Archive for January, 2011

457 Retirement Plans

January 30th, 2011 admin 1 comment

457 Retirement Plans are defined as sets of provisions under Tax code section 457 which governs all non-qualified compensation plans of non-church and governmental managed tax-exempt organizations. The aim is to allow employees for setting aside funds for their retirement. These plans are also referred to as section 457 plans. However, you need to meet the eligibility criteria so as to opt for the 457 Retirement Plans. In most areas, the 457 plans are same as the 401k plans.

For both plans, you will find employees contributing portions of their paychecks into a retirement account. 457 retirement plans come with a couple of additional benefits. To be more specific, they are inclusive of pretax salary reduction contributions as well as tax deferred growth of the investment.  It’s distributed when you attain 70.5 years of age or you come into terms with an unexpected emergency or upon your death. A 457 plan is devoid of an employer match. There isn’t any minimum retirement age for availing this retirement plan. The 457 retirement plan is inclusive of both eligible as well as ineligible plans. If you want to opt for this plan, then you need to choose an appropriate percentage of your salary that will be paid into your 457 plan and that amount will be deducted on a routine basis from your paychecks and assigned to your preferred investments. The 457 plan provides very good long term benefits and helps you in making your Retirement Planning successful.

Retirement Hobbies

January 27th, 2011 admin No comments

Is the thought of getting retired worrying you? Do you feel that there’s no life after retirement? Well, you don’t have to worry, in fact, for some, life starts post retirement and you too can one amongst them. Just go in for activities that you have always loved to indulge in, but never really got the time to participate in. In simple words, come up with your favorite Retirement Hobbies and see how they help you pass your time!

Do you have a passion for poems? Well, poetry has much more than Spencer’s sonnets, it’s in fact, a great way that keeps your mind engaged without causing any stress to your body. If you are an adventure lover, then why not go in for fishing? It’s an enjoyable and relaxing retirement hobby that pre-occupies you post retirement.

There are multiple organizations which need volunteers. Say for instance, you are good at managing kids, now in that case, you can always try your hands in tutoring. Similarly, you can work as a coordinator with the Red Cross. What is intended out here is that volunteering being a sociable and rewarding option makes you feel useful and offers you an opportunity to be an effective part of the community.

There’s no end to options, go in for any Retirement Hobbies that you find interesting and see how it helps you stay engaged! In some ways Retirement Hobbies have a role to play in your Retirement Planning.

Types of Community Service

January 26th, 2011 admin No comments

Any type of community service goes on to depict an act or any endeavor taken keeping in mind the benefit of the society at large. These services can be carried out on a prolonged basis. At the same time they can be stand alone projects ranging from few days to maximum a month. Community services would always have a cause attached to it. For instance, planting trees, providing food to the needy, providing monetary aid to an NGO, teaching children who cannot afford formal education and many more. These and many other forms of community works can be performed singularly as well as by being associated with any organization.

Whilst getting involved in any sort of Community Service it is important that you carry on your functions voluntarily.  These activities does not fetch you money or profit as such, but generates a public welfare and goodwill.  The most prevalent forms of community services that can be carried on are:-

1. Individual community service
As the name itself suggests you can carry on any social work on your own. You can take up a cause and have your agenda prepared accordingly.

2. Corporate Community Service
This is more commonly known as Corporate Social Responsibility. The idea is to give back to society in kind.

3. NGO activities
This refers to the various activities taken up by the non-profit organizations and the government bodies.

4. School and College Clubs
Many schools and colleges take part in similar services via associations like Nature Club, Green Peace movement and the like.

Community Services are a must to consider in your Retirement Planning.


January 24th, 2011 admin No comments

Retirement can be best defined as a phase in life when one person stops working completely. Depending upon the situation one is faced with a person can retire partially, what is known as “semi-retire” and work for a lesser hours. At the same time there is the option of voluntary retirement systems too that individuals opt for. Planning post retirement has become a necessity in today’s day and age. The most important reason being the uncertainty that is attached to life.  As a result you would come across so many brands coming up with retire planning and retirement schemes for people to invest.  The other reason being that people want to be engaged in some sort of work even when they are not working full time.

