Free Republic

After trying out Pasadena, Atlanta and Miami, Lilian Junco decided this was the place to retire. Being near her son was the first attraction, but soon she was drawn in by the same combination of features that has lured tens of thousands of others from out of state: Gulf Coast living and super-low costs. With some of the country's lowest prices for housing, gas and food, no state income tax and one of the most resilient economies in the nation, Galveston and other parts of the Lone Star State are emerging as the new Florida. This week, Florida disclosed population...

NEW YORK (Reuters Health) – Retirees have something else to look forward to besides playing golf -- much better sleep -- particularly if they have decent retirement benefits and retire relatively early. That's what Dr. Jussi Vahtera of the University of Turku in Finland and colleagues found in a study of 14,714 people who had retired from the French national gas and electric company. But because the workers in the study had excellent retirement benefits, including generous pensions, the findings don't apply to everyone, Vahtera noted in a prepared statement. "In countries and positions where there is no proper pension...

Will The Current Economic Crisis Lead To More Retirements? Courtney C. Coile Phillip B. Levine 31 October 2009 Since the crisis began, the economy has shed millions of jobs. This column explains how stock, housing, and labour market fluctuations affect retirement decisions. While wealthier workers will delay retirement, a larger number of workers will be forced into retirement because of their inability to find new jobs. This increased involuntary retirement will likely exceed any work-seeking effect of diminished stock market wealth by 50%. Over the past year, numerous stories in the popular press have suggested that workers in the US...

Are there any freepers currently retired in Mexico who could offer advice on how to retire in Mexico at age 52? excerpt from interesting blog: The Horrible Shortness of Life I'm not going to dwell on this because I prefer positive thoughts, but how much more life have you got? Of course no one knows exactly, but let's say you make it through to your early seventies in good health, how far off is that? How many years? How much retirement is that going to give you? When you are working, the weeks fly past, the months and years vanish....

It is well known that during the nation’s gale-force recession, many older Americans who dreamed of retirement continued to work, often because their 401(k)’s had plunged in value. In fact, there are more Americans 65 and older in the job market today than at any time in history, 6.6 million, compared with 4.1 million in 2001

PINELLAS PARK, Fla.- A Florida couple said the homeowners association of their retirement community is trying to evict their 6-year-old granddaughter. Jimmy and Judie Stottler of Pinellas Park said their granddaughter, Kimberly, came to live with them as an infant when authorities took her away from her drug-abusing mother, WSTP-TV, St. Petersburg, Fla., reported Thursday. The girl has stayed with her grandparents in the retirement community since, even though the community's rules don't allow children. The couple said the homeowners association is now pressuring them to comply with the ban on children, but they are unable to move because they...

DETROIT—General Motors Corp. will replace its traditional health care plan for salaried retirees younger than 65 with a consumer-driven health plan linked to health savings accounts effective Jan. 1, 2010.Under the new arrangement, posted on a GM retiree Web site, the annual deductible will be $2,500 for individual coverage and $5,000 for family coverage. The maximum annual out-of-pocket expense will be $3,500 for individuals and $7,000 for families. A GM spokesman was not available for comment. After deductibles are met, GM will pay 80% of the cost of medical services and prescription drugs delivered through in-network providers and 60% of...

I guess I've reached that point in my life where you begin to think honestly about retirement. Not happy with the current state of politics and not happy with the politics of my current home state, its gun laws, the criminal injustice system et al... I'm looking for a new home. Fortunately its just me, no wife, no kids just me. What are the opinions of Alaska? I like the landscape, I love winter, wilderness and the outdoors. I am talking with some small charter operators who own and operate small planes for a part time slot. I've been there...

Boomers Have Their Backs Against The Wall By Bill Bonner 10/14/09 London, England Two important items in the news today: First, Bloomberg reports that retails sales fell 2.1% in September – the biggest decrease this year. Know what that means? It means the “Age of Thrift” is here…and that consumers really are cutting back – just like we said they would. And it means that the consumer economy is not going to return to robust growth anytime soon. And it means, too, that people will find it hard to find jobs for a very long time. Another thing it means...

Has anyone here completed the transfer as noted above, e.g. transferred their 401K or 403b funds to an annuity with an insurance company, avoiding tax? If yes, I would think that doing that now would be bad timing, given the low rate environment, correct? Any thoughts on this subject would be appreciated. I'm starting to look into options - thinking - fixed-rate for life - joint lives annuity.

