dipendra asked:


Most of the people I have met have not planned for their retirement as they say ‘future is unpredictable and we need to live in present’ but my dear friend’s future is the outcome of present, our present will decide our future. When we think of retirement we generally think of old age, a period when you have to give up the job and sit at home doing nothing. Contrary to the fact, most of the retiree lives a very active life. We need to seriously consider out planning towards retirement because once we retiree our income stops coming but our expenses remain as it is and in some cases it rises with the rising inflation.

In this regard mutual fund has turned out to be the right answer for making retirement planning easier and safer. Mutual fund being managed by professionals is a key to effective retirement planning.

Some people like it. Some people don’t but the fact is that retirement is a reality for every working person. Most young people today think cannot think of retirement as reality as they believe in ‘living at present’. However, it is important to plan for your post-retirement life if you wish to retain your financial independence and maintain a comfortable standard of living even when you are no longer earning. This is extremely important, because, unlike developed nations, India does not have a social security net. In India people still depend upon bank savings and fixed deposits for retirement purpose, which is unfortunately inadequate.

Retirement Planning acquires added importance because of the fact that though longevity has increased the number of working years haven’t, so you end up spending the last phase of your life without earning.

In simple words, retirement planning means making sure you will have enough money to live on after retiring from work. Retirement should be the best period of your life, when you can literally sit back and relax or enjoy your life by reaping benefits of what you earn in so many years of hard work. But it is easier said than done. To achieve a hassle-free retired life, you need to make prudent investment decisions during your working life, thus putting your hard-earned money to work for you in future.

With the special features of mutual funds like Systematic Investment Plan, Systematic withdrawal plan, systematic transfer plan in addition to other unique features of different funds, the investor can easily plan for its post retirement requirements and ways to achieve it.

Unlike many other countries of west, in India we do not have state-sponsored social security for the retired people. While you may be entitled to a pension or income during retirement, but will it be sufficient post retirement.

Although the compulsory savings in provident fund through both employee and employer contributions should offer some cushion, it may not be enough to support you throughout your retirement. That is why retirement planning is extremely important for every one. More over with mutual funds the investors can actually plan for themselves and also achieve their planned objectives. As compared to direct equities this option of mutual fund is much safer for planning your retirement corpus.

There are many reasons for the working individuals to secure their future emergence of separate families and its attendant insecurity, increasing uncertainties in personal and professional life, the growing trends of seeking early retirement and rising health risks are among few important risks. Besides falling interest rates, also the sustained increase in the cost of living make it a compelling case for individuals to plan their finances to fund their retired life.

Planning for retirement is as important as planning your career and marriage. We need to take conscious and careful decisions to prepare for our retirement. Life takes its own course and from the poorest to the wealthiest, every one gets older with time. We get older every day, without realizing. With our coming old age we tend to become more understanding to the facts of life and realize the importance and impact of retirement. The future depends to a great extent on the choices you make today. Right decisions with the help of proper planning, taken at the right time will assure smile and success at the time of retirement.

In my words, retirement planning means making sure you will have enough money to live on after leaving your work. Retirement should be that period of your life, when you can sit back and relax. Retirement should bring more of enjoyment in your life by reaping benefits of what you earn in so many years of hard work. But it is easier said than done. Most of the people live their worst life during retirement. To achieve a hassle-free retired life, you need to make right investment decisions during your working life, thus putting your hard-earned money to work for you in future. If you are not very aware of the investment that you need to undertake then you can easily take help of online advisers to help you with your retirement plan through mutual funds. The earlier you start the better it is for you.

Now retirement planning can be done with a single click and with the advice of a registered mutual fund advisor by Association of mutual funds in India (AMFI). Fill this retirement questionnaire to know your current financial situation and your investor profile which will help you plan for a worry-free retirement.

This is a no obligation free mutual fund advisory; investors can make informed mutual fund investment decisions with the expertise of our advisors.



MIZE

John Trauth asked:


What is so hard about retirement? Many people have asked themselves this question. Well, if it is so easy, then why are 41% of retirees five years out depressed and say retirement was the most difficult transition of their life? Now they are unhappy and tell us their life was better when they were working!

You can avoid this fate. To learn how, you need to understand the difficulties associated with this transition, beginning with why there are so many negative psychological associations with the whole concept of “retirement” which you may not consciously understand. You also need to understand the most common retirement myths which may be preventing you from understanding what retirement really is all about and preparing adequately for it.

