Tuesday, August 26, 2008

Retirees Will Outlive Retirement Savings


Almost three out of five new middle-class retirees will outlive their financial assets if they attempt to maintain their pre-retirement standard of living, according to a new study conducted by Ernst & Young LLP on behalf of Americans for Secure Retirement.

The study also finds that middle-income Americans entering retirement now will have to reduce their standard of living by an average of 24 percent to minimize the likelihood of outliving their financial assets.

Those Americans seven years out from retirement are even less prepared and the study estimates that they will have to reduce their standard of living by even more, an average of 37 percent. These reductions will be necessary even when assuming that retirees can maintain the same standard of living with income equal to 59 to 71 percent of their pre-retirement wages.

"Many Americans envision a retirement where their lifestyle continues much as before," said Tom Neubig of Ernst & Young. "Our work shows that this is not a realistic expectation and that, with the current state of savings and potentially very long life expectancies, many retirees will have to cut back far more on expenditures than they had ever expected."

Nearly three out of five middle-class retirees will probably run out of money if they maintain their pre-retirement lifestyles, a new study from Ernst & Young has concluded.

The study found that Americans will have to drastically reduce their standard of living before retirement to live comfortably, or even avoid destitution, later in life.

Middle-income Americans entering retirement now will have to reduce their standard of living by an average of 24 percent to minimize their chances of outliving their financial assets, the study found. Workers seven years from retirement will have to cut their spending by even more -- 37 percent.




Friday, August 15, 2008

Retirement Jobs Can Be Fun and Profitable



According to Retirement Statistics Canada, more than 300,000 Canadians 65 or older worked in 2001.


  • 57% were 65-69

  • 26% were 70-74

  • 17% were 75 or older

If you are going to work in your retirement years, why not work at a fun retirement job?

Jobs during retirement can be fun and profitabled if you create an internet business.

Here’s a list of websites or blogs that are making lots of money. This list came from A Dawn Journal by Ahmed Dawn.


  • Boing Boing Makes over $1 million a year.

  • Mashable This technology blog makes roughly $165,000 a month.

  • Darren Rowse Estimated earnings between $120,000 to $1,200,000. He pioneered moneymaking techniques in blogging.

  • Steve Pavlina Personal Development Guru. He makes $480,000 annually from blogging activities.

  • Plenty of Fish Markus Frind, a Canadian, makes $5 to $10 million a year from this free dating site.

  • Ashley Qualls Seventeen year old high school dropout makes $75,000 a month from her website.

This list of people making loads and loads of money on the Internet can be expanded with you on it and you can do this in your retirement years.


Check the Top 10 Retirement Jobs on the Real Success Resource Center

And Retirement Jobs on Suidoo

Saturday, August 9, 2008

Retirement Living - Achieving Financial Abundance

Red Hat Society



Based on income levels, most Canadians are maintaining their lifestyles during retirement years, according to figures released by Statistics Canada in early March 2008.

Statistics Canada found that on average, a Canadian at the age of 75 received 80 per cent of the income they were earning at the working age of 55.

The study also found that retire income varied based on level of income during the individual's working years.

The lowest income individuals maintained nearly 100 per cent of their disposable income in their retirement years, mostly because of income from government programs.

"Lower income workers (those in the bottom 20 per cent of the income distribution) experienced little change in income as they moved from the age of 55 through the retirement years. This was largely because of the income maintenance impact of the public pension system," said the study.

"Better-off workers in the top 20 per cent of the income distribution experienced substantial declines in income by time they were 75."

The figures showed that on average, the more disposable income a person had at 55, the lower the portion of income that was replaced in retirement. For those in the top 20 per cent of income distribution at 55, on average, 70 per cent of their income was replaced during their 70s.

Retirement Quotes and Retirement Sayings That Come from How to Retire Happy, Wild, and Free

Sunday, August 3, 2008

My Retirement Plan Will Be Different Than the That of the Typical American

The leisure activities in my retirement plan will be different from that of the typical American's. According to a recent national survey of 800 American adults age 60 to 74 conducted for Thrivent Financial for Lutherans, taking care of the yard and spending time with grandchildren
were statistically tied for top billing among married/partnered men while spending time with grandchildren was the clear favorite among married/partnered women.




Main Retirement Activities for American Male Retirees





  • Taking care of things around the house and yard (28 percent)

  • Spending time with grandchildren or other family members (26 percent)

  • Enjoying things like playing golf, shopping, going out with friends (18 percent)

  • Pursuing hobbies (12 percent)

  • Volunteering in the community (seven percent)

  • Watching where your money goes, clipping grocery coupons, etc. (six percent)



Main Retirement Activities for American Female Retirees


  • Spending time with grandchildren or other family members (36 percent)

  • Taking care of things around the house and yard (25 percent)

  • Enjoying things like playing golf, shopping, going out with friends (16 percent)

  • Pursuing hobbies (eight percent)

  • Watching where your money goes, clipping grocery coupons, etc. (seven percent)

  • Volunteering in the community (three percent)

See My Retirement Plan at Squidoo