Baby Boomer Pre-Retirement Tips

Did You Know...?

2009-02-22T02:13:00.000-05:00

2009-02-10T11:28:00.001-05:00

leaving for library to analyze cases for Human Relations Management Course. Final Exam on 2/21/2009. Wow, time flies when having fun :-).

2009-02-07T17:44:00.001-05:00

What an incredible session at JV Alert. If you want to see the schedule go to http://ping.fm/euPqC Check out this ustream Show and join the fun: http://ping.fm/WwvCd jvAlert Live

2009-02-07T00:19:00.001-05:00

Check out this ustream Show: http://ping.fm/WwvCd jvAlert Live

2009-02-03T18:18:00.001-05:00

Reading about ooVoo. ooVoo is FREE video calling. See up to 6 people at the same time. Experience it for yourself. http://www.ooVoo.com

2009-01-13T19:07:00.001-05:00

Join me Thurs, 1-15-09 @ 3:00P (EST) on Strictly Business Radio as guest Kathy Paauw, give tips to "Get Organized" http://ping.fm/GY1Ro

2009-01-11T21:07:00.001-05:00

HOW NOT TO: Build Your Twitter Community (http://ping.fm/pUwHx)

2008-12-27T18:18:00.001-05:00

How to REALLY be Successful with 2009 New Year’s Resolutions http://ping.fm/kUl9E

2008-12-19T22:09:00.001-05:00

... reading, "The secret of contentment is the realization that life is a gift not a right." I am so grateful for the gift of your life!

2008-12-19T21:59:00.001-05:00

thinking, "No one ever said on their deathbed: I wish I would have spent more time at work!" I'm spending time with family and friends. :-).

2008-12-16T17:12:00.001-05:00

People don't care how much you know until they know how much you care.

2008-12-16T13:37:00.001-05:00

Know how to tell which of your new friends, old friends, and former friends actually understand you? Easy... the ones who still love you.

2008-12-08T21:11:00.001-05:00

Tips for Dealing with Stress & Depression during Holidays by Shelby Hill at 3PM on Strictly Business Radio 12-9-08 http://ping.fm/Jsu1V

2008-12-01T23:35:00.001-05:00

Insider Tax Tips and Advice for Entrepreneurship and Business Development on Strictly Business Radio 12-4-08. http://ping.fm/gigzO

2008-11-29T09:10:00.001-05:00

"Stay Safe Online" - Strictly Business Radio host Anna Banks, interviews Etienne Gibbs, Internet Security Educator http://ping.fm/sNPX4

2008-11-25T19:40:00.001-05:00

Anna Banks interviews Coach Colette Ellis on Strictly Business Radio today. Get tips for your social enterprise. http://ping.fm/KWD9B

2008-11-21T03:20:00.001-05:00

Dr. Niama L. Williams (Dr. Ni) interviewed 11-20-2008 on "Strictly Business Radio" by host Anna D. Banks http://ping.fm/A4jwL

2008-11-18T17:06:00.001-05:00

Is anyone teaching (off-line) internet marketing for local WAHMs, SOHOs, Start-ups and other small business? I'd love to hear from you.

2008-11-12T22:51:00.001-05:00

Why Hackers Love Non-Profits and Small Businesses. On www.StrictlyBusinessRadio.com - http://ping.fm/1ecEK

2008-11-11T16:41:00.001-05:00

Anna is excited that there are great people, in the New Jersey, like Maureen Walliser, CEO of Hudson Community Enterprise, Jersey City, NJ.

2008-11-10T21:17:00.001-05:00

Add This: http://ping.fm/HfLFH

Achieve Your Goals

2008-11-09T08:35:00.000-05:00

By Anna D. Banks

Are you interested in achieving your goals and dreams by visualizing these in the most powerful and exciting way? CLICK HERE NOW to learn more about the Vision Board software I highly recommend!”

2008-11-09T00:24:00.001-05:00

The KEY to Attracting Everything You Want
is Captured in this Incredible Vision Board System. Visit http://ping.fm/TQZby

Visualize Your Goals

2008-11-08T21:17:00.001-05:00

SOFTWARE REVIEW:

By Anna D. Banks

If you are committed to achieving big things in life, this amazing tool could keep you inspired for your goals and in a positive mindset… helping you to manifest the prosperity you deserve!

Review: Vision Board

This company OrangePeel Ltd has come up with a way of visualizing your goals and dreams by displaying your dream images, affirmations and power words on your computer screen and other digital devices like your iPod. I though it was an interesting idea and decided to get a copy. Now that I have been using "Vision Board" for a couple of weeks, I thought I should share some of my impressions with you about whether or not it lives up to the promises that OrangePeel Ltd makes about it on their web site.

Is it really that easy to use? Would it really be that flexible and fun to create a personalized Vision Board ? And what it comes down to: would it really keep me in a positive mindset and inspired to reach my goals and dreams?

The first thing that impressed me was how easy it was to order the product and get the download. I think I was actually putting pictures into the system after less than 10 minutes of ordering and I straight away received a stack of bonus products as well with my download. So that was a great start. Another thing I thought was really excellent was the simplicity of the system. It is simple to follow, yet powerful.

I played around a little, and got more and more excited as I discovered how easy it was to put my Vision Board together. I am always relieved when things actually work right the first time, and when the system is fool proof for people like me who are no computer geniuses. You can't go wrong with the three simple steps they take you through. Even a 9 year old could easily create his or her own Vision Board.

So then I really got captivated by it and found myself searching for inspiring images in my own photo gallery to include in the tool. I also checked out the online image library that is included in the software, they had some cool pictures for me to use. I also found a fantastic picture on the Internet of my dream car, my dream house, and dream vacation. Really exciting to see that moving around on my screen all the time, talking about inspiration!

I started to come up with powerful affirmations to add to the pictures. The features that really impressed me were the libraries that come with the software. If you don't know how to formulate an affirmation or power word, or just need some inspiration just use the library packed with great affirmations and power words.