The Social Security Administration recently announced the average Social Security benefit for 2008: $13,500/yr. More recently I received via a Freedom of Information Act the names of all the retirees from Consolidated school District 211 in Palatine, Illinois. The average for those 13 retirees was $96,000/yr at an average age of 58 versus Social Security's age 63. Using the Champion News Teacher Salary Database I determined that none of the 13 had had a salary less than $103,500 over the period July 1, 2004 thru June 30, 2008. Using those 4 years to determine the estimated beginning pensions gave starting pensions from...

Steep Losses Pose Crisis for Pensions Two Bad Choices for Funds: Cut Benefits Or Take Greater Risks to Rebuild Assets By David Cho Washington Post Staff Writer Sunday, October 11, 2009 The financial crisis has blown a hole in the rosy forecasts of pension funds that cover teachers, police officers and other government employees, casting into doubt as never before whether these public systems will be able to keep their promises to future generations of retirees. The upheaval on Wall Street has deluged public pension systems with losses that government officials and consultants increasingly say are insurmountable unless pension managers...

They represent a migration that turns conventional wisdom on its head. Urban planners have until now proceeded on the assumption that retiring baby boomers will downsize to a high-rise and spend their days lapping lattes and taking the streetcar to the art museum. A lot of them will. But new data from the U.S. Department of Agriculture says baby boomers will head to the country in big numbers, in the Northwest changing the face of rural Oregon, Washington and Idaho. And it's not just because the 83 million boomer generation is the largest in U.S. history and all of their...

Bank of America Corp. announced today that embattled chief executive Ken Lewis has notified the board of directors of his decision to retire effective Dec. 31. The bank said the board will continue ongoing planning to ensure his successor is selected by that date. Lewis will retire as CEO and as a director.

Useless Unions by: Sarah Carlsruh, September 21, 2009 According to a recent ad campaign sponsored by American Rights at Work, the Employee Free Choice Act (EFCA) is all about “letting workers choose to join a union to earn better pay and benefits.” Yet Diana Furchtgott-Roth and Andrew Brown of the Hudson Institute disagree, referring to the “sorry state of unions” as a reason the organizations are embracing EFCA, which is currently pending in Congress. Their September 2009 study, Comparing Union-Sponsored and Private Pension Plans: How Safe Are Workers’ Retirements? states that “many of the major national unions advertise that union...

Note: The following text is a quote: THE BRIEFING ROOM THE WHITE HOUSE Office of the Press Secretary ___________________________________________________________________________ For Immediate Release September 5, 2009 WEEKLY ADDRESS: President Obama Announces New Initiatives for Retirement Savings WASHINGTON – In this week’s address, President Barack Obama will announce new steps to make it easier for American families to save for retirement. These new initiatives will complement the president’s major legislative proposals to boost participation in IRAs and match retirement savings. The new initiatives will: Expand opportunities for automatic enrollment in 401(k) and other retirement savings plans, Make it easier for more than...

I read with great interest today a news article on a new White House initiative that calls on people to save for retirement. There will apparently be an option to get your tax return issued to you as US Savings Bonds as well as new legislation to make it easier for employers to automatically enroll workers in 401(k) plans. If you work hard and meet your responsibilities, this country is going to honor our collective responsibility to you: to ensure that you can save and secure your retirement. –US President Obama I didn’t know we all had a “collective responsibility”...

Speculation Rife About Supreme Court Justice John Paul Stevens' Retirement September 2, 2009 12:09 p.m. EST --- Advertisment --- Kris Alingod - AHN Contributor Washington, D.C. (AHN) - Speculation is rife that the most senior member of the Supreme Court, Justice John Paul Stevens, is planning to retire soon. A vacancy would give the Obama administration its second court appointment, following the retirement of Justice David Souter this summer. The high court begins its session on Oct. 5 with a new member, Justice Sonia Sotomayor. It will be the 35th term for Stevens, who was appointed by Gerald Ford in...

Washington, DC -- Justice John Paul Stevens could become the next Supreme Court justice to retire if the speculation that has started today is correct. Stevens has hired just one law clerk for an upcoming Supreme Court session, which observers say is an indication he could be considering a retirement bid.

