Do you Pay attention to the numbers?

"What gets measured, gets managed."  - Peter Drucker

 

While you are choosing the Life You Want, how much attention do you pay to the numbers? 

In other words, do you have some objective measurements to tell you how you're doing? 

 

I suggest you start with your physical health and your financial health.

Now, I know how scary it can be to track those particular numbers. But I also know that it is very difficult to manage something you're not measuring.  

I'm not here to tell you how to measure your physical and financial health, I'm just here to suggest that it's in your best interest to do so.

Plus... it's a lot of fun to see the numbers turn around and start moving in the right direction!!

Some words of wisdom from Patrick Mathieu

Staying alive

Did you know that our life expectancy changes as you grow older. For  example, according to statistics, if you are 65 years old, you will die in 17.19 years. (Source*)

Knowing your life expectancy can help you make informed decisions about retirement in general, and social security benefits in particular. Many people underestimate their life expectancy because they don't realize it changes as they grow older. 

It is important to remember that you aren't the average person, of course, and you can't count on living as long as the tables say, no matter what your current age. The tables are based on the broad population, including smokers and non-smokers, marathoners and couch potatoes, and people with all sorts of good and bad indications for longevity. You may get a more realistic picture if you adjust what you read in the tables based on knowledge of your own factors.

When entrepreneur, author and investor Robert Ringer was asked:  “In order of importance, what would you say are the three most essential  rules when it comes to making money?” Without hesitation, he blurted out: 

Rule No. 1: Stay alive 
Rule No. 2: Stay healthy 
Rule No. 3: Stop losing money 

Well I would argue that he has it right for retirement as well, except that Rule No. 2 would be Rule No. 1. Stay healthy 

There are a lot of people who are working on helping us age well, for two reasons, one is that there is a major problem that needs to be solved and the second is that people believe that they will make money from the research.

For your information, here are some of the anti-aging and life-extension breakthroughs that took place just in the last few years
1. Celera and the public Human Genome Project categorized the human genetic code. We finally have the blueprints for a human being.  
That means someday, we could completely understand how the human body works at the most basic level. This will greatly speed up the time it takes to develop new treatments for all diseases. 

2. Leonard Guarente and his team at MIT were able to find a genetic pathway  involved in controlling aging by caloric restriction. 
By understanding how eating less calories works to extend life in simple organisms, scientists can use this information to figure out the same pathway in humans. Then, we could develop drugs to do the same thing. In fact, Dr. Guarente co-founded Elixir Pharmaceuticals to do just that. 

3. Simon Melov and fellow researchers at the Buck Institute extended the life of a worm by 44% by feeding it powerful but safe new drugs. 
This is the first time drugs dramatically extended the lifespan of a complex form of life. This could perhaps result in a pill that would greatly extend your lifespan and your healthspan.

4. Stephen Helfand and his team at the University of Connecticut HealthCenter in Farmington isolated a gene called ìIím Not Dead Yet.î Using it, he bred a line of fruit flies that live twice as long as regular fruit flies. 
Once again, turning the right genes on or off can extend lifespan. 

5. Aubrey de Grey at Cambridge University feels that with the right level of funding, we could see real age-retarding therapies (that at least double the current average healthy lifespan) within the next 25 years. Dr. de Grey published a Scientific Roadmap to reverse aging in an aged mouse within 10 years. The human map won't be far behind. 

6. Stem Cells. All our organs come equipped with spare parts called stem cells. Their job is to make replacement parts for specialized organs like hearts, eyes, skin, etc. Many stem cell breakthroughs occurred recently, including: 
a. Diabetic mice were cured of insulin deficiency. 
b. A world-first breakthrough promises a cure for lung diseases that kill millions. Melbourne scientists at the prestigious National Stem Cell Centre have turned stem cells into lung cells. The revolutionary development is a step towards coaxing damaged lungs to repair themselves. The technique could yield cures for cystic fibrosis, emphysema, chronic bronchitis and, eventually, lung cancer. 
c. New liver cells were grown in mice. 
d. Neurons for very specific areas of the brain were grown from stem cells. 
e. A 16-year old Michigan boy received a pioneering stem-cell transplant. He was accidentally shot in the heart with a nail gun, and after surgeons removed the nail, he had a heart attack that destroyed nearly a third of his heart's muscle cells. He would have needed either a new heart transplant or an experimental bone-marrow stem-cell transplant directly into the damage heart. The latter was tried and seems to have worked! 
f. In Tokyo, Professor Asashima grew whole frog eyes from stem cells,  implanted them, and the frogs were able to see.
g. Stem cells can help cardiac tissue to repair itself weeks after a heart attack, new Cleveland Clinic research shows. The study identified the first stem cell "homing factor" for cardiac muscle tissue, which allows stem cells to "home" to an area of tissue damage. 
h. Mike May had his sight restored and his injured eye regrown by stem cell therapy after 43 years of blindness. Stem cell research could eventually lead to a cell-by-cell replacement 
of the human body, substituting old cells with new young cells.

