Saturday, September 25, 2010

Active Retirees Are -Rightsizing- Their Lifestyles At Heritage Pointe Of Teaneck

Spacious Apartments, Hotel-Style Amenities and Year-Round Programs all Add Up to Elegant Living at an Exceptional Value.

Bergen-Passaic, NJ (1888PressRelease) August 17, 2010 - Older adults who are considering retirement community living have many options to choose from today, with a range of on-site services and apartment styles. At Heritage Pointe of Teaneck, a full-service rental retirement community, residents are finding that its all-inclusive lifestyle offers all the amenities and living space retirees should expect from a luxury community - without the high cost of owning and maintaining a private home.

"When you factor in all the expenses associated with maintaining a home, plus typical living expenses, discerning retirees find that Heritage Pointe offers an affordable alternative that provides the right amount of room and so many extras," said Executive Director Donna Zayat. "The monthly rent here includes restaurant-style dining for breakfast and dinner five days a week, car service when needed for local shopping and doctor visits, on-site exercise classes, 24-hour concierge service, and a host of activities and programs that cater to our residents' eclectic interests."


Compare Costs and Amenities
Zayat recommends that older adults who are shopping around for a retirement community consider carefully the full cost of home ownership versus what the monthly rent includes in a community. For example, living in their current residences, seniors often have added monthly expenses including condominium association fees, lawn care, homeowners insurance, alarm system fees, real estate taxes, and cable television packages, and the expensive repairs and replacements of things like a new boiler, roof, plumbing, appliances, flooring and windows. At Heritage Pointe, these services are all included under the monthly rent. In addition, instead of worrying about the upkeep of a backyard, Heritage Pointe of Teaneck residents embrace nature by touring the walking trails of the Teaneck Creek Conservancy, a 46-acre woodland that can be accessed directly from the Heritage Pointe parking lot. The community also offers many different types of trips - at no additional fee. When these costs are factored in, residents find the all-inclusive rental fees to be very affordable.


"Heritage Pointe offers elegant living at an exceptional value," noted Zayat. "Our array of distinctive amenities and programs, the beautiful surroundings and proximity to Manhattan - it's all included here."


The spacious one- and two-bedroom apartments in six different layouts at Heritage Pointe boast large walk-in closets, stylish kitchens with plenty of cabinets, work space and modern appliances, large bathrooms, and big windows that bring in lots of natural light. Each maintenance-free apartment includes cable TV, internet connections, security system, and bi-weekly housekeeping service. Heritage Pointe also offers on-site healthcare resources when needed as an added convenience.


Organize to Rightsize
When moving to a retirement community, seniors may not realize there is much more living space than just the apartments. At Heritage Pointe, numerous public areas are available for resident enjoyment, such as a game room, lounge and activities center. That way, the apartments have just the right amount of space for daily living.


"Privacy of spacious apartments combined with many on-site recreational and social areas give residents the best of both worlds, and a beautiful building to enjoy on a daily basis," noted Zayat.


At the same time, rightsizing presents a great opportunity for older adults to clear unnecessary clutter, pass on heirlooms to family, or make a significant donation to charities that assist the less fortunate. Zayat advises retirees to work with someone at the community they select to help make choices about what they want to take with them.

Friday, September 24, 2010

Brighton Bay Resort Style Retirement Sets Gold Standard for Carefree, Independent Living

Whether it's Brighton Bay's chef prepared meals, manicured grounds, indoor and outdoor amenities or wonderful service, Brighton Bay works to exceed the expectations of every resident every day.

(1888PressRelease) June 07, 2010 - Brighton Bay is Jacksonville's newest resort style retirement community and is now open. Wellgate Communities by Miller-Valentine Group developed the spectacular $30 million Brighton Bay over the course of the last two years.

Their resident centric approach combined with a beautifully appointed building is making quite a splash in the Jacksonville market. The community has 185 wonderfully appointed suites, provides its residents with completely maintenance free living and is conveniently located less than a mile from 9A, adjacent to Sweetwater by Del Webb on Sweetwater Parkway.


The best part is that you can take advantage of all the amenities and services Brighton Bay has to offer with one easy monthly rental payment; there are no costly purchases or entrance fees at Brighton Bay.


"Brighton Bay truly allows you to spend more time doing the things you like with those you love," said Brian Gottal, Executive Director. "At Brighton Bay we take care of all the "dirty work"; creating an environment where residents are free to focus on having fun and enjoying life. Whether it's our chef prepared meals, our manicured grounds, our indoor and outdoor amenities or our wonderful service, we work to exceed the expectations of every resident every day. Simply put, that is the 'Wellgate Way'."


Visit Brighton Bay to see how they are setting the gold standard for retirement communities. Brighton Bay's amenities and services include:


? Chef prepared meals in a restaurant style setting. There are also informal dining options within the community.
? The monthly rent includes standard utilities and housekeeping.
? Complimentary chauffeured transportation to local appointments, shopping and entertainment.
? Use of the other indoor amenities including the exercise facility, Wii lounge, theatre, billiard room, library, computer room and private dining room,
? Also enjoy the outdoor amenities including bocce ball, shuffleboard, walking paths and outdoor fireplace.
? The Palms Spa offers a host of beauty, massage and hair cutting services.
? Social Events - recreational, cultural & educational opportunities - community excursions.
? Wellness programs.
? State of the art security and emergency contact systems.
Brighton Bay offers studio, one and two bedroom suites to active seniors interested in a unique retirement community. All of the suites are wonderfully appointed and include a full kitchen, large living room, baths and individual climate control.


The "Wellgate Way" is the standard of how they operate their communities and care for their residents. Gottal said, "Every associate is trained in the "Wellgate Way", which is firmly rooted in embracing and fostering the well-being of every resident by focusing on the following six dimensions of our residents' lives: Intellectual, Social, Emotional, Vocational, Spiritual, and Physical. We are passionate about our resident centric approach, our attention to detail and ensuring an exceptional living environment for our residents."

Upscale Assisted Living Boutique Residence Opens In Miami - Town Of Cutler Bay

Genesis Care Centers opens a new Assisted Living Boutique-Style Residence in Miami - Town of Cutler Bay. Following the growing trend of upscale assisted living in most other States as Baby Boomers enter retirement age.

Miami, FL (1888PressRelease) May 25, 2010 - Genesis Care Centers, Corp. has opened its first upscale boutique residence for Assisted Living. The 4,000 square foot luxury & private Assisted Living Residence was built in 2008. This property features 4 spacious suites, a swimming pool for residents who prefer low impact aquarobics, private covered garage, boutique style amenities & service. Genesis Care Centers has been designed for residents that desire a small, upscale and private boutique style residence where "everybody knows your name." Absolutely everyone that visits says: "I want to live here!"

