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Archive for April, 2010

WHEN ARE YOU A SENIOR CITIZEN?

April 30th, 2010

There is no definite parameter as such to say when an American can be termed as a senior citizen. Some people, who retire from work place, call themselves senior citizens. Some consider themselves seniors, when they become eligible for Medicare. There is another group which feels that if a person gets an invitation for AARP can be said to be a senior.

The Del Webb’s survey results show that 96% of 50-year old people don’t count themselves as seniors, whereas 56% of 64-year old people term themselves as senior citizens. According to 50-year old citizens, they cannot be called seniors because they haven’t reached 65 yet. Besides, they are not entitled to any benefits applicable in case of a senior citizen.

Another interesting observation is that about 50% of the 64-year old people feel that the status of senior citizen is not applicable to them as yet. They still feel young and energetic. However, some 64-year old people recognize their senior citizen status for the fact that they have become eligible for senior discounts and are more than 60 year old now.

The previous and current baby boomer generations feel quite young and energetic as against their actual age. The 50-year old people feel as young as a 39 year old and 64-year old people feel as lively as 50 year olds. The current generation of baby boomers suggests 78-year olds can be termed as seniors, while the older ones suggest the senior life begins at 80.

Let Robinson Wealth Management Group Help you plan out your Retirement needs.

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RETIREMENT PLANNING TIPS

April 27th, 2010

Planning for retirement is one of those goals that many people never seem to find time to do, but professionals caution that Baby Boomers, in particular, have little time to waste.

Following are some retirement-planning tips designed to help you retire on your terms:

TIPS FOR PLANNING FOR RETIREMENT

1. Select a target date for your retirement.

2. Estimate how much money you need to accumulate by your designated retirement date.

3. Find out about your Social Security benefits (look for the statement that comes each year around your birthday).

4. Upgrade your use of tax-advantaged plans such as a 401K (or the complementary non-profit program 403B) take advantage of employer matching of offered.

5. If your employer doesn’t have a pension or retirement plan, ask that one be started.

6. Talk with your banker or tax advisor about IRA options.

7. Don’t touch your savings. It is a good idea to maintain long-term and short term savings. Long-term savings should be off limits for everything except retirement. Use your short term savings for emergencies or short falls.

8. Diversify your assets.

9. Ask questions. Get help. Seek the assistance of a professional financial advisor.

10. Begin now and set clear short term and long term goals. Review your progress at least annually.

11. Observe penalties and taxes when considering any withdrawals as penalties can take quite a chunk out of your nest egg. Search web sites for the highest available rates on your investment returns.

12. Refuse to fall for any investment scams. If you are suspicious contact your Secretary of State or your local Better Business Bureau.

13. Investing money shouldn’t stop when retirement begins. If you are already retired, you still have many years ahead. Don’t instantly convert all your money into fixed-deposit and market investments. You should still be scheming comparatively long term, possibly a mix of growth and income. You should consult an expert to discuss your own situation. If you don’t meet your retirement plans, there are still some choices. Find out the average rate of comeback on your investments before and after retirement. Stocks have an excellent record vs. long-term inflation, so consider engaging a part of your capital in stocks that will increase the savings more quickly than inflation.

14. Calculate the estimated mean inflation rate for the rest of your lifetime.

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