Sun Life Unretirement Index Reports Almost Half of Americans Would Not Contribute to Social Security
New Research Reflects Growing Lack of Confidence in
Government Benefits
WELLESLEY, MA (March 16, 2009) - The U.S. division of Sun Life Financial Inc. (NYSE:SLF, TSX:SLF) today released new data from the Sun Life UnretirementSM Index that reveals almost half of American workers (48%), if offered the choice, would prefer to stop paying into the Social Security system even if it meant that they would not receive these benefits once eligible to receive them. The Index, released multiple times a year, gauges how economic, financial, and societal forces affect working Americans and their retirement decisions.
In addition, this preference for opting out of the Social Security system is present among all age groups.
· Workers in their 30s are most likely to favor not paying into the Social Security system, with 59% responding they would rather not pay the taxes and not receive benefits.
· 51% of workers age 40-49 prefer to not participate.
· 44% of workers age 50 to 59 prefer to not participate in the Social Security program, and 39% of workers 50 and older would rather not participate.
· Even a significant amount of respondents who are nearing traditional retirement age would choose to stop paying Social Security taxes. One in three (33%) workers over the age of 60 said they would stop paying Social Security taxes even if it meant they would not receive any benefits.
Income level was also not a strong factor impacting American workers’ attitudes toward Social Security. In fact, results were largely consistent across income levels.
Almost half (47%) of Americans with a household income of less than $25,000 would choose to opt out of the system, and 48% of those making between $25,000 and $50,000 a year would as well.
· Slightly more than half (52%) of Americans making over $125,000 a year would choose to stop paying Social Security taxes and not receive the benefit.
The research also shows men are far more likely than women to say they would rather not pay into Social Security or receive any Social Security payments.
· 57% of men age 40 to 49 would opt out of Social Security, while 45% of women in that age group would choose to opt out.
· 62% of men age 30 to 39 would opt out. Just over half (56%) of women age 30 to 39 would choose to opt out.
“As American workers approach the traditional retirement age, they increasingly begin to see the value of some component of guaranteed income, whether or not they plan to keep working,” said Wes Thompson, President of Sun Life Financial U.S. “While the drop in the overall Unretirement Index number reflects a decrease in confidence in Social Security, future Index findings will determine the long-term effects of the current economy on American expectations of retirement.”
Listen to additional commentary from Wes Thompson.
http://www.sunlife-usa.com/unretirementindex/results.cfm
Lack of confidence in government benefits grows in recent months
As the global recession has continued over the past several months, the Unretirement Index has shown a growing lack of confidence among American workers in the future availability of government benefits. The Index most recently polled American workers in December 2008. When asked if they believed Social Security will be available to them at age 67, over half of Americans (54%) did not believe it would.
The group that showed the sharpest drop in confidence was forty-something Americans. In August, 52 percent of Americans age 40-49 believed that Social Security would not be available from them at age 67. Three months later the number spiked to 66 percent - a 14 point shift.
What it means to be Unretired
Unretirement is defined as working at least 20 hours per week after the age when one is eligible to receive Social Security benefits. Sun Life created this Index to learn more about the reasons why Americans are choosing to “unretire,” or continue to work full- or part-time after the age of traditional retirement. For the complete Unretirement Index results, visit:
http://www.unretirementindex.com.
Methodology
The most recent version of the Sun Life Unretirement Index was conducted between December 3 and 14 of 2008. Telephone interviews were conducted by Interviewing Service of America using a random-digit dial (RDD) sampling method. Quotas and weights were applied to gather a sample of 1,200 people working either full- or part-time, which was representative of the U.S. working population between the ages of 30 and 66. The sample was also representative in terms of gender and four-region census break. Analysis and construction of indices involved the application of factor analysis. Final indices are based on summated averages across the attributes which make up an index.
Age groups were divided by workers in their 30s, 40s, 50s, and 60+ and by three ranges of total assets, not including the net worth of the person’s place of residence (less than $100K, between $100K and $500K, and greater than $500K). This sample has a margin of error of 2.8 percent at the 95 percent confidence interval.