You even get to choose the font and color of the affirmations that come up and you can decide whether to use colors or an image as your Vision Board background. I chose a picture I made on one of my travels of a beautiful ocean outlook, which inspires me to travel more with my family and friends.

Once I put my Vision Board together with my images, affirmations, power words, favorite music and my chosen background I thought "right, let's see if this really works..". So I clicked on "Preview" and pop there was my Vision Board showing on the screen! Wow, I felt as excited as a little child. I decided I wanted to change one of the affirmations, which was so easy to do. I like that a lot, as my dreams change from time to time so I can just adjust my Vision Board accordingly.

The software also includes a Poster Creation Module and their newest edition Vision Board . By focusing on your Vision Board at least twice a day, you are applying The Law of Attraction in a most powerful way. By constantly feeding your subconscious mind with positive affirmations and images of your dreams, feeling as if you have already achieved them, and taking inspired action you will attract your goals into your reality.

OrangePeel has recently released their latest edition Vision Board. Apart from all the powerful existing features, such as the audio module allowing you to incorporate mp3 music and voice recordings into your Vision Board, this "next generation Vision Board includes some very excited extra modules. It includes a set of new presentation themes and a revolutionary MovieRecorder! This fantastic addition allows you to create a movie of your Vision Board and display it on websites, iPod, iPhone, digital photo frames, etc. It also features a fantastic new Poster Creation Program, enabling you to freely copy and paste images and text on a Poster on your screen, which then can be taken to a print shop. So I purchased a copy of this newest edition right away, and I just LOVE it. To be honest, I didn't think they could do a better job than they already had, but this really is a step up once again from their previous version. I believe these extra features make Vision Board truly the most complete manifestation tool available anywhere!

I am equally amazed how inspired I actually am by this Vision Board. Sometimes I just bring it up on my screen to have a look and get focused again. I lean back and look at the dream images on my screen, listen to my favorite song and really feel what it would be like to have that car, or to go on those travels. This truly inspires me to take massive action and I know by feeling as if I have already achieved it, I will attract it to my reality. This is what I have learned about The Law of Attraction: the more positive energy you give to your goals, the faster you will manifest it. When I turn on my computer in the morning my Vision Board shows as the wall paper. When I come back into my office after lunch or a meeting, my Vision Board is right there showing as the screensaver, so it makes me get right back to business. Vision Board even features a little pop up balloon displaying your affirmations and power words, which increases the exposure to these affirmations and power words and helps adjusting your belief system.

Oh, I almost forgot another amazing feature. After a while I discovered the "export" function in the software. Wow, I realized I could actually send my own Vision Board to my family and business partners! What a cool way to inspire them as well. So I sent one to my partner who called me after half an hour saying "wow, what a cool way of keeping focused, where did you get this? I want to create my own". Oh, did I mention that you can also print your Vision Board. I have printed a couple of copies and hung them everywhere around the house. It drives some people, but hey I know it works! I even have been able to display my Vision Board on my PDA, thanks to this amazing "export to mobile devices feature"

I guess you know by now how impressed I am with this tool. I could go on and on about it…. But here's the bottom line: this software does absolutely everything it claims to and is a MUST for anyone serious about attracting huge success and abundance and wanting to keep inspired. It is just so complete and it makes so much sense to own one. I give this product my absolute highest recommendation.

Oh, I almost forgot: this is a very good time to check out this product as they offer an amazing set of free bonuses. So make sure to not miss out on their mind blowing bonus package valued at over $1000, including bonuses from Eva Gregory, Ruben Gonzalez, Jim Driscoll, Vic Johnson, Lee Brower and Jim Bunch, to name a few. I actually think this bonus package in itself already more than worth the investment!

Vision Board to read more about this powerful visualization tool, and how it can help YOU to attract the prosperity you deserve!

Live Fearlessly,

Anna

2008-11-04T12:42:00.001-05:00

Glad to be an American! Grateful to live in a country where it's citizens CAN exercise their right to vote. I PRAY for USA & ALL citizens!

2008-11-02T23:17:00.001-05:00

Are you a Social Entrepreneur? Let's talk! Be my guest during November on http://ping.fm/eLTKH

2008-11-02T23:13:00.001-05:00

Are you a Social Entrepreneur? I would love to interview you on my Internet radio show during November. http://ping.fm/jvhAv

2008-11-01T23:29:00.001-04:00

Scheduling 11-11-2008 my talk show http://ping.fm/LeQLI Topic: Social Enterprise, The New Nonprofit Hero.

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2008-10-28T18:53:00.002-04:00

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2008-10-28T18:47:00.001-04:00

Get Free Targeted Traffic From Twitter
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2008-10-16T19:53:00.001-04:00

20+ Free Press Release Distribution Sites (http://ping.fm/NGGPR)

2008-10-05T22:11:00.001-04:00

Just completed the incredible Fearless Foundations seminar in Denver, CO, with Life Coach Rhonda Britten, as seen on NBC's Starting Over Show. Visit www.FearlessLiving.org.

SBI! makes online business success do-able

2008-09-30T12:56:00.004-04:00

SBI! makes online business success do-able. Anyone can succeed with an all-in-one process, tools, and guidance.

Yes, there are easier ways to build a Web site. However, online profits require more than just having a collection of Web pages. SBI! includes all the tools and a proven process required to build a long-term, profitable e-business.

You get more than just a "site builder." You don't need to worry about looking for separate hosting, paying for a separate keyword research tool, handling site submissions, integrating autoresponders, etc., etc. See the full list of features here.

SBI! is the only product that takes the time to prepare you to build a profitable business, before you jump into building your site. For the beginner, your learning curve will be shorter and you'll bypass any show-stopping errors. For those experienced in site-building, SBI! deepens your level of understanding. No matter who you are, you are guided all the way until you succeed.

Too many non-SBI! sites start without profits being "built into" the process from DAY 1. It all begins with the right process. Content Traffic PREsell Monetize is the underlying, logical and powerful process that capitalizes upon the fundamental realities of how people use the Web. C T P M puts you on a solid, profitable business foundation.

