Business

Websites to Help Retirees Find Work

Whether to stay active or stay afloat, a growing number of seniors will be looking for work. These sites cater to those seeking employment in the golden years.

Finding Good Work After You Retire

A s retirement portfolios shrink, it's inevitable that some older Americans will consider going back to work. That's a good thing, says Marc Freedman, author of "Encore: Finding Work That Matters in the Second Half of Life." He told NEWSWEEK's Caitlin McDevitt why retirees shouldn't polish their golf clubs just yet. ...

Don't Retire Without Health Coverage to Age 65

Retirement planning usually focuses on "the number"—how much money you'll need to support the kind of life you want. For early retirees, there's a second question, potentially even more important: will you have health insurance to carry you to 65 when you finally come under the protection of Medicare? Without it, your health, savings and standard of living are at serious risk.It's dangerous to go uninsured, as all too many Americans know. A study published in The New England Journal of Medicine evaluated adults who were 51 to 61 in 1992. Those without policies were almost three times as likely to suffer a decline in health in the following five years as those who were lucky enough to have continuous coverage.Going without insurance is also dangerous to your financial health. Bankruptcies are soaring among older people. "It's often a one-two punch—high medical bills and job loss," says Elizabeth Warren, a professor at Harvard Law School and a bankruptcy expert.If you have a choice,...

How to Open Your Nest Egg

Retirees who have been carefully feeding their 401(k) and individual retirement accounts for years face a psychological hurdle when they have to switch gears and start withdrawing money. But nothing is as stress-inducing as actually figuring out how much to withdraw, when to pull it out, and which accounts to tap first. There are reams of research designed to provide guidance on those questions, as well as a few new products. Here's the latest on how to manage your nest egg, so it will be there as long as you are.Be strategic about Social Security. If you are married, the lower earning partner (often the wife) can start her benefits when she turns 62, the earliest age allowed. The second spouse should defer benefits as long as possible. A worker who'd get $750 a month at age 62 would receive $1,320 if he waited until age 70 to start collecting, notes Boston College's Alicia Munnell, who recommends the strategy for couples who want to retire early. When either spouse dies, the other...

Taxes Are the Real Reason Snowbirds Fly South

There are reasons retirees flock to Florida, beyond the beautiful beaches or loving attention from presidential candidates. It's the tax structure. There's no income tax; prescription and over-the-counter drugs are tax-free; and retirees can claim an annual homestead exemption as high as $50,000 against their personal property taxes.Stark differences in tax policy between one state and another have many retirees on the move.Several states exempt pension income and Social Security from income taxes; you can find a thorough list of retiree tax policies at retirementliving.com/RLtaxes .html. But drill deeper: property taxes can be thousands of dollars higher from one town to the next.Don't just look at the traditional retiree tax havens. Other states that don't tax pension or Social Security income include Alabama, Alaska, Mississippi, Nevada, Pennsylvania, South Dakota, Texas, Washington and Wyoming, reports CCH, a Riverwoods, Ill., tax publishing company.

How to Play Catch-Up On Retirement Investments

Baby boomers, it's time to play catch-up. All the 50-somethings who'd been religiously plowing money into their 401(k) plans just got slammed with the trifecta of trouble—sinking stock, tight credit and a lousy housing market.But there are a host of strategies for catching up in a hurry. Here's how.Plow money back into the market. Why throw good money after bad? Because over long swaths of time, stocks always do go up, and now is a good time to start buying, while prices are lower. That means maxing out on your 401(k) contributions and feeding an Individual Retirement Account up to $5,000 in 2008 (plus another $1,000 if you're at least 50.)Play the Roth card. This could be an excellent time to take your old tax-deductible IRA and convert it to a tax-free Roth IRA. You'll pay income taxes on the amount you convert, but that amount is probably a lot lower than it would have been without the recent market rout. And given the astronomical deficits that Washington will have to fix sooner...

Perspectives: Quotes From The Week Of 10/20

"I have found a flaw. I don't know how significant or permanent it is. But I have been very distressed by that fact."Former Federal Reserve chairman and legendary proponent of deregulationAlan Greenspan, referring to his free-market ideology during a hearing with U.S. congressional leaders last week"Nicolas Sarkozy has instructed me to remind you that, whatever his status and fame, he has exclusive and absolute rights over his own image."Thierry Herzog, lawyer for the French president, in a letter to a publishing company that has released a"voodoo manual"that includes a Sarkozy look-alike doll and tiny pins to stick into its torso"How do you prove a guy's a pirate before he actually attacks a ship?"Adm.Mark Fitzgerald, commander of NATO's antipiracy control, on why it's difficult to defend ships—including U.N. aid vessels—from pillage by the growing ranks of pirates off Somalia's coast"I call it the Hotel Honda."Unemployed IT consultantBruce Richall, who's been sleeping in the back...

Airport Hotels Become Luxurious

A night at an airport hotel is usually about as comfortable as hunkering down in a plastic chair in the departures terminal. But several airports have created first-class havens that could be destinations in their own right.Opened in late summer, the boutique Aviator Hotel at the private Farnborough Airport in Hampshire, England, provides seven high-tech meeting rooms near its sleek luxury suites ($511; aviator farnborough.co.uk). In Hong Kong, the Regal Airport Hotel now offers overnight stays in its award-winning OM Spa. Guests can enjoy canopy beds, flat-screen TVs and free-standing tubs ($613 for two, $499 for one; regalhotel.com). At the Munich airport, guests staying at the Kempinski Hotel can snack on healthy treats at the poolside bar ($687; kempinski.com). The Fairmont at Vancouver airport is outfitted with floor-to-ceiling soundproofed glass for dramatic—but quiet—runway views. A fish valet makes sure guests' catches make their departure flights ($90 for four hours;...

Reductio Ad Absurdum

(Stephan Savoia / AP Photo)Via Jonathan Martin, I see that John McCain floated a rather curious criticism of Barack Obama this afternoon in Florida:...

Pages