7. Martin Holzenberger and his team in Paris made mice live 33% longer than normal, with no obvious side effects. They removed a gene involved in sensing nutrients.
With good gene therapy techniques, the same type of thing could potentially add about 30 years to our lives. 

8. The first ìMethuselah Mouse Prizeî was awarded to Andrzej Bartke for his treated mouse that lived almost five years ñ equivalent to 180 years for a human. The second was won by Stephen Spindler who broke Dr. Bartkeís record.

9. Researchers at Harvard Medical School have been looking for what they call the Holy Grail of aging research: molecules that activate the enzymes that in turn influence the genes that regulate aging. Now, they say, they have found those molecules. One of the molecules, a compound known as resveratrol,was shown in a study to extend the life span of yeast cells by up to 80 percent. Similar trials are being planned on mice. Resveratrol is now available as a supplement for human consumption.

10. Tweaking genes in roundworms (a good model for basic human physiology)  multiplied their life spans by 600%. This equates to 500-year human life spans. 

Recently, a group at the University of Wisconsin developed a technique to locate many genes that are involved in the aging process in mice. This may allow us to someday control the aging process itself. 
At Geron, a biotechnology company, researchers have been working on shutting off the cellular aging clock, the telomere. 

What does all this research mean? Very simply this: With today's astonishing pace of scientific progress, we'll most  likely develop technologies in the next 10 years that could eventually slow aging to a crawl in lab animals. 
Then maybe halt it. 
Then maybe even reverse it. 

For the average person, the choice to start receiving retirement benefits early will ultimately mean receiving a smaller total lifetime benefit, and if even some of the above research comes t mean anything or f you have reason to believe your personal life expectancy is longer than average, you may come out better by starting your benefit later.

 People with average or better life expectancy, especially females, should think twice about starting the benefit early. You may still want to make that choice for other reasons, such as having money to travel while you're young enough to enjoy it, but the long-term consequences of that decision won't be favourable if you live far beyond the break-even point, Remember the longer you stay healthy, the longer you live and you don't want to run out of money too early.

Sources:
Maxlife.org
Understanding Life Expectancy By Kaye A. Thomas


* (The 2007 period life table for the Social Security area population. For this table, the period life expectancy at a given age represents the average number of years of life remaining if a group of persons at that age were to experience the mortality rates for 2007 over the course of their remaining life.)

EQUALITY in earnings still has a long way to go.

This post was taken from an article by Anthony Keane where he discusses the latest research from MoneySmart magazine.

Women are better than men at running household finances but fall short when it comes to generating long-term wealth. New research undertaken for MoneySmart Week found that just 19 per cent of women are building wealth for retirement, compared with 25 per cent of men. And twice as many women than men are uncertain about achieving their savings goals. The reality is that if we compare wage rates to 10 or 20 years ago, the average wage when inflation is taken into account, has not risen to keep up with inflation. This means that men and women today are being squeezed because they do not have the funds available that their parents did.

The ME Bank survey found that women were leading the way in day-to-day money management, with 21 per cent setting up a budget compared with 16 per cent of men and 33 per cent saving for a holiday or car compared with 24 per cent of men.  Many men do not see the need for planning and this is consistent with the findings of the study.

Financial Literacy Board member and MoneySmart Week ambassador Elaine Henry says the divide between men and women highlighted by the research shows that "we have got a long way to go in getting people to act".  "We have attitudes that are more stereotypical of yesteryear than what we need for the future," she says.

"The 21st century is very different and both males and females have to change and have a more holistic approach. Women perhaps want to create wealth but what they don't do is set goals and do something about it. Men need to look more carefully at budgeting and day-to-day saving, but we should particularly concentrate on women because of the dreadful statistics that show women just don't have the superannuation they need to be independent. "They have about half super balance that men have." This is true because women make about half of what men make so they cannot be expected to have the same saved for their pensions. This seems to have been forgotten in this analysis of the information

Henry says both men and women should start planning their financial future as early as possible and do a money health check. A free money health check tool can be found at moneysmartweek.org.au . This tool gives you a sense of your money personality, and gives other tools that may be of help. The site is geared for the Australian audience but others can learn some solid information as well. 

Here is a very interesting link to help understand the myths and facts around equal pay for equal work: The gender pay gap: fact or fiction? 

Some Retirement facts

The Transamerica Center for Retirement Studies has examined retirement attitudes and trends every year since 1998. Its 2013 survey was released this summer. Some highlights (these apply mostly to the United States, but may be interesting for others around the globe as well)

• Retirement confidence is on the rise; 55 percent of workers are “somewhat” or “very confident” about retirement, which represents an increase over the past several years, but it’s still below the 2007 confidence level of 59 percent.