Page creation is as simple as riding a bike with its training wheels still attached. No need to know HTML. The block-by-block builder trains you how to write a page that is both "Search Engine and human effective." It's simple, do-able and most importantly, effective site-building. The block-by-block builder is perfect for beginners, but even many "advanced" users should start with this tool. It's an excellent way to break bad habits!

When it's time to create your site's Look & Feel, SBI! provides fully customizable, easy-to-use templates. You can choose and create a professional-looking presentation, even if you have no design skills. And if you're a designer, you can create and upload your own. This page shows a range of styles.

SBI! includes domain name analysis, optimization, and registration. You will develop the best name for maximum profitability in your niche. (It's often different than what you had planned.)

Fast, reliable, state-of-the-Net Web site hosting is all included with SBI!. You don't have to worry about choosing the right "hosting" features (size, capacity, etc.). Web hosting is included, no nonsense, no hidden clauses.

SBI! has a no-risk, 30-day money back guarantee. It's a risk-free decision that you can make with confidence and peace of mind.

SiteSell.com was established by Dr. Ken Evoy in 1997. His series of books have helped hundreds of thousands of entrepreneurs and small businesses. Make Your Content PREsell! and Make Your Words Sell!, formerly books sold by SiteSell, are now free. They are literally the dynamic duo of "Web-writing."

SCHUMER, KOHL OFFER LEGISLATION TO BAN DEBIT CARDS THAT RAID RETIREMENT ACCOUNTS

2008-07-16T21:33:00.002-04:00

Company Now Marketing Card That Allows Customers to Borrow Against Their 401(k) Account; Senators Call Practice ‘Dangerous’

Bill Modeled After Similar Legislation Filed by Schumer in 1996, Which Caused Banks To Abandon Practice—Until Now

WASHINGTON, DC – U.S. Senators Charles E. Schumer (D-NY) and Herb Kohl (D-WI) announced Wednesday that they are introducing legislation barring companies from offering debit cards that raid customers’ retirement savings by borrowing against their 401(k) accounts. The lawmakers said the practice, recently revived by companies seeking to capitalize on tightened access to consumer credit, is dangerous because it can quickly deplete Americans’ nest eggs.

The senators announced the legislation at a hearing of the Senate Special Committee on Aging, chaired by Kohl. The hearing exposed a range of practices, including the 401(k) debit cards, which draw down on retirement accounts.

“After retreating over the last few years, companies looking to raid Americans’ 401(k) accounts are making a comeback. This legislation will protect people’s nest eggs from companies peddling debit cards that can deplete retirement savings with a simple swipe. A decade ago, the mere idea of this legislation was enough to get companies to abandon this reckless practice. This time, we want to push this bill all the way to becoming law,” Schumer said.

“The point is that 401(k) and similar defined contribution plans were created to ensure that people would have adequate savings for retirement, not as a source of credit to use casually,” said Chairman Kohl. “These debit cards allow participants to use his or her retirement savings to make everyday purchases like buying a cup of coffee. Clearly that’s not what the 401(k) is for.”

The consumer product at issue is a debit card tied to an expense account bankrolled by borrowing against a 401(k) account. The card enables customers to make withdrawals from ATMs or use it to cover purchases of everyday items with a simple swipe. The customer pays interest on all withdrawals from the account tied to the card.

The senators said the product appeared to be an abuse of the intent of 401(k) accounts. Schumer pointed to estimates that for every $1,000 an American withdraws from their 401(k) plan, that translates to about $10,000 in lost retirement income.

The legislation filed today is based on a similar bill Schumer introduced as a member of the U.S. House of Representatives in 1996. At that time, Bank One was marketing a 401(k) debit card similar to the one sponsored by Reserve Solutions today. The company abandoned the practice shortly after the 1996 bill’s introduction, making legislation unnecessary. But in the wake of the revival of the practice, Schumer said this time he would seek to ensure the bill becomes law no matter what.

KOHL HEARING EXAMINES STEEP RISE IN 401(k) LOANS, PLAN POLICIES TO REDUCE LOSS OF SAVINGS

2008-07-16T21:16:00.006-04:00

Here is the latest information from the Senator Herb Kohl, Chairman on the Senate Special Committee on Aging.
~~ Anna D. Banks, GCDF

KOHL HEARING EXAMINES STEEP RISE IN 401(k) LOANS, PLAN POLICIES TO REDUCE LOSS OF SAVINGS

Schumer, Kohl Announce Joint Legislation

WASHINGTON – Today U.S. Senate Special Committee on Aging Chairman Herb Kohl (D-WI) held a hearing on reducing 401(k) leakage caused by loans and withdrawals, which can result in a substantial loss in retirement savings. At the hearing, the Center for American Progress released their report entitled, “Robbing Tomorrow to Pay for Today: Economically Squeezed Families are Turning to Their 401(k)s to Make Ends Meet,” which demonstrates that loans are not only increasing in number, but that the amounts taken out and the percentage of participants taking loans is growing substantially as well. Senator Charles E. Schumer (D-NY) Schumer joined the members of the Special Committee on Aging in questioning panelists, and announced that following the hearing, he and Chairman Kohl will introduce a bill later today that would prohibit the use of 401(k) debit cards and set a limit on the number of loans a participant can take.

“The bottom line of today’s hearing is that 401(k) and similar defined contribution plans were created to ensure that people would have adequate savings for retirement, not as a source of credit to use casually,” said Chairman Kohl. “When a participant can use his or her 401(k) to make everyday purchases like buying a cup of coffee, clearly that is a gross distortion of the plan’s intended use.”

“They were once in retreat, but companies looking to raid Americans’ 401(k) accounts are making a comeback. This legislation will protect people’s nest eggs from companies peddling debit cards that deplete their retirement savings with a simple swipe. A decade ago, the mere idea of this legislation was enough to get companies to abandon this reckless practice. This time, we want to push this bill all the way to becoming law,” Schumer said.