Fast Facts about Retirement

Let us have a look at some of the fast facts that are associated with retirement. We have listed down the same for you:-

1. There are people who choose to retire at a given age and time. This is true for both public as well as private enterprises.
2. On the other hand, there are few who asked to retire keeping in mind their ailments and other allied health conditions.
3. In majority of the countries the concept of retirement is rather very recent. This was introduced in the 19th and 20th century.
4. In early years, the lack of pension deals and low life expectancy meant that most employees or workers would have to carry on with their services until death.
5. The first country that introduced this concept of retirement is Germany.

Retirement Basics

These days Retirement is very common globally. Most of countries have come up with programs and systems by which they can offer pensions to employees when they retire in their old age. This might be sponsored by the state or the employer.  In today’s day and age, retirement along with pension payments is taken as a right that workers deserve. In most of the western countries the right is even added in the national constitution.

Retirement Hobbies

Most people cultivate Retirement Hobbies. The idea is to spend the non-working days in some sort of activity and fulfillment. One can travel places post retirement, but some sort of activity is required to keep life going. The most popular retire hobbies or activities that senior citizens find interest in are:-

1. Gardening
2. Pottery
3. Music
4. Teaching
5. Handicrafts
6. Painting
7. Origami

Thus, Retirement Planning is a must to assess whether you are all set for your Retirement or not.

403b Retirement Plans

January 19th, 2011 admin No comments

A 403b plan is defined as a retirement plan for civil government, not-for profit and university employees. In general, it shares the same benefits and characteristics of a 401k retirement plan. You can participate or rather contribute in the 403b Retirement Plans if you are working in collaboration with a tax exempt organization that is established under section 501(c) (3) of IRC. To be more specific, teachers, school personnel, ministers, school administrators, doctors, nurses, researchers, professors, and librarians can contribute to the 403b retirement plans. The more you contribute the more it will help you in lowering your tax bill. In general, the contribution is limited to $15,500. But then, if you have employer matches or similar contributions then the limit can be extended up to $46,000. This implies that you contribute $15,500 from your own pocket whereas the remaining $30,500 is paid by your employer. On the other hand, if you are over fifty years of age then you are eligible to contribute an additional sum of $5000. Now, the question is, why do you think that contributing to a 403b plan will benefit you? Well, with a 403b plan you are sure to avail a great supplement to your pension. So, why waste time? Contribute to a 403b retirement plan and have a successful Retirement Planning.

Health Insurance Benefits for seniors

January 16th, 2011 admin No comments

Statements like “life is uncertain” and “your health needs to be insured” even though sound philosophical are true. This is truer, given today’s rat race and high competition, especially for the senior citizens. When we talk about insurance the most common and sought after category is the health insurance. Apart from the fact that it offers medical assistance and aid, there are also few special Health Insurance Benefits for Seniors. If you have been looking for one, options are available in abundance. Ask your insurance agent or do a research online and choose the one that best caters to your need and fits the budget.

Health insurance advantages for seniors

Various policies would have their own advantages and benefits. We have broadly categorized some of them below.

Gives you medical assistance
The first and foremost benefit of a health insurance scheme is to provide you medical help.  The plan takes into consideration your physical condition and the medical processes that you are following. It would cover you for that particular cost. Here, if you have any particular illness you would be covered for that.

Assistance varies as per age
For any health insurance plan for seniors, it is extremely important to ascertain the age. The health insurance companies have designed their medical plans keeping the age slab in mind.

Coverage when you are travelling
It is very important to take into consideration the health insurance coverage for seniors. Eminent companies design medical plan that would cover the senior citizens in terms of treatments, medical bills, surgeries, doctor assistance even while they are travelling.

Thus Health Insurance Coverage is a must to have a successful Retirement Planning.

Health Care for Seniors 

January 13th, 2011 admin No comments

Longevity is a priceless gift which can be utilized to the fullest if you know which way to go. How youthful you’ll look, how long you’ll live are some of the common questions that can be answered only by you. We all know that aging is a natural process and nobody can avoid it, instead what we can do is slow down the overall process. And the ideal way to do so is to adopt adequate measures so as to take care of our health. There are multiple types of services that help seniors take care of their health.

