Dealing With Age Discrimination
( 4 Articles )
Introduction to Working After Retirement
You can work while you receive Social Security retirement (or survivors) benefits. When you do, it could mean a higher benefit for you in the future. Higher benefits can be important to you later in life and increase the future benefit amounts your family and your survivors could receive.
While you are working, your earnings will reduce your benefit amount only until you reach your full retirement age
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Employment Discrimination
FEDERAL AGENCY:
EQUAL EMPLOYMENT OPPORTUNITY COMMISSION
OBJECTIVES:
To prohibit age discrimination in hiring, advancement in employment, terms and conditions, and other employment practices, promote the employment of older workers based on ability rather than age
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EEOC Contact Information by State
Alabama (334) 242-8237
Alaska (907) 465-8710
Arizona (602) 542-6600
Arkansas (501) 371-1400
California (916) 229-3335
Colorado (303) 866-5105
…Get the rest of the list here
Senior Environmental Employment Program
The Senior Environmental Employment (SEE) Program provides an opportunity for retired and unemployed older Americans age 55 and over to share their expertise with the Environmental Protection Agency (EPA). Administered by EPA, this program provides older workers with an opportunity to remain active using their matured skills in meaningful tasks that support a wide variety of environmental programs…read full article
Can You Retire Before You Die?
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 $2500.
* 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 $25,000 in assets and depend on Social Security or family for their retirement.
* Another 35 retire with less than $100,000, 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 $100,000 and $750,000. 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 $1,000,000. 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 $3,000 to $9,000 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.