The Cutler Bay Residence is truly a home away from home with amenities such as a media room with HDTV, cable TV & DVR, aromatherapy products throughout, gourmet chef's kitchen, arts & crafts area, outdoor patio & pool, breakfast room, formal dining room and living room. We also maintain a Facebook Site for our residents as well as a Skype video terminal for relatives to communicate with our residents. Our dietician designed, chef prepared meals are tailored to each resident's requirement. We also have visiting massage therapists, beauticians and barbers.


Our suites can be shared between two residents or made fully private & furnished in accordance with the resident's budget. The suites range in size from 140 to 640 sq. ft. and most are equipped with a personal safe, walk-in closets & en-suite toilet, bidet & bath. Residents may select from one of 4 furnished or unfurnished private/semi-private suites, each with their unique decor.


The Cutler Bay Residence is located approximately 5 miles from the Village of Pinecrest and 1 mile from the Village of Palmetto Bay. Nearby we have HealthSouth Rehabilitation Center and Jackson Memorial Hospital South. The Falls Shopping Center is 4 miles North. Also, Dadeland Mall & the Dadeland Marriott are 8 miles North.

Your Own Retirement Launches Online Annuity Income Calculator

Annuity retirement calculator launched by Your Own Retirement.com to help people figure out their monthly payment amount on an annuity savings plan.

Hartford, CT (1888PressRelease) September 14, 2010 - Your Own Retirement has recently launched a new online annuity income calculator for website visitors and new potential retirees to be able to understand completely what they could earn for retirement income by choosing one of their annuity savings plans for early retirement. In today's financial marketplace borrowers like to be able to research as much as they can so they are fully prepared when they decide to pull the trigger on retiring peacefully and safely. They want to educate themselves to the teeth in order to understand where every single penny is going to go and how it will work to sustain their lifestyle of living.

The new annuity calculator on YourOwnRetirement.com makes it very easy for the average consumer to be able to calculate what their typical monthly annuity payment might look like by investing their savings into an annuity savings plan that works for them. A website user can pick their deposit date, initial investment and out comes an estimated monthly payment amount they can retire safely on. Your Own Retirement consists of retirement industry professionals that can help anyone with savings retire with absolutely no financial stress. Retirement savings are sacred to many and it requires a team that truly understands the industry inside and out in order for that person to be able to sit back and relax their during their retirement period.


They offer three levels of service, online, by phone call or through a face to face meeting which many enjoy. They can help a single person or even a couple looking to retire receive that guaranteed income for life they need and deserve from putting in all those hard years of work and dedication.

April is National Parkinson's Disease Awareness Month and ParentYourParents.com is Providing Information and Resources for This Widespread Disease

To help educate the public, ParentYourParents.com is posting blogs and articles about Parkinson's; a disease with which over 1 million people in America are living.

(1888PressRelease) April 09, 2010 - Las Vegas, NV - "In observance of National Parkinson's Disease Awareness Month, ParentYourParents.com is providing visitors with valuable information and insight into this widespread disease", announced Karen Frye, CFO and co-founder of ParentYourParents.com.

While approximately 60,000 Americans are diagnosed with Parkinson's disease each year, this number does not reflect the thousands of cases that go undetected. Symptoms may develop slowly, so years may pass before a diagnosis is made. The four major symptoms are:
1. Slowness of movement
2. Tremor of a limb at rest
3. Rigidity of the body
4. Poor balance

The incidence of Parkinson's disease increases with age. However, nearly 4% of people are diagnosed with Parkinson's before the age of 50.

There is no cure for Parkinson's however there are a significant number of medications to help manage the symptoms. But they are costly. Medication costs for an individual person with Parkinson's disease averages $2,500 per year and therapeutic surgery can cost up to $100,000 dollars per patient*.

"Our main goal with ParentYourParents.com is to educate our visitors on various senior related issues, illnesses and concerns. This month our focus on Parkinson's disease will educate our visitors through articles and blog posts filled with information about Parkinson's including helpful links and resources", concluded Frye.

Visit ParentYourParents.com today for more information about Parkinson's disease as well elder care information and resources.

About Us: ParentYourParents.com is an elder care information resource for adult children of aging parents, caregivers and seniors. Visitors will find information and providers across the country. ParentYourParents.com provides information on over 50 categories of senior related businesses and senior care services. In addition, visitors will find individual state and local provider directories, assistance programs, senior centers, helpful links and articles to help caregivers and seniors seeking information and elder care solutions.

*Source: Parkinson's Disease Foundation (PDF)

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There's Plenty To Sing About At Prospect Park Residence With Year-Round Musical Programs

Brooklyn Community Chorus, Music Appreciation Course, Weekly Concerts Are Offered at Full-Service Senior Living Community.

New York, NY (1888PressRelease) June 12, 2010 - Residents at the Prospect Park Residence, a full-service independent senior living community located in the Park Slope section of Brooklyn, enjoy a well-rounded menu of cultural and social activities. It's all part of the active lifestyle at Prospect Park Residence, which features musical concerts, exercise programs, theme parties, and intergenerational activities with local school groups.

"We have something for everyone," said Director of Activities Theresa Hines. "Our combination of entertainment, recreation and education connects residents with their neighbors."

Music plays a big part in the weekly events schedule with concerts every Sunday. "Our residents enjoy a broad range of musical styles so we have musicians perform everything from classical piano and harp to international songs to show tunes," explained Hines. Other entertainment includes an ongoing lecture series on Beethoven that combines music with learning, a one-man band, and a keyboardist who leads attendees in song and dance numbers.

Residents recently enjoyed a concert by the Brooklyn Community Chorus, an independent community choir in Park Slope that has been performing at Prospect Park Residence for over seven years. The chorus sang a blend of American standards, swing, Latin and spiritual songs as well as tunes from the 1960's, including medleys from Broadway shows.

"We now do a sing-along portion of the show which is hugely popular," said Ethan Schlesser, co-director of the Brooklyn Community Chorus. "The energy level goes up and the room can't help but swing and sway. It really means a lot to everyone in the chorus to include Prospect Park Residence in its community." Schlesser also invites residents to share their own musical experiences from days gone by. The choral group, which performs twice a year at Prospect Park Residence, will return for a holiday show in December, and invites community residents to its public performances for free.

Prospect Park Residence is located at One Prospect Park West at Grand Army Plaza. The community features independent studio and one-bedroom apartments, some overlooking the park and others with views of the harbor and lower Manhattan. Residents receive housekeeping, laundry and linen service and enjoy amenities such as restaurant-style fine dining in a spacious and elegant dining room, a rooftop garden and easy access to all that Park Slope has to offer. The community also provides on-site licensed home care as needed and Essentia?, a program that offers support and assistance for memory-impaired residents by specially trained staff members. For more information, visit www.prospectparkresidence.com or call (718) 622-8400.

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2010 HRM -Stimulus Package- 7 Best Practices for Your Retirement Savings Plan in a Tough Economy

MMC has released a whitepaper, "HRM best practices responding to impact of market crisis on retirement saving plans," written by MMC, Inc.'s, panel of HRCI/MCLE trainer Dan Van Bogaert discusses 7 best HR practices for your retirement saving plans in a tough economy.