In his opening statement, Chairman Kohl shared his concern over recent advertising campaigns that encourage federal employees and retirees to move their retirement savings out of the Federal Thrift Savings Program and into higher-fee accounts. As TSP has the lowest administrative costs of any retirement program in the country, Kohl called the misleading ads “a disservice to hard-working public servants.” Yesterday, Kohl sent letters to companies running the advertisements, asking them to reexamine this practice.

At the hearing, Christian Weller, a senior fellow at the Center for American Progress, provided an overview of the recent increase in 401(k) loans, and outlined some of the primary reasons people tap into their retirement savings and the consequences for doing so. Mark Iwry and David John of the Retirement Security Project shared time, testifying on the overall lack of retirement savings and highlight areas where 401(k) leakage can most effectively be reduced. Gregory Long, Executive Director of the Federal Retirement Thrift Investment Board, talked about the federal government’s defined contribution plan, the Thrift Savings Plan, and discussed the policies it has implemented in order to reduce loan activity. He also shared his concerns about the aforementioned ad campaign targeting TSP participants. John Gannon, senior vice president at the Financial Industry Regulatory Authority (FINRA), discussed FINRA’s recent investor alerts on the dangers of withdrawing funds from 401(k)s, as well as their consumer education initiatives. Finally, Bruce Bent, chairman of The Reserve and Reserve Solutions, offered testimony on the 401(k) debit card product offered by his company.

This is the second in a series of hearings Senator Kohl has chaired to highlight the need to protect and strengthen 401(k) retirement savings: in October 2007, the Committee brought attention to the need for 401(k) fee disclosure to plan sponsors and participants. Following that hearing, Kohl and Senator Tom Harkin (D-IA) introduced the Defined Contribution Fee Disclosure Act to require 401(k) plan providers to disclose all fees so that workers saving for retirement can make a fully informed decision about which plan is best for them.

Getting Ready For the Transition from an Employee to a Business Owner

2008-06-12T12:13:00.003-04:00

By Anna D. Banks, GCDF

Most people nearing retirement age begin to think about what they can do next. Even though you may want to start a small home based business, but you could be stuck wondering if you are too old for entrepreneurship after retirement. You may even think that over 60 is an age that is too old for getting into entrepreneurship.

However, recent studies have shown that older entrepreneurs actually have the odds in their favor. As many as 22% men over 65 and 14% of the women over retirement age are self-employed, and entrepreneurs in the age group of 45 to 64 are a group expected to grow rapidly in the near future. Older entrepreneurs clearly have an edge because of their experience gained over many years of working life. They have also generally earned more financial stability, and assets that can finance a startup. Today, entrepreneurs over 50 are quite willing to devote the time and energy to build their small businesses.

There are more than 10 million businesses in the US alone that are women-owned, and employ 18 million people! Women-owned businesses are actually a good 28% of the total business world and total over 700,000 new startups a year! These statistics are a good reason to get ready for the transition from an employee to a business owner. As the Baby Boomer generation hits retirement age, people are living longer and healthier lives, making many of them want to continue an active and productive work life.

By the time you are 50, you have gained a number of skills and accumulated experience that really makes the difference in entrepreneurship. However, prepare well before you make the transition from an employee to a business owner. It requires some precautions that may not apply to young entrepreneur. Starting a new business at this stage can be more risky and you can afford fewer mistakes. There is simply less time to bounce back and the money you are investing might just be your retirement assets. So if you are an older entrepreneur, you need to plan and prepare, getting ready for the transition from an employee to a business owner, with caution.

Don't stake all your reserves on this one venture. Borrow only as much as you need to start the business and try to avoid a personal guarantee or second mortgages. Pick a business that you have experience in, in a field that you know well. Failing that, pick an industry where your current skills transfer and translate easily. A totally different industry, based on a hobby or an interest, can work quite well if you spend enough time in learning the ins and outs of the industry and familiarizing yourself with the business.

Consider buying up an already established business. Starting a new business from scratch is risky. If you buy an established business, you get processes already in place, and a ready client or buyer base. A running business has a track record, and financial statements; check these out before you buy, with your lawyer and accountant. Also, another good idea might be to consider a franchise.

© 2008 Anna D. Banks, GCDF

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.
________________
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 your questions on this website or email your questions to me at Anna@AnnaBanks.com.

Prepare Yourself to Stay Happily Married Even After Retirement

2008-06-05T12:41:00.002-04:00

By Anna D. Banks, GCDF

Couples who are in marriages that have lasted through the years experience comfort, security, and a feeling of accomplishment. However, comfort and security can often also lead to married life becoming dull and couples taking each other for granted. Transitioning smoothly into married life after retirement requires planning. Apart from planning for financial sufficiency, couples also need to clarify matters like what expectations they have from each other after retiring, such as doing the household chores. One of the important aspects of adjusting to post-retirement life together is wives appreciating the fact that husbands lend an active hand in the house. Since retirement means that they will be spending more time together, weaknesses and strengths may become more pronounced. Soon after retirement, it is usual for couples to experience a period wherein there will be an increase in friction, which they must overcome to enjoy a fulfilling life together for the rest of their days. Here are a few tips that will help you to stay happily married even after retirement:

Avoid Criticism:
It is often the case, that in a companionship that has lasted long years, partners have a tendency to think that they can make negative or unkind remarks to each other. After years of familiarity, people tend to speak their minds regardless of the feelings of their spouses. However, irrespective of the length of a marriage, being gentle with each other is an essential element for marital harmony and strength. Gentleness includes avoiding criticizing each other, forgiving each other, being self-disciplined rather than finding fault with each other, as well as being kind to each other. You need to have self-control and an ability to be responsible for your own actions in order to give up criticism. Although this may often be difficult, even so, as you stop being critical of each other, you will find understanding and love growing in your marriage.

Being Best Friends:
Just like you ignore traits in your friend that you might find irritating, you need to look beyond your spouse’s flaws, focusing instead on the qualities that endear him/her to you. This includes giving each other love unselfishly and freely, without feeling that you are making a sacrifice. Having fun together, sharing your feelings and thoughts with each other, and laughing together are important to keeping your retirement life together happy and fulfilling.

