These new ’silver citizens’ are the largest group in the history of the world to move through history at any one time…they have created trends, fashions, architecture, design, and much more in their voyage through history. They will, however, place tremendous pressure on society in their never-ending search for security and safety. Their care costs will be astronomical because the majority of them [over 71%]…have not planned or save appropriately for their ’silver years’ in a mature and cognizant manner.

If we believe that the Federal Government is in deep debt now…this is nothing compared to what will occur when 2025 arrives…their Federal Reserve printing presses will be working overtime just to keep up. The new “silver citizens” will inevitably receive their due but the value of the dollars that they are paid will be tremendously depreciated and, as a direct result, the costs of the basic necessities such as health, pharmacy, food, and transportation will continue to rise to that point when their income will not be able to provide those basics.

Corporate pension plans are horribly weak and Government plans are downright failures. The Feds are now paying out more than they are receiving and the future appears dreadful for many other social programs, as well. We simply are not able to live up to those promises that were made so many years ago.

It becomes all of our responsibilities to create or build environments that will give this group a positive rationale for moving forward. We need to treat these ’silver citizens’ with the importance that they deserve for having built our country to the status that it now enjoys. It behooves us to provide them with an aggregation of credible information sites that they can go to comfortably in order to obtain factual, organized, and cohesive information that will lessen their stress and allow them to continue to move through our society with the grace and civility that they so richly deserve.

Retirement income security can come from many different sources. For you to fully enjoy your retirement, you simply need to understand where your income security comes from during retirement.

Having a real stable retirement savings plan may help, but you still need to see where you can get your income security when you retire. Some of the sources of income for current retirees are as follows: Pension, Social Security, Personal Savings, investments and part time or full time work.

Whichever source it comes from, should not be a big deal. What is important is for you to have retirement money. It is always best to start your retirement savings plan early in your career. Take advantage of any IRA and put in any amount just to get started.

However you want to spend it, retirement is supposed to be the best years of your life. Thus, you should prepare for it. Having a retirement income security is one way to ensure financial stability during retirement.

Most of us when we first start working have retirement as the last thought in our mind. You have other needs for your income. But, just as you stand there doing your job, one day you will be standing some where as a retiree.

Here are some sources for your retirement income security and its specifications so you may fully understand each of them:

Government Benefits – The amount of retirement benefits or pension that you will get from the government depends on which country you reside in. In the US if you retire before your retirement age, you can earn wages but they will be deducted from your Social Security. But, if you retire at full retirement age, you can earn any amount and you will still get full benefits.

Pension Plans – A pension benefit will depend on whether you are part of a defined benefit pension plan or a defined contribution pension plan. The best pensions are usually defined benefit plans that replace a maximum of 70% of your pre-retirement income. But, this type of plan is usually with a government agency or as an executive in a large company. There are many companies now that do not give pension plans other than contribution plans such as IRA’s or 401K’s.

Registered Retirement Savings Plans (RRSPs) – This will or has become one of the biggest sources of retirement income, since most employers don’t offer company pension plans. Social Security Systems may fall in this class. This is tremendously flexible plan, since you can take from this account subject to government regulated minimum amounts.

Non-RRSP Investments – Non-RRSP investments include stocks, bonds, GICs, mutual funds, and investment real-estate, which provide the most flexibility. What is crucial about this retirement income plan is the after-tax implications.

Income from work – Working in retirement is now one of the fastest growing trends in retirement planning. In fact, more and more retirees are now working in their retirement. Retirees have different reasons to work. Some maybe working for money, while others just want to keep themselves busy in order to maintain social relationships.

Regardless of your reasons for working, the fact remains that retirees working in retirement ought to do it. Working gives you extra cash and keeps your mind active and young. If you don’t use your brain as you age, you stand a good chance of become senile and dependent on others.

Once you become a dependent retiree, your retirement income security becomes controlled by your assigned administrator. Have you saved enough to become dependent on others?

Clip from French & Saunders Back with a Vengeance

Most of us are familiar with these statistics…

Out of 100 people who starts working at the age of 25, by the age 65:

* 1% are wealthy
* 4% have adequate capital stowed away for retirement
* 3% are still working
* 63% are dependant on Social Security, friends, relatives or charity.
* 29% are dead.