(1888PressRelease) June 11, 2010 - LOS ANGELES, Calif. - "Today's tough economy has caused many employers to react in a survival mode with their retirement savings plans, sometimes without considering potential unintended consequences." said Bogaert." HR professionals must reexamine best practices to control costs; particularly costs related to retirement savings plans, to avoid potential long term problems. HRM can play a key role in helping their organizations ensure that retirement savings plans incentivize employees, especially in the current period of slow economic recovery."

7 suggested best practice areas for retirement savings plans that HRM may want to consider for 2010:

? Hold Investment Managers accountable
? Encourage maximum employee participation
? Equip employees to make informed investment decisions
? Evaluate (or resume) employer match contributions
? Beware of "furlough fallout"
? Plan ahead with pre-retirement planning programs
? Learn Compliance Issues Re: Plan Change

The complimentary whitepaper can be downloaded online at http://www.mmchr.com/mmcresourcecenter/whitepapers

Contacts:

Jennifer Shaw
+1-888-866-2476
jshaw ( @ ) mmchr dot com

About Dan Van Bogaert, J.D.
Dan Van Bogaert, J.D. serves on MMC's panel of HRCI/MCLE trainers. In addition to serving as a Human Resources Consultant for MMC's Northern California operations, Mr. Van Bogaert is a widely known and highly regarded law school professor who has extensive experience in training human resources professionals throughout California - which is the nation's hot bed for some of the most complex labor and employment laws. Mr. Van Bogaert has more than 20 years experience in designing, implementing, and overseeing administration of corporate employment policies, benefit plans, and related ERISA compliance practices for the County of Los Angeles among other public and private employers.

About MMC, Inc.
MMC Inc. has been providing HR Consulting and Outsourcing service solutions for over 25 years. Since its inception in 1983, MMC has aligned itself as a strategic partner by streamlining the processes necessary to allow organizations to succeed. By engaging the workforce through efficient Human Resource Outsource management, MMC assures its clients win-win results - a happier, more dedicated workforce and an organization that is performing at its peak. A few of MMC's comprehensive HR services include payroll processing, HR administrative, Workers' Compensation and benefits administration.
For more information please visit (http://www.mmchr.com)

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Monday, September 13, 2010

What to do when your pension is frozen

(Money Magazine) -- You've been looking forward to retirement -- and the steady income your employer was supposed to provide -- only to learn that your company has frozen its pension plan. Now what?

You're joining a well-populated club: Overall, about a fifth of workers in private-sector pension plans -- 3.3 million people -- have been affected by a "freeze," or suspension of benefits, according to the Bureau of Labor Statistics.

Kraft, HSBC, and Time Warner (the parent company of CNNMoney.com and Money Magazine) are among the large employers to have frozen plans this year, following 190 Fortune 1,000 companies in 2009.

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Industries such as aerospace, defense, and natural resources -- along with state and local governments -- are likely to offer defined-benefit plans for years to come, experts say.

But the firms that have frozen plans aren't likely to thaw them. So if your pension is iced over or at risk, you'll need to adjust your retirement strategy ASAP.

What a 'freeze' means. Unlike 401(k)s, which are funded in large part by employee contributions, a pension is paid entirely by the employer using a formula typically based on your years of service and highest pay.

A company might, for example, multiply 1.5% of your top salary by your tenure, meaning that if you worked 25 years and now earn $100,000, you'd get $37,500 a year.

Companies can freeze plans in one of two ways. Under a "hard" freeze, the pension is literally frozen. The benefit you've accrued as of today is what you'll get at retirement. "You don't accrue further years of credit, and your benefits are based on your salary at, say, 50 instead of 65," explains Alicia Munnell of the Center for Retirement Research (CRR).

A "soft" freeze is less severe -- your benefit still grows, but based on a new formula. The company generally doesn't allow you to accrue more years of service, and it may cap the salary it uses (taking a five-year average, say). Either way, your pension is worth much less.

Who it affects the most. If you're under 35, or have been with the company a short while, you probably haven't amassed much of a benefit. Also, firms that freeze pensions generally offer a new or enhanced 401(k)-type plan, and younger people have time to make the most of such offerings. Folks within five years of retirement are also not so bad off: You'll have accumulated close-to-peak benefits, says Munnell.

It's those in the middle who "get the worst of both worlds," says David Certner, legislative policy director for AARP. You lose the guaranteed income and "you don't have time to recoup your losses by joining the 401(k)."

0:00/3:22Your retirement paycheck

Absent a freeze, if you'd been hired at 35 and stayed on until retirement, you could expect about 43% of your final salary at age 62, according to a CRR study. But if your company instead froze the plan when you were 50, and you immediately started contributing 6% of salary to a 401(k) plan with a standard 3% match, you'd be likely to get only 28% of your final earnings at retirement.

How to make up for it. First, contact the pension specialist in HR to find out exactly how much you're entitled to at retirement, says Falmouth, Mass., financial planner David McPherson. "Make sure you understand the rules," he says. Get details on any new or improved 401(k) match too.

Next, use the program at basic.esplanner.com to reassess your retirement picture, weighing projected income and savings against expenses. If there's a shortfall, you'll need to save more to cover it.

Even with only, say, 12 years to save, a sweetened 401(k) can help you make up time. In the standard plan noted earlier, if you contributed up to the match, starting at age 50 with a salary of $100,000 that rises 2.5% a year, you'd have $184,000 by age 62, given a 7% average annual return, says McPherson. With an enhanced dollar-for-dollar match up to 6%, you'd have $245,000.

Though it may not sound appealing, postponing retirement can also help you bridge the gap, says Newtown, Pa., financial planner Michael Garry. You generate more savings and reduce the number of years you need to rely on those savings. Besides, as with Social Security, delaying your pension until full retirement age (as set by your company) results in a bigger benefit.

Overwhelmed? You can find pension assistance locally via pensionhelp.org. But don't delay dealing with the issue. The sooner you take the reins, the more you stand to gain.


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Saving on a part-time salary

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Making a surprise early retirement work

(Money Magazine) -- For years, Pat and George Breault gave little thought to their spending. The couple, both IT project managers, earned a handsome $235,000 a year -- more than enough to cover their basic living expenses as well as the extra-curriculars they enjoyed, such as dining out, taking cruises, and entertaining at their second home, a condo at Catawba Island on the shores of Lake Erie in Ohio, where they hoped to retire one day.

"We really never talked about retirement," says Pat. "We were both entrenched in our jobs and working all the time."

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That changed last summer when Pat's $105,000-a-year position was eliminated. After a six-month job search came up empty, the Breaults knew they had to do something dramatic to offset the lost income. So they sold the four-bedroom colonial where they'd lived for 20 years and raised their sons (now 24 and 28) and rented a condo near George's job in Dearborn, Mich., cutting their housing costs in half.

With the immediate financial pressure off, Pat lost the yen to work, especially after months of job hunting yielded no leads. In fact, early retirement started looking more attractive -- and George decided he'd like to pack it in soon too.