• The majority of workers with household incomes less than $100,000 said they would switch to an identical job at a similar employer who offered better retirement benefits.

• Seventeen percent of retirement plan participants have taken out a loan from their plans; most frequently to pay off debt, followed by paying for an emergency or major expense.

• Nearly 3 in 5 workers say they have a retirement strategy − but only about 12 percent have written plans.

• Nearly 4 in 10 workers expect their standard of living to decrease in retirement and another 4 in 10 expect it to stay the same.

• Only 10 percent of workers expect to receive support from other family members while in retirement.

• Most workers discuss retirement with family and friends either “occasionally” or “never.”

• Workers without retirement benefits are more likely to be women, have a high school or less education, be single, and employed by smaller companies in service and or sales.

• Men and women both expect to rely on 401(k) plans/IRAs as their primary source of income during retirement. Men are more likely to rely on this source. Women are more likely to expect to rely on Social Security.

• Despite difficult economic conditions, the majority of workers still expect to leave an inheritance − to their children or spouse/partne

Retirement blues

For some of us entering retirement, the first few months may be a struggle, It was for me, but remember it is far more important to make the transition and accept the change in a positive manner

History books are full of stories of people who seemed destined for failure but somewhere
along the way they turned it around. Sports teams, businesses, parents and political advocates are faced with what seems like insurmountable challenges, as you think you are when you first retire.

But how they handle themselves when they are really put to the challenge determines everything. The key is attitude and fortitude.

When encountering challenges in your life,  choose to lift your chin, steel your mind and embolden your heart, so you may persevere and finish strong and enjoy retirement and accept the reality that you have earned the time to focus on what is important to you and your loved ones, not someone else's priorities.

Planning retirement

Retirement Planning involves all activities from your first employment, up to and after your retirement geared towards ensuring that you and your needs are well provided for in the retirement phase of your life. In drawing up a retirement plan, it is critical to identify the following:

•  When you will retire: Depending on your outlook, and personal circumstances, people may choose to retire early, say before 50 years, while others will retire later, just at 60 years, or for however long their terms of employment permit. Many factors including your state of health, desire to pursue other activities, and very importantly the level of financial resources and responsibilities will affect the timing of your retirement. For some others, however, the timing of retirement is not entirely up to them. Sometimes accidents, ill-health, and employer-distress may lead one to a premature retirement.

• What you will do during your retirement: During retirement, some people choose to continue in very active work, supporting their communities, participating in politics or even running a full time business. Others on the other hand, choose to limit themselves to very light activities, if any at all, and prefer to spend their retirement traveling, visiting children and grandchildren, etc. It is important to plan ahead on how you will like to spend your retirement, and prepare yourself mentally and financially for whichever route you choose to follow.

• What kind of income you will need in retirement: Planning adequately for your financial needs in retirement is very important. It is therefore necessary to ascertain ahead of time, how much income you will need in retirement. In planning towards this, one may have to gauge his family responsibilities, state of health, and expected life expectancy. For example, if you still have children of school age during your retirement, your financial needs will outstrip those who do not. If you already live in your own house and will not be paying rent during your retirement, then your financial needs will differ from someone who does not own a house.

• What kind of income you can expect in retirement: Once you have ascertained your financial requirements in retirement, it is necessary to estimate your income streams to be available in retirement. For someone that has planned his retirement early enough, this could consist of income from investments such as dividends, capital appreciation, rental income as well as pension and other retirement benefits. Estimating your sources of income is important to enable you plan how to meet your living requirements in retirement. 

Source: Stanbic Ibtc Pensions  Stanbic IBTC Pension Managers is a licensed Pension Fund Administrator (PFA) set up with the primary objective of delivering quality pension fund administration and management services to both private and public sector employees covered by the Nigerian Pension Reform Act 2004.

More thoughts on Resolutions

One resolution that people make at this time of year is to put more money aside for savings, for trips or for retirement. As an older boomer (retired) my goal is to keep the money I have by being prudent and watching my investments carefully, but  what can younger baby boomers do?

Get on with the job. The time to start planning for retirement is today. Younger boomers have to run a different race than I did, but they still need to start, regardless of other drains on their resources.

Re prioritize wealth accumulation. It's easy to give yourself a nice reward every time you get a raise, but it's much tougher to save a portion of that raise or use it to pay off debt sooner. I found that one of the easiest ways to start was when you receive the raise, pay yourself first. Take a percentage, say 5 or 10% of the new money and invest it into your retirement fund. If you're not contributing the maximum amount to tax-deferred retirement accounts, start now.

Don't buy the biggest house on the block. I have noticed that younger boomers are becoming more attuned to needs versus wants. Up until 2008, folks were buying the biggest house they could afford because real estate was an "investment." Houses weren't just homes, they were moneymakers—or so we thought. If you've opened a newspaper in the last five years, you know that's no longer true.

