Archive for Retirement
Developing Strategies to Deal with Uncle Sam Post Retirement
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By Anna D. Banks, GCDF
Retirement is entirely a different and new chapter of life; some accept it with a smile where as some handle it with lot of stress. A well-planned retirement could get back your smile, and also enable you to enjoy all that which you missed while slogging for your family. Retirement planning can be sometimes quite complicated and one should be very careful and patient while planning for it. Even if your retirement plans are clear set with all your visions and goals in place, it is your financial requirement that will determine the success of the plan. A large percentage of Americans recognize the retirement systems and its undergoing changes but they are not planning well enough to retire comfortably.
• A Retirement Confidence Survey finds that the government regularly changes pension plans and the workers have been experiencing a severe decline in the retirement benefits, but they are not working towards it constructively. Nearly 2 in every 5 workers have not done anything to tackle this issue.
• Some workers depend on the employer provided retirement benefits and they expect that their spouse will receive income from such retirement plans.
• Half of the workers save for retirement, excluding the value of the primary residence. Majority of workers put aside some money for retirement.
• Health care for future retirees will be a huge burden especially with post-retirement financial problems. Workers should understand the use of Medicare and accumulate enough money to even cover the insurance and health costs they would likely face after retirement.
Americans are confident about the way they would spend their post retirement years. A few simple and easy planning strategies could bring order in Uncle Sam’s post retirement years. So get started with some regular saving plan. Developing a savings plan is not very difficult.
Simple strategies can put Uncle Sam on a comfortable and financially secured track.
• Goals- Start saving for either your children’s education, a comfortable retirement life or for financial emergencies. Figure out what life would be after 10, 20 or 30 years and then think of the costs and the number of years needed to save enough for it.
• Investing- Figure out the right time to start investing and please don’t get distracted. The best way would be to put aside some amount on monthly saving basis, save right from reducing your monthly expense bill to your telephone bill. If you can then invest to reach your goals. Don’t ever abandon your pre-retirement planning.
• Savings to match goals- This would depend on your needs and how much time you have to reach your goals, your ability to tolerate risk etc. Start by learning the key characteristics of each goal and then narrow your selection to savings as well as investment products. Selecting the right product can help you accomplish your goal.
However, if you decide what you want in life and how you wish to achieve it, it will sort out half your problem. This will help you in your planning and in choosing products to aid you.
© 2008 Anna D. Banks, GCDF
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Author’s Note:
Do you have any questions about career development or lifestyle changes for Baby Boomers, which you think others, like you, would want to know the answers? Post a comment or email your questions to me at Anna@AnnaBanks.com.
Challenges Faced by Women After Retirement
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By Anna D. Banks, GCDF
While planning for retirement is essential for everybody, it is especially imperative for women. For example, although it is a huge undertaking for everybody to save money for retirement, the challenges and obstacles faced by women are varied and unique, which need to be considered while planning for their post-retirement life.
One of the most important factors to take into consideration is that women, on an average, have longer lives than men by about six years. This means, that compared to men, they will require extra money for their retirement. According to some studies made by demographists, most baby boomer women who are approaching their retirement age are expected to live well into their nineties. This implies that women will have to prepare for emotional and financial security during a retirement that could last more than thirty years, in many cases.
Another challenging factor typically faced by many women is spending less time in the work force. Studies show that on retiring, men put in 44 years of work on an average, while women account for just 32 years. The reason being that it is women who usually take a break from their careers to have and take care of their children, and sometimes even to look after aged parents. Read More→
Prepare Yourself to Step into A New Career After Retirement
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By Anna D. Banks, GCDF
For many older workers today, retirement is not part of the immediate future. Rising healthcare costs and living expenses combined with inadequate financial planning are giving many people a reason to go on working longer. Some may retire and then rejoin the workforce, while others may change careers mid-way. Either way, a change in career can be the cause of much anguish, and frustration.
There are however, many organizations that offer counseling and networking opportunities for retired mature job seekers. A lot of people in their golden years are dealing with an entirely new set of life challenges. Most experts agree on the following advice:
Rediscover other passions that may have been sidelined in your first job for one reason or another. Finding a job or career path that fulfills you and interests you should be the prime focus, instead of just identifying the next paycheck. Searching for work in the field you spent years in may not work. Don’t assume that you are too old to change direction at this stage in life. In fact, it is a great idea to prepare to step into a new career after retirement. This is the best time to look for a new career, doing what you have always dreamt of doing.