Trouble is, the Breaults didn't plan for an early retirement. Certainly, they have some assets to work with. They're both entitled to pensions (a combined $50,000 a year before taxes if George works until next summer), and they've saved $550,000 in their 401(k)s.

Also in their favor: The couple have no debt besides a $192,000 mortgage on their condo, and George's retiree health benefits will cover them until they're eligible for Medicare.

Is that enough? The couple estimate they need about $48,000 a year after taxes to cover basic expenses, such as the payments on their condo, health care, and food -- an amount they can handle from their pensions and Social Security.

But that doesn't take into account the luxuries they're fond of -- such as the $12,000 a year they spend on dining out, $9,600 a year on clothing and hobbies, and $4,800 on golf. They'd also like to travel more. "There's no room for fluff," says Pat.

While it's likely that Pat can comfortably stop looking for work, two early retirements may be a stretch for the couple, says Scott Barbee, a financial planner in Cincinnati. Being flexible about their plans and lifestyle will be key, says New York City financial planner Dawn Brown. She and Barbee suggest the following tactics.

The fixes

1. Don't grab that gold watch yet

The surest way for the Breaults to maintain their lifestyle in retirement without running out of money is for George to work longer. Can't wait until 65? Even working one extra year or part-time would help. He'll end up with a bigger pension and can keep contributing to his 401(k); plus, the couple won't have to tap savings while he's drawing a salary.

2. Get more aggressive

The couple have their savings evenly split between large-cap stocks and bonds. But the returns on that mix will barely stay ahead of inflation, says Barbee. If the Breaults can commit to postponing tapping their 401(k)s for a while, they can afford to switch to a 60/40 stock-to-bond mix, which should earn about 5% a year, Brown estimates.

3. Tighten those belts

If George quits next year and the Breaults keep spending at their current rate, there's only a 79% chance their assets will last their lifetimes -- even with a more aggressive portfolio, Brown calculates. Lopping $12,000 a year off their budget raises that probability to 88%. Brown suggests cutting back on dining out; spending less on clothes and hobbies would help too.

Do you need money help? Post your video on iReport and tell us why you deserve our next Money makeover 

47% of early boomers could run shy of cash

NEW YORK (CNNMoney.com) -- Many early baby boomers may have a hard time making ends meet in retirement, according to a new study.

The Employee Benefit Research Institute estimates that 47% of boomers between the ages of 56 and 62 are likely to run shy of the cash they'll need to pay for basic expenses and uninsured health costs in retirement.

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On the bright side, that's down from the estimate seven years ago. In 2003, 59% of early boomers ran the risk of running short of money in retirement. What's the difference between now and then? Much broader use of policies governing work-based retirement plans, such as automatic enrollment in 401(k) plans and automatic increases to 401(k) contributions.

"This makes a huge difference, especially for low-income workers," said the study's coauthor, Jack Vanderhei, who is EBRI's research director.

Of course, the chances that any individual will run short of cash varies according to how much he or she make today and how long they will spend in retirement.

For instance, people making roughly $31,000 to $72,000 a year today have a 13% chance of not being able to pay all their expenses after 10 years in retirement and a 29% chance after 20 years. Not surprisingly, those in the lowest income groups, defined as those making less than $31,000, have a much higher risk.

And those in the high-income group -- those making more than $72,000 -- have the lowest risk (5% after 10 years and 13% after two decades).

That means even some folks who are expected to have the most money in retirement will be scrounging to pay their bills. And that's after accounting for any Social Security benefits and pension payments they have coming. (Calculator: What you need to save for retirement.)

The big culprit is uninsured health costs.

"Nursing home costs are wiping them out," Vanderhei said. (Read the 'Ultimate Guide to Retirement')

So what can early boomers do to increase their odds that they remain in the black throughout retirement? Of course, it's the last thing anyone wants to hear: Save more.

Just how much more depends entirely on how much you have saved currently, how many years you have until retirement, what your expected Social Security and pension benefits will be and what kind of return you expect on your investments.

0:00/2:46Retirement savings catch-up

Take, for instance, a 59-year-old with a 401(k) balance of $70,000 who makes roughly $50,000 a year. He would have to save 12% of his income every year on top of what he is already saving if he wants a 70% chance of being able to pay all his bills in retirement, Vanderhei said. That assumes a 7.6% annual average return on a portfolio evenly divided between stocks and bonds.

The additional savings required is somewhat lower for the average late boomer -- those aged 46 to 55 -- and drastically lower for Gen Xers -- those between 36 and 45. That's because those groups have more years until retirement.

For instance, a Gen Xer with an average income and an average 401(k) balance would only need to save an additional half percent of his income a year to have a 70% chance of success in having adequate funds for basic expenses and uninsured health costs in retirement. 

Sunday, September 12, 2010

Life insurance as savings

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Retiring in paradise

Lauren and Jack in Annecy, France, on a jaunt away from their farmhouse near Bordeaux.Name: Lauren and Jack HermanAge: 61 and 65Why they love it: It's France!

I came here in 1994 before I got married and 10 years before I retired, saw the breath-taking view from the main road and decided that I would one day live here.

We sold our three-bedroom townhouse in suburban Washington for $385,000 in 2004 and paid $118,000 for the house in France. It was originally a barn built in 1842 that the previous owner restored. It has four bedrooms and two baths and stunning views.

I spend my time doing exactly what I feel like. I cook and make several types of jam each year. The lifestyle is much slower. People take their time to enjoy a good meal and stop and talk to friends. A neighbor stops and gives me eggs from her hens. Pastures surround us and some days we see sheep grazing there. Their milk is used to make Roquefort cheese.

The grape harvest, or "vendage," is coming up this month, and it's one of the yearly highlights. Every year we pick grapes for our wine producer friend near Bordeaux, and it's such a wonderful experience. We meet many people and reconnect with previous vendangeurs.

Living costs are generally higher, but with no mortgage to pay and our investments, we live quite well. Also, we know we will never be bankrupted by medical costs. We have coverage under the French healthcare system and are ever-so-grateful for that. Our experiences with the doctors and hospital here have been extremely positive.

By Les Christie, staff writer
NEXT: Hilton Head, S.C.
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Mar 27, Retirement Help Websites

 Retirement Help

Retirement Jobs Online's mission is to provide retirement help so you can use the Internet for your retirement job, be it an "online"job or an "offline" line job.  However, this site is also built to help you find a quality retirement.

The following links will take you to websites that can help you improve the quality of your life as you work in retirement.