About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of December 31, 2008, the Sun Life Financial group of companies had total assets under management of US $313.3 billion. Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under ticker symbol SLF.
Visit Sun Life Financial's website at http://www.sunlife-usa.com.
Ryan Wagner │ Managing Supervisor │Fleishman-Hillard Inc.
855 Boylston Street │ Boston, MA 02116-2622
direct: 617-692-0522 │ mobile: 202-230-1275
Tuesday, March 17, 2009
Wednesday, February 11, 2009
For Immediate Release For Boomers & Seniors
For Immediate Release
February 6, 2009
Contacts: David Ottalini, 301 405 4076 or dottalin@umd.edu
Surviving Troubled Times
COLLEGE PARK, Md. - "You cannot fix the economic crisis but you can survive. The following tips for those at both ends of the financial spectrum can help your psychological survival," writes Nancy Schlossberg, professor emerita at the University of Maryland and author of Revitalizing Retirement: Reshaping Your Identity, Relationships and Purpose.
Her advice for adapting to the nation's growing financial crisis includes these tips:
Take "For Now Jobs" Today; Dream About Tomorrow's Career.
Maintain A Strong Psychological Portfolio.
Change Your Perspective From Money to Mattering.
Surviving in Troubled Times
By Nancy K. Schlossberg
With car dealerships closing at breakneck speed, Sue, a top salesperson making over six figures, realized that her financial survival depended on facing reality and making plans. She wrote: "I am going to work for Publix Super Market. I have many years of management experience and plan on working to get back up to management level - even though I will start at the checkout counter."
Larry, a roofer who owned his own company, also saw the handwriting on the wall. His clients were not paying their bills and he recognized that his work was drying up. He therefore searched and located a larger company that would survive in these economically troubled times - a company that repaired roofs at places like the Smithsonian and the White House.
These optimistic stories do not make up for the over 11.1 million unemployed who are on the brink of financial disaster. I continue to hear, words of distress and confusion:
"We cannot pay our mortgage and it looks like foreclosure is ahead of us;"
"It's like an out of body experience. I cannot believe it is happening to me;"
"I just canceled my surgery, since it was elective."
Whether you are a millionaire (probably losing at least 30 to 40 percent of your assets), or a construction worker unable to find work, you are facing the same common enemy. You cannot fix the economic crisis but you can survive. The following tips for those at both ends of the financial spectrum can help your psychological survival.
Tip 1: Take "For Now Jobs" Today; Dream About Tomorrow's Career.This is the time to think about short-term goals like eating and survival and long-term goals like positioning yourself for a productive future. Jan Alston, career advisor at the Women's Resource Center of Sarasota County, advises clients to take "For Now Jobs" in order to survive these bad times at the same time planning for a future dream job. This might be the time to return to school and get training for the future.
Tip 2: Maintain A Strong Psychological Portfolio.McCain and Palin used Joe, the ersatz plumber, to illustrate what ordinary people need. I know Jim, an actual policeman, whose life after retirement provides clues to what leads to happiness. Deflated when he retired from his demanding but rewarding career, he told me, "I turned in my gun and badge and that was that." In other words, his Psychological Portfolio - his Identity, Relationships with colleagues, and Purpose - were diminished. To replace these, he moved into hotel management and once again regained his Identity and Purpose as he formed new Relationships.
Tip 3. Change Your Perspective From Money to Mattering.The economic downturn provides the opportunity to rethink how much money you need to live and be happy. Assuming you are not at the poverty level, the biggest challenge is realizing that money isn't necessarily the answer to happiness. In fact, it is about everyone's need to feel appreciated, noticed, depended upon - that you count in others' lives.
If you are fired and cannot reach the unemployment office to register for benefits, if you do not qualify for benefits because of some technicality, you will feel you do not matter to the larger community. If this happens to you, it is critical that you call attention through letters to the editor, calls to talk radio, blogs pointing out the many ways the larger community has undercut you and others. But when you are shown appreciation, respond to that too.
Mattering matters.
Nancy K. Schlossberg is professor emerita at the University of Maryland and author of "Revitalizing Retirement: Reshaping Your Identity, Relationships and Purpose."