There are generally supposed to be three stages in your life, the learning stage, the working stage and the retirement stage. However, in the age of technology, we have moved into a time when those stages need to merge, and learning, work and play, all become lifelong activities. If you feel the need, for whatever reason, to go back to work after retirement, it is probably a great thing to do for yourself. It will keep you active and younger, for much longer
Find the right motivation to go back to work. Prepare yourself well to step into a new career after retirement. It can be hard for retirement-aged workers to find the motivation to change careers, and to go on working, especially if they have been looking forward to leisure, or feel underappreciated. You may begin to feel that you are no longer contributing in a meaningful way and may envy those peers who are able to enjoy retirement. However, it is important that you learn to make the most of your situation and your activity. Overcome the mental barriers, first and foremost, and become more receptive to the idea of work as a factor that can coexist with learning and playing. A new career after retirement can:
• Give you the opportunity to find a more meaningful working life
• Allow you to achieve accomplishments more compatible with your values
• Give you a community base and the opportunity to give back to society
• Can keep isolation at bay as you age
• Keep your mind and body as active as in youth
• Keep you socially connected with peers
• Fight stereotypes of the loss of creativity and productivity with age
• Keep you engaged and increase your lifespan
• Shift your perspective and begin a new and rewarding career.
ANNA D. BANKS, GCDF is an adjunct professor at Essex County College, career development and marketing coach, speaker, and author. Anna helps individuals design a game plan for an extraordinary career or business. Since 1996, Anna has helped hundreds of job-seekers, managers, business owners, and sales professionals achieve career success. For more information send an email to Anna@AnnaBanks.com.
Planning to Work – Short and Long Term Goals
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By Anna D. Banks, GCDF
Employability Coach, Adjunct Profesor ECC-WDP
Determination is a key factor that helps us achieve our goals. Goal setting is the process of identifying something that we wish to achieve in a specific period of time. Many of us still do not set goals in our lives, and some don’t even know how they can do so. When they do suddenly decide they need defined goals, they are often unrealistic. So, set your goals with both feet firmly on the ground, keeping your strengths and weaknesses in mind.
One of the best things that you can do for yourself is to put your goals down on paper with pictures or some other visual representation of your goals. If you stick this up somewhere near your work desk, you can often refer to it to see how you are progressing, and it is fulfilling to see all the goals you have already achieved.
Have you heard about the S.M.A.R.T. goal setting outline? It is the acronym for SPECIFIC, MEASURABLE, ACHIEVEBLE, RELEVANT and TIME RELATED outlines. If you take all of these factors into account when setting your goals outline or creating your goals poster, you will no doubt come up with a fantastic set of goals, suited to none but yourself.
Members of the November 2007 Workforce Development Program at Essex County College accepted the challenge of putting their goals on paper.
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Do you have any questions about career development or lifestyle changes for Baby Boomers, which you think others, like you, would want to know the answers? Please email your questions to me at Anna@AnnaBanks.com .
Bracing for the Future
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Anna D. Banks, GCDF
As far as retirement is concerned, most baby boomers on the verge of retiring are now envisioning a self-sufficient, independent lifestyle. The term ‘retirement’ means different things for different people. Some people plan on pursuing new interests, while the others just want to relax. Whatever the future holds for you, one thing is for sure – a secure retirement is the only way you can brace yourself for the future.
Take some time out to envision how you would like to spend your time on retirement and once you have established certain retirement goals, you must determine how your financial resources can be invested. Retirement planning is the only way to ensure you enjoy a comfortable retired life.
Yes, financial security is the key element of any happy retirement. How you plan on spending your retirement time is also extremely important. If you have no fixed plans for your retirement, then you might as well start thinking of alternatives for your regular work schedule. By the year 2008, most of the senior workers and baby boomers will be getting ready for retirement. So, if you happen to be heading towards retirement, here are a few ways to help you get started with your retirement plans.
Planning for your Retirement
• Make New Choices – Now is the time for you to focus on what it is that you want to do. What activities are you planning on signing up for? From education to caring for animals to handiwork and even volunteering, retirement will provide you with enough time for all such activities. Once you join in the activities, you won’t have to sit idle anymore, making your retirement less boring.