The word “retirement” comes from the old French verb, “retyrer” which means “to go off into seclusion.” If you look up the word today in Webster’s dictionary, some of the synonyms you will find are: (1) withdrawal; (2) retreat; (3) seclusion; (4) departure; and (5) regression.

Who would want to do any of that? So it is not surprising that we all probably have many unconscious negative associations with retirement. We don’t want to feel old and irrelevant, and we don’t want to regress, but often our parents’retirement was followed shortly by demise and death. We certainly want to deny the inevitable, and denial can become very powerful because we don’t consciously realize we are doing it! And are we going to carefully plan for something we are carefully avoiding considering?

Denial of the importance of planning for retirement has led to five very common retirement myths.

Myth #1 is that retirement is not here now, so there is no reason to think seriously about it and plan for it. “I’ll think about that tomorrow.” We call this the “Scarlet O’Hara” myth. This myth can have devastating consequences including not saving enough money and developing serious conflicts with those closest to you who have different expectations about retirement.

Myth #2 is the belief that retirement is really simple. No big deal. I’ll just stop working and everything will be fine. What’s so hard about that? We call this the “Homer Simpson” myth. Sorry, Homer, but it doesn’t work that way. Oversimplifying retirement and not understanding the enormous personal changes involved can result in disappointment and eventually depression when things do not work out as envisioned.

Myth #3 holds that retirement will be great because it will be one, long, happy vacation. Remember those three weeks we spent in Florida or Hawaii? The rest of my life is going to be just like that. We call this the “Carnival Cruise” myth. But retirees find out very soon that leisure is only relaxing and rejuvenating when it is a counterbalance to some sort of routine, and not as a perpetual escape from reality.

Myth #4 is probably the most common myth, and it expresses the belief that your retirement will be wonderful if only you have enough money. We call this the “King Midas” myth. It is perpetuated by the advertisements of many financial services companies and by the fact that, in America, we are becoming increasingly responsible for our own financial independence after work. This is not to say that money is not important. It is. But only as a means to an end and not as an end in itself. Many wealthy retirees are unhappy.

Myth #5 is the most interesting of all. This myth holds that I am just going to love spending tons and tons of time with my spouse or life partner. We have been waiting practically all our lives to have all this wonderful time together! Now finally we can do it! We call this last myth, the “King Henry the 8th myth.” Couples who have spent 20% or less of their time together pre-retirement will have difficulty adjusting to a much higher percentage. The divorce rate is now the highest for the 55+ demographic.

So now that you know what the five most common retirement myths are, what do you do with this informaiton? You need to establish a process for getting past denial and truly engage in creating a retirement that will complement your own personality and also mesh well with those who will be sharing your retirement life. It is a process which begins with understanding why retirement is such a difficult transition and then taking steps to avoid or minimize these difficulties through planning intelligently to create your ideal retirement life.

For example, the cost of denying that retirement will change your relationship with your spouse or life partner (myth #5) suggests that you need to prepare for changing the depth of your interpersonal transactions. Decisions will now go way beyond “What’s for dinner” and include where and even how to live, which can involve difficult discussions including prioritizing wishes, examining the details of your every day lives, and listening to and compromising with your partner. You can try to “wing it”, but are you prepared to be a statistic in the new divorce paradigm?

This is the intelligent way to prepare for what could either be (a) your most difficult life transition, with a significant chance of unhappiness, or (b) the very best years of your life. Which will it be for you?



ALLRED

ronfurg asked:


I receive a retirement annuity from my service in the federal government and would like possibly to move to a state which does not tax the annuity income.

LAM

**A Perfect Gentleman** asked:


Do you know a good place to start when your employer is not doing retirement because you do not have enough hours? I dont feel like Social Security will be around when I get to the age to draw. That will be like in 2040 something.

CHU

GeauxSaints53 asked:

Hitler rants following the news of Dan Morgan’s re-retirement.

WILLIS

Rob W asked:


I moved from VA a few days prior to my official retirement effective date. I receive a final pay, including substantial leave cashed out after I moved. Is this subject to Virginia tax? All preretirement pay, including this shows up on my W2 with VA as the state reflected on it.