MEDIA CONTACTS
Neil Tickner
Senior Media Relations Associate
University of Maryland
301-405-4622ntickner@umd.edu
David Ottalini
Senior Media Relations Associate
University of Maryland
301-405-4076dottalin@umd.edu
February 6, 2009
Contacts: David Ottalini, 301 405 4076 or dottalin@umd.edu
Surviving Troubled Times
COLLEGE PARK, Md. - "You cannot fix the economic crisis but you can survive. The following tips for those at both ends of the financial spectrum can help your psychological survival," writes Nancy Schlossberg, professor emerita at the University of Maryland and author of Revitalizing Retirement: Reshaping Your Identity, Relationships and Purpose.
Her advice for adapting to the nation's growing financial crisis includes these tips:
Take "For Now Jobs" Today; Dream About Tomorrow's Career.
Maintain A Strong Psychological Portfolio.
Change Your Perspective From Money to Mattering.
Surviving in Troubled Times
By Nancy K. Schlossberg
With car dealerships closing at breakneck speed, Sue, a top salesperson making over six figures, realized that her financial survival depended on facing reality and making plans. She wrote: "I am going to work for Publix Super Market. I have many years of management experience and plan on working to get back up to management level - even though I will start at the checkout counter."
Larry, a roofer who owned his own company, also saw the handwriting on the wall. His clients were not paying their bills and he recognized that his work was drying up. He therefore searched and located a larger company that would survive in these economically troubled times - a company that repaired roofs at places like the Smithsonian and the White House.
These optimistic stories do not make up for the over 11.1 million unemployed who are on the brink of financial disaster. I continue to hear, words of distress and confusion:
"We cannot pay our mortgage and it looks like foreclosure is ahead of us;"
"It's like an out of body experience. I cannot believe it is happening to me;"
"I just canceled my surgery, since it was elective."
Whether you are a millionaire (probably losing at least 30 to 40 percent of your assets), or a construction worker unable to find work, you are facing the same common enemy. You cannot fix the economic crisis but you can survive. The following tips for those at both ends of the financial spectrum can help your psychological survival.
Tip 1: Take "For Now Jobs" Today; Dream About Tomorrow's Career.This is the time to think about short-term goals like eating and survival and long-term goals like positioning yourself for a productive future. Jan Alston, career advisor at the Women's Resource Center of Sarasota County, advises clients to take "For Now Jobs" in order to survive these bad times at the same time planning for a future dream job. This might be the time to return to school and get training for the future.
Tip 2: Maintain A Strong Psychological Portfolio.McCain and Palin used Joe, the ersatz plumber, to illustrate what ordinary people need. I know Jim, an actual policeman, whose life after retirement provides clues to what leads to happiness. Deflated when he retired from his demanding but rewarding career, he told me, "I turned in my gun and badge and that was that." In other words, his Psychological Portfolio - his Identity, Relationships with colleagues, and Purpose - were diminished. To replace these, he moved into hotel management and once again regained his Identity and Purpose as he formed new Relationships.
Tip 3. Change Your Perspective From Money to Mattering.The economic downturn provides the opportunity to rethink how much money you need to live and be happy. Assuming you are not at the poverty level, the biggest challenge is realizing that money isn't necessarily the answer to happiness. In fact, it is about everyone's need to feel appreciated, noticed, depended upon - that you count in others' lives.
If you are fired and cannot reach the unemployment office to register for benefits, if you do not qualify for benefits because of some technicality, you will feel you do not matter to the larger community. If this happens to you, it is critical that you call attention through letters to the editor, calls to talk radio, blogs pointing out the many ways the larger community has undercut you and others. But when you are shown appreciation, respond to that too.
Mattering matters.
Nancy K. Schlossberg is professor emerita at the University of Maryland and author of "Revitalizing Retirement: Reshaping Your Identity, Relationships and Purpose."
