New York Times Special Section

The October 15, 2009  issue of the New York Times featured a special  section (F) of eight articles on retirement issues.

Can you make the transition to living on reduced retirement savings?   In The Magic Word is ‘Focus’ , a 4 step holistic approach is recommended:  1)  ENVISION  – before making the transition, people should envision their lives in retirement.  2) TRACK SPENDING -  improve flexibility through meticulous record-keeping of all incoming and outgoing monies. 3)  CUTTING BACK -  evaluate whether your resources can accommodate your retirement goals.  4) DIVIDE YOUR MONEY – separate your savings  into ”buckets” that are designated for different tasks.

In Target-Date Funds, Hidden Homework  challenges the assumptions and benefits underlying target-date funds in light of the 2008 market collapse.    Ways to Ease the Pressure of a Cash Crunch  takes on liquidity issues during retirement.

Retirement savings accounts are the topic in  Deciding whether a Roth is right and Rethinking the 401 (k) if there is no company match. 

Use the links above to access the online version of the above articles, or visit the library and ask for assistance in locating the print issue.

Managing Your Finances in Uncertain Times

Discovering What’s Next® is presenting a forum on November 9th in the Druker Auditorium at the Newton Free Library:  “Managing Your Finances in Uncertain Times.”  For more information go to:
http://www.discoveringwhatsnext.com/whatwedo_forums.html

“Discovering What’s Next® is a network of people and community organizations that connects individuals 50+ with information, inspires them and supports development of their ideas, and fosters involvement leading to action that benefits both individuals and the community.”

SSA Promises Prompt Service

Francine Kollias, Metropolitan Public Affairs Specialist from the  Social Security Administration’s regional office,  returned last night to introduce us to the many time-saving features available on Social Security’s updated website, www.socialsecurity.gov.  In case you missed the meeting, her powerpoint presentation can be found here.

Need to change your address or request a  benefit statement?  You can do that online. Want to know your full retirement age or  how to calculate your retirement benefits?  You can do that online.  Are you dreading having to endure the long lines at the Social Security office or listening to muzak while you wait on hold?  Go to the website instead.

Ms. Kollias showed us how most of our social security questions and requests for forms and information can be taken care of through the website.  Some features will require that you set up a password, a simple process, but many do not.  Ten years in the making, Kollias reassured us the new website is entirely secure.

For a video preview of the many services available on the website, view these PSAs (public service announcements) with celebrity spokesperson Patty Duke.  Patty reprises her dual role as a pair of twin cousins, Patty and her more sophisticated cousin, Cathy.  Great fun!

Money Magazine Special Report

 

The October  issue of Money magazine focuses on retirement issues with its special report 4 Steps to a Great Retirement.  Read the feature on What you need to know about  Social Security in anticipation of our October 21st  meeting with Francine Kollias, the regional Social Security Administration’s Metropolitan Public Affairs Specialist, who will return for a presentation on Social Security’s online services .  

Three additional articles on retirement readiness, stock investments and income security complete the special report.  View the table of contents on the website or borrow the print edition available here at the library.

Baby Boomer Retirement Guides

and more can be found on the website, RetirementRevised.com 

Published and edited by Mark Miller, author of the syndicated column Retire Smart,  the site focuses on the reinvention of traditional retirement–how the baby boom generation is revising its approach to careers, money and lifestyle after age 50. 

Guides on retirement planning, jobs, benefits and saving & investing are offered as well as links to retirement topics in the news.  Retirement calculators, book recommendations as well as job hunting tips for workers 50+ are included.

New PBS program on Retirement airs Tuesday

A new program, Retirement Revolution: The New Reality, premieres on PBS this Tuesday, September 15th (in the Boston area it will be shown on WGBH Channel 2 at 9:00 p.m.; see wgbh.org for details on the schedule and repeat times).

The months since Spring of 2008 have not been kind to the American economy or to the retirement accounts of millions of Americans. Retirement Revolution: The New Reality undertakes the mission to help older citizens do better with a bit less and to navigate tougher financial waters with determination and good cheer. This special features different, personal stories as well as expert commentaries and is hosted by Paula Zahn.

Topics include financial issues of retirement as well as second careers, and advice on money, health and Medicare.  You can also view the program, purchase the DVD, or get more information on the website.

President Obama speaks about retirement

Although his recent comments on health care and education have received more press, in his September 5 weekly radio address, President Obama announced new iniatives for retirement savings.  The Department of the Treasury will:

• Expand opportunities for automatic enrollment in 401(k) and other retirement savings plans,
• Make it easier for more than 100 million families to save a portion or all of their tax refunds,
• Enable workers to convert their unused vacation or other similar leave into additional retirement savings, and
• Help workers and their employers better understand the available options for tax-favored retirement saving through clear, easy-to-understand language.

You can read more about it on the White House fact sheet, or listen to the full audio of the address.

Photo of  White House (cc) from David Paul Ohmer and republished here under a Creative Commons license. Some rights reserved.

August meeting: Retirement Decision Making

At our August meeting, member Olympia Valentine led a discussion on retirement decision-making:  how do we envision our retirement, how have we planned, and what are our goals?   What do we do to plan for a secure retirement, and how do we adjust once we’re there?  What do we look forward to, and what is hardest about retirement?  Olympia also discussed the idea of “mini-retirements” throughout one’s lifetime.

The group had a lively discussion and shared a lot of good ideas and experiences about how they have planned for, or experienced, retirement.

For some ideas, Olympia mentioned a few books to look at (all are in the Library’s collection):

The Millionaire Next Door: The Surprising Secrets of America’s Wealthy, by Thomas J. Stanley

Your Money or Your Life: Transforming Your Relationship with Money and Achieving Financial Independence, by Joe Dominguez and Vicki Robin

The 4-Hour Work Week: Escape 9-5, Live Anywhere, and Join the New Rich, by Timothy Ferriss 

You can see Olympia’s PowerPoint presentation here.

More publicity

Skip the photo of the exotic animals of “Creature Teachers,” and scroll down to the Money Tips for Women heading.  You’ll find an update from the Sunday, August 9 Globe West Weekly about the Retirement Planning Club!

House sharing

Share a house, cut costs!  For an example of what some friends did in retirement, see Meet the Real Golden Girls, from Kiplinger’s Personal Finance Magazine, May 2007.

Photo of  house (cc) by Steven M 61 and republished here under a Creative Commons license. Some rights reserved.