From Your Life (YL) Magazine

The Ten Worst Retirement Planning Mistakes - by Paul Clitheroe

The onus is on you to get your own planning right. Paul Clitheroe reviews the 10 biggest retirement mistakes - and why you need to avoid them.

For past generations, retirement planning was something of an after thought, if considered at all. It was simply a case of paying off the family home, tucking away a few shares, bonds, and some cash and relying on the safety net provided by the age pension to get by. But in the twenty first century, this is no longer enough. In fact industry studies suggest many couples plan to live on more money ($30,000 p.a.) than the age pension currently provides (around $19,000 annually).

The Retirement Savings Time Bomb... And How to Defuse It
by Ed Slott
Reviewed by Jon Ford, CFP®

I bought this book hoping it would add clarity to parts of the U.S. Tax Code. Since beginning my practice seven years ago, I’ve spent 20-plus hours each year in tax-planning seminars. They are invariably “topical,” in the sense that nobody offers an integrated view. Instructors and coaches provide updates on key changes from the last legislative session and speak to particular topics such as “tax treatment of ISOs” or “S-corp liquidations.” Most are quick to point out that they are teaching what we’ve asked for.

I think of these topical reviews as skeletal tax planning studies. The IRS, via its forms and investigative manner, provides muscle to bone. Imagine, though, a body of muscle and bone with no connective tissue, no blood, and no life, if you will. That’s how I viewed my understanding of tax planning.

Between the Issues
Is Retirement an Option or a Mistake?
by J. Peter Lindquist

Clark Ewald claims that he made a successful transition into retirement “by the third stoplight on my way home from work on the last day.”

Not so for Peg Zarlengo. She had trouble with the transition but in time was able to adjust. “I was a workaholic and my work defined who I was. At first, I wasn’t sure who I would become when I didn’t have that.”

For Denis Nock, retirement was a more formidable challenge. He tried it for 15 months but had to give it up. “I assumed I would stay retired, but I wasn’t doing very well at it. I just wasn’t mentally stimulated enough.”

With Jean Barr, retirement never even had a chance. She founded her company when her kids were headed off to college and most of her friends were just starting to think about retirement. Now in her eighties, she goes to work five days a week—and loves every minute of it!

Wants and Needs

Is retirement an option or a mistake? It depends on who you are and what you want out of life. What is clearly the right decision for one person is just as clearly the wrong decision for another. Understanding this is doubly important for financial advisors because it affects retirement planning for both themselves and their clients. And the simple truth is that a successful retirement depends on much more than good financial planning and astute investing. 

By AboutSeniors.com

As the average age of our workers increase, employers can benefit from hiring our most valuable resource: the experienced worker. A trained older workforce becomes more vital to our economy with every passing day.

Employers will find that older workers have a strong work ethic, are dependable, and possess versatile work experiences.