Not Far From It Now

Retirement at sixty-five is ridiculous. When I was sixty-five, I still had pimples. (George Burns)

Some interesting statistics:

- About 10,000 people in the U.S. and another 1,000 in Canada retire every day

- Average age of retirement is 57

- In the last century, longevity in western cultures has increased by 30 years

If you maintain an active lifestyle and benefit from the medical advances in our time, you can be 'retired' for more than 30 years!

This has me thinking about the choices we all can make on how to spend that phase of life. With the large number of baby boomers (including me) now heading into those years, the model of retirement is changing. One choice is to follow the old model of retirement by focusing on the financial aspects, the 'maintenance' mode. This typically means planning how much money you will need to pay your bills including medical expenses and still have some leisure such as regular golf or bridge games or a bit of travel.

However, the idea of retirement is going through a transformation. There are even new names for it. One of my favorites is RENEWAL.

Some of us want to continue working, and some need to keep working. If this is your choice, think about how you can make the transition to part-time work in your current field. You might consider being a consultant so that you can work at your convenience. There is no substitute for experience, and your knowledge will be valuable to others. Serving as a mentor or tutor could be an ideal role for you. My grandmother, a former schoolteacher, still tutored children when she was in her 80s!

This could be the perfect time to try something new. My parents continued to substitute teach after they retired. Then they began a new business targeted for the senior market, giving bus tours around the country. My father especially enjoyed the learning that went with this new venture. As he learned the travel business, he acquired computer skills to do research on their travel locations via the Internet and to use email to communicate. They showed us how to add life to your years.

Are you ready for your own personal renewal plan? Here is your assignment. Start planning now if you haven't already done so. Go beyond financial aspects of retirement.

1.Choose your focus. How do you picture this period in your life? You may want to find pictures from magazines or elsewhere of people enjoying the lifestyle you want.

2.Do research by reading books and magazines, searching the Internet, and talking to other people.

3."Dip your toe in the water." Get involved in your planned pursuits for retirement. For example, volunteer for a favorite cause.

4.Check out special deals for seniors on courses and trips through Elderhostel and your local colleges and universities. Get on mailing lists for this information.

5.Think about how you want to make an impact and carry out your values. Look for role models you can use for inspiration. Whether it's Peter Drucker still lecturing and writing books at 95 or Paul Newman launching a food business that contributes its proceeds to charity, you can find active seniors who have made a significant difference in the world.

6.Go to my website Resources section http://www.one-e-anna.com/resources.htm and order "It's Only Too Late If You Don't Start Now" by Barbara Sher and "The Fountain of Age" by Betty Friedan.

Take the first step, however small, to carry out your plan. The time of RENEWAL can be very exciting!

Retirement holds up a light for us so we can see a wider horizon where we can become more interesting even to ourselves; more alive, more personal, and certainly find deepened meaning in life as never before. (Richard P. Johnson, author of The New Retirement:Discovering Your Dreams

Anna Watkins is a Career Coach with a special interest in group coaching and Master Mind Groups, networks of likeminded people who support and help each other stay on track with their life goals. You can learn more about the resources she offers through her website: http://www.one-e-anna.com

Reuters - Some International Olympic Committee officials cut a deal to let China block sensitive websites despite promises of unrestricted access, a senior IOC official admitted on Wednesday.

posted by treehkczc  # 12:35 PM 0 comments

A Individual Retirement Account better known as a IRA is a way for you to put money aside for when you eventually retire. It is important to understand how these types of accounts work and to know what amount you should invest every year. Basically if you have a 401K Retirement Plan with the company that you work for then it is easier to get set up and manage. You want to talk to the personnel person in charge of handling IRAs and they can guide you through the process.

You will want to decide how much you want to contribute so that you have enough when it comes time to retire. Most companies have a list of the different funds that you can invest in so you have some control over your money. The Government has a maximum amount that they allow you to invest every year.

Using your employers 401K Plan makes it easy because they can automatically deduct the monthly payments from your check and you do not have to worry about it. Most companies have a plan were they will match what you put in or a percentage of that amount. It is important to know how long you have to be vested to get the money out if you happen to need it.

You want to maximize your 401K Plan and the best way to do this is to contribute the most you can so that it will grow quickly. Just think that you are paying yourself for your future and the company will match that amount as an extra bonus.

Make sure that you start early and that you know when you can make contributions. It is also a good idea that if you do not make the maximum amount of payments then you make the amount were the company will match the payment for you.

Remember that you need to get involved in a 401K Plan and it can be easier than ever to set up. Make sure that you plan for your future because before you know it the future will be here.

Learn About: Individual Retirement Accounts

Learn How to Get a Government Grants to: Eliminate Debt

Bryan Burbank is an expert in the field of Finance

Reuters - Some International Olympic Committee officials cut a deal to let China block sensitive websites despite promises of unrestricted access, a senior IOC official admitted on Wednesday.

posted by treehkczc  # 7:43 AM 0 comments