Index Click category to link to information

Retirement Information

Retirement Health

Retirement Locations

Retirement Finances

Retirement Hobbies

Retirement Home Improvement

Retirement Information U. S. Social Security Administration U. S. Social Security Administration Retirement Planner AARP - American Association of Retired Persons Retirement Health Retirement Health Retirement Locations Ideal Places to Retire Retirement Finances Information about Retirement Calculators Download After Retirement Calculator SPEND til THE END

A great book about retirement planning the right way

Retirement Hobbies

scale-modelers-handbook.comYour ultimate guide to the best in scale modeling. - A great retirement hobby. Betta Fish Tanks.comKeeping betta fish can be a satisfying and rewarding hobby.  Male betta fish are graceful and beautiful to watch.  They are a low maintenance pet.  You can leave them for several days and they will be fine.  Learn about betta fish and betta fish tanks atwww.betta-fish-tanks.com.  Other topics fish pet fighter fish

Retirement Home Improvement

Window Replacement Experts.com

The Window Replacement Experts contains all theinformation you need to know to replace the windows in your house. New windows willsignificantly add to the value of your home and reduce your heating andair conditioning costs.

More Retirement Help

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Luxury Retirement on Your Social Security Check

Whether your retirement is fast approaching or just something you often find yourself dreaming about, you’ve probably imagined spending it in some far-flung tropical haven. Retiring in the U.S has become expensive

Saturday, September 11, 2010

The Grand Central at Kennedy

by floridaforboomers on 17. Feb, 2010 in Blog

While owning a single family home is an excellent way to raise a family and build equity, but the responsibilities of owning a home get quite tedious as we age. If you’ve hit this point in your life, a condo might be for you.

For anyone looking to scale down on the amount of homeownership responsibilities and wants to live in an exciting area, purchasing a Tampa condo within may be an excellent option.

is well located in the heart of Tampa. Located just off of Channelside Drive, offers their residents access to many amenities in the neighborhood. Within walking distance, there are many different restaurants, shops, boutiques, and bistros. Also near the Grand Central is access to public transportation which allows residents to access all the cultural and entertainment options that the city of Tampa has to offer.

While is located in a vibrant location, the amenities located within the master planned community are unmatched by any other complex. Inside there are two ninth floor pool decks which provide beautiful panoramic views of the city. For those residents looking to stay physically fit and stay healthy, a Powerhouse Gym is located on site. This gym has exceptional equipment and a dedicated personal training staff. Also on site is a beautiful lounge which contains a piano and beautiful furniture which encourages residents to socialize with other residents. also has an on site dry cleaners.

Within are 392 residential units that range from studios to two bedroom units. Each unit comes complete with a fully upgraded kitchen, floor to window ceilings, and plenty of beautiful finishes. Units within can be either purchased or leased.

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Ventana

by floridaforboomers on 18. Feb, 2010 in Blog

As we age, owning a single family home quickly becomes one of our largest burdens. Properly maintaining the interior and exterior of a house is quite difficult and hiring people to do it for us is too expensive. For those who are looking to scale back on some of their maintenance and upkeep responsibilities, purchasing a condo in the could be an excellent option among Tampa condominiums.

Located in the heart of Tampa, Florida, the offers their access to all of the entertainment an cultural options that the city of Tampa has to offer. The is located at the corner of Kennedy Boulevard and Channelside Drive, which provides immediate access to everything that the Channelside District has to offer. The Channelside District has many shops, boutique, restaurants, cafes, and bars which can be enjoyed by all residents of The . The also has access to public transportation which can be taken to anywhere in Tampa.

While the has access to many exciting cultural and entertainment options outside of the complex, there are many interior amenities that are unmatched by other residences. The comes with a well equipped fitness center which contains various cardio vascular machines and a weight room which encourages exercise and a healthy lifestyle.

The ’s club room is designed by the Chancey Design Partnership and has stylish furniture and artwork which encourages many people to relax and socialize with other residents. The pool in the is unmatched by other Tampa condo complexes. The pool is large and contains a poolside deck that has many pool chairs and cabanas. Also onsite is a concierge who can help organize activities within and outside of The .

Within the there are 84 different residences which range from 1,100 square feet to over 2,600 square feet. All residents within the are well upgraded with only the most beautiful finishes. Now may be the best time to purchase a condo. Homes have recently sold for $205,000 and buyers can get FHA approved 3.5% down payment financing.

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The Place at Channelside

by floridaforboomers on 19. Feb, 2010 in Uncategorized

Several Tampa condominium projects provide a place where active adults can live in a comfortable living space with access to many amenities. For someone looking to stay active but scale back on responsibilities, is an excellent option.

is an amazing apartment complex located in the heart of Tampa. is within walking distance of downtown Tampa, the historic Ybor City, and the Westshore Business District. At these locations, residents of have an unlimited amount of options for entertainment, nightlife, and shopping. For those interested in marine life or sports, the apartment complex is also nearby the Florida Aquarium and The St Pete’s Time Forum, which is home to the Tampa Bay Lightning.

While offers residents an amazing location in the heart of Tampa, the amenities found inside of the complex are unmatched by any other apartment complex in Tampa. has a breathtaking pool which is large enough for lap swimming, but contains an appealing sun deck which encourages residents to spend an afternoon lying out. For those looking to stay in shape, the complex has a state of the art fitness facility with top notch cardiovascular and weightlifting machinery. Residents who are looking to just relieve stress can find relaxation in the complex’s whirlpool spa, sauna, community lounge, or meditation garden.

Also onsite at is a concierge desk to help residents find alternative forms of entertainment. The building also has security with a 24/7 doorman, secure access elevators, and remote garage door entry.

All units within are built with only the most luxurious finishes. These luxury residences range in size from 1BR / 1BA units up to 2BR / 2.5BA plus den units. Rental rates at start at an affordable $968 per month.

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The Slade at Channelside

by floridaforboomers on 20. Feb, 2010 in Blog

Are you close to retiring? Maybe you’re already there and looking for a place to go. Consider checking out in sunny Tampa, Florida! This is one of the newest Tampa condos for the baby boomer generation. You can see photos and floor plans on their website.

Local Area and Things to Do
Tampa is a great place to live in all seasons. Temperatures are mild and moderate and the weather is always pleasant. is located close to downtown Tampa where you’ll find arts, theater, shopping, dining and anything else that suits your fance. Tampa’s attractions include St. Pete Time Forum where you can enjoy over 150 events a year including the circus, ice shows, family events, concerts and indoor sports. is also located close to the Museum of Art where they have photography, sculpture, paintings and antiques. Perhaps a nice stroll through Hyde Park would interests you more, Ybor City, or the Florida Aquarium may be nice as well. Whatever your interests, you’ll find it close by while living at .

The Condo and Amenities
You can choose from many different but all spacious floor plans at . There are condos with one, or two bedrooms available as well as options for an additional den. All of these can be viewed in detail on their website. All of the condos are single level and have beautiful cabinetry, granite counter tops, stainless steel appliances and beautiful flooring. While living here at , you’ll find every convenience at your fingertips including a our unique infinity pool, salt water pool, whirlpool, clubroom, a spacious roof top sun deck and relaxing landscaped courtyards.

is the place to find the exciting lifestyle or the relaxation that you are looking for. Please visit the website to learn more, request information, see photos and discover that is the place for you.

