Retirement Blog January 2007


Jan 29, 2007, British Teachers Retire Early

In the past seven years the number of British teachers taking early retirement has almost doubled.

The reported reasons are poor behavior of students and government changes.

Since Britain expects 25% of its teaching force to retire in the next ten years in any case, speeding up the rate of those leaving could leave the system short on gray-haired wisdom.

A program for putting those without a background in education into the system with only one year of training is an interesting solution.

I think it's a pity to let those who are already trained go too soon.

I'm a teacher, so I can identify with those who simply can't fight the system any longer. I also know the value of experience in a classroom.

Not that they are asking, but my suggestion to the powers that be -- slow down the pace of your changes. Listen to those in the trenches and give them the support they tell you they need.

I know this isn't of vital interest to all of you who are retiring, but it's my blog and I get to have a rant once in a while.


Jan 29, 2007, Moving After Retirement?

Although many dream of moving after retirement, only about 10% do so.

Health and finances are at the top of retirement priorities. Both could be reasons to move.

You might move to be closer to health services. Or you might move to take advantage of a better climate.

You might sell your home if you live in a hot real estate market and move into less expensive housing.

If you do decide to move, be aware that moves, even moves you feel great about, are stressful. You will pay a psychological price for moving.


Jan 29, 2007, Twelve Rules For Planning A Successful Retirement

Have you followed the 12 rules for planning a successful retirement?

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Jan 29, 2007, Ten Common Retirement Mistakes

If you are planning your retirement, check to see if you are making any of these 10 common mistakes.

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Jan 29, 2007, China Will Not Raise Retirement Age

It seems that China is having the same problem as many Western countries in funding retirement of its senior citizens.

Currently in China, men retire at 60, women at 55 or 50.

China has had a pension system only since 1995.

The one-child policy will raise the percentage of China's seniors from its current 10% of the population to 30%.

There is not enough in the kitty to pay the pensions of all those new retirees. But for now, China is holding the line on its relatively young retirement age. This goes against the Western trend to remove mandatory retirement from the books.


Jan 29, 2007, When Do Americans Retire? And Why?

Harris Interactive, Inc. has published the results of its survey of 2,500 people.

Six out of ten Americans plan to work during retirement.

Here is the current situation.

The main determiner of when someone retires is money. When people feel confident about a pension plan or an investment strategy, they often choose to retire.


Jan 28, 2007, Dr Mahendra Reddy Says Retirement At 55 Is Good For Fiji

Whether you live in Fiji or not, Dr. Reddy's analysis of the decision to lower the retirement age is of interest.

As I've commented often in this blog, in this global community, what happens in one jurisdiction often happens shortly in another.

It behooves us to take note of what others are doing and thinking. I commend Dr. Reddy's assessment as coming from someone with a background in rigorous study.

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Jan 28, 2007, Teachers' Pensions Underfunded

In Alaska and Oklahoma, teachers' pensions are underfunded.

In Alaska, Gov. Sarah Palin notes that shortages in the pension funds of teachers and public employees will eat up the surplus in state funds. In the future, if there are no surplus funds, the pensions are in jeopardy.

In Oklahoma, Sen. Jay Paul Gumm is proposing that the state put $70 million into the pension fund from what is unspent sate funds at the end of the year. What happens in the future in Oklahoma is uncertain.

Meanwhile, in Illinois, the teachers' pension fund is putting $1 billion into a hedge fund.

As a teacher, I care about what happens to teachers' pension, even in other jurisdictions. I also do what I can to create my own "hedge fund." In my case, I am building new retirement businesses, supported by Web sites.

What about you? How are you preparing for your retirement?

Is there a retirement job or business in your future? What do you plan to do?

I'd like to hear about your plans.


Jan 28, 2007, Pros And Cons Of Forced Retirement

People in Ontario no longer have to retire at 65. In this article from CTV news, you are invited to consider the pros and cons of these changes in legislation that are sweeping the industrialized world.

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Jan 28, 2007, Do You Want To Be A Consultant?

A survey by HR firm Robert Half Technology discovered that just over one half of Canadian CIOs plan to slide into full retirement by consulting for a while first.

It's easy to see the attraction.

  • The consultant gets to do the job directly instead of managing a work force.
  • It's possible to see the end of a job.
  • The consultant can do as much as little as he or she chooses.

If you have solid business contacts, being a consultant could be a viable option.

If you want to consult outside of your current sphere of influence, check out some of these suggestions for using the Web.


Jan 28, 2007, Britons Forced To Retire May Have Legal Recourse

Although it could take time, Britons who have been forced to retire at 65 may be entitled to compensation after the European Court of Justice in Luxembourg rules on a challenge to the forced retirements.

This is specifically for Britons, but what happens in one jurisdiction has an impact on other jurisdictions. Watch this space for news on rulings in your country.

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Jan 28, 2007, Retire For Value In The US

Warren Bland, professor of geography at California State University in Northridge and author of books on the best places to retire, has published a list of places in the US that offer the best value for retirees.

Money is not the only consideration when you decide where to retire. Remember that if you have an opinion about the place to retire, other visitors to this site would love to know about it.

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Jan 24, 2007, Baby Boomer Women

What is ahead for baby boomer women? You may be surprised by the changes in this demographic.

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Jan 24, 2007, Retired After 60 Years On The Job

John Wilson Tindale of Rylstone in Australia has retired at the age of 93 after 60 years of operating a service station.

While many consider early retirement, people like Mr. Tindale love their jobs so much that they continue to work long after they could afford to stop.

The change hasn't been easy for Mr. Tindale who says he'll garden. He may spend more time in his garden, but he's also shown up at the station early in the morning just from habit.


Jan 21, 2007, Free Travel For Seniors

State senate Pro Tem Don Williams is working on a bill to allow senior citizens to use public transportation free of charge. It would apply to both buses and rail travel.

Here are the pros and cons as I see them.

Pros

  1. Reduced emissions from private cars.
  2. Less traffic congestion.
  3. Fewer accidents due to reduced response time, poor vision, etc.
  4. Mobility for seniors who do not have other means of transport.

Cons

  1. Cost.
Of course the cost savings from the Pros may override the costs of the program.

We may also decide that the social benefits are worth the cost.

I spent ten months in a Dnepropetrovsk, Ukraine. When I arrived, all public city transport was free. Made sense to me.

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Jan 21, 2007, Canadians Polled On Retirement Planning

Ipsos Reid surveyed Canadians 45 to 60 years old and learned that we spend more time planning trips, diets, exercise programs and home renovations than we spend planning for retirement.

Thirty per cent do not have an RRSP. (see previous post)

What is of more concern is the number who are unaware of our increased life expectancy.

The poll discovered that 33% believe they will be retired fewer than 10 years. Only 18% believe they will be retired 20 years or more.

Longevity studies suggest many boomers will live 30 years beyond retirement, more years than many of us spend working.

If you haven't started serious planning, start today.


Jan 21, 2007, To Spend Or To Save?

It's tax time here in Canada.

Time to think about your pension contributions.

Basically, you have three choices when it comes to your income.

  1. You can spend it all -- after you have paid taxes on it.
  2. You can save it after you pay taxes on it. Then you can pay interest on your savings, too.
  3. You can contribute to a tax deferred pension plan, getting a tax deduction and a possible refund, which you can, in turn, invest in your retirement.

Of course, some mix of the above works best. Consider your options and make sure you set aside enough for retirement. Investing in your pension can give you added money now, too.


Jan 20, 2007, Why I Won't Retire In Cabo San Lucas

It's beautiful, but I won't retire in Cabo San Lucas. Find out why.

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