and employees both need to begin planning for this important event. Retirement plan service companies give a variety of choices to help employers and their employees find the best option for them in planning for their retirement.

Retirement planning services companies will help you to map out and achieve your long term goals, and formulate a way to get there. Many of these companies provide seminars to give you more info on the topic.

These agencies all have a lot of experience in planning for retirement, and they should be an essential part of your retirement planning. Each client is presented with a written financial plan and is assisted with the implementation of the selected plan.

For the purpose of pre-retirement planning, a retirement planning services company uses sophisticated planning models, research databases and comprehensive data gathering techniques. Every client receives a financial asset allocation and lifetime income protection plan.

Some retirement planning services help clients with more than 15 years of business experience, in their mid-career planning. They also assist clients in making the right financial and investment decisions, including debt reduction strategies and in projecting future retirement income needs.

Retirement planning service companies are members of the National Association of Personal Financial Advisors (NAPFA), the Financial Planning Association (FPA), and are registered investment advisors. Retirement plan services have simplified the process of selecting a retirement plan and planning out investment decisions.

Of course, before meeting with these companies to help you, you need to know your retirement goals and what they will cost you, so that you can plan your investing activities accordingly. Very simply, without knowing this info, your meeting times will not be very productive.

While you are figuring out your projected expenses, make use of a retirement planning calculator, which is a device designed specifically to help you figure out how much cash you will need when you are done working. These machines are readily available via the web.

Finally, a very popular plan you might want to consider is the Pinchot Plan for Retirement. While the specifics are far out of the scope of this article, this is a very popular plan that more and more peopele are utilizing nowadays, and you certainly would be wise to at least consider it. Hopefully these retirement and finance planning tips will help you achieve your goals for your golden years, and live the life of your dreams.



Harold