• Travel – Travel is one of the most popular activities amongst retirees today. Most airlines, restaurants, tourist attractions, hotels and car rental companies offer discounts for seniors. This is a good way to enjoy your retirement time and to make up for all those long and dreary working years.
• Whether or Not you want to Work – If you’re one of those people who prefer working even after retirement – either because you enjoy working or you need the extra income, then you could probably continue working with your current employer as a consultant or even a part-time employee. With the valuable knowledge that you’ve gained over the years, getting a good job shouldn’t be a tough prospect.
When it comes to working after retirement, keep in mind that your retirement could actually give you the perfect opportunity to turn a hobby into a business. Whatever may be your plans, if you’re planning on working after retirement, remember that there are an increasing number of baby boomers who are also working in a variety of ways ranging from second careers to part time jobs.
The additional income that you may earn in this way will go a long way in replenishing your savings and the retirement benefits that you are provided with, like social security and pension fund. As far as savings are concerned, time can be one of the best resources in helping money grow. When saving for retirement, it is advisable to consider your retirement goals first, the number of years left for you to retire, the tax implications and your tolerance for risk.
© 2007 Anna D. Banks, GCDF
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Author’s Note:
Do you have any questions about career development or lifestyle changes for Baby Boomers, which you think others, like you, would want to know the answers? Please email your questions to Anna@AnnaBanks.com or post a message on this blog?
Tapping the Hidden Job Market
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By Anna D. Banks, GCDF
The Hidden job market includes all those jobs that aren’t publicly advertised. There are many brilliant career opportunities that come under this hidden job market category. However, today, along with most of the conventionally advertised jobs in the market that are moving onto online advertising, even the hidden job market has begun to go online. However, a major portion still remains hidden.
Why Tap into the Hidden Job Market?
• If you happen to be looking for a vacancy in an emerging industry or technology where the objectives and requirements are still to be clearly defined, perhaps the hidden job market is the best place for you to tap into in order to get that position that stands up to your qualifications. In this way, if you also have an exceptional set skills, which don’t really fit in with any of the common, traditional types of jobs, then you will have the opportunity to get that position that matches with your skills and qualifications by tapping into the hidden job market.
• If you are searching for an opening or a position where there are only a handful of openings, or an overabundance of qualified as well as overqualified candidates, then it is wise to refer to the hidden job market where there are fewer candidates and more job openings. This would include senior executives and managers as well as other technical and professional fields that have limited openings.
Effective Hidden Job Market Strategies
If you happen to be an outgoing person and are fine with mingling with people, then networking is the right way to go. Networking and targeted networking are two excellent methods to help tap into the hidden job market. Apart from traditional job-searching strategies and online hunts, quantitative marketing is another good way to tap into this hidden market.
• Traditional Networking – This strategy would involve creating a list of all your professional and personal contacts. You inform all of these people that you are looking out for a job and you would like their help in pointing you in the right direction, or if they know of others who could help you. Typically, you can start by sending them e-mail or a letter and explaining your situation. Then, you can follow-up meeting or a personal call. Networking can be the most effective strategy if you already have cultivated a whole network of career-related contacts. If you happen to be a member of a professional organization that concerns your field, then this is the best place to start off with networking. If you aren’t a member, then now is the best time to become a member. Always be tactful while networking and don’t expect help instantly. Another good way to network is to go online.
• Targeted Networking – Another hidden job market strategy is targeted networking, which helps replace or enhance the outdated Informational Interviewing or Referral Interviewing strategies. It is a straightforward strategy that helps contact major decision makers in targeted organizations and industries. Yes, it is quite difficult, but it is possible. The purpose behind this form of networking is to contact certain companies of interest and the major decision makers in the desired department. The aim is to represent a candidate for any impending openings, current openings, or to get a referral to other decision makers within the company or at other organizations.
© 2007 Anna D. Banks, GCDF
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Author’s Note:
Do you have any questions about career development or lifestyle changes for Baby Boomers, which you think others, like you, would want to know the answers? Please email your questions to Anna@AnnaBanks.com or post a message on this blog?
Why Planning for your Retirement is so Crucial
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By Anna D. Banks, GCDF
In the age of modern medicine and technology, you will live longer, remain active longer, and have a fuller life after you retire from your current career. This is precisely why planning for your retirement is so crucial. The first step is to evaluate your retirement needs. Figure out whether you have enough money to fund the retirement lifestyle you wish for, if you retire today. This can be a difficult question to answer as it involves so many variables. However, it is important if you wish to attempt any kind of planning for your retirement.