Use some common sense. I've made this same mistake more than once: I'd decide to get serious about diet and exercise and go way overboard. On day one, I'd exercise to the point of exhaustion and cut my caloric intake in half. By the second day, I could hardly move, and I was starving to death (at least it felt that way). By the third day, my commitment would vanish. Had I paced myself, I would have been a lot more successful.

The same principle holds true for paying off debt and saving. For most folks, the best way to start is by withholding incremental amounts from their paychecks, if your employer cannot or won't do this for you, contact your bank and set up a TFSA or other savings program and have the bank automatically put a certain amount in per month. Tackle debt the same way: cut up your credit cards and start paying a little extra on your regular payments. It is amazing how quickly you can make progress.

Become an educated investor now. It is easy to think, "Why do I need to learn about investing when I don't have any money to invest?" There are two responses to that question. First, you don't want to wait, because from day one you want to take what little capital you can start with and invest it wisely. And second, I found that the more I read about investing, the more motivated I became to have money to invest. The thought of my money working for me instead of the other way around sounded quite appealing. After all, isn't the goal to accumulate enough money and invest it wisely so we don't need to work at all?

The Tortoise and the Hare for is one of my favourite stories. Think about how much the fable applies to us. Both the Tortoise and Hare want to get to their goal, but their approaches are quite different. It looks like a lot of baby boomers who became parents later in life will have to start slow and plod along regularly so they too have time to read stories to their grandchildren. We all know who wins the race in the end. Make one of your resolutions to learn about your financial situation and then take steps to improve what you can.

Duties of an executor

Imagine for a moment you have been appointed executor of someone’s estate, and he or she passes away. Do you know what to do? Where will the deceased's things go? Where do you even start? Or, perhaps you are writing your will and you need to decide who to appoint as executor; here are some things to consider regarding this important post.

Acting as an executor can be very challenging. Just ask anyone who has been a executor in the past and many will tell you it can be very time consuming, emotionally draining, difficult and seem like it never ends.

You should give this responsibility to someone knowing that the task will be time-consuming and stressful. Once someone begins the process of dealing with the estate assets, they are legally bound to complete the job, and can only be relieved of the responsibility by a court order. No one can be forced to act as the executor.

Appointing an Executor in the First Place

When making a will, the testator (will maker) should appoint someone executor who will make responsible decisions, and who will follow any directions left in the will for the disposal or distribution of property. An executor may be a family member, close friend, or sometimes simply someone who has the ability to handle an estate (e.g., a trust company). A person appointed to handle an estate in a will is called the executor; a person not appointed in the will but handling the estate anyway is called the administrator.

Who Qualifies as a Good Executor?

The majority of Canadians appoint family over friends as the executor of their will, according to a BMO Financial Group study. Being an executor is a huge responsibility. The fate of someone else’s belongings is in the executor's hands and the executor must be capable of honoring the deceased's wishes. Choosing someone to be an executor is a major decision, essentially it making decisions on someone else’s behalf.

The duties listed above require an executor that has certain qualities and a particular mindset. An executor who will likely do a good job is someone who possesses such attributes as patience, wisdom, knowledge, discretion, and organization. These people embrace their new responsibility of being appointed executor and they take on these tasks maturely and carefully. There are a couple of things you might want to consider while making the decision to accept the executor role

However, with executor responsibilities consisting of nearly 50 tasks including tax, inheritance and family property laws, many may not appreciate the complexities that come with this duty.

“Being appointed as the executor of a loved one’s estate can be a daunting duty that involves an overwhelming number of tasks, some of which can be highly complex,” said Sara Plant, chief executive officer, BMO Trust Company. “Not only can it be an emotional period, but executors are often expected to dedicate a lot of time and take on a lot of responsibility that is often best left to a professional.”

The study showed that of the 85% who appointed a family member 40% appointed spouses and only 1% appointed a trust company as the executor of their own will.

The results of the study also revealed that, if appointed as executor, the majority of Canadians (65%) would not, or are not sure if they would hire a professional to assist them.

 According to the Canadian Bar Association, “The executor gathers up the estate assets, pays the deceased’s debts, and divides what remains of the deceased’s estate among the beneficiaries.”

Executor’s Duties

Below you will find a list of duties of an executor. This list is far from exhaustive but illustrates how important it is to choose a good executor. Remember, settling your estate is not an honour. It is work. Choose your executor carefully to ensure that he or she can handle the job.

The following is not a complete list of the duties and responsibilities of an executor or executrix, but it does provide a good overview of the principal tasks:

1. Immediately After Death

 Arrange for organ donation

Arrange for funeral:

Review Will with lawyer

Arrange for care of dependents and pets

Find and secure all assets: Home, Contents of home, Other real estate, Personal property, Business, Vehicle, Perishable goods, Access and list the contents of any Safety deposit box

Obtain insurance for any vacant real estate.