More Statistics on “The GOLDEN Years”

Retirement by the Governments own statistics:

* The average savings of a 50 year old in the U.S. is 00.
* 32 Million Americans are currently threatened with bankruptcy.
* More than 1,000,000 [1 Million] filed for bankruptcy in the year 2000.

More Statistics…

Out of every 100 people who reach the retirement age of 65:

* 62 retire with less than ,000 in assets and depend on Social Security or family for their retirement.

* Another 35 retire with less than 0,000, have some form of pension in addition to Social Security and are just making it in their retirement. If either Social Security or their pension went away they would have a very difficult time surviving.

* 2 of the 3 remaining retirees have an adequate pension or retirement account. They have assets of between 0,000 and 0,000. They do appreciate having the additional money they receive from Social Security, but could survive without it.

* The last of these 100 retirees, is the only one who is financially independent. This retiree has assets approaching or exceeding ,000,000. They do not need the income from Social Security at all.

Which group above will you be in when it is time for you to retire?

Still More Statistics…

“According to recent Governmental statistics, most people are very concerned about their financial security in retirement. Over 70% believe they won’t have enough money put away for retirement. Of those between the ages of 30 and 54, almost 80% feel this way about their future.

One of the factors is the uncertainty of Social Security. In the mid 1970’s, 2/3 of the people surveyed said they were quite confident Social Security would be there for them when they retired.

In 1980, of those surveyed, 2/3 commented that they were not confident that Social Security would be there to support them in retirement. They felt that if Social Security was still a functioning service, it probably would not be paying an adequate amount to cover a reasonable standard of living.

So if this is the case… why aren’t people socking away hoards of money so they are not part of the statistics? Well, it seems that saving for retirement is a difficult task to master for the average person.

Some have difficulty saving on a systematic basis. With others, it’s often the case of having good intentions but very poor follow-through. Still others, it’s that they make poor selections with the saving and investment vehicles they choose.”

Clearly, the working-class scenario of toiling away building someone else’s empire for forty years, trying to accumulate wealth (money) so one can retire comfortably, is NOT working. Most people would like to retire with dignity. Wouldn’t you?

Have we shown you enough? Well, here’s a few more facts…

“The rising stock market and escalating property values, while adding general prosperity, hide the brutal fact that for many Baby Boomers-who are now turning 50, retirement may not be a pretty picture.

Over the next 20 years, 76 million of us born between 1946 and 1964 will hit 50. For most, that means facing up to the harsh questions of how, or even if, they will be able to afford to retire.

With meaty employment pension plans gone the way of ancient history, and Social Security increasingly becoming an uncertainty, the lifestyle of retirees is no longer leisure, golfing, fishing and travel. In fact, the lifestyle for many retirees may be continued work and “cans of Spam . . . and not Caviar and Travels.”

The latest Census Statistics show that only 1 out of every 10 Americans today, is financially prepared to retire when they reach the age of 65.

What about the Current Economic Situation?

As we know, the economy is teetering on recession, companies continue to lay off in great numbers. And, you may as well kiss true job security good-bye. It doesn’t seem to exist anymore.

And although you may be one of those that make it to retirement and manage to hang on to your job, according to the Bureau of Labor Statistics, at 65 only 5% have enough money to retire on.

And since the standard route of working a traditional job has failed for 95% of all Americans. Shouldn’t you be seriously RE-evaluating the traditional career job employment scenario and if it is going to get you to and take you through retirement financially sound?

Here’s the real kicker… You and most of the people you know are going to work for at least 30 to 40 years …. at jobs you hate… with bosses you hate… with commutes you hate… with hours that you hate. What a life – failing while you are miserable most of the time. Do you want to do this for the next 40 years?

So What Can You Do About It?

Well, one pro-active move you can make is to avoid common and costly retirement planning mistakes that could seriously jeopardize your future and the lifestyle you dream of for your retirement.

Mistake Number 1: Procrastination
Mistake Number 2: Not realizing that you’ll need a specific amount of money to sustain you each month when retired.
Mistake Number 3: Relying on the belief you’ll be able to draw FULL Social Security benefits.
Mistake Number 4: The under-estimation of your medical costs if you are not in good health.
Mistake Number 5: Not setting up your long-term-care insurance early.
Mistake number 6: Making the assumption that you can retire early.
Mistake Number 7: Getting into the false hope that in retirement you will be in retirement-mode.
Mistake Number 8: Failing to seek expert financial and retirement guidance.