HAWES

Ramsay Mameesh asked:


There are three fundamental retirement planning questions, that are universal to everyone, no matter their age, income, or wealth. More than investments, asset allocation, or tax strategy, people want to know the answer to the following three questions:



When can I retire?

How much savings do I need for retirement?

How much can I spend in retirement?

The most important of the three questions, from a

retirement planning perspective, is the last one – How much can I spend in retirement?

How much can I spend in retirement?

How much you can spend in retirement, is based on how much you have saved for retirement, divided by an annual safe withdrawal rate of between 3% to 4.75% depending on your age at retirement.

A better, and the more important, question to ask is “How much do I need to spend in retirement?” To answer this question you will have to create a retirement budget.

Creating a retirement budget, insures that you will not run out of money during retirement, and it allows you to answer the other two retirement planning questions.

How much savings do I need for retirement?

How much savings you need for retirement, depends on how much you spend in retirement (your annual retirement budget), divided by an annual safe withdrawal rate of between 3% to 4.75% depending on your age at retirement.

The amount you need to save for retirement, is the amount of money you will need, to cover the cost of your retirement. The cost of your retirement is your retirement budget, which we calculated, when we answered the previous question – «how much can I spend in retirement?»

When can I retire?

When you can retire, is determined by when your savings can pay for your spending in retirement, based on your retirement budget. So, if your retirement budget is $3,000 per month, you currently have $600k, you need $900k to pay for your retirement, you save 25k per year, and your investments earn 10% compounded annually – you can retire in 3.5 years.

Did you notice, that the common thread in answering all three questions, was your retirement budget? That is because creating a retirement budget, your spending plan for retirement, is the key to calculating how much you will need for retirement, and to figure out when you can retire.



CHOW

Brian Dew asked:


When you’re learning about something new, it’s easy to feel overwhelmed by the sheer amount of relevant information available. This informative article should help you focus on the central points.

We all know that there is a growing need in this country to take our retirements into our own hands if we want the funds necessary to have any quality of life upon retirement. The problem is that most of us have no idea where to begin when it comes to financial retirement planning programs or investing. The sad news is that for most of our lives retirement was something that was taken care of if we put in an honest lifetime of work. However, the climate has changed and the retirement funds that many of us have labored to pay for the vast majority of our lives are slipping away.

The good news is that this need has not gone unnoticed by the powers that be and while they aren’t offering solutions for the funds we’ve already invested or in salvaging what is left of the failing system, they are empowering people to take some control for their personal retirements by offering investment options and strategies that provide tax benefits along the way in order to reward you for your efforts.

As your knowledge about Retirement Planning Programs continues to grow, you will begin to see how Retirement Planning Programs fits into the overall scheme of things. Knowing how something relates to the rest of the world is important too.

The four common types of retirement planning programs include 401(K) plans, Keough Plans, IRAs (individual retirement accounts), and qualifying pension or profit sharing plans offered by corporations. In most retirement planning programs, the contributions to those plans are tax deductible and taxes aren’t paid on these plans until the funds are received and retirement payment begins. You should be careful of your investments and guard them well as there are often hefty penalties involved when you take funds out of your retirement funds before you actually retire.

There are more traditional investment methods you may want to consider as well. Mutual funds and the stock market are great ways to invest your money, build a decent portfolio, and increase your net worth. This type of investing also carries some degree of risk and isn’t always considered financial retirement planning but more along the lines of simple financial planning.

These of course are not the only types of investments you can make for your golden years and it never hurts to have more eggs in many baskets. The more the merrier in most cases. My personal preference for investing is real estate. This is an investment that you can actually see and reach out and touch. It is also an investment that often gets overlooked when planning for retirement, though when you consider it is an excellent choice. Property values are much lower today than they will be ten, twenty, or fifty years from now. This means the sooner you buy the property the more it will be worth (in theory) when you retire. The thing to remember is that property investing, like other types of

investing, requires some degree of risk. You need to learn as much as you can about the process and discuss your interest with a financial advisor before you make any major decisions concerning your retirement investments.

When it comes to the world of finance, many of us are far from experts. We seek legal advice from attorneys, tax advice from accountants, and medical advice from doctors yet very few of us go to financial planners when planning our financial retirement. In many ways it makes little sense to approach our futures so carelessly and yet this is not something that our parents and grandparents would have done so there is no precedence for doing so. The problem is that money is such a limited commodity in this world, we are living longer than ever before, and we are enjoying much more

mobility in our golden years than in times long past. We now need expert advice and guidance in order to insure that we are in the best possible position when the time comes to face our own retirements.