The legal world — or at least those who watch movements at the Supreme Court closely — is a bit abuzz this morning with the news that Justice John Paul Stevens has confirmed that he has hired only one clerk so far for next year’s term. Clerk-watching has long been one of the signals as to whether a justice plans to retire, although clearly not foolproof and definitely not official. Justices usually hire three to four clerks by the beginning of the summer, a year or so before the next term when the clerks would start work. For Justice Stevens,...

This is a "Heads Up" on a battle we are facing now and down the road with the new Administration. The Congressional Budget Office (CBO) has already drafted proposed legislation that would basically reduce our TRICARE for Life benefits to a system whereby we pay deductibles and co-pays up to $6,301 the first year for you and your spouse, with future years being indexed to increase with inflation. What can we do? The article below, obtained from an Air Force Association and written by BG Bob Clements, best describes what we can do. Please read it and check the links...

What do the liberals at AARP think about the latest from Obama as reported by AP: No cost-of-living increases forSocial Security recipients for the next two years! The Social Security COLs, as everyone knows, are rigged to provide a tiny increase each year, much less than the true cost-of-living increase for seniors. Not only will these pittances be suspended for the next two years, but the Medicare premiums paid by the same seniors will INCREASE. These Medicare premiums are automatically DEDUCTED from the Social Security payment every month. This means that America's seniors will receive a REDUCTION in.benefits in 2010,...

News flash to all the drones out there who voted to elect the community-organizer-in-chief: you will reap what you have sown. Socialist tyrants always promise to lift everyone up to a higher level in order to achieve “equality,” but reality suggests something very different. When they have finished with their social engineering and their economic tinkering, the net result is always to drag everyone down to poverty or, at best, mediocrity, and the Obama regime will be no exception. So far, this autocrat has effectively taken control of banks, insurance companies and the automobile industry. Now he is after control...

Kennedy wants the Legislature to upend the succession law it passed in 2004, when - at his urging - it stripped away the governor’s longstanding power to temporarily fill a Senate vacancy. Back then, John Kerry was a presidential candidate and Republican Mitt Romney was governor; Kennedy lobbied state Democrats to change the law so that Romney couldn’t name Kerry’s successor. They followed his advice with gusto. When the final vote took place, the Boston Globe reported, “hooting and hollering broke out on the usually staid House floor,’’ and House Speaker Thomas Finneran acknowledged candidly: “It’s a political deal. It’s...

WASHINGTON (AP) -- Millions of older people face shrinking Social Security checks next year, the first time in a generation that payments would not rise. The trustees who oversee Social Security are projecting there won't be a cost of living adjustment (COLA) for the next two years. That hasn't happened since automatic increases were adopted in 1975. By law, Social Security benefits cannot go down. Nevertheless, monthly payments would drop for millions of people in the Medicare prescription drug program because the premiums, which often are deducted from Social Security payments, are scheduled to go up slightly. ''I will promise...

The financial climate is more pleasant in some states than in others. Maybe you’re thinking about relocating in retirement, in hopes of enjoying milder weather and lower expenses. Before you make a move, it pays to assess the overall tax burden of your future home. Some states that are currently tax-friendly could get a lot less chummy as they scramble to find new sources of revenue. No matter where you live, your federal taxes will be about the same. But you’d be amazed at how much your state and local tax burden may vary from one location to another. And...

Forty-nine percent (49%) of U.S. voters say working Americans should be allowed to opt out of Social Security and provide for their own retirement planning. A new Rasmussen Reports national telephone survey finds that 37% disagree and do not believe Americans should be able to opt out of Social Security. Fifteen percent (15%) are not sure. A majority of voters under 50 say workers should be allowed to opt out. A plurality of those over 50 disagree. One of President Obama’s top economic advisers signaled this week that the president will try to reform Social Security before the end of...

After the highly successful trial period where you could turn in your old, polluting cars and trucks for cash thereby helping the government run auto industry and clean the air, the Obama-Care medical insurance program is now offering up to $2500 per person for your old, unproductive relatives, ages 70 and over, regardless of condition! No need to worry about a costly long term nursing home plan with this guaranteed buy back from the government! And you'll be doing your part to save Social Security and cut health care costs by 50% or more, it's a real win-win from...

From SarahPAC, via Governor Palin's Facebook: As repeatedly stated to several in the media over the last week, former Governor Sarah Palin is not committed to attend the Simi Valley Republican Women’s event at the Reagan Library and in fact is not attending the event. Neither the Governor’s state staff nor SarahPAC has ever committed to attending this event or speaking at this event, and even requested that the Governor's name be removed from the invitation several weeks ago. The Governor has other work and commitments to take care of at that time. She looks forward to visiting her friends...