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Friday, September 10, 2010

Ovation St. Pete Condo Review

by floridaforboomers on 26. Feb, 2010 in Blog

Ovation in St. Petersburg, FL is an excellent condominium development which provides their residents with luxurious condominiums located in a fun and vibrant community. If you are a baby boomer nearing retirement, and considering Florida’s West Coast, you’ll want to take a look.

Ovation is located in the heart of St Petersburg, Florida. Within walking distance of the condominiums are various blocks full of fine shopping, boutiques, art galleries, and restaurants. For those who are interest in cultural events, museums and theatres are also located nearby. The Ovation’s location is also ideal for a sports enthusiast as the Tampa Bay Rays baseball team plays just a few blocks from the building. The building is also located near various public transportation options that provide access to the Tampa International Airport, the beach, and all that Tampa and St. Petersburg have to offer.

While Ovation is located in the heart of a busy and vibrant city, the interior amenities are as nice as you’ll find in any other luxury building. Ovation has a beautiful outdoor swimming pool which contains many pool deck chairs and covered cabanas which encourage residents to lounge outside. There is also a two-story lobby and multiple clubrooms which encourage residents to socialize among one another. For those looking to stay in shape, Ovation has a state of the art fitness center and spa which contains both high end cardiovascular machines and free weights. Ovation also has an onsite concierge who will help all residents plan events and figure out ways to spend their day.

The best part of Ovation is the residences themselves. The units within Ovation range from around 2,300 square feet up to over 5,300 square feet. Both half floor condos and full floor penthouse condo residences are available. Each unit has high end finishes with luxurious kitchens and bathrooms as well as 10 foot ceilings. The views are spectacular as each unit has at least 180 feet of linear glass windows.

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Black Diamond Club Community Review

by floridaforboomers on 27. Feb, 2010 in Blog

Black Diamond Club is an exclusive golfing community located in the Lecanto, Florida area of Citrus County. Located about an hour from Tampa and about an hour from Orlando, Black Diamond Ranch is approximately 35 miles southwest of Ocala which is the heart of Thoroughbred Horse Racing country in Florida.

Like many other Tampa retirement communities, perhaps the biggest allure of Black Diamond is the country club and golf courses located within the community.

Forty five Tom Fazio designed golf holes comprise the three majestically beautiful golf courses at Black Diamond Ranch. These courses have been named in the top 100 courses in the nation by Golf Digest for the past 19 years

The Quarry Course gets its name from the old limestone quarry it was built around. It’s impossible to select a favorite hole on this course, but the 14th, 15th, and 16th are carved around canyon walls and writer Dan Jenkins said they are part of the five best consecutive holes of golf anywhere in the world.

Finished in 1997, The Ranch Course with its two tiered greens and elevation changes is as challenging as it is beautiful. Tom Fazio said the 16th, 17th nd 18th “represent the three best finishing holes I have ever designed.”

You can see forever on the nine hole Highlands Course which was also completed in 1997. This 36 par course has a slope rating of 147, making it one of the most challenging courses in America. It can be played alone or in tandem with either of the other two courses at Black Diamond Ranch.

Black Diamond Ranch offers a 28,000 square foot clubhouse complete with Black Diamond pool, fitness facilities with personal trainers, restaurants, and Har-Tru Tennis Courts. Full equity memberships, social memberships, and invitational memberships are all available for the Black Diamond Club. Nothing rounds out a day of golf like an evening at the club with friends.

Homes at Black Diamond Club are beautifully designed with spacious lawns and landscaped lots in keeping with the ambiance of the development. Three and four bedroom homes with two and three car garages to golf cottages with two bedrooms range in price from the low $200,000 up to well over the million dollar mark. Both resales and new construction homes are available.

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Story About The Villages on NPR

by floridaforboomers on 01. Apr, 2010 in Blog

If you’ve been a reader here for a little while now, you probably have at least heard of The Villages, located in central Florida, currently the most popular and fastest growing retirement community in America. You probably also know that I wrote a book about The Villages, which was just updated for 2010.

Over on my website for the book, I just posted an article on a story that NPR had on The Villages. Its well worth a listen if you are looking for retirement communities in Florida, no matter whether you are thinking about The Villages or not.

It’s exciting and interesting for me to see mainstream media report about retirement communities, especially those in Florida. Like most reporting these days, the story is not entirely accurate but it does give an outsider a look inside one of Florida’s most talked about communities.

« Black Diamond Club Community Review 55

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Starting a Kitchen Garden

We’re chugging along through 2010, trying to meet our goals for the year. Since we’ve automated much of our finances, we’ve had some extra time to pursue other goals. Something that I’m particularly proud of is our small garden out front. We have a kitchen garden, meaning everything that we’re growing is meant to be used as food.

I’ve noticed that other personal finance bloggers have started container and square foot gardens. For example, Matt has a vegetable garden. In fact, he’s taken it to the next level by composting and using rain barrels.

What’s amazing to me is that neither my husband nor I have a green thumb, yet we’ve had decent success with our garden. I have a history of having plants die on me, including (believe it or not) a cactus!

This isn’t to say that our gardening has been 100% successful. In fact, plants sometimes die on us, and we’ve been known to have minuscule harvests. With all this fuss, some people may wonder why even bother with gardening.

Why have a kitchen garden?

I think everyone has their own reasons for starting a garden. While we’d like to think that we’re doing it all for the good of the environment, there are usually some other factors involved, as well.

Save money: One of our goals is to cut our grocery expenses by growing our own food. Learning from last year and earlier this season, I think we should be able to meet that goal.Productive use of space: We have a small yard and you really can’t do much with it. We could try to cram in a table, chairs, and grill, but it would look ridiculous, and we wouldn’t be able to take full advantage of it.Sustainable living: We think it’s kind of interesting to grow an organic garden and learn a bit about sustainable living. It feels good to do something that’s not only beneficial to us, but also friendly to the environment.Extra income: This wasn’t one of our reasons, but having a side job can motivate some. If you find that you’re good at gardening and you really enjoy it, you may earn a small side income by helping others create their own garden, or by selling what you grow.

As we started working on this project, another benefit presented itself. I believe that everyone needs a hobby to blow off steam and to get creative. As I noted above, I don’t have a green thumb by any means, but I found that tending to our little garden is relaxing. It’s nice to see progress with the plants and appreciate a little bit of nature.

Our garden: costs of starting up

How do you decide what to grow? We’ve selected vegetables and herbs that we enjoy. For example, while I’m not crazy about tomatoes in my salad, I do love salsa and spaghetti sauce, so we’re growing tomatoes.

Here’s a list of the plants we’re currently growing:

Icebox watermelonTomatoCucumberBell pepperEggplantBasilThyme

More recently, I found this list of the best plants to grow yourself. I wish I had read it sooner because I would’ve changed up our selections and included lettuce instead of the watermelon.

Besides plants (or at least seeds), you also have to buy a few other supplies to get started.

