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

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

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

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

Prepare Yourself to Stay Happily Married Even After Retirement

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?

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?

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.
______________
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.