...Vin Scully, thought to be retiring this winter after 60 seasons, said this week he is planning on coming back for one more summer. Scully, 81, said if he continues to feel well he will work past his landmark year and retire after the 2010 season...

http://news.bbc.co.uk/go/pr/fr/-/1/hi/scotland/north_east/8163643.stm

It's no secret that different age groups have different spending patterns. Younger people are a drag on economic growth since they consume a great deal but don't produce. In other words, they exacerbate inflation since they increase demand and reduce supply for goods. On the other hand, middle aged people are high earners, producers, and spenders. They tend to moderate inflation and prop up asset prices. Peak spending occurs on average at age 48. Spending patterns resemble a bell curve, so beyond this age, spending tapers as people save for retirement.

Fund Expected to Be Exhausted in 2037. BY ELLEN E. SCHUTZ The nation's wealth gap is widening amid an uproar about lofty pay packages in the financial world. Executives and other highly compensated employees now receive more than one-third of all pay in the U.S., according to a Wall Street Journal analysis of Social Security Administration data -- without counting billions of dollars more in pay that remains off federal radar screens that measure wages and salaries.

Recession derails retirement plansONE MAN'S STORY By RENEE RICHARDSON Senior Reporter Saturday, July 18, 2009 At 57, Charlie Johnson never thought he'd be starting a new business venture. But the recession changed all that. Johnson started vacationing in the lakes area when his father had a cabin here in the mid 1960s. "This is where I wanted to end up," Johnson said. With a background in road construction and real estate development, Johnson was able to retire here in 1993 and take up professional walleye tour fishing. He expected to golf and go motorcycle riding. Then the recession wiped out...

You’ll be hearing a lot in the next six months about Roth Individual Retirement Accounts — but not as much as you should about a long-term threat that hangs over them. ... Why would you want to [swap a regular for a Roth IRA]? Because you think you or your heirs could end up with more money over the long haul by investing in a Roth instead of a regular I.R.A. ... It all seems pretty simple, until you consider this: The tax laws might change substantially, throwing all of your careful planning into utter disarray. We’re currently staring down...

The Republican chief judge of the Richmond-based federal appeals court has retired suddenly because of illness, giving President Obama another opening to fill on what was once considered the nation's most conservative appellate court. Karen Williams of South Carolina, the first female chief judge on the U.S. Court of Appeals for the 4th Circuit, stepped down this week shortly after learning that she was in the early stages of Alzheimer's disease, according to her family. Alzheimer's, for which there is no cure, can cause mental deterioration and memory loss. Williams is 57 years old. The 4th Circuit, an influential voice...

The Zip Codes were ranked based primarily on the concentration of affluent retirees (and people nearing retirement age) as well as relative cost of living. But sunny days, the home price forecast for 2010, and the number of nearby amenities including golf courses, hospitals, theaters, museums, religious institutions, shopping centers, and airports, were also factored in. The 2010 housing forecast is Cyberhomes' projected home price change from Jan. 1, 2010 to Dec. 31. 2010. The cost of living index compares cost of living among Zips with "100" being average, 200 being twice the average, and 50 being half the average...

Sen. Roland Burris has decided not to run for President Obama's former seat that he was appointed to under a cloud of controversy, the Chicago Sun-Times reported Thursday. Burris plans to announce his decision Friday by issuing a statement to the press, the newspaper said. Burris reached his decision after struggling to raise campaign funds. He reportedly only raised about $20,000, but campaign disclosures with the Federal Election Commission are expected to be filed next week. A source told the newspaper that Burris has been very concerned about his legacy. "After 20 years in government service, Burris didn't want the...

Prospective retirees: Panama wants you. The pitch? A plane ride just 21/2 hours from Miami enables the newly poor to swap a wretched retirement in the U.S. for one befitting a royal in the balmy Central American nation. Cash out! Emigrate! Feel rich! Panama—the new Florida. Spin aside, Panama is increasingly popular among retirement-age types looking to hedge against—or skip out on—the recession. The Migration Policy Institute, a Washington-based think tank that studies the movement of people around the world, says the chief factors prodding professional-class Americans to flock to Panama include its First World health care available at Third...

