In December 2002, the U.S. Treasury Department issued some long-awaited guidance to employers about cash balance plans. These proposed regulations, issued under Internal Revenue Code Section 411 (b)(1)(H), prohibit age discrimination employment in benefit accruals and are fairly comprehensive in nature. Although a public hearing on the regulations was held in April 2003, the rules are not yet final as this article goes to press.

In essence, the regulations generally indicate that a company cannot directly or indirectly affect a participant’s benefit accrual based on age. (more…)

This question arises with the greatest frequency, and it ranks, as one would expect, as one of the most difficult to answer. We can only suggest general guidelines because your investment risk tolerance may differ from the next person’s. Also, investment choices should reflect one’s overall economic situation, and advertisements for online brokerage houses notwithstanding, not every form or method of investment suits every situation. In an age when most of us are at least aware of general movements in the market, if not actually participating in some way, most of us wish for a formula to provide the optimal investment mix for our particular situation. (more…)

After my parents moved to Florida in the mid-1980s, Mom and Dad would send us the job ads from the Sunday newspaper. In one letter, Mom circled an ad that she thought was perfect. “Look at this one,” she wrote. “It pays $401,000.” On closer inspection, we realized the job offered a 401k retirement savings plan, not a $401,000 salary. (more…)

Another old adage says that we should learn from the mistakes of others. When it comes to retirement planning, there are many legal, tax, and retirement saving mistakes you can make as a business owner, retirement plan trustee, or plan participant. (more…)

To get you started, here is a hypothetical timing schedule. If you are 50 or older, you need to condense retirement planning steps into a shorter span of time. Either way, they can act as a guide. It is never too late to design a retirement strategy.

Early financial planning is best. (more…)

If you, like many Americans today, are longing to leave the rat race and retire from your job, but don’t feel that you can yet afford to do so, this third and final article in a series on “Redefining Retirement”, discusses one of the most critical success factors in starting and building a successful home-based business as a baby boomer entrepreneur or retiring baby boomers: Time Management. (more…)

If you have never considered full time RV living, it is one of the best ways to retire early… think again. A lot of people do it, they enjoy the lifestyle, and it can be a very frugal way of retirement living. We RVed for 6 years for 6 to 22 month stretches at a time. (more…)

To qualify for Social Security benefits, you must have worked a certain number of years. Your eligibility is measured in credits. If you were born after 1929, you must accumulate forty credits or work for ten years to qualify. You earn one credit for each quarter of the year you work.

You can begin to receive benefits as early as age 62, (more…)

As more and more medical breakthroughs continue raising the average lifespan across the world, people are living more accomplished, fulfilling lives well into old age. People are fond of saying things like, “Sixty is the new fifty!”, and they are not actually that far off the mark. Today, people well into their seventies, eighties and even their nineties are getting around and living life like never before. Things that used to hold the elderly back, like incontinence and certain disabilities, are being dealt with better than ever before by an amazing array of products. (more…)

Retirees have experience, knowledge, and skills that society needs. They constitute a giant reservoir of ability and talent. But finding the right retirement part time jobs is not always easy. It is estimated that for every two retirees who work retirement part time jobs, at least one more person would like to work. With Plan B, you have some choices. For example, you can continue to use skills you already possess or learn to do something fresh and different. Here are some ideas or area to consider: (more…)