2. Find all ongoing expenses and debts

Stop all unnecessary expenses: Subscriptions (magazine, theatre), Health care (home care), Memberships (gym, club, sports, auto, professional, etc), Entertainment (cable, satellite, websites), Communication (telephone, cell phone, Internet), Insurance (auto, disability).

Forward mail

Notify all holders of assets: Bank, Broker, Investment advisor, Insurer.

Notify all service providers: Utility companies, Landlord, Property maintenance

Cancel credit and debit cards

Review all documents relating to assets: Property insurance, Mortgage, Lease, Business, Investment.

Review all documents relating to financial obligations: Contracts, Divorce or separation agreement, Court orders.

3. Soon After Death

 Institute plan for securing and managing assets until sale, disposal or distribution

Re-register or transfer ownership of all assets to the estate

Obtain valuation of all assets

Prepare inventory of assets and liabilities

Obtain probate

Schedule payment of all debts.

4. Within Weeks of Death

Meet with all beneficiaries of estate

Maintain or initiate legal actions on behalf of the estate

Defend legal actions against the estate

Advertise for creditors

Collect life insurance

Arrange for transfer of assets passing outside the estate: Registered investments, Jointly held accounts and land.

5. Remaining Estate Settlement Process

Maintain records of assets and estate administration

Sell assets, as appropriate

Collect debts

Pay debts

Litigate or settle all claims by or against the estate

File outstanding tax returns (including terminal return)

File estate tax returns

Obtain tax clearance certificate

Obtain interpretation of Will

Distribute assets according to the Will: To individuals, To charities, To trusts.

Claim executor’s fees

Obtain releases from beneficiaries.

The information in this articles was taken from:

Jim’s book Smart Tips for Estate Planning.

http://www.tdwaterhouse.ca/products-services/investing/private-client-services/private-trust/exec-duties.jsp

http://www.self-counsel.com/news/law/wills-and-estates/377-what-if-ive-been-appointed-executor-in-a-will.html

It's Never Too Late

I first retired in January 2006,went back to work in Feb 2006,quit work in January 2010, went back to work in September 2010 and finally quit in November 2012. Retirement is a time of transition,  and one that also you to start looking at other goals, and dreams that you have neglected over the years. But for many they are or think they are trapped in on a path that they cannot leave. Just remember that it is never too late to start over, no matter what age you are.

Sadly, the following story is all too common: Bill spent years training to be an engineer, although he never really liked engineering. But he thought it was worth the sacrifice because it was a highly paid skill.

After college, he started a job with an engineering company. Years later he was still working at the same company and still hating it. His excuse was with a mortgage and family ties he was scared to leave the engineering firm and go into a job with lower wages.

After twenty years he was still afraid to correct a mistake made all those years ago. He was now too scared to change jobs, simply because he'd left it too late. He didn't want to compete with younger men experienced at their job.

If you have a goal and you find yourself saying 'it's too late', the only way to conquer that fear is to ignore it and go ahead and do the thing you fear. It's NEVER too late if you have the courage and the passion to follow your dream.

Warfare Erupting in the Workplace

Resentment factors as over 65's continue clocking in while youngsters struggle to find a role!  Is this the reality of the workforce. I believe that it is not although our politicians and others would have you believe that younger workers are angry at the oldtimers for not leaving soon enough. I have never felt that when I was working, have you?

I think that management should encourage the workplace to be a place of inter-generational harmony with the experience of older skilled/experienced employees balancing youthful enthusiasm and innovation as it used to be.  Colin Thompson in a blog posted stated that: "In the UK, people aged over 50 now account for 35% of the total population and rising rapidly, 60% of consumer expenditure and 80% of the wealth. With the population continues to age, there are more of us every year." source: www.rhcadvantage.co.uk

Do younger people think older members of staff need to retire to give them a better chance of career progression? 

Relationships and retirement

The couple, who we have known for over 25 years is in trouble. The husband, who was a leader in his specialization had just finished his latest book and he had just retired. For some men, of my age, retirement does not go well at first. He suddenly lost his sense of identity, he was no longer a specialist, no longer an author, no longer allowed to be active in the sports he loved (due to a health issue). He was lost, and frustrated because his wife who had retired seven years before still had an active network and a healthy social live outside of the marriage.

 So to solve the issues of his wife spending too much time away from him, he started to make demands that she withdraw from her social life and devout more time to him. She, at first complied but his demands kept coming and his view narrower. She did not know how to fill the dishwasher correctly, she did not fold his t-shirts the correct way. He did say to her that there was no problem because from his perspective he had told her what she had to do to fix things.

Some men who retire cannot cope well with the loss of identity that comes with loss of professional or work status, they flounder for a time, and some will come to their senses with time and realize that they are not just their job or profession, and they find a new way to define themselves. Maintaining strong social relationships are key to a successful and long life and my hope is that our friends find a way to come through this struggle together.