Casey Kasem, the radio host who told listeners for decades to “keep your feet on the ground and keep reaching for the stars,” has finished his American Top 20 song countdown. “This will be our final countdown,” Mr. Kasem, 77, said over the weekend on “American Top 20,” ABC News reported

Perhaps we are asking the wrong questions during election years. Our Senators and Congresswomen do not pay into Social Security and, of course, they do not collect from it. You see, Social Security benefits were not suitable for persons of their rare elevation in society. They felt they should have a special plan for themselves. So, many years ago they voted in their own benefit plan. In more recent years, no congressperson has felt the need to change it. After all, it is a great plan. For all practical purposes their plan works like this: When they retire, they continue...

General Motors is using its huge pension fund in a way it never intended. It had planned — and put money aside — for a steady march of retirees over time. But instead, tens of thousands of blue-collar workers, most in their 40s and 50s, are all becoming eligible for retirement benefits now, as the company rapidly downsizes. And even as its pension fund faces this giant bulge in payouts, G.M. is not putting any new money in — the company is not required to make any contributions to the fund until 2013. The longer this goes on, the weaker...

WHEN I got the call Dec. 11 that Bernard Madoff was a fraud, and that my husband's and my money -- $1.6 million -- was likely all gone, my brain couldn't comprehend it, nor what the next six months would entail. For days, Dominic and I just held each other. We didn't want to be apart. I remember the weather in Phoenix being unusually cold and raw. It seemed appropriate. Dominic and I were fortunate to have been able to travel in our motor home and see the country for the last four years. We loved retirement and even had...

WHEN Otto von Bismarck introduced the first pension for workers over 70 in 1889, the life expectancy of a Prussian was 45. In 1908, when Lloyd George bullied through a payment of five shillings a week for poor men who had reached 70, Britons, especially poor ones, were lucky to survive much past 50. By 1935, when America set up its Social Security system, the official pension age was 65—three years beyond the lifespan of the typical American. State-sponsored retirement was designed to be a brief sunset to life, for a few hardy souls.

The government will seek to raise the retirement age in one-year increments to help offset growing pension obligations, according to the French minister in charge of the country’s economic recovery. Until recently, altering the retirement age had been taboo for a government wary of stirring up unions irked by job losses and moves to introduce market discipline into state structures. But President Nicolas Sarkozy on Monday tackled the cherished French notion of retiring at 60, noting that, next year, “all options will be examined” in light of the economic situation. “I believe the retirement age won’t stop rising, progressively,” said...

Last week, Sen. Charles Grassley raised questions about the sudden “retirement” of Amtrak IG Fred Weiderhold: As a senior member of the United States Senate and as the Ranking Member of the Senate Committee on Finance (Committee), it is my duty under the Constitution to ensure that Inspectors General, which were created by Congress, are permitted to operate without political pressure or interference from their respective agencies. Inspectors General were designed for the express purpose of combating waste, fraud, and abuse and to be independent watchdogs ensuring that federal agencies were held accountable for their actions. I understand that Inspector...

There's one segment of the population for whom employment is growing! As John Mauldin pointed out in his latest weekly email, there is one segment of the American population that is actually seeing strong employment growth: Those who are 55+. Specifically, older Americans and now getting out and getting not just one but sometimes two jobs. And they're doing this against a backdrop of plummeting employment among the rest of the population. Why are these folks suddenly working so hard to find work? Because the value of their twin nest eggs--houses and stocks--has been demolished. Here's John Mauldin, quoting former...

Yes, you may have to work longer, and you definitely have to save more. But today's lower stock prices will lead to bigger gains in the long run. NEW YORK (Fortune) -- Leave it to one of the country's leading gerontologists to capture the gallows humor of planning for retirement in the post-2008 world. "The collapse of the economy has led me to drastically restructure my own retirement plan," says Dr. Richard Besdine, the 69-year-old director of the Brown University Center for Gerontology and Health Care Research. "It's a lot simpler now -- I'm just going to die in the...

Pensioners protest as their allotment of 864 brews a year will be cut to nothing If you sang that well-worn campfire song about the beer bottles on the wall, you'd have to start at 864. That's the annual complimentary beer allotment for retirees from the Molson brewery in St. John's, Nfld., the same amount of free suds they received while still working. But, without consulting them, Molson has decided to shut the tap. Come Jan. 1, the allotment will be a dozen bottles a month, down from six dozen a month (or 72 dozen a year), and in five years,...