MEDIA CONTACTS
Neil Tickner
Senior Media Relations Associate
University of Maryland
301-405-4622ntickner@umd.edu
David Ottalini
Senior Media Relations Associate
University of Maryland
301-405-4076dottalin@umd.edu
Sunday, February 1, 2009
Sun Life Financial Unretirement Index Reveals 54% of American Workers Will Delay Retirement
Sun Life Financial Unretirement Index Reveals 54% of American Workers Will Delay Retirement
Earning Enough Money and Health Care Benefits Become More Important Reasons to Keep Working; 40-Somethings Most Impacted by Economic Crisis
WELLESLEY, MA (January 28, 2009) - The U.S. division of Sun Life Financial Inc. (NYSE:SLF, TSX:SLF) today released the latest edition of its UnretirementSM Index, which reveals 54% of American workers will delay their retirement by at least one year due to the current economic situation, with 24% saying they will need to work more than 5 years. The Index, released multiple times a year, gauges how economic, financial, and societal forces affect working Americans, and forecasts their future retirement decisions that will impact individuals, the government, employers and the broader economy.
The Unretirement Index most recently polled American workers in December, and previously polled them in August 2008. As a result, the latest findings are the first to measure how American attitudes and expectations of retirement have changed since the economic crisis last fall. Sun Life’s ongoing research showed the current economic climate has adversely impacted the American workforce, and while the number of Americans who expect to work at least 20 hours a week after age 67 is largely unchanged, their reasons for continuing to work have dramatically changed. Over the last 90 days, the most popular reason cited by American workers for why they would continue to work past the traditional retirement age of 67 shifted from “to stay mentally engaged” to “earn enough money to live well.” While staying mentally engaged fell to the second most popular reason, the number of Americans who cite they will continue working “for health care benefits” rose from the sixth primary reason to the third most common answer, with 64 percent now listing it as a reason to postpone retirement.
Unretirement is defined as working at least 20 hours per week after the age when one is eligible to receive social security benefits. Sun Life created this Index to learn more about the reasons why Americans are choosing to “unretire,” or continue to work full- or part-time after the age of traditional retirement. For the complete Unretirement Index results, visit www.unretirementindex.com.
“Our newest findings illustrate just how severely the current crisis has affected Americans’ personal finances and their reasons for continuing to work longer than they anticipated,” said Jon Boscia, President of Sun Life Financial. “While finances remain one of many factors influencing retirement decisions, the Unretirement Index is a unique barometer of measuring how outside influences like market behavior truly change personal behavior. It explains how and why retirement is changing in the U.S.”
ADDITIONAL FINDINGS
Forty-something Americans deeply impacted by recession
The Index also reports the current economic environment has most deeply impacted the retirement mindset of Americans aged 40-49. Seventy-seven percent of them who plan to work past traditional retirement are doing so to receive health care benefits. This represents a 16 percent spike in just the last ninety days – far more than any other age group. Forty-something Americans also led all demographics in expecting to work five years longer than planned (28%), saving or investing more in the last three months (40%), and continuing to work after 67 because of earning enough money to live well (87%).
How are Americans responding to the economic crisis?
Sixty seven percent of all Americans are now reducing their spending and over half (55%) are reducing their debt while far fewer Americans are trying to find a better paying job (22%). Of those trying to reduce spending:
· 75% are spending less on entertainment
· 74% are eating out less often
· 68% cut back on holiday gifts
· 53% put off a large purchase
· 37% cancelled planned travel or vacation
· 34% delayed a routine or elective medical procedure
Americans not withdrawing retirement savings even as confidence in government benefits continues to fall
· Ninety percent of Americans have not had to withdraw any of their retirement savings from long-term investment products like IRAs, 401(k)s and annuities.
· Despite this positive note, confidence that government benefit programs like Social Security and Medicare will remain solvent continued falling, especially among workers in their thirties and forties. Seventy percent of workers in their thirties and 66% in their forties do not believe Social Security will be available when they are 67.
UNRETIREMENT INDEX NUMBER
On a scale of 0-100, the Index dropped from its initial overall score of 46 to 44, showing Americans are more pessimistic about their retirement prospects. It also means Americans are more likely to continue working at least 20 hours a week after age 67. The Index is made up of several subindices that address different areas that impact retirement decisions including the economy, personal finance, health, government benefits, and employee benefits. The greatest contributor to the Index drop came from the personal finance subindex, which decreased by seven points due to declines in retirement savings and investments, plus a significant drop in personal income growth.