Transitions to retirement hard for some men

The U.S. divorce rate, despite remaining flat overall, has doubled for people 50 and older in the past two decades, according to a study by the National Center for Family & Marriage Research at Bowling Green State University.

 

The National Center of Health Statistics reports that during 1981 to 1991, there was a 16 percent increase in the divorce rate among couples who have been married 30 or more years. Marriage after retirement can be a difficult time for many couples.

 

As your nest starts to empty out or refill, you will find yourselves realizing that your roles are changing as you approach retirement. New challenges

The major issues midlife couples face are conflict, communication, sex, finances, children, health, having fun, retirement, and aging parents

When planning for retirement, it is important to remember that the retirement process requires more than attention to one's bank account. It is important to start thinking about how you intend to handle the loss of the worker role, as well the way your retirement affects your relationships with people you love.

 Retirement is a stage of life that could, for some, last anywhere from 5 to as many as 20 years. As a result, take some time to think about your own retirement experience and how you plan to fill the retirement years you earned

In a 2004 study it was found that social connections -- in the form of marriage, family, ties to friends and neighbors, civic engagement, workplace ties, and social trust all appear independently and robustly related to happiness and life satisfaction, both directly and through their impact on health. All these can change upon retirement, so it is important to consider them when thinking about your retirement,

This problem with changing relationships, can be more of an issue for men. For many of us men, retirement can be challenging. It is not just adjusting to the loss of a stable work routine and its associated sense of purpose that can be hard. Retirement brings new relationship issues, and for men who do not find new meaningful activities to replace work, there is the risk of boredom and a sense of purposelessness that can lead to depression and other health problems.

For many men, identity revolves around a number of central roles and skills:

·               being a good provider

·               being 'useful'

·               being independent

·               being an achiever

In order to adjust successfully to retirement, men have to start redefining the bases of their sense of self. Without the role of breadwinner to rely on, men may start to ask, who am I? Self-esteem can start to fall and depression can set in.  Other social roles may evolve in retirement, such as:

·               being a good carer for one's partner

·               being a community elder

·               being a good grandparent

However, the greatest challenge post-retirement is coming to define oneself in terms of roles and activities and more in terms of simply 'being'. Instead of answering the question 'Who are you?' with a 'doing' answer such as, 'I am a father/engineer/teacher/handyman' etc., you come to answer simply, 'I am me.' The achievement of this degree of self-acceptance is one of the great gifts of later life. If this cannot be done easily then many men will face the likelyhood of divorce or separation while they try to adjust to their new role in life

Part Two Concerns for Boomers in Retirement The good news

The good news from the survey is:

New retirees and those nearing retirement are looking forward to their “bonus years.” They see life in retirement as filled with opportunity and a chance to enjoy a Second Act. However, they don’t know exactly what to expect during, or how to successfully manage, a long, complex and ever-changing retirement. 
These findings suggest people would benefit from at least six things:

• A better understanding of the issues critical to retirement, risks they face and what they need to prepare for
• A clear definition of their goals and what is most important to them in retirement
• Knowledge of potential trade-offs they must consider
• An ability to examine various scenarios and the potential outcomes of decisions they are being asked to make
• A plan of action that puts all their resources to work to help them to live their very best lives in retirement
• An ability to correct course when circumstances warrant

In short, we believe people want and need to know more about their retirement years before they are upon them, to gain greater clarity about what they want to achieve, and to understand what is possible in this stage of life

The other interesting and I think good news is that today’s priority for retirees is achieving peace of mind

In previous decades, “getting rich” and “retiring early” were often heralded as the ideal retirement plan. Today, pre-retirees and retirees are more than seven times more likely to say their financial goal is “saving enough to have financial peace of mind” versus “accumulating as much wealth as possible” 

The new focus on peace of mind is likely driven by a number of converging forces, including:

• The financial wake-up call of the recent recession, which exposed the dangers and risks of aggressive investment strategies.
• The movement of the boomer generation from their  accumulation years into their retirement decumulation  years — when they are seeking to responsibly manage  savings and income to last throughout retirement.
• Increasing life expectancy, creating greater uncertainty regarding how much money will be needed

Retirement Peace of Mind Index
An index to measure the current level of national retirement peace of mind was calculated from responses to the following survey questions: 

1. I feel content and comfortable about how I will spend my retirement years.
2. I have many worries about what might happen during my retirement.
3. Thinking about my retirement gives me feelings of security and stability.
4. I feel anxious and uneasy about how I will support  myself and my family during retirement.
5. I feel well prepared for whatever may happen during my retirement.

