Retirement Planning Community by Torrid Technologies
Retirement software help & Everything about Retirement Planning and more
I was listening to a local Atlanta show today that stated 70% of Americans don’t understand Medicare.
Then came the nugget of gold: UnitedHealthcare has been working to make all the ins & outs of the program easier to understand.
Maybe you know just the client that could benefit from this easy to comprehend FREE resource.
Check out the “Show Me Guide” from UnitedHealthcare at MedicareMadeClear.com or by clicking HERE.
Susannah Mushatt Jones just turned 116 and is now the world’s oldest woman!
The Secret Ingredient to Living Longer?
At age 116, she says that she eats a steady diet of bacon, eggs and grits for breakfast. A sign in her kitchen reads: “Bacon makes everything better.”
She was born in 1899!
If you or your spouse live to be 116, will you be able to afford it? Or will you be stuck on a “fixed income”?
Consider running some numbers using the RetirementView program. You can download a free demo version from our website at: http://www.torrid-tech.com
Read the full article about Susannah at this location:
Miji Pearse, a spokesperson for the company Torrid Technologies, Inc., announced that their proprietary Retirement Calculator can help to paint a clearer picture for people that are thinking about retiring.
She said that too many people take a decision to retire, and then later regret the timing of that decision. She added that the reason for this is because they don’t consider the right factors. Torrid Technologies, Inc. said that the number one priority for people to consider is “when” they take their Social Security. Taking it too early could leave them in a financial shambles.
The company explains it with the following example, “Taking it early at 62 can reduce your benefits by thousands of dollars over your lifetime and that of your spouse. For each year that you delay taking Social Security you will receive 7 to 8% higher benefits. If one spouse dies, the other spouse can continue the higher benefit. Thus, extending the lifetime benefit of delaying taking Social Security.” Another factor to consider is the likelihood of being able to delay retirement. If a person owns their own business, there shouldn’t be any problem, as long as they stay in good health. However, if the company they work for has a mandatory retirement age, the employee has no final say in the matter, regardless of how healthy they are. Miji added that with people living past the age of 90 these days, there is a higher need to retire closer to the age of 70 then 60 in order to continue living a lifestyle they’re accustomed to.
Tim Turner, attorney and founder of Torrid Technologies says, “Determining the best age to retire requires analyzing many factors including healthcare, expenses, defined benefits like Social Security and Pensions, investment management, annuities, where you will live, longevity, inflation, and many other factors. When to retire is a big decision not to be made lightly.” Tim Turner explains that this is the reason why basic planning is critical for people to build their retirement. He said that a lot of people rely on hope, which is not a strategy. Instead, by having a good understanding of their retirement picture and knowing what they will need in order to make it possible is a better approach.
Torrid Technologies, Inc. said that their Retirement Calculator is a good tool to help people get a clearer picture. It does this by taking into account the income from Social Security, defined benefits, pensions, other cash infusions, and unlimited investments that are tax-deferred and taxable. They added that the retirement calculator can be used for people who are planning for their retirement and those who are already retired.
For over 20 years Torrid Technologies, Inc. has been providing easy to use financial planning software for websites, consumers, financial advisors as well as companies that need custom web calculators to showcase on their sites. Those who are interested in finding out more about the Retirement Calculator from Torrid Technologies are encouraged to visit the company’s website.
You hear many conflicting ideas about when is the best time to retire: As soon as I’m able? On your 62nd birthday and get those early retirement benefits? At the full benefit time- 66-67 or should you just wait till age 70 or later? To whom should you listen?
A recent survey conducted by New York Life Insurance Company shows that retirees themselves wish that they had retired sooner…an average of 4 years sooner. Why? They wanted the time to enjoy retirement life while their health was still good.
The survey showed that the people who responded in this way did have some moderate retirement savings. The problem is that many boomer who participated in the study, report having far less savings than that of the generation prior.
Have you made any plans for retirement? Do you have enough to retire a bit sooner? Let RetirementView Software help you see where you stand and what you can do to improve the outlook for your retirement. Check us out at www.torrid-tech.com and let us help guide you to a more secure retirement.