Respect Each Other:
Respecting each other as individuals is an important aspect. Although long years of co-existing with each other may result in fewer conflicts, husbands and wives still need to acknowledge the differences that they have and respect them. The differences could even make the marriage more fun and interesting, adding a renewed spark to it.

Become Allies:
Long years of togetherness can make it easier to be a team. Although differences may still crop up, they may not seem as threatening with the growth of commitment and love. Partners can now appreciate each others differing strengths and perspectives. They can also pool each others corresponding traits together and achieve goals that they may not have been able to by themselves. Enjoy, build, and value this unity.

© Anna D. Banks, GCDF

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.
___________________
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 question on this website or email your questions to me at Anna@AnnaBanks.com.

Does Your Pre-Retirement Planning Have Room For A New Career?

2008-05-29T22:47:00.004-04:00

By Anna D. Banks, GCDF

One of the principal questions facing retirees, or people planning for their retirement, is what to do with the rest of their lives. After all, people of the retiring age are no longer as old as the previous generations. Your retirement can be a time of great purpose and of indulging passions. Life, far from being over, is venturing into a new interesting path, leading to greater meaning and productivity.

Space for a new career in your pre-retirement planning stage, enables you to decide on the great question: “what next”. A growing number of CEOs, doctors, business owners, high ranking executives and so on, are charting their “Plan B” and deciding their new careers after retirement. If you are in the early stages of pre-planning your retirement, consider a new career option. There is, of course, more than one reason for doing so. In this age of inflation, and longevity, you are definitely likely to need much more money to retire than you may initially think. Under these circumstances, leaving your own business or company can be a major decision if you have no idea of what to do next.

To keep busy, or to supplement the retirement income, most executives or professionals are willing to continue their lives of stress simply because they have no clue about what they could do instead. They feel as if there is no other choice or work option. It is very conceivable that they would need the equivalent salary, but they may not be able to come up with what else to do to earn that income. This only leads to poor decision making, misery, and wasted years. In other cases, change may be forced by lay-offs, mergers and so on.

It is a common perception that one has to continue in the chosen career path that one has pursued all along. Professionals tend to think of in terms of that single role. People often forget that almost everyone is multi-faceted, talented, and there is nothing to prevent a career change. Making the right choice for a new career can be difficult. This is all the more reason why most people should include a new career in their pre-retirement planning. Consider careers that include, or can be derived from your other interests, hobbies, or talents. Lower stress levels, part time involvement and more flexibility is eminently achievable, all you have to do is plan ahead.

If you are, and have been a fairly successful individual in your career so far, it is all the more essential to create a plan for your post retirement career. Set your goals in advance, define a career path that you want to follow, consider issues such as relocation, explore flexible work options like consulting, volunteering, or social and community work. If you feel the need, consult an expert who will be able to help you plan the move to your second career. Alternatively, you can go online to search for the right tools that will help you to discover and define your passions and interests and make a positive career change.

© Anna D. Banks, GCDF

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.

_______________________
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 post your question this site or email your questions to me at Anna@AnnaBanks.com.

Does Your Pre-Retirement Planning Also Include Relocation?

2008-05-24T12:49:00.004-04:00

By Anna D. Banks, GCDF

Some employees hanker for retirement while some fear it and many are anxious thinking about the financial instability associated with it. The truth is that retirement is just another phase of adulthood and it gives a person an opportunity to relive life as and how he or she wants. But in reality retirement is a major event in a person’s life with today’s increasing life span, one that lasts for about a good one third of life!

Retiring at 65 is not archetypal anymore as people nowadays retire even at 60 and then they have to plan for around 30 years of not working. Retiring late means, you don’t get a chance to do everything you wish for. Like quoted in a poem written by William Shakespeare “Fear no more the heat o’ th’ sun, Nor the furious winters rages. Thou thy worldly task hast done, home art gone and ta’en thy wages”. Retirement generally brings in a change in the existing lifestyle and things that encompass retirement years include career changes, possible relocation and cutting back work. Hence planning is essential to lead a satisfying retired life. Retirement planning should be based on identifying what that term means to you and how the lifestyle change can be funded.

The strategy for retirement planning has changed tremendously. Now it is based on the terms of lifestyle changes, accomplishing or readjusting goals and changing or giving up work. Case studies state that the person who spends minimum 10 years in building the foundation with regards pre-retirement planning can lead a second fun filled career during retirement.

So enroll in a workshop to get guidance with regards pre-retirement planning or if you already have enrolled, enquire whether the pre-retirement planning also includes relocation. Relocation works well for employees who work for the Defense.

So start planning now if you wish to lead a quality life after retirement and the first step would be based on assessing the type of life you would like to live. So if you are retiring at 60 or 65 and wish to maintain the same lifestyle, then your retirement years should generally focus on building wealth to generate income from those investments made during the working years. By joining a workshop and enrolling with a financial planning program, you will be able to chart a well-defined path, which can make your retirement years more worthwhile and relaxing.

These financial planning strategies provide a series of advantages like those that boost retirement saving and legally minimize tax and access to preserve super benefits of tax relief or concessional tax. Once you understand your retirement portfolio, then you are sure to understand and control your clear course towards a successful and relaxed retired life. Retired life is a new chapter to relive and enjoy all those moments that you missed while barging ahead in a hectic work life.

© Anna D. Banks, GCDF

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.
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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 post your question this site or email your questions to me at Anna@AnnaBanks.com.

Consulting a Counselor for Pre-Retirement Planning Needs

2008-05-17T12:30:00.004-04:00

By Anna D. Banks, GCDF

Retirement is a new chapter of adulthood as it transforms a person to a time of passion and purpose. Retirement is not the end of everything. It is just the beginning of a new and relaxed life which could turn out to be interesting and more productive if you plan well. So design your next phase well to lead a meaningful second adulthood.

Many people are uncertain about their pre-retirement planning. Are you confused about the right plan or selecting a career path after retirement? You should be, and more so if you are nearing your fifties as you have plenty of years to plan ahead and this question is the one that should lead you to the right path. Some people find pre-retirement planning very tedious and boring and they feel that they would need more money than they calculate. Many executives prefer leading stressful life, as they don’t know how to start planning for their retirement. Some find themselves locked in a decent pay pack and they cannot think of anything else or any change over.