Start focusing on these commonly made mistakes and make sure you are not falling into the traps they can create. If you recognize some of them in your portfolio, get them fixed so you are on the right track. You don’t want any of them to affect your retirement planning and live-on income.

Start a pro-active plan NOW! If you want to be able to live financially stable now and into your “golden” retirement years, you need to make changes in the strategies you’re presently using.

One other pro-active move you can make is to join the home-business boom. It is the next big trend. CNN reports that a new home based business is started in the United States every 11 seconds.

Why? Well because a new home based business offers a low start-up investment compared to a brick and mortar, or franchise business, low monthly overhead, and you can start part-time while still employed, and create time leverage, residual income, and tax benefits for yourself. Tax expert Sanford Botkin says that a home business can result in tax savings of ,000 to ,000 per year.

Follow this trend, however do proceed wisely – you don’t want to get into a situation where you are wasting time or money out of your pocket.

Make sure you do your research. You are looking for an income generating system that allows you to build substantial supplemental income, PASSIVELY; where you don’t have to give up your life, or your spare time to run it successfully.

You don’t want to be adding a lot of additional work hours to your day, otherwise, you might as well start commuting to a second job site.

Start now… remember, procrastination is mistake #1… That way when you do decide to retire, unlike the income earned at a job, which stops when the work stops, the residual income from your home based business will continue to pay you long after the work is completed. Leaving you to enjoy your retirement free and to the fullest.

Related Retirement Articles

There are three fundamental retirement planning questions, that are universal to everyone, no matter their age, income, or wealth. More than investments, asset allocation, or tax strategy, people want to know the answer to the following three questions:

When can I retire?
How much savings do I need for retirement?
How much can I spend in retirement?

The most important of the three questions, from a

retirement planning perspective, is the last one – How much can I spend in retirement?

How much can I spend in retirement?

How much you can spend in retirement, is based on how much you have saved for retirement, divided by an annual safe withdrawal rate of between 3% to 4.75% depending on your age at retirement.

A better, and the more important, question to ask is “How much do I need to spend in retirement?” To answer this question you will have to create a retirement budget.

Creating a retirement budget, insures that you will not run out of money during retirement, and it allows you to answer the other two retirement planning questions.

How much savings do I need for retirement?

How much savings you need for retirement, depends on how much you spend in retirement (your annual retirement budget), divided by an annual safe withdrawal rate of between 3% to 4.75% depending on your age at retirement.

The amount you need to save for retirement, is the amount of money you will need, to cover the cost of your retirement. The cost of your retirement is your retirement budget, which we calculated, when we answered the previous question – «how much can I spend in retirement?»

When can I retire?

When you can retire, is determined by when your savings can pay for your spending in retirement, based on your retirement budget. So, if your retirement budget is ,000 per month, you currently have 0k, you need 0k to pay for your retirement, you save 25k per year, and your investments earn 10% compounded annually – you can retire in 3.5 years.

Did you notice, that the common thread in answering all three questions, was your retirement budget? That is because creating a retirement budget, your spending plan for retirement, is the key to calculating how much you will need for retirement, and to figure out when you can retire.

Hundreds of thousands of protesters demonstrated in France, waving union flags and pressing conservative President Nicolas Sarkozy to drop plans to raise the retirement age from 60 to 62. (Oct. 3)
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New Year, think big, make your top New Year’s resolution retirement. Conventional wisdom says to little? Berschaubaren new year resolutions, which are easily created. Lose ten pounds to visit a gym, more organized, all the typical pre-New Year? Tze. And save more money f? R retirement, Erh? Increase your contributions? GE 401k, so your debts are large? New Year pre-retirement tze? Too. But why not f? R the whole thing is this year? Why not in 2008 in retirement?

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Free Retirement Guide – destroy This 15-page guide retirement? rt conventional wisdom, and l vented? the secret of early retirement, the formula accurately calculate retirement, and much more.

Budget 2008 Retirement Software – Your retirement budget, the amount of money you will spend in retirement, is the crucial element in the calculation when gene neighborhood? savings f? r have retired. This free software makes it? Led them to retire in a simple manner, a budget, your current monthly expenses f? R the year 2008, and the f plan? R your retirement.

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