The Index shift probably would have been greater if not for the falling national gasoline prices over the last 90 days - which greatly impacted the way that American workers feel about the overall economy. When given a list of several factors that impact the current economic environment – from food prices to housing values to employment opportunities – the cost of gas went from the “worst aspect of the economy” in the eyes of Americans to “the best aspect of the economy.”
The overall index is a composite score based on the performance of five issue-specific indices, including: the "economic index" (score = 33), the "personal finance index" (score = 41), the "health index" (score = 67), the "government benefits index" (score = 40), and the "employer benefits" index (score = 38).
Methodology
This edition of the study was conducted between December 3 and 14 of 2008. Telephone interviews were conducted by Interviewing Service of America using a random-digit dial (RDD) sampling method. Quotas and weights were applied to gather a sample of 1,200 people working either full- or part-time, which was representative of the U.S. working population between the ages of 30 and 66. The sample was also representative in terms of gender and four-region census break. Analysis and construction of indices involved the application of factor analysis. Final indices are based on summated averages across the attributes which make up an index.
Age groups were divided by workers in their 30s, 40s, 50s, and 60+ and by three ranges of total assets, not including the net worth of the person’s place of residence (less than $100K, between $100K and $500K, and greater than $500K). This sample has a margin of error of 2.8 percent at the 95 percent confidence interval.
About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of September 30, 2008, the Sun Life Financial group of companies had total assets under management of US $365.6 billion. Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under ticker symbol SLF.
Visit Sun Life Financial's website at www.sunlife-usa.com.
###
Brenna Fitzgerald
Account Executive
Fleishman-Hillard, Inc
855 Boylston St Boston, MA 02116
T: 617.692.0514
E: brenna.fitzgerald@fleishman.com
Earning Enough Money and Health Care Benefits Become More Important Reasons to Keep Working; 40-Somethings Most Impacted by Economic Crisis
WELLESLEY, MA (January 28, 2009) - The U.S. division of Sun Life Financial Inc. (NYSE:SLF, TSX:SLF) today released the latest edition of its UnretirementSM Index, which reveals 54% of American workers will delay their retirement by at least one year due to the current economic situation, with 24% saying they will need to work more than 5 years. The Index, released multiple times a year, gauges how economic, financial, and societal forces affect working Americans, and forecasts their future retirement decisions that will impact individuals, the government, employers and the broader economy.
The Unretirement Index most recently polled American workers in December, and previously polled them in August 2008. As a result, the latest findings are the first to measure how American attitudes and expectations of retirement have changed since the economic crisis last fall. Sun Life’s ongoing research showed the current economic climate has adversely impacted the American workforce, and while the number of Americans who expect to work at least 20 hours a week after age 67 is largely unchanged, their reasons for continuing to work have dramatically changed. Over the last 90 days, the most popular reason cited by American workers for why they would continue to work past the traditional retirement age of 67 shifted from “to stay mentally engaged” to “earn enough money to live well.” While staying mentally engaged fell to the second most popular reason, the number of Americans who cite they will continue working “for health care benefits” rose from the sixth primary reason to the third most common answer, with 64 percent now listing it as a reason to postpone retirement.
Unretirement is defined as working at least 20 hours per week after the age when one is eligible to receive social security benefits. Sun Life created this Index to learn more about the reasons why Americans are choosing to “unretire,” or continue to work full- or part-time after the age of traditional retirement. For the complete Unretirement Index results, visit www.unretirementindex.com.
“Our newest findings illustrate just how severely the current crisis has affected Americans’ personal finances and their reasons for continuing to work longer than they anticipated,” said Jon Boscia, President of Sun Life Financial. “While finances remain one of many factors influencing retirement decisions, the Unretirement Index is a unique barometer of measuring how outside influences like market behavior truly change personal behavior. It explains how and why retirement is changing in the U.S.”