Pots – Be sure to buy pots big enough to handle your plants when it’s time to harvest them.Potting mix – If you’ll be using containers, having a good potting mix makes growing good plants much easier.Garden trowel – You’ll need this both for planting and for digging in compost.Garden gloves – Buy yourself a decent pair of gloves to protect your hands when working in the garden.

As you can see, you don’t need too much. In fact, if unchecked, you may end up buying too much. Plan ahead and have your list ready before you pick up your garden supplies.

Last year, when we were living in our apartment, we had a much smaller garden. We had rosemary, tomatoes, and peppers. Seeing some success from last year motivated us to do it again.

Unfortunately the move to the townhouse contributed to the rosemary’s demise along with that of our peppers. We had to start with a new batch of plants this year.

Tips on managing a kitchen garden

I’m not an expert by any means, but when you work out in the garden you can learn some things from personal experience and friends.

Google is your friend. I can’t tell you how many times I’ve searched for information about either specific plants or gardening in general. Just punch it into Google and all your questions will be answered!Have plenty of sunlight. I’ve been told that morning sunlight is better than afternoon, so place your plants accordingly.Water before 10am if possible. I personally like to water early in the day, especially with the heatwave we’ve been having this year. According to Arizona’s guide to container gardening, you should water until it starts coming out the drainage holes. And by watering early in the day, you minimize evaporation.Start small for the first year. It’s very easy to go overboard when you’re picking out plants for your garden. My advice is to slow down and improve your chances of success by focusing on three or four types of plants. You may be able to get away with more if you have a lot of herbs.Your garden stories

Having a garden takes time, but I think it’s worth it. I’m curious to hear what you guys are growing in your gardens – if you have a garden, please leave a comment. And please also be sure to share any tips that you might have.

How (and Why) to Roll Over Your 401(k)

Most people will work for several companies throughout their career. As you move to another company, you should be careful not to forget about your retirement investments. Unless your old employer’s plan had solid and low cost investment options, you should seriously consider rolling your investments over to an IRA.

Aside from increasing your investment options, rolling your 401(k) protects you from early withdrawal penalties associated with cashing in your account. The key is finding a way to manage your retirement fund effectively and stick with your overall retirement plan.

Why cashing out is a bad move

When moving from one job to another, you might be tempted to cash in your retirement account to pay off some bill, or even have a little bit of fun. Don’t do it. If you do, you’ll get hit hard. Twice.

For starters, you’ll expose that money to income taxes, and it might even be enough to bump you into a higher tax bracket. On top of the taxes, you’ll also get hit with a 10% early withdrawal penalty.

I learned this the hard way when I changed jobs years ago. Since I didn’t meet the minimum balance requirement to keep my old 401(k) open, I was sent a check with the balance of my account.

I should have immediately opened an IRA and completed a rollover, but instead I used it to pay off bills. I thought I was being smart, but the penalties ate a good chunk up of my savings, and I was left with no retirement savings.

I won’t ever do that again. Next time, I’ll inform HR to send it to my IRA directly, avoiding the temptation for me to spend the cash.

Where to roll over your 401(k)

You have two options for rolling over your retirement fund, either to an IRA or into your current company’s 401(k). You’ll have to the weigh the pros and cons for yourself.

Into an IRA

You’ll have complete control over your money with an IRA. You can choose your preferred brokerage or mutual fund company, and you’ll likely wind up with more and better investment options than with a 401(k).

If you’re working with a financial planner (fee only, please!), feel free to ask for their advice on the matter. I would also suggest you check out some of the following companies to see if they would fit your needs:

Charles SchwabVanguard T. Rowe PriceFidelity

In most cases, you can initiate the rollover online. Just be sure to have all of your old 401(k) information on hand. When we opened an account with Vanguard, we were able to fill out all of the information online, but we still had to sign and mail the documents.

As with any financial transaction, just be sure to read all of the paperwork carefully, and don’t be afraid to call and ask questions if anything is unclear.

New company’s 401(k)

The primary advantage of this option is simplification. By rolling your investments into your new 401(k), you’ll have one fewer account to deal with. Another advantage, if you want to call it that, is that you can borrow from your 401(k), but not an IRA.

In my view, the ability to borrow isn’t typically an advantage, though there are some circumstances in which it might be the best option available. By having all of your funds in a 401(k), you’ll have a larger balance to borrow against.

Another consideration, of course, is whether or not your new plan accepts incoming rollovers. Even if they do, you might have to satisfy a minimum waiting period before you’re eligible.

Choosing your investments

If you’re looking for the easiest option that you can set and forget, you might want to look into target date mutual funds. These funds are designed to adjust asset allocation as you get closer to the retirement date, though there are some disadvantages to them.

Index mutual funds are another great option for people who are willing to construct their own portfolio while minimizing their expenses. Index funds are designed to track specific market indices, and thus don’t incur expenses associated with an active fund manager.

Exchange traded funds (ETFs) are similar to index funds in that they typically track a market index. ETFs can be traded through out the day like stocks. One major downside of ETFs is that, depending on where you buy and sell them, you may have to pay brokerage fees.

If you’re looking for some more information to help you decide, there are plenty of posts on the topic here at FiveCentNickel:

Index Mutual Funds vs. Exchange Traded Funds (ETFs)ETFs vs. Index Mutual Funds, RevisitedAvoiding and Reducing Mutual Fund Fees and ExpensesStocks and Bonds vs. Mutual Funds

And here are some articles on asset allocation:

Our Investment Portfolio: Asset Allocation and LocationReconsidering Our Asset AllocationThe High Cost of Low Risk InvestingHow Much International Exposure Should Your Portfolio Have?Market Turmoil, Portfolio Drift, and Asset Allocation: Time to Rebalance?

I would also recommend reading a few good books on investing if you’re going to start taking a more active role in managing your portfolio.

Your Thoughts on Rolling Over Your 401(k)

Have you changed jobs in the past? If so, how have you handled your associated retirement savings? Did you leave it in place? Roll it into an IRA? Or maybe you rolled it into your new 401(k)? Do you have any tips for making the process easier?

Best Retirement Plan for Small Business Owners?

This is a guest post from Dan Wesley, who is the CEO of CreditLoan.com. If you like what you see here, please consider subscribing to their RSS feed.

Salaried employees generally have an employer-sponsored 401(k) retirement account administered by the company’s HR department. Failing that, many use Individual Retirement Accounts (IRAs) from local banks, credit unions, or brokerages. Some especially conscientious employees use both.

Small business owners tend to likewise be big fans of the IRA, either in Traditional or Roth form. And while these are certainly better than having no retirement plan at all, an IRA is rarely the ideal plan. The self-employed have several retirement options which are both exclusive to them and, often times, more lucrative than the more traditional plans above.

Simple IRA

Simple IRAs are ideal for small business owners who wish to set up retirement accounts for their employees. As Bankrate explains, these accounts were established with businesses of “no more than 100 employees who earned $5,000 or more on the payroll for the previous calendar year” in mind.