At times these services are provided in your home, whereas, at times they are offered in your community. There are also times when the care is offered in a residential care setting like a long term care home, a supportive housing building or a retirement home. Health care for seniors is of crucial importance and helps them lower the stress that comes with illness, age or disability. In addition to taking adequate care of your health, opting for medical insurance policy resolves most of your medical problems. This is an ideal way through which you can cut short your medical expenses at the need of the hour. This will ensure a perfect Retirement Planning.

So, why delay further? Opt for the right measures and pave your way to a healthy life.

Benefits of Universal life Insurance

January 11th, 2011 admin No comments

What would be the exact way to define Universal Life Insurance? Keeping in mind its present existence it is a type of permanent life insurance policy. This includes both the aspects of term life and whole life insurance. In the present day and age, as an insurance product it had evolved a lot.

Benefits of Universal Life Insurance
Let us have a look at some of the advantages of this type of insurance:-

1. Helps to build cash value
You can build up a cash value in this type of insurance over a stipulated period of time.  If you want you might as well borrow or withdraw from the total cash reserve.  The tax for this cash is postponed and tends to grow at a variable rate.

2. There is Flexibility
One of the major benefits of Universal Life Insurance is the flexibility with which you can adjust the coverage amount as well the premium amount over time.  The policy holders can also adjust the time within which they intend to put the money back to the scheme.

3. No option for lapses
This would mean that, as long as the universal insurance policy holder keep on making the minimum payments there would be no lapse.


January 9th, 2011 admin No comments

Don’t know what do post retirement? Well, why not sign up with ElderHostel programs? They can be termed as an activity and learning experience for people who have attained sixty years of age. You’ll find tens and thousands of field experiences and classes available all through the United States considering every imaginable subject. ElderHostel programs exercise your body and mind through a perfect combination of activity and knowledge. The programs are offered by a non-profit organization referred to as ElderHostel which helps adults or rather retirees with learning adventures and opportunities. Trips involve discussions, lectures, as well as cultural outings in over ninety countries. In simple words, you can say that it is a convenient and economic way to learn while you travel.

The best part about these programs is that there aren’t any academic requirements for participating in Elderhostel; hence all groups are a unique combination of different backgrounds, cultures as well as educational levels. The programs revolve around multiple categories such as service learning, analyzing individual skill ( crafts, cooking, performing arts, computers), discovery & exploration and active outdoor activities (water sports, birding, tennis, bicycling). It is true that the program provides high-quality learning, but then you don’t have to sit for exams or do any sort of homework.

So, why waste time, if you haven’t decided on what to do post retirement, the sign up for ElderHostel programs and get going!ElderHostels form an important part of Retirement Planning.

Benefits of Retirement Planning

January 6th, 2011 admin No comments

Based on the method and manner you choose, there are several benefits of retirement plan that you can enjoy. Retirement planning is actually a set of financial strategies that an individual has to implement while they are working. This is done in order to ensure that they will be able to take care of the monetary needs and the financial targets at the time of their retirement.  To seek the advantages of retirement planning you can approach similar companies and invest in the various plans they have. These retirement plans or schemes can also be customized as per the individual.

Advantages of Retirement Planning

Let us have a look at some of the advantages that retirement plans offer you:-

1. Almost all retirement calculators offer a 30-year projection
This is true for most of the plans and schemes. This would ensure that with these plans you could calculate and speculate your savings that is needed to meet the goals. A 30-year projection in the plan is sufficient to calculate the expected amount in order to enjoy the retirement benefits.

2. Retirement benefits plans provides “asset performance analysis”
When you have a retirement calculator at work, you can also get an analysis of the “asset performance” as well.  The best thing is that these calculators also offer interactive features and services to their clients.  This is what helps to inculcate a much more comprehensive approach on retirement benefits.

3. Retirement Benefit planning is more than just a calculation
Retirement planning is not all about calculations. It is much more than just merely calculating how much one should save and invest in order to have the funds for future.  One of the major benefits of Retirement Planning is that it gives you analysis on probable situations and their pros and cons. This helps you to plan better for your retirement.