ADDITIONAL FINDINGS
Forty-something Americans deeply impacted by recession
The Index also reports the current economic environment has most deeply impacted the retirement mindset of Americans aged 40-49. Seventy-seven percent of them who plan to work past traditional retirement are doing so to receive health care benefits. This represents a 16 percent spike in just the last ninety days – far more than any other age group. Forty-something Americans also led all demographics in expecting to work five years longer than planned (28%), saving or investing more in the last three months (40%), and continuing to work after 67 because of earning enough money to live well (87%).
How are Americans responding to the economic crisis?
Sixty seven percent of all Americans are now reducing their spending and over half (55%) are reducing their debt while far fewer Americans are trying to find a better paying job (22%). Of those trying to reduce spending:
· 75% are spending less on entertainment
· 74% are eating out less often
· 68% cut back on holiday gifts
· 53% put off a large purchase
· 37% cancelled planned travel or vacation
· 34% delayed a routine or elective medical procedure
Americans not withdrawing retirement savings even as confidence in government benefits continues to fall
· Ninety percent of Americans have not had to withdraw any of their retirement savings from long-term investment products like IRAs, 401(k)s and annuities.
· Despite this positive note, confidence that government benefit programs like Social Security and Medicare will remain solvent continued falling, especially among workers in their thirties and forties. Seventy percent of workers in their thirties and 66% in their forties do not believe Social Security will be available when they are 67.
UNRETIREMENT INDEX NUMBER
On a scale of 0-100, the Index dropped from its initial overall score of 46 to 44, showing Americans are more pessimistic about their retirement prospects. It also means Americans are more likely to continue working at least 20 hours a week after age 67. The Index is made up of several subindices that address different areas that impact retirement decisions including the economy, personal finance, health, government benefits, and employee benefits. The greatest contributor to the Index drop came from the personal finance subindex, which decreased by seven points due to declines in retirement savings and investments, plus a significant drop in personal income growth.
The Index shift probably would have been greater if not for the falling national gasoline prices over the last 90 days - which greatly impacted the way that American workers feel about the overall economy. When given a list of several factors that impact the current economic environment – from food prices to housing values to employment opportunities – the cost of gas went from the “worst aspect of the economy” in the eyes of Americans to “the best aspect of the economy.”
The overall index is a composite score based on the performance of five issue-specific indices, including: the "economic index" (score = 33), the "personal finance index" (score = 41), the "health index" (score = 67), the "government benefits index" (score = 40), and the "employer benefits" index (score = 38).
Methodology
This edition of the study was conducted between December 3 and 14 of 2008. Telephone interviews were conducted by Interviewing Service of America using a random-digit dial (RDD) sampling method. Quotas and weights were applied to gather a sample of 1,200 people working either full- or part-time, which was representative of the U.S. working population between the ages of 30 and 66. The sample was also representative in terms of gender and four-region census break. Analysis and construction of indices involved the application of factor analysis. Final indices are based on summated averages across the attributes which make up an index.
Age groups were divided by workers in their 30s, 40s, 50s, and 60+ and by three ranges of total assets, not including the net worth of the person’s place of residence (less than $100K, between $100K and $500K, and greater than $500K). This sample has a margin of error of 2.8 percent at the 95 percent confidence interval.
About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of September 30, 2008, the Sun Life Financial group of companies had total assets under management of US $365.6 billion. Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under ticker symbol SLF.
Visit Sun Life Financial's website at www.sunlife-usa.com.
###
Brenna Fitzgerald
Account Executive
Fleishman-Hillard, Inc
855 Boylston St Boston, MA 02116
T: 617.692.0514
E: brenna.fitzgerald@fleishman.com
Saturday, January 31, 2009
Top Jobs For 50+
Top Jobs for 50+
By dhuso • Jan 16th, 2009
Retirees heading back to the workplace, take note: There are industries that cater to older workers. Many of those, according to Bob Skladany, Vice President of Research at RetirementJobs.com, are business sectors experiencing labor shortages. Those industries include health care, home-aid, temporary staffing companies, retailers, transportation, nonprofits and financial services.
