Three Keys To A Happy Retirement

August 07, 2014  |   Blog   |     |   Comments Off on Three Keys To A Happy Retirement

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How to Get the Most from Your Social Security Benefit

July 25, 2014  |   Blog   |     |   Comments Off on How to Get the Most from Your Social Security Benefit

By Tammy Flanagan National Institute of Transition Planning July 24, 2014 How to Get the Most from Your Social Security Benefit By Tammy Flanagan July 24, 2014 Last week we explored the benefits and disadvantages of purchasing an annuity using the proceeds of your Thrift Savings Plan. This week, I’d like to consider another another question. Steven A. Sass, program director of the Financial Security Project, an initiative of the Center for Retirement Research at Boston College, puts it this way in a briefing paper: “Should You Buy an Annuity From Social Security? In the paper, Sass describes the three traditional methods of receiving income from retirement savings: investing the principal in bank deposits or U.S. Treasury bills to preserve savings and live on the interest; investing in stocks and bonds and drawing out a portion as income; or buying an annuity. A fourth option, suggests Sass, is to delay claiming Social Security retirement income until age 70 and use your retirement savings to provide the income needed during the earlier years. Social Security retirement benefits can be claimed anytime between the ages of 62 and 70. The full retirement age for someone who is 62 in 2014 is 66. That means, for example, that if your full benefit would be $2,000 per month at age 66, but you choose to claim the benefit at 62, it would be reduced by 25 percent, to $1,500. On the other hand, if you delay claiming the benefit until you’re ...

Best Dates To Retire in 2015

June 14, 2014  |   Blog   |     |   Comments Off on Best Dates To Retire in 2015

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Ways to Prepare for Retirement from Smarterlifestyles.com

April 29, 2014  |   Blog   |     |   Comments Off on Ways to Prepare for Retirement from Smarterlifestyles.com

The following information is from http://www.smarterlifestyles.com/2013/09/26/ways-to-prepare-for-retirement/ Being financially secure in retirement just doesn’t happen magically. It takes lots of planning, time and savings. Some scary facts about retirement: More than 50% of persons do not have enough finances for retirement. 25% do not participate in their company’s retirement plan. The average person spends 20 years in retirement. Here are some tips to help you plan correctly: Talk to a financial professional. Every few years, it’s a good idea to schedule a meeting with a financial planner to get a ‘check-up’. It’s just like a doctor’s visit, and you should really talk about your present situation and future goals. Save, save, and keep on saving. Make it a habit to save as much as you can. Learn your retirement needs. Retirement can be expensive. Learn from today how much you need to save for your retirement. Talk to a financial planner, or find an online retirement calculator. Read More: http://www.smarterlifestyles.com/2013/09/26/ways-to-prepare-for-retirement/  

Most Not Saving Enough for Golden Years from Observer-Reporter.com

April 23, 2014  |   Blog   |     |   Comments Off on Most Not Saving Enough for Golden Years from Observer-Reporter.com

The following information is from http://www.observer-reporter.com/article/20140419/NEWS08/140419334#.U1dy9l72EpF A comfortable retirement is becoming more elusive for aging Americans, many of whom will have no choice but to work well into their golden years. Sparse savings, fewer pension plans, stagnant home values and rising health-care costs have created a scenario in which many of the country’s 70 million-plus baby boomers -- who began retiring in earnest in 2011 -- will struggle to live as well as their parents in old age. The National Institute on Retirement Security says “92 percent of working households do not meet conservative retirement savings targets for their age and income.” “For the first half of that baby boomer wave, their situation may be manageable. In many cases they’ll have an employer-sponsored pension,” said William Wood, a senior lecturer and director for Wright State University’s financial services program. “The last half are really the ones that are going to have significant issues. The statistics are more than unsettling.” The National Retirement Risk Index, maintained by the Center for Retirement Research at Boston College, indicates that 53 percent of American households in 2010 were “at risk” of not having enough money to maintain their living standards in retirement. “It’s a very severe problem,” said Tony Webb, a research economist for the school’s retirement center. He said the 2013 rate won’t change dramatically when it is announced next year. “If you have a person in their 40s who hasn’t saved a cent, there is no conceivable savings rate that will give them a decent income in retirement, if they ...

Retirement Quiz: The Basics from GovExec.com

March 14, 2014  |   Blog   |     |   Comments Off on Retirement Quiz: The Basics from GovExec.com

The following quiz is from GovExec.com - in order to see the answers please visit: http://www.govexec.com/pay-benefits/retirement-planning/2014/03/retirement-quiz-basics/80506/ It’s quiz time! I’ve designed this one to cover some of the basics, with relatively new federal employees in mind. But midcareer and pre-retirement age federal employees may also find they have a few things to learn. There is no minimum age to make contributions to an Individual Retirement Arrangement. True False   Which of these is a type of retirement savings plan: IRA 401k TSP 403b SEP MyRA All of the above   The word “vested” relative to a particular retirement benefit means: It belongs to you; you have the full and legal right to this benefit. You are not yet entitled to receive the full benefit. It is the sleeveless layer of your retirement plan.   The money you contribute to the TSP, along with the matching government contributions, is immediately vested. True, however, there is a three year vesting requirement for the 1 percent agency automatic contribution. False, it takes three years for your TSP account to be vested.   What is the minimum number of years of service required to qualify for a federal retirement benefit? Three Five   An annuity is a term used to describe a fixed income stream paid over a specific period of time, usually for the life of an individual. True False   A pension is a fixed sum paid following retirement, generally for the life of an individual. True False   It is accurate to refer to the federal retirement benefit as an annuity or a pension benefit. True False   If you resign from federal service before meeting the age requirement for an immediate retirement, ...

Feb Retirement Claims Exceed Projections

March 11, 2014  |   Blog   |     |   Comments Off on Feb Retirement Claims Exceed Projections

February retirement claims exceed projections (via Federal Daily) Federal Daily News By FederalDaily Staff March 10, 2014 Federal retirement claims increased in February, with employees filing more claims than projected, according to new numbers from the Office of Personnel Management. OPM took in 12,025 new claims…

Fed Employees Seeking Work Outside Government

February 24, 2014  |   Blog   |     |   Comments Off on Fed Employees Seeking Work Outside Government

Half of feds would seek greener pastures in private sector (via Federal Daily) Federal Daily News By FederalDaily Staff February 21, 2014 About half of federal employees would consider seeking work outside of government, according to the results of a new survey. Among the reasons given: Pay freezes, perceived better pay in the…