You should plan well for your retirement. Seek the help of a counselor who can create a plan for your retirement and help you set your goals or define your career path so as that you can lead a satisfying retired life. Counseling is generally based on your needs and either the counselor guides you to a specialist or provides a referral. Counselors are well versed to handle all your issues relating to relationship, financial management, life balance issues, stress and well as anxiety that accompanies when you near the retirement stage.

If you seek help from the Employee assistance program, then you will be guided by counselors who formulate step-by-step pre-retirement plans, focusing on the emotional readiness of the transitional phase towards retirement. Conselors identify the stress and anxieties associated with retirement and help you handle them by discussing the use of time and money. They also help you handle your health problems and identify community resources.

Retirement is very critical for some people and other than financial issues some also face restlessness. Experts are not satisfied with the currently available pre-retirement programs as they find them shallow. They suggest that a counselor should give a holistic approach towards understanding:

• Current financial resources and the future needs.
• Management of leisure time more meaningfully, by pursuing hobbies or
opting for some volunteer activities, or
in reflection and contemplation.
• Obtainable property, or health and safety.
• Relationships.

Research shows that pre-retirement people refuse to seek help from counselors. But slowly this trend is changing and many corporations now offer specific pre-retirement help. Counselors play an important role in providing financial information with meaningful suggestions based on a special sensitivity to the fact that anxiety about retirement is often about aging.

Counseling the elderly during the pre-retirement stage is a new and challenging field that promises a more satisfying, meaningful life for America's older citizens. The little planning and initiative goes a long way.

© Anna D. Banks, GCDF

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.
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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 post a comment or email your questions to me at Anna@AnnaBanks.com.

Baby Boomers - Can You Be Too Young To Retire?

2008-05-11T02:41:00.006-04:00

By Anna D. Banks, GCDF

Boomers young and old are starting to think about the years ahead. Three-quarters of the 76 million Baby Boomers in the United States plan to work full or part time after age 65. Many are still focused on their families, providing care for their children as well as their parents.

With Baby Boomers living longer, healthier lives, the conventional idea of retirement is out of date. This cohort aged 50 to 65 wants to know "What's next?"

The “Too Young to Retire” Course answers their burning question with resources, inspiration and good humor. Enlightening exercises and workbook pages as well as a comprehensive list of publications, home exchange organizations, and websites are included to assist participants in making meaningful choices.

The 2young2retire Course

Who am I? What am I doing here? Baby Boomers start asking these Big Questions, in one form or another, around age 50. What if your Big Answers could launch a whole new, more meaningful life in the years ahead?

The 2young2retire course is a process that helps you get clear about your choices and future possibilities. Working with a 2young2retire certified facilitator,” participants will discover what matters most to them and where their skills and experience could be put to good purpose.

The six areas of discovery are:

► Work that matters (paid or not)
► Being your own boss (you can do it!)
► Community activism (it's about time!)
► Money control (at last)
► Wellness plan (quit stalling now!)
► Intelligent travel (why to go where)

To find out more about how the 2Young2Retire Course can assist you, visit 2Young2Retire.com.

© Anna D. Banks, GCDF

ANNA D. BANKS, GCDF is an adjunct professor at Essex County College, a certified “2Young2Retire facilitator, career development and marketing coach, speaker, and author. Anna helps baby boomers and other adults 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.
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Author's Note:
Do you have any questions about the 2Young2Retire Course or lifestyle changes for Baby Boomers, which you think others, like you, would want to know the answers? Please post a question on this website or email your questions to me at Anna@AnnaBanks.com.

Plan Ahead To Enjoy a Healthy Life Post Retirement

2008-05-11T01:37:00.006-04:00

By Anna D. Banks, GCDF

If you picture yourself at sixty-five years of age, what do you imagine? Like most Americans, the most probable image will be of a person who has retired from both a job along with any routine of fitness you may have been following.

Visualize it: A podgy middle with a spare tire or two; knees that hurt; feeling worn out by a mere 30-minute walk; your sense of balance getting so poor that you need to navigate carefully over the most minor of obstacles that you may have to get across; and never mind being able to touch your toes, feeling lucky if you can get past your knees!

However, advancing age does not automatically have to mean diminishing health and fitness. And in fact, with age you have the ability of actually having a better body. Sure there are physiological changes that do occur as the years go by, but you need not sit back watching your vitality and health deteriorating with time. By planning ahead you can enjoy a healthy life even after retirement.

Regardless of what age you are now or the condition your body is in, proper attention and care can help you to get back and retain exceptional fitness levels. Incorporating the correct combination of healthy nutrition and intensive, regular exercise now can help you look and feel fitter and healthier even after you retire. The important thing is starting at whatever fitness level you are at currently, and never giving up.

Most medical experts in sports agree that remaining healthy involves sweating it out regularly. They opine that exercise should be treated like medicine. A regimen of regular exercise is one of the most powerful prescriptions that you can give yourself. Various types of activities can help you to prevent or ameliorate most age-related ailments such as cardiovascular problems, arthritis, osteoporosis, and type-2 diabetes, excessive fat in the abdomen, hypertension, and high blood pressure.

However, if you are like most people, you probably think that it is already too late to begin an exercise regimen. But the best news is that it is never too late to start exercising. And if you make a commitment immediately for exercising about 4 to 5 hours in a week, you will be surprised how fast you will begin to see and feel the benefits. The human body being very resilient, it responds to whatever demands you put on it, irrespective of what age you may be.

You can get back your muscular strength in as short a time as fourteen weeks by doing resistance workouts on strength-training machines. And according to a study conducted on men in their fifties, it was found that it took a mere six months for them to improve their cardiovascular fitness by indulging in aerobic exercises such as walking, cycling, jogging, running, and so on.