Deborah Russell, Director of Workforce Issues for AARP, says the health care and retail industries have consistent difficulties recruiting and retaining younger workers. The field of nursing, for example, has long suffered from a lack of trained professionals available to teach the next generation.
Financial planning is also a good profession to consider. “The financial services industry is driven by a desire to hire people who look like their customers,” Skladany says. And nonprofits cater to older workers because they are generally willing to accept lower salaries.
Skladany says retirees who want to go back to work can benefit from the current “knowledge shortage.” He says so many workers in fields like engineering and accounting are retiring that there are not enough young, degreed professionals to replace them.
Top 20 Jobs for Over-50 Workers
1. Nonprofit Executive
2. Patient Representative
3. Celebrant/Religious Leader
4. Financial Adviser
5. Public School Teacher
6. Appraiser (Residential Real Estate)
7. College Professor8. Day Care Center Teacher
9. IRA Specialist
10. Labor Relations Manager
11. Leasing Consultant
12. Lobbyist
13. Medical Records Coding Technician
14. Pension Administrator
15. Religious Educator
16. Department Retail Sales Manager
17. Retail Sales Staff
18. Staff Nurse (RN)
19. Tax Accountant II
20. Tutor
*From “If You’re Over 50—Top 20 Jobs for a Change,” CNNMoney.com and Salary.com.
http://www.ideal-living.com/667/top-jobs-for-50
By dhuso • Jan 16th, 2009
Retirees heading back to the workplace, take note: There are industries that cater to older workers. Many of those, according to Bob Skladany, Vice President of Research at RetirementJobs.com, are business sectors experiencing labor shortages. Those industries include health care, home-aid, temporary staffing companies, retailers, transportation, nonprofits and financial services.
Deborah Russell, Director of Workforce Issues for AARP, says the health care and retail industries have consistent difficulties recruiting and retaining younger workers. The field of nursing, for example, has long suffered from a lack of trained professionals available to teach the next generation.
Financial planning is also a good profession to consider. “The financial services industry is driven by a desire to hire people who look like their customers,” Skladany says. And nonprofits cater to older workers because they are generally willing to accept lower salaries.
Skladany says retirees who want to go back to work can benefit from the current “knowledge shortage.” He says so many workers in fields like engineering and accounting are retiring that there are not enough young, degreed professionals to replace them.
Top 20 Jobs for Over-50 Workers
1. Nonprofit Executive
2. Patient Representative
3. Celebrant/Religious Leader
4. Financial Adviser
5. Public School Teacher
6. Appraiser (Residential Real Estate)
7. College Professor8. Day Care Center Teacher
9. IRA Specialist
10. Labor Relations Manager
11. Leasing Consultant
12. Lobbyist
13. Medical Records Coding Technician
14. Pension Administrator
15. Religious Educator
16. Department Retail Sales Manager
17. Retail Sales Staff
18. Staff Nurse (RN)
19. Tax Accountant II
20. Tutor
*From “If You’re Over 50—Top 20 Jobs for a Change,” CNNMoney.com and Salary.com.
http://www.ideal-living.com/667/top-jobs-for-50
Monday, January 26, 2009
11 Things You May Not Know About Your IRA.
11 Things You May Not Know About Your IRA
The most important part of your individual retirement account (IRA) is the fact that it is "individual". You can customize when you make deposits, take withdrawals and pay taxes on distributions. You can even control what happens to it after you die. Want to take advantage of all that your IRA has to offer? Read on for some little-known features that will help you get the most out of your contributions.
1. You can contribute to more than one IRA.
It is possible to end up with more than one IRA for a number of reasons. For example:
· You had an existing Roth account and then rolled an old 401(k) into a Traditional IRA.
· Your adjusted gross income (AGI) rose to the point where you were no longer eligible to contribute to your Roth IRA, so you opened a Traditional IRA.
· You inherited an IRA from a loved one, but you already had one of your own.
· You maintained your Roth account and opened a Traditional IRA to take advantage of tax deductions.