Based on averages of responses to these questions, the national “Retirement Peace of Mind Index” at the time of the survey was 5.3 on a scale of 1-10. Retirement peace of mind  varies by gender, wealth, and use of a financial advisor 

Four key elements of retirement peace of mind. The following four key elements help create retirement 
peace of mind:

• Financial security: confidence in having sufficient resources for retirement.
• Health optimization: confidence in having resources and reliable care to maintain health in retirement.
• Family well-being, feeling assured that family members will be financially secure and can rely upon each other when needed.
• Personal purpose: having meaningful retirement goals, faith/spirituality, social connections, and personal legacy

Overturning the three-legged stool 
Among previous generations, retirement preparation was very much like a three-legged stool. Retirement funds were expected to come from 
(1) government entitlement programs, such as Social Security and Medicare, 
(2) employer pensions, 
(3) personal savings and investments. 

The retirement plans of the “silent generation” (ages 68 to 88) reflect this expectation. This generation estimates that just 33% of their retirement funds come from personal savings. 

However, other generations are far less likely to feel they can count on government entitlement programs or employer defined benefit pensions. The boomer generation (ages 49 to 67) expects they will need to fund 41% of their retirement through personal savings and investments. 

Generation X (ages 37 to 48) expects to be personally responsible for half of their retirement funds

Pressing concerns for Boomers thinking of Retiring

A new boomer survey conducted by Merrill Lynch and Ken Dychtwald’s Age Wave asked probing questions about what boomers plan to do with their “longevity bonus.” Completed in January 2013, the study is based on a nationwide survey of more than 6,300 respondents age 45 and older. What they learned may surprise you. The survey results are summarized in “Americans’ Perspectives on New Retirement Realities and the Longevity Bonus,” downloadable  here 

Findings from the study reveal new insights into people's approaches to and thoughts about retirement, such as:

Finances: When it comes to financial goals, achieving peace of mind is seven times more important to Boomers than accumulating wealth.

Reinvention: Today's retirees are largely not retiring — they view the "longevity bonus" as a chance to explore new options, pursue old dreams and live life to the fullest. Retirement used to mean the end of work. Today, seven out of ten pre-retirees say they would ideally like to include some work in their retirement years. Most are seeking flexible work arrangements, such as part-time work (39%) or going back and forth between periods of work and leisure (24%). In fact, working in later life is increasingly becoming the norm. For example, between 2006 and 2011, only the age 55+ workforce grew, while during the same time, millions of younger workers left or were displaced from the workforce 

Family Interdependencies: With today's economic uncertainty, and with many family members struggling financially, balancing an individual's or couple's retirement needs with the needs of parents, siblings, children and grandchildren is a growing and complicated challenge. The term “sandwich generation” was coined in the 1980s to describe Boomers who needed to care for both children and aging parents. Today, due in part to recent economic hardships, the sandwich generation is transforming into a family cube, with support extending side to side as well as up and down. In our national survey, we asked people age 45+ whether they expect to provide support to family members

Connections: Today's retirees are finding comfort, meaning and safety in connections with family, friends, communities and trusted guides. The end of work also reveals an often unforeseen surprise:  the importance of friendships and relationships with fellow workers. Although pre-retirees think a reliable income is what they'll miss most when leaving work, retirees tell us that it is the social connections that they miss most after they retire. Traditional Values: Retirees today define happiness not in terms of dollars but in terms of new experiences, peace of mind, helping family and making a difference.

The study also offers new insights about sources of concern and the need for guidance, including:

Health Disruptions: Health problems and the cost of healthcare now top the list of retirement worries — even more so among the affluent. Unanticipated medical expenses can derail years of retirement preparation. Sixty percent of bankruptcies in the U.S. today are related to medical bills  and retirees who are struggling with health issues are twice as likely to say they are in a financial crisis. Wealthier pre-retirees and retirees are even more likely to rank healthcare expenses as their top financial worry in retirement.

Falling Short: People don't know exactly how long they will live and feel insecure about their ability to support a very long life.

Home and Community: People are concerned about where they should live in retirement, as well as the need to support adult children and parents' housing and eldercare needs. Multigenerational households are on the rise, doubling since 1980 to more than one in five households. With this in mind, we believe these are the four mainstays of family support:

1.    Financial. 43% expect to provide direct financial support, such as writing a check or providing a loan to a family member.

2.    Housing. 38% expect to provide or help a family member pay for a place to live.

3.    Education. 30% expect to help pay education expenses for a family member.

4.    Healthcare. 25% expect to pay for or help manage a family member’s healthcare or long-term care needs.

The study reveals a strong desire among those approaching and in retirement to know more about the challenges and opportunities that lie ahead, to gain greater clarity about what they hope to achieve, and to understand what is possible

What does love mean

A group of professional people posed this question to a group of 4 to 8 year-olds, "What does love mean?"
Source What does love mean?

"When my grandmother got arthritis, she couldn't bend over and paint her toenails anymore. So my grandfather does it for her all the time, even when his hands got arthritis too. That's love."