Arthritis afflicts many in this age group. Even though arthritis can be prevented or ameliorated by exercise, if you had injured yourself seriously while participating in sports at a younger age, it may lead to you getting arthritis earlier. Therefore, in order not to allow arthritis hinder your efforts at getting healthy and fit, you need to warm-up thoroughly before plunging into your workout session.

© 2008 Anna D. Banks, GCDF

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.
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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 on this website or email your questions to me at Anna@AnnaBanks.com.

Business Ideas for Baby Boomers on a Shoe String Budget

2008-05-10T13:58:00.009-04:00

By Anna D. Banks, GCDF

Whether you want to start a small business, while you are still working in order to make a little extra income, and as a sort of retirement plan; or you want to get into the business after you have retired, there are many business ideas for baby boomers operating on a shoe string budget. You can actually start up one of many businesses quite inexpensively and all of them may have the potential to become much larger money spinning enterprises.

Put up a web site and the money will start coming in. Remember that it won’t happen immediately. However, it is not a very difficult undertaking. Just pick a subject that you are well versed with, register a domain name, and create your web site. Make sure it looks good and that you are able to give the users useful content. The money comes from appropriate affiliate programs and ads. In order to maximize your revenues, learn how to achieve search engine optimization and market and promote your site well. Set aside a fixed time every single week to update the content on your site, make sure your keep up the maintenance and delete links that no longer work. If you choose the right topics you can easily make a decent income from this. The only real costs are the money you pay to register the domain and for web hosting.

• Become a consultant.
It is relatively easy to get into. All of us have at least one thing that we are experts at, something we know in more detail than many others. Experience or talent can usually provide at least one sphere that we can teach people or work for them. Make a list of all your business and social contacts and give them a call, network, ask for references. Your only expenses would be business cards, with the price of some coffee for networking.

• Become a house-sitter or a stay at home pet-sitter.
People now have a greater need for all kind of security, and that’s where house-sitting comes in. It provides reassurance to homeowners while they are away. Becoming a house-sitter requires no special skills. All you have to do is prove that people can trust you, that you are reliable. Get personal references and make them available to prospective clients. Make sure you have transportation. If you get along with animals, pet-sitting can be an add-on service that you provide. Alternatively take in pets and take care of them while owners are away. Expenses are the cost of putting up flyers on bulletin boards, and placing classifieds in local newspapers.

•Tutor Students.

With a growing dissatisfaction of students and parents with the current system of education, there is a sharp growth in the number of kids being home-schooled. If you are strong in a subject that you can teach students, contact your local schools, and home-school groups, and talk to them about tutoring.

• Try your hand at desktop publishing.
Most people own a computer but have no idea how to make a decent presentation. With a good sense of design, and some familiarity with your computer and word processor, all you need is a good quality printer to venture into desktop publishing. Your total expense would be high quality paper for samples of your portfolio.

© 2008 Anna D. Banks, GCDF

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.
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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 post a comment or email your questions to me at Anna@AnnaBanks.com.

Kohl, Smith Release Report on Expanding Opportunities for Older Workers

2008-02-16T11:00:00.002-05:00

This is an important step toward easing the brain drain...

WASHINGTON, D.C. – Chairman Herb Kohl (D-WI) and Ranking Member Gordon H. Smith (R-OR) of the U.S. Senate Special Committee on Aging joined today in releasing the findings of the Taskforce on the Aging of the American Workforce. The taskforce was created at the request of Senators Kohl and Smith in an effort to expand opportunities for older Americans choosing to remain in the workforce, and to develop proposals to address the challenges and opportunities of an aging workforce.

“I'm glad to finally be receiving this report. Since this taskforce convened in May 2006, nearly 5 million baby boomers have reached retirement age,” said Senator Kohl. “While the report provides a broad overview of several legal and regulatory barriers, what we really need to focus on is creating innovative workplace practices and providing attractive employer benefits to facilitate the hiring and retention of older workers.”

“By 2025 labor force growth is expected to be less than a fifth of what it is today,” said Senator Smith. “The goal of the taskforce is to prevent this dramatic decline through strategies that encourage extended work life and remove barriers that hinder seniors from working longer. This report is a good first step in what must be an on-going effort to ensure the door stays open for our seniors who wish to remain an active part of the U.S. workforce.”

The interagency effort was launched in May 2006 to focus on the aging of the American workforce and the impact of this demographic change. The Taskforce on the Aging of the American Workforce was charged with two primary goals: (1) identifying strategies to enhance the ability of older Americans to remain in or re-enter the labor market and pursue self-employment opportunities; and (2) identifying strategies to enable businesses to take full advantage of this skilled labor pool.

The report presents strategies developed by the taskforce to address the most significant issues related to the aging of the American workforce. Among other suggestions, the taskforce recommends creating an interagency group to inventory the legal and regulatory barriers and disincentives to employment of older workers. The interagency will identify the pros and cons of specific approaches to addressing each barrier. The taskforce also recommends making educational resources on retirement and financial literacy available to older workers at One-Stop Career Centers and local Social Security Administration offices.

Kohl is currently working with Special Committee on Aging Ranking Member Gordon H. Smith (R-OR on a bill that would remove barriers to working longer and incentivize employers to hire older workers.

The U.S. Senate Special Committee on Aging plans to hold a hearing in the spring on what the federal government can do to engage and retain older workers. The Committee will highlight some of the federal government’s current best practices in this arena, and look to ways improvements can be made. A second bill will likely be introduced around this time to make the federal government’s current hiring practices and procedures more friendly to older workers and will focus on increasing work schedule flexibility and phased retirement options.

Last year, Chairman Kohl introduced two bills: the Older Worker Opportunity Act of 2007 (S.709) and the Health Care and Training for Older Workers Act (S.708), both of which would give older Americans the opportunity to work longer if they so choose and offer incentives to businesses for employing older workers.

The Taskforce on the Aging of the American Workforce is composed of senior representatives from nine federal agencies: the Departments of Commerce, Education, Health and Human Services, Labor, Transportation, and Treasury; the Equal Employment Opportunity Commission; Small Business Administration; and Social Security Administration. The Taskforce is chaired by Assistant Secretary of Labor for Employment and Training, Emily Stover DeRocco.