Contribute to as many IRAs as you want, but the total deposited in all IRAs is limited to the annual maximum amount. For example, the annual maximum contribution for 2008 is $5,000. So, if Bob deposits $2,000 into his Traditional IRA, he can also contribute $3,000 to his Roth account during the same year.
It is possible to end up with more than one IRA for a number of reasons. For example:
· You had an existing Roth account and then rolled an old 401(k) into a Traditional IRA.
· Your adjusted gross income (AGI) rose to the point where you were no longer eligible to contribute to your Roth IRA, so you opened a Traditional IRA.
· You inherited an IRA from a loved one, but you already had one of your own.
· You maintained your Roth account and opened a Traditional IRA to take advantage of tax deductions.
Contribute to as many IRAs as you want, but the total deposited in all IRAs is limited to the annual maximum amount. For example, the annual maximum contribution for 2008 is $5,000. So, if Bob deposits $2,000 into his Traditional IRA, he can also contribute $3,000 to his Roth account during the same year.
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Saturday, January 10, 2009
Most Boomers Want to Stay in Current Home
Most Boomers Want to Stay in Current Home
A study of the Baby Boom generation by AARP and the National Association of Home Builders concluded that because the number of people age 65 and older will grow to 70 million by 2030, where boomers choose to live will have maximum impact on the housing industry.
While boomers will reflect the patterns of earlier generations and mostly age in place, said Elinor Ginzler, senior vice president of AARP, “The sheer number of boomers will increase demand for a whole variety of home and community options.
Here are some key findings from the study:
Source: The Chicago Tribune, Suzanne Cosgrove (12/21/2008)
http://www.realtor.org/rmodaily.nsf/pages/News2008122205
A study of the Baby Boom generation by AARP and the National Association of Home Builders concluded that because the number of people age 65 and older will grow to 70 million by 2030, where boomers choose to live will have maximum impact on the housing industry.
While boomers will reflect the patterns of earlier generations and mostly age in place, said Elinor Ginzler, senior vice president of AARP, “The sheer number of boomers will increase demand for a whole variety of home and community options.
Here are some key findings from the study:
- 79 percent say they would like to stay in their current homes as long as possible;
- 10 percent say they would like to stay in their current homes, but don’t think they will be able to do so;
- 26 percent of boomers plan to eventually move from their current homes, with the majority seeking a single-level home that is both comfortable and convenient;
- 50 percent of those who plan to move want a home that is newer than their current home;
- 49 percent expect to downsize to a smaller home.
Source: The Chicago Tribune, Suzanne Cosgrove (12/21/2008)
http://www.realtor.org/rmodaily.nsf/pages/News2008122205
Will Aging Boomers Change Housing?
Will Aging Boomers Change Housing?
Housing for boomers will be a growth industry in the next 20 years, says Matt Thornhill, co-author of the book "Boomer Consumer: Ten New Rules for Marketing to America's Largest, Wealthiest and Most Influential Group."
Thornhill predicts the following within the next couple of decades:
My mother-in-law lived with us for 8 years. It was the best arrangement for her during the last
8 years of her life. IT WAS THE BIGGEST SACRIFICE FOR OUR FAMILY and believe me
it would be FOR ANYONE' LIFE.
http://www.realtor.org
Housing for boomers will be a growth industry in the next 20 years, says Matt Thornhill, co-author of the book "Boomer Consumer: Ten New Rules for Marketing to America's Largest, Wealthiest and Most Influential Group."
Thornhill predicts the following within the next couple of decades:
- Boomers will renovate their existing homes to make them more comfortable and safer as they age.
- Boomers will turn neighborhoods that have good access to shopping and other services into retirement areas with co-housing and other kinds of intergenerational living.
- Pods — one-bedroom structures wired and plumbed to the main house — will be a popular answer for families with older members.
My mother-in-law lived with us for 8 years. It was the best arrangement for her during the last
8 years of her life. IT WAS THE BIGGEST SACRIFICE FOR OUR FAMILY and believe me
it would be FOR ANYONE' LIFE.
- Boomers will prefer city to suburban living.
- Fewer new structures will be built with services for older adults housed in schools and churches.
http://www.realtor.org
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