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Golden Inspirations |
"We are what we repeatedly do."
- Aristotle
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Home  In this Issue Retirement / Financial Planning
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Resources and Links ...
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Retirement Planning Calculator
- Who Needs Them
By Tom Turner
Trying to calculate how much money you will need to set back for retirement can be a tricky subject. Even trickier is calculating how much you will need on a monthly basis to maintain the lifestyle you desire when you reach the age of retirement. This article will give you some basic guide lines to use and point you in the right direction.
There are many good retirement planning calculators online that you can use to see where you currently stand in your goals for retirement. These online calculators are very simple to use and should only be consider as a guide only. The hope for most of the companies providing you with these free retirement planning calculators is that you will call on them to help you in creating a solid retirement plan.
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Second Marriages - Estate Planning Concerns
By Phil Craig
 One of the biggest areas of dispute in estate planning is with second marriages. Here is a question I received. I've changed the facts around so that I am not giving specific legal advice.
My dad, age 87, is getting married soon so that his new wife will be eligible for social security benefits on his earnings. In his living trust he had made arrangements for me, my sister, and his lady friend. What changes for us, his kids, when he marries this lady? What do we need to know?
Wow, what a predicament!
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Baby Boomer-Or Old Loser?
By Mikie Brown
Baby Boomer-or Old Loser?
They grew up in prosperous times and lived life to the hilt...
but have baby boomers saved enough for retirement?
In the eighteen years between 1946 and 1964, over 78 million babies were born in the United States. World War II had been good for the American economy, pulling it out of the Great Depression for good. During the "fabulous 50s," unprecedented industrial growth provided steady employment and rising incomes. The four-child family became the ideal, along with a house in the suburbs, two cars in the driveway, and that wonderful new invention, the television, in the living room. One-income families were the norm-and for the middle class at least, one paycheck was enough to supply families with an increasing number of luxuries and new experiences.
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A New Definition of Retirement
By Tracy Piercy
In 2001, Stats Canada presented some figures that form the basis of this new view. And, since the concept is the same regardless of numbers, I am purposely using approximations to make the point that we need to consider which bottom line to look at when we make financial decisions.
Consider that the average working person settles into a career at about age 30 and intends to work for approximately 30 years. When they finish working they hope to live another 30 years to age 90. Right now, when we leave work it's called retirement, and we tend to think of it as something we do when we reach a certain age. Our average person hopes to fund a retirement that is equal to the same amount of time they spent working. To do this they start to accumulate money and logically want to know "how much money will it take" to support their retirement? The answer is really quite obvious, yet not readily discussed or promoted. In order to leave work and "retire" we must have enough financial resources to provide the income necessary to pay for the lifestyle we desire. When this happens we are financially independent. So our average person is really working to develop income to provide financial independence within 30 years. This is the first concept: retirement = financial independence which may or may not correspond to any particular age.
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How to Sell Your Life Insurance Policy
for More Than the Cash Value
By Robert D. Cavanaugh
Most people do not know they can sell an insurance policy. There are companies that will pay you more than the cash value, and even term insurance, which has no cash value, is a candidate for purchase.
This transaction is called a life settlement. Life settlements have been on the scene since 1995; they are not new. While the purchase is facilitated by an insurance company, the buyers typically are pension and institutional funds which hold the policies in their investment portfolios.
Here are three common reasons why a person would sell their insurance policy...
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