There is a new report that forecasts which industries or sectors that will be the more than likely to make new jobs for older workers and employ older workers. The majority of the job expansion will be within the social sector, including govt/administration, health care, education, and social assistance jobs. Are you searching or planning for different career choices after retirement? Many baby boomers are getting to be bank tellers, security screenwriter, tour guides, home care assistants after they entered their retirement age. We’re certain you will come across job fulfillment and benefits in several of the occupations we are going to recommend for your golden years. (more…)

These strategies can help recover lost income and/or assets following one or more of the life events described above. These strategies can also be used by late savers to make up for lost time and to prepare for a comfortable retirement.

Increase Contributions to Tax-Deferred Retirement Savings Plans. The 2001 tax law increased annual contribution limits for IRAs and employer 401(k), 403(b), and Section 457 plans, at least through 2010. Just a 1% increase in the amount of pay diverted to savings can result in thousands of additional dollars at retirement. Americans contributed an average of $3,514 to 401(k) plans in 2001 (Opdyke and Higgins 2002). The maximum plan contribution limits are $12,000 in 2003, $13,000 in 2004, $14,000 in 2005, $15,000 in 2006, and higher amounts adjusted for inflation thereafter. (more…)

As U.S. longevity increases and health care costs soar, many older Americans face the prospect of outliving their retirement resources. Personal health and maintenance expenses are escalating, and more of America’s older adults have little recourse but to use credit for purchasing necessary medicines and even groceries. Moreover, many seniors who had planned on living in a mortgage-free home are finding that rising tax assessments, escalating insurance premiums, and other home maintenance–related costs are claiming a growing portion of their fixed incomes. (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…)

There are a number of strategies for managing your post retirement income sources. One idea, which I discussed earlier, is to postpone taking Social Security until you reach age 70. A five-year delay is worth about 35 percent more in monthly benefits. You may want to consider buying a five-year immediate annuity to replace the income you are electing to defer from Social Security.

If at all possible, make sure that you avoid penalties on withdrawals from your retirement plans. (more…)

People who are making career as retirement consultants are using the experience gained during their career in corporate or business. The expertise they gained through the life experiences of others to generate income in retirement. Any person who reached a level of maturity in retirement is possible, completed, acquired knowledge of one or the other, and expertise to sell, the consultant in time. (more…)

As you consider your retirement income needs, don’t overlook the equity in your home as a source of income. There are four options for tapping the equity in your home. The first two require a move. The other two allow you to remain in your present home. (more…)

In many situations involving the transition of business ownership to a family member, the owner is looking for continued income that will support a retirement lifestyle. It is important that the transitioning owner and the new owner discuss the income expectations of the current family business owner before any final transition agreement is made. This will reduce, but may not eliminate, the resentment from the next-generation owner of the business. Long-term acceptance of paying an income to the former owner is more of a problem when the owner is selling versus gifting the business. (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…)