Download your copy here Aging Workforce Taskforce Report

Prepare Yourself to Step into A New Career After Retirement

2007-11-16T15:37:00.001-05:00

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.

You can now visit me Technorati.com

2007-10-14T11:02:00.001-04:00

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Why Planning for your Retirement is so Crucial

2007-09-19T21:36:00.001-04:00

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.

© 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 leave your comments on this blog or email your questions to me at Anna@AnnaBanks.com.

Does Your Retirement Plan Cover Health Care Issues?

2007-09-18T13:37:00.000-04:00

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.

Baby Boomers - Can Pre-Retirement Planning Online Seminars Help You?

2007-09-08T11:57:00.000-04:00

Retirement is a subject that you cannot afford to postpone for long. It is an issue that needs to be dealt with sooner, rather than left for later. Pre-retirement planning online seminars can prove to be beneficial to not only those who are nearing the age of retirement, but also in the case of those who would like to start early preparations in order to secure their future.

These seminars provide all the useful information on how to create a financially stable plan that can be executed in order to yield a sustained retirement income. These cater to every individual phase of a career, irrespective of whether you are just in the initial stages or at the peak of it. In these seminars, you get an opportunity to avail of some sound advice from some of the well known professionals from different walks of life. In short, online pre-retirement planning seminars are a feasible solution to help you to financially secure your life after retirement.

Besides providing all the essential data on how to go about planning for your retirement and preparing you emotionally so that you can make a comfortable switch over, they also focus on the retirement process by teaching you the basics. They address when to retire and various other post-retirement considerations that you need to take into account, before you finally decide to retire. Online pre-retirement seminars are also an ideal source of information on numerous other topics like the 401(k) plan, the social security benefits, and other emotional and financial issues associated with retirement. These online seminars also discuss and teach you how to calculate your retirement income after you have considered a broad range of factors influencing it. These include the ever rising rate of inflation, diversification of your financial resources in different options, investing in insurance policies and retirement programs.

Undoubtedly retirement can be an exciting period in a baby boomer's life, but at the same time it can also prove to be very challenging transition. An online pre-retirement planning seminar deals with topics like the eligibility requirements for various payment options that one can avail of after retirement, ways to accumulate your retirement income, making emotional adjustments after retirement, pension plans, learning to maintain legal transparency, planning for health care facilities, tax deferred annuity accounts and assistance with financial planning. These seminars are perfect for baby boomers and employees from all age groups since, they not only address the needs and requirements of employees above 50, but also those under the age of 50. They offer counseling services and are very often provided by the companies that the employees are working for.

In addition to the online seminars, many companies also make an effort to provide their employees with regular pre-retirement sessions that give their personnel a chance to interact and clarify any doubts that they may have regarding retirement. Most of these are free of charge and are offered to all the eligible employees of the company. The term 'eligible' here implies to all the active and regular employees. Very often, the working spouses of the eligible employees can also avail of these offers.

What are some of the online pre-retirement planning programs that you have explored? I'd love to hear from you.

Most Common Pre-Retirement Planning Mistakes Baby Boomers Make

2007-08-28T21:35:00.000-04:00

by Anna D. Banks, GCDF

Just investing in a retirement plan does not guarantee that you will be financially secure at your retirement. One mistake in planning for your retirement could land a baby boomer in a heap of trouble and push your retirement back by years. To make sure that you are in the perfect position to retire when you want to, and on your own terms, diligent planning is as essential as is avoiding the most common pre-retirement planning mistakes that baby boomers make. If you make these common retirement planning mistakes, you may be heading for trouble.

* Don’t forget to take complete advantage of your company retirement benefits, and invest as much as you can afford into your company retirement plan.

* Don’t withdraw money from your retirement plan or you will lose valuable interest which is almost impossible to replace. Some retirement plans do allow hardship withdrawals and loans, but find out about the loss of interest, penalties and early withdrawal fees that may be involved.

* Don’t forget to actively monitor all your investments, to keep yourself aware of discrepancies and know how well your investments are performing.

* Don’t rely solely on Social Security to provide your entire retirement income. Back it up with other means of income such as a company pension plan and personal savings.

* Don’t rely on your partner’s retirement plan. The partner with the retirement plan may die or divorce or have an extended illness that would end up compromising on the single spouse retirement plans. Make sure each person has a separate retirement plan.

* Don’t forget to review your retirement plan on a regular basis. Review asset allocation, balances, goals, etc to make the most of your retirement plan.

* Avoid poor asset allocation.

* Don’t put all your investments in one stock. Diversify investments so that one failure does not wipe out your entire retirement fund.

* Carefully check out your broker and your financial advisor before you trust your retirement savings to them. Research credentials and track records.

* Don't rely heavily on your company stocks. Although it is a good way to save for your retirement, diversify your portfolio beyond company stock. A good mix of investments is essential for a good retirement account.

* Don’t forget to take retirement planning seriously. Your retirement plan should be a priority even when you are young and at the beginning of your career. Starting early allows you to stash away a large investment and might even enable you to retire early. Think about the life style you want after retirement, and don’t postpone planning until after all your current commitments are paid for.

* Don’t forget to figure out the numbers. There is no set formula to determine how much money you will need. The amount depends on the lifestyle you want, your current capability to save, and your investments. Roughly, to generate an income of $50,000 per year during your retirement, it is necessary to accumulate $1 million in the fund.

© 2007 Anna D. Banks, GCDF

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ANNA D. BANKS, GCDF is an adjunct professor at Essex County College; career development and marketing coach; speaker, and author. Ms. Banks serves on the 2007-2008 Educational Development Committee of the International Association of Workforce Professionals (IAWP). Anna helps individuals design a game plan for a career or business. Since 1996, Anna has helped hundreds of job-seekers, managers, business owners, and sales professionals achieve career success.

Please read Anna's other articles: http://www.americanchronicle.com/articles/viewByAuthor.asp?authorID=1855. For more information send an email to Anna@AnnaBanks.com.