You can read more of the details of the survey at http://tinyurl.com/lcsajos
We’ve all heard a thousand times the old tale about finding a pot of gold at the end of a rainbow. We all know it’s just supposed to be a humorous and interesting “old wives tale”. But I find that many people are constantly chasing after “Leprechaun gold”.
Get rich quick schemes are everywhere! The internet is full of them. A quick Google search will lead you to more than you could possibly imagine…some legitimate but many not.
How many of you have been approached to invest $100 in your own business and with just a few hours a week you can become a millionaire? Again, some of these businesses are can help you achieve some extra income, some not but most don’t make the returns in their promises.
You can probably name a few more that you’ve come across in your experience, but nothing can quite meet the good ol’ spend less, save more. If you have the luxury of starting early in life, making wise investments and putting a little away where you can, you will wake up one day and find that your little coins have accumulated into quite a pot of gold.
How can Torrid Technologies help you reach your retirement goals?
We hope that through this newsletter each month, you will find good tips and tricks for saving and investing.
Using our RetirementView Software can help you by looking for the GREEN on your graph. You can play with different scenarios in your plan and see what pays off in your personal plan.
Please let us know how we can assist you or make our product better any time! We don’t want you to leave your retirement security to the “Luck of the Irish”!
Tim Turner Torrid CEO and Founder
In the new book, Falling Short: The Coming Retirement Crisis and What to Do About It, Charles Ellis says that while just 30 years ago, most American workers were able to stop working in their early 60’s and enjoy a long and comfortable retirement, that brief golden age is over!
As responsibility for retirement savings shifts from employer to employee, increasing life expectancy and health care costs are key challenges that retirees today will face. On top of that, Social Security is replacing less of pre-retirement income, traditional pension plans are being exchanged for 401k plans with modest balances and employers are not providing health benefits for their retirees.
Mr. Ellis suggests a couple of changes that need to take place. For one, waiting to retire from age 62 until age 70 provides a 76% increase. He ventures that many of his colleagues in the investing world do not know that. He also points out that if your full retirement age is 66, that collecting benefits at the earliest age of 62 results in a 25% reduction in benefits.
Read much more detail about his research at http://tinyurl.com/qbet8dh.
from InvestmentNews.com
Just speaking historically, seniors retiring now are facing a tough environment. At the time of your retirement, for better or worse, the current interest rates can have a dramatic impact on the longevity of your retirement savings.
Wade D. Pfau, a professor of retirement income in the Ph.D program in the financial service and retirement planning at the American College in Bryn Mawr, Penn. states that “people who otherwise plan and save in the same responsible way, those born at the right time will be fortunate to sustain a high level of spending over their retirements. Others will live and work at times that will result in less fortunate outcomes. Good fortune is derived from experiencing strong market returns in the years around the retirement date, and we have no control over what these returns will be.”
Wealth accumulation is certainly an important part of your retirement planning but even more important is the amount of spending which can be sustained by this wealth.
Dr. Pfau has created an index to help calculate whether or not your client is retiring in a good place or bad.
You can find more about him at his blog: http://wpfau.blogspot.com
He estimates that today’s retirees can only safely replace 38.9% of their pre-retirement salary using the accumulated assets in their financial portfolio. Extremely low interest rates, while helpful in some areas, are a problem in this calculation.
This replacement rate is down from a high of 105.2% in 2000 and up from a low of 33.1% in 2013.
This is definitely a challenging time to enter into retirement. That’s where you as a Financial Planner can truly shine! You can offer a number of ideas and strategies to make your client’s longevity of retirement savings reach it’s full potential!
Read more on this article at: http://tinyurl.com/oga49pu
Secrets for Successful Withdrawal
Sustainable income is a key factor in retirement planning.
Statistically, wealthier couples have a 43% chance that one of two spouses will live beyond age 95.
From 1969 to 1999 a portfolio of 60% equities & 40% bonds = avg. return of 11.48%
Unfortunately this comes with almost 0% returns over 12 years and 8% over the next 18 years.
Spending adjustments over time
Lifestyle spending slows between ages 70-84 with costs dropping as much as 30%
Higher inflation necessitates lower spending.
http://tinyurl.com/px4llwf
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