Rebecca - age 8

"When someone loves you, the way they say your name is different.  You just know that your name is safe in their mouth."  Billy - age 4

"Love is like a little old woman and a little old man who are still friends even after they know each other so well."

Tommy - age 6

Last year we spent Xmas with my daughter, and my grandson, what I remember is spending a lot of time getting the right present. Time, care and love went into buying the gifts. On Xmas morning we watched as Ryder opened the present, watched the looks of adoration on the faces of the parents, then noted the surprise that moves across their faces that changes in the next moment to disappointment, finally, as the light dawns, to delight.

What did we see? We saw Ryder open the present, look at it briefly, discard it, and, then happily play with the box and wrappings for hours.

I love this story as do so many other parents and grandparents, because what we are seeing is the childs love of the ordinary everday life and small miracles and how that can steal your heart. 

Now, what ordinary miracles do I see at home?  Home too is paradise if I would but look.  This trip I was bowled overby how beautiful Vancouver is.  Everywhere I look, I see the Divine.

What is sacred and magic about the ordinary in your life? Find it.  I promise you its there.

Exercise:  Go outside for 10 minutes, look with your artist's eye, and find three things that knock your socks off.  That make you say, "Oh, wow!"  Get back into the dreams and the wonder you had for life when you were a child and carry that into your retirement goals, dreams and actions.

If we had a keen vision and feeling of all ordinary human life, it would be like hearing the grass grow and the squirrel's heart beat, and we should die of that roar which lies on the other side of silence. As it is, the best of us walk about well wadded with stupidity. - George Eliot 

Simplicity, simplicity, simplicity! I say, let your affairs be as two or three, and not a hundred or a thousand; instead of a million count half a dozen, and keep your accounts on your thumb-nail. - Our old friend, Henry David Thoreau

What Does Retirement Really Look Like?

When I was in my 20s, this is what I thought a typical day for a retiree would be like.

9 a.m. – Wake up to a leisurely breakfast and a cup of coffee. Read the paper and do the crossword puzzle.

10 a.m. – Go for a walk, then take it easy.

11:30 a.m. – Watch some TV and read a magazine or a book.

1 p.m. - Have lunch.

Afternoon – Go shopping, walk the dog, work on the house, and catch up with friends.

5 p.m. – Have an early bird dinner and kick back the rest of the day.

9 p.m. – Time to hit the hay.

This vision fits a sedate retirement home more than the current active retirements in which many retirees actually engage. Now that I’m older I know this is not what people do in retirement. Many people stay quite active when they first retire from their careers and put off the relaxed retirement until when they are much older.

Active retirement. 

An active retirement is not just keeping busy, but engaging in quality activities that make your life worthwhile. Here are some of the key ingredients of quality retirement activities to help guide your planning:

Find something you are passionate about. Since retirement is your time to do what I want to do, it is the perfect time to focus on what you am passionate about. Passions differ and can change over time, but you know when you are passionate about something. Whatever that “it” is for each of us, we need to find it and pursue it.

Find something that challenges you. If an activity is too easy, it will get done too quickly. Rising to meet a challenge engages our capabilities and focuses our attention. Successfully dealing with a challenge gives us a feeling of accomplishment and worth. Retirement can be a time of discovery if we engage in activities that push us a bit.

Find something that helps others. There is a satisfaction that we can realize by stepping outside of our comfort zone to help someone in need. Heartfelt gratitude expressed for even little things will warm the coldest heart. Some of us are courageous trail blazers who travel to foreign countries to help those in need. Other people just take the time to talk with a homeless person waiting on the curb and listen attentively to their story, empathizing with their situation, and showing that someone cares.

Find something that is long term. If we are fortunate, retirement will be an extended proposition lasting many years. It is advantageous if retirement activities are not quickly completed and require time and diligence. I think that something becomes long term when it is more about the journey than arriving at the destination.

I am learning that avoiding boredom in retirement cannot be accomplished by engaging in an unlimited quantity of activities. Rather, a satisfying retirement will be determined by the quality of the activities I choose.

I know most people would rather continue to be active after they retire from their career than relaxing around the pool all day.

Retirement can be a difficult transition. Retirement can be a difficult transition if you are not prepared for it. Many people who were near retirement age were forced to retire during the recent downturn. The loss of income coupled with the large losses in their retirement account caused a lot of heartburn. Taking up a part-time job or freelance work could help delay the withdrawal until the stock market recovers.

Have a fun retirement. An active retirement can mean part-time work, volunteering, freelancing, coaching, and many other activities. Doing part-time work and generating a small income after retiring is a viable way to reduce or delay withdrawal from your retirement accounts.

Retiring from a full-time job is a big change and many retirees often miss the structured routine of work. Keeping an active retirement can be a bridge to a relaxed retirement later on.
from an idea posted  By Joe, August 23, 2012