The thing to remember is that it is always good to have a plan. For this reason, I strongly encourage you to engage the services of a good financial planner. He or she can help you navigate the tricky language that is involved in many transactions, set realistic and obtainable retirement goals according to your needs as well as your means, and offer excellent advice and guidance on other investment ventures you may wish to pursue. In other words, a good financial planner can help you plan for your retirement.



VOGEL

Mary Lloyd asked:


ght (c) 2009 Mary Lloyd

The whole idea of being able to retire is up for grabs thanks to the economic meltdown. Many of us will now have to keep working for the rest of our lives–or close–and that’s leaving us with a sense of deprivation. Not so fast. You just won the work world lottery.

People survived the Titanic. We can survive this. It’s not just a matter of getting used to the idea of living a diminished later life though. We need a whole new direction. And that is a very good thing.

I’m not going to bother you with how you working longer benefits the nation and brings you more money. I’m not going to remind you that staying employed usually means better health care coverage. Here are five other reasons why staying in the workforce is better.

NOT RETIRING CAN KEEP YOU HEALTHIER PHYSICALLY. People who continue to work stay healthier than people who retire to a life of leisure. Working gives you a sense of purpose. And purpose is good for you.

In a study of 900 aging religious, those with a strong sense of purpose lived life to the end with no sign of Alzheimer’s disease even though posthumous brain studies found the lesions characteristic of it. A study of 12,460 middle-aged Hungarians found those who believed their lives had meaning had lower rates of both cancer and heart disease. A retirement of drifting from thing to thing at leisure isn’t an automatic ticket to good health.

NOT RETIRING MAINTAINS YOUR EMOTIONAL HEALTH. Work is one of the best sources of self-esteem available. If you are good enough at something to get paid to do it, that’s strong evidence of your worth. Most of us don’t realize that’s important until after we let go of it. Then we struggle to figure out why we are feeling “empty.” We need to work. If not for pay, then in some other context.

NOT RETIRING MEANS YOU DON’T HAVE TO HANG ON TO A JOB YOU HATE. If you aren’t planning to use your employer’s retirement benefits anyway (assuming there are some), there’s no reason to keep doing a job that drains you. But it’s tempting to tolerate a bad job fit or a boss that is literally making you sick in the name of “making it to retirement.”

If your job sucks and you’re going to have to work for as long as you live, for heaven’s sake go out and find one you like. It might take some time to pull it off, but you still won’t be there as long as if you hung on until you could retire.

NOT RETIRING GIVES YOU MORE ROOM TO FIND YOUR DREAM JOB. Let’s face it. When it comes to work, it takes most of us some time to figure out what we like. I know at lot more now than I did when I was forty. As you learn what lights your fire, you can move toward that kind of work IF you aren’t telling yourself that you’ll be “done” soon and into the retirement thing.

There are people well past eighty, in excellent health and fully engaged, who attribute their vitality to the fact they love their work. A local lawyer is 99 and still goes to the office. But not all day every day. Having a flexible work set-up can be part of the dream job, too. You might be able to do something as piecework or from the beach in Belize via WiFi and a cell phone. If you know you’re going to have to work forever, finding something you love is essential. Also more exciting.

NOT RETIRING MAKES YOU LESS VULNERABLE. Not working can leave you vulnerable a lot of ways. You’re vulnerable to becoming isolated. Your retirement income might go away, either because the entity providing it went bankrupt or the financial sector encounters another storm like this one. You’re vulnerable to having way too much time on your hands, particularly if you lose a spouse or companion prematurely.

It’s easier to get a few more hours–or take on a second job for a while–if you’re already employed. And for people who need people, the work setting is full of them.

The biggest lie of the traditional approach is that retirees are privileged to not be able to work. Retirement didn’t start out as a favor to older workers and that’s not what it is now. Retirement is a subtle, socially acceptable form of ageism. “Here’s some money. Now get out of the way.” Nobody cares what you do or even if you do it after you retire. You’ve rendered yourself irrelevant. BAD plan!

Instead, find a way to work that’s fun. Work at something you believe in. And find a work style and employer that make you feel you have a life not just a job. Retirement is a bad idea. Find what keeps you jazzed and enjoy what you do to make money.

DAUGHERTY

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