Over time, Simple IRAs have become most commonly used by employers with seven or fewer employees. Fortunately, the Simple IRA is extremely easy to set up, requiring just four pages of paperwork and about ten minutes of one’s time. Employers are limited to contributing 3% of an employees pay, up to an $11,500 yearly contribution limit.

The Solo 401(k)

One rarely discussed advantage of self-employment is the existence of retirement accounts with much higher yearly contribution limits. The Solo 401(k) account is a prime example. SmartMoney explores how Solo 401(k) plans work, explaining that they’re essentially regular 401(k) accounts with much higher contribution limits: up to $49,000 per year in 2010, depending on age, income and other circumstances.

Putting things in perspective, regular 401(k) and IRA contribution limits top out at $16,500 and $5,000 per year (not counting catchup contributions), respectively. It should be noted that Solo 401(k) plans are generally restricted to business owners, rather than employees of the business in question.

The Solo Roth 401(k)

Solo Roth 401(k) plans are similar to regular Solo 401(k) plans, but offer the tax advantages of a Roth IRA. As you may know, Roth IRAs are accounts for which contributions get taxed, but withdrawals (which contain the accumulated savings, interest and investment returns of decades) do not. Moreover, InvestorGuide reveals several key advantages the Solo Roth 401(k) holds over a regular Roth IRA:

High income earners can contribute to Solo Roth 401(k) accounts even if they’re not eligible for a Roth IRAYou can contribute much more per year to a Solo Roth 401(k) as compared to a Roth IRAYou can borrow from your Solo Roth 401(k)You can avoid (if you wish) the required minimum distributions of a Roth 401(k) by rolling its funds over to a Roth IRA prior to age 70-1/2, so long as you set up the Roth IRA account five years priorYou can also maintain a Roth IRA in conjunction with a Solo Roth 401(k), which expands your potential annual contributions even furtherThe Simplified Employee Pension (SEP) IRA

The Simplified Employee Pension IRA (SEP-IRA) is in many ways similar to a Solo 401(k). While both have the same maximum annual contribution limit, it takes a higher level of income to max out the SEP-IRA. In 2009 and 2010, self-employed individuals and business owners can contribute 20% of net self-employment income or 25% of W-2 wages up to $49,000 per year. Contributions are tax deductible.

Withdrawals prior to turning 59-1/2 are subject to a 10% penalty (plus income taxes), while withdrawals after 59-1/2 are just taxed as ordinary income. Unlike defined contribution plans, there are no restrictions on whether or how much money you can contribute to a SEP-IRA in a given year. SEP-IRAs are also designed for one person businesses or business owners with employees, rather than for the company’s employees themselves.

Keogh Plans

Keogh plans are a type of defined contribution retirement plan. Established by Congressional legislation in 1962, Keoghs allow tax deductible contributions of up to 25% of annual income up to $49,000. Keogh funds can be withdrawn by 59-1/2 and must begin by 70-1/2.

A Keogh (also known as an HR10 plan) can be invested into the same broad range of securities – stocks, bonds, CDs and annuities – as can traditional accounts like 401(k)s and IRAs. Investopedia cautions, however, that their high contribution limits are accompanied by greater paperwork burdens and upkeep costs.

Defined Benefit Plans

Described by Bankrate as “the most expensive and complicated retirement plan for the self-employed,” defined benefit plans are nevertheless an option for self-employed individuals with “mountains of money” to put toward retirement. Employers can save an eye-popping maximum of $195,000 per year, but there’s a catch: an actuary is needed to determine the exact amount that can be contributed (a rather costly expense).

In contrast to the flexibility offered by Solo 401(k) accounts and Simple IRAs, a defined benefit plan is an extremely structured arrangement that must be operated in accordance with strict rules. Largely because of these expenses and complications, Bankrate finds that there are roughly 38,000 defined benefit plans today, down from 114,000 in 1985. Nevertheless, they remain a worthwhile tax-deferral possibility for wealthy business owners.

Thoughts on Buying a Vacation Home

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Over the years, we’ve toyed with the idea of owning a vacation home. When I was a kid, I always envied families with a lake house, and even as an adult I’ve been drawn to the idea.

As time has worn on, however, we’ve cooled on the idea. It’s funny, but now that we’re in a position to actually make that old dream a reality, it just doesn’t seem like a very good idea.

Cost of ownership

For starters, owning a second home can be a huge money pit. After all, you have to furnish it, pay taxes on it, insure it, pay for any repairs or maintenance issues that might crop up, buy a boat to tie to your dock, and so on.

And yes, I know… Many people view their vacation properties as an investment. At the same time, I’d be willing to bet that the vast majority of those with a second home are losing money on it.

The simple truth is that, unless you rent it out, you’re not likely to see much return on your investment. And if you do rent it out, then your desire to own a relaxing vacation property will have transformed you into a landlord.

Unnecessary headaches

Another problem is the amount of work that comes along with owning a second home. There’s grass to be cut, walls to be painted, and so forth. Before you know it, your formerly relaxing weekends will be spent maintaining not one, but two homes.

Freedom to travel

I’m also not crazy about is the idea of being tied down to one primary location for all (or most) of our vacations. While we love going to the beach, we also like variety. Sometimes we head to a lake, sometimes we go to the ocean, and we definitely like checking out new places.

If we had a vacation home, we’d feel obligated to make use of it, which brings us to my final point…

Guilt and regret

Finally, I’m not crazy about the feelings of guilt that would inevitably come from not using it enough. This is partly related to freedom to travel point, but it goes beyond that. If, for example, we decided to have a lazy weekend at home, I suspect we’d wind up feeling like we should be using our vacation home instead.

At the same time, if we were intent on renting it out to help offset the cost of ownership, we’d probably wind up feeling guilty if we used it during the high season. After all, that’s exactly when someone is most likely to want to rent it. We thus might wind up using it primarily during the least attractive times, and regretting that we couldn’t spend the days/weeks there.

The final analysis

Ultimately, we’ve moved from the “wish we had one” to the “no thanks” category when it comes to owning a vacation home. This isn’t to say that we won’t change our minds sometime down the road but, as things currently stand, we’re perfectly happy renting our fun.

Welcome to Best Boomer Towns

You are a Boomer if you were born between 1946 and 1964. You are stylish, active and resourceful. You are searching for less stress and more living, you may be an empty nester, you prefer less traffic, fewer taxes and more fresh air and exciting activities! There are no rocking chairs in your future - you prefer pilates, hiking, biking, volunteering, wine club, book club, university classes, surfing the web, telecommuting, yoga, golf, tennis, walking your dog and plenty of social activities. Grab your Blackberry or iPhone and schedule your week! I think it’s important for you to have a face, name and credentials on the site. Fourteen months of Boomer research and development have been compiled in one site to meet your needs. The 21 U.S. towns have the following key criteria: excellent health care, university, airport access, fine dining, low crime, cultural activities, beautiful weather, active lifestyle, average cost of living and a range of home sizes and prices.

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Thursday, September 9, 2010

5 Retirement Mistakes to Avoid

Money for Life

MoneyWatch.com

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