There are a growing number of people for whom retirement age has lost its meaning. They're staying on the job longer some for personal satisfaction, others out of necessity. Some are even working into their 90s. About 6.4 percent of Americans 75 or older, or slightly more than 1 million, were working last year. That's up from 4.7 percent a decade before, according to the U.S. Department of Labor. About 3.4 percent of Americans 80 or older were in the work force last year, up from 2.7 percent from the previous decade. Melanie Holmes, vice president of corporate affairs for Manpower Inc., an employment services company recently said that "For the first time in history, four generations are working together".
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Life has a way of throwing unexpected financial roadblocks, detours and potholes in our path and they sure don't stop with our retirement. These might be large medical bills for retirees, car or home repairs, a death in the family, loss of a job, or expensive legal problems. Such financial emergencies can derail your efforts to save for retirement and living the retired lifestyle you have envisioned. Here are some strategies for managing financial crises.
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If you don't already have one and are near retirement it not too late to open an IRA. You can put up to $4,000 a year into an individual retirement account on a tax-deductible basis if your spouse isn't covered by a retirement plan at work, or as long as your combined incomes aren't too high. This amount remains the same through 2007 and will increase in 2008 to $5,000. Persons who are 50 or older can contribute an additional $500 for 2005 and an additional $1,000 for 2006 and subsequent years. You also can put the same amount tax-deferred into an IRA for a nonworking spouse if you file your income tax return jointly. (By the way, you don’t have to put in the full amount; you can put in less.) With a traditional IRA, you delay income taxes on what you put in and on the earnings until you withdraw the money. With a Roth IRA, the money you put in is already taxed, but you won’t ever pay income taxes on the earnings as long as the account is open at least 5 years.
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Most of you've heard plenty of times that you have to fund your 401(k). But maxing out your 401(k) is the single surest thing you can do to put yourself on track to a prosperous retirement. A 401(k) gives you the biggest bang for every buck you save, so if you are not making maximum use of yours, you're not really serious about retirement. To begin with, you get an up-front tax break on the money you contribute toa 401(k). The most you can sock away in pretax dollars this year is $15,500, or $20,500 if you're 50 or older.
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Studies show that most retiees pension plans do not make up the difference between what you really need and what Social Security provides. The key is to build a solid financial plan for retirement. You need about 70% of your income before retirement to live up to the lifestyle that you now have. Here's how to make sure your retirement funds last as long as you do:
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For retirees deciding on an investment mix can be difficult. How you diversify, and how much you decide to put into each type of investment is called asset allocation. For example, if you decide to invest in stocks, how much of your retirement nest egg should you put into stocks: 10 percent … 30 percent … 75 percent? How much into bonds and cash? Your decision will depend on many factors including how much time you have until retirement if you have not already retired. Also, even if retired consider our life expectancy, the size of your current nest egg, other sources of retirement income, how much risk you are willing to take, and how healthy your current financial picture is, among others.
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After you have retired you may want to change your investment mix. Your needs as a retiree will be different and since you have invested your money over a period time some of your investments will have go up and others will have gone down. If this continues, you may eventually have a different investment mix than you intended. Reassessing your mix, or rebalancing as it is commonly called, brings your portfolio to fit your personal retirement plan. Rebalancing also helps you to make logical, not emotional, investment decisions. For instance, instead of selling investments in a sector that is declining, you would sell an investment that has made gains and, with that money, purchase more in the declining investment sector. This way, you rebalance your portfolio mix, lessen your risk of loss, and increase you chance for greater returns in the long run.
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If you have not retired yet but are nearing retirement it's time to make sure you know what to do if you have a company plan.
• Study your employee handbook and talk to your benefits administrator to see what plan is offered and what its rules are. Read the summary plan description for specifics. Plans must follow federal law, but they can still vary widely in contribution limitations, investment options, employer matches, and other features. When you retire you need to have set things up properly to collect your retirement income.
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Since the first of the century, the year 2000, the number of Americans over 65 using the Internet has risen more than 160 percent according to Susannah Fox, an associate director of the Pew Internet and American Life Project. They track the social impact of Internet use. Over the same period, no other age segment grew by more than 70 percent.
For many they are looking to supplement their income with an online business as they see that it's a question of economics. Others are using it to save money as seniors seek access to the lower priced drugs, procucts and services. This is one of the hallmarks of Internet commerce. They also want to keep up with the growing amount of information that has shifted to the Web and stay connected to friends and family who are communicating via cyberspace.
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The federal government regulates and monitors company retirement plans. The vast majority of employers does an excellent job incomplying with federal law. Unfortunately, a small fraction doesn’t. For 10 warning signs and other information on protecting your pension rights, call EBSA’s toll-free number at 1-866-444-3272 and request the booklet What You Should Know About Your Retirement Plan.
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