For coming up with a decent and workable pre-retirement calculation, begin by asking yourself some basic questions:
• What is the current market value of your total investment portfolio, including the pension plan and savings?
• How much do you actually invest every month?
• What would be the best rate of return that can be generated on your investments until retirement age?
• What will your investments be worth when you retire, based on these calculations?
The next step is to come up with a good calculation of how much you should have at retirement. Ask yourself:
• How long do you expect to live?
• How long should the money last?
• How much money would you need per month?
• How much income do you expect from the government?
• How much income do you expect from company pension plans?
• How much will your personal retirement portfolio give you, and for how long?
These calculations can be quite complex, however, many websites and calculators exist that will help you to find the answers. Using one of these retirement calculators or retirement planners enables you to evaluate your retirement needs quite quickly and simply.
The quality of life that you want to lead after your retirement depends on what you are willing to contribute to the fund today. Everyone wishes to retire with peace of mind, which is why planning for your retirement is so crucial. The kind of retirement you can look forward to depends on the planning and investments you are willing to attempt now.
Remember that Social Security will only be able to provide around 40% of the necessary income for a comfortable retirement. Company pension plans are also no longer dependable as once they were thought to be. Increasingly expensive health care costs combined with inflation and a much longer life expectancy will affect the total available retirement income. It is ever more essential to develop a plan and reach your retirement goals. If you haven’t started planning for the crucial retirement fund, begin now. Building enough financial stability during your retirement years will mean a proactive campaign of accumulating assets and savings.
As a general rule, experts say, that you will need 60%-80% of your current annual income to maintain a good retirement lifestyle. Your retirement funds need to be enough to support your lifestyle considering such factors as where you wish to live, activities or hobbies you may want to indulge in, and fulfilling long-awaited pursuits such as travel.
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Author’s Note:
Do you have any questions about career development or lifestyle changes for Baby Boomers, which you think others, like you, would want to know the answers? Please leave your comments on this blog or email your questions to me at Anna@AnnaBanks.com.
Does Your Retirement Plan Cover Health Care Issues?
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By Anna D. Banks, GCDF
One of the most essential and basic questions of retirement planning, is the one that is unfortunately also the most ignored: does your retirement plan cover health care issues? It is important to start thinking about health care issues as you begin planning for your retirement needs. Always remember that planning ahead will protect you and your family from the possibility of having to pay considerable health care costs, or worse, being unable to afford health care or long term care when you need it.
Always take the necessary steps to protect your financial future as well as to plan ahead for your health care needs. As a generality however, most people do not pay enough attention to this very important aspect of life planning. A large number of people, pre-retirees as well as retirees, readily agree that health is one of the most important issues in retirement. However, almost no one really spends enough time actually planning for health issues in retirement. Most pre-retirees do undertake some kind of planning for the financial aspects of retirement, but seem to neglect understanding and planning for health benefits options.
Planning for medical issues during retirement takes more than just planning the financial details. It would, in fact, involve reevaluating your routine and budget, exploring the health care options, and researching Health Savings Accounts, long term care options and life insurance options. Even though most pre-retirees are willing to pay for prescription drugs and doctor’s visits during their retirement, they seem to have a very unrealistic view of what it will cost. Most people anticipate costs to be less than $300 a month for health care-related expenses whereas, in reality, the average retiree actually spends around $640 a month.
In short, most Americans are confused about health benefits and do not really plan for a healthy retirement as well as a financially stable one. Most people don’t even have a realistic idea of how much money they spend on essentials each year. To help people like that, many websites offer a health expense calculator that estimates your annual health expenses, including all your medical costs, dental costs, ophthalmology costs, and the total amount spent on prescriptions, for the entire family. These calculators can help you to understand how much money you would need, to meet all your medical expenses.
They are, in fact, invaluable tools in planning health benefits and financial needs after retirement. Having a retirement plan that covers health care issues is vital. The risks of both heart disease and diabetes increase as we age. This is another reason why planning for retirement should include a sensible diet, exercise, and active control measures against any chronic illness.
Research and gaining updated information would be an important step in making the right decisions for a healthy post retirement lifestyle. There is also a major financial incentive, for retirees to try to stay healthy – economics. A healthy lifestyle and healthy habits developed now will be helpful in protecting your financial well being after retirement.
