Nevada Retirement Planners

OMAHA, Neb. (AP) — A new survey suggests women may be OK retiring with a smaller retirement nest egg than the amount men say they want.

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LONDON (Reuters) – Specialist life insurer Just Retirement has agreed to be taken over by private equity company Permira in a 225.5 million pound cash deal. Permira-backed bid vehicle Avalon Acquisitions will pay 76 pence per share for Just Retirement and also inject 25 million pounds into the company after the takeover via a capital increase.

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Four investment firms agreed to pay $4.5 million to settle an investigation by New York’s attorney general, Andrew M. Cuomo, into the state’s pension fund, Mr. Cuomo said Thursday. The money paid by the four firms — HM Capital, Levine Leichtman Capital Partners, Access Capital Partners and Falconhead Capital — will be returned to the state pension fund. They also agreed to halt their use of outside intermediaries, known as placement agents, often politically connected people hired to help inv…

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DES MOINES, Iowa (AP) — Planning for retirement has never been as complicated — or as important — as it is now.

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A poll released today by Edward Jones Canada finds 15% of parents with children under age 18 are favoring their children's education over their own retirement savings, with the result they are "putting aside little or nothing for their retirement."

Seven out of ten parents are choosing one over the other, or none at all.  Only 22% are doing the ideal thing, which is to save equally for their own retirement and their children's post-secondary education.

There's even a significant group — 26% — that actually put their own retirement ahead of their kids. This group is "primarily saving for retirement and only saving a little for post-secondary school for their child or children."

And finally there is an unfortunate group, making up 26% of the poll, that are saving for neither goal.

"While we are pleased to see that a number of Canadian parents understand the importance of saving for both their own long-term financial needs, as well as their children's, we are concerned that a large number of parents seem to be choosing one over the other"  Edward Jones senior retirement planning specialist Michelle Kay-Scott [pictured] said in a press release, "Anyone balancing these two hugely important financial goals – education and a comfortable retirement – needs to be sure that they are clear about what kind of financial planning is needed to achieve both of these goals."

Four years in residence can cost $84,000 

Having just experienced the costs in sending my own child to university this September, I can vouch for the fact that it is both costly and therefore necessary to save well in advance, ideally through a Registered Education Savings Plan (RESP). In 2015, an average year of tuition will cost more than $12,000 for those who stay at home with their parents, and over $21,000 for students who live in residence or on their own. That's according to CanLearn, an online Government of Canada resource,  Tuition is expected to increase an average of $2,000 to $3,000 every five years.

CanLearn estimates that for those who decide to pursue a 4-year honours degree away from home in 2015, the cost could be  $84,000. You should be able to accumulate that much by maximizing the $50,000 contribution room per child in an RESP. Add to that tax-sheltered investment growth over 18 years, plus $7,200 in the Canada Education Savings Grant (CESG), and it shouldn't be necessary to stint on your own retirement.

Edward Jones suggests shooting for enough retirement savings that it will replace 70 to 90% of working income. 

Kay-Scott provides the following tips to help parents achieve some balance between saving for their own retirement and putting aside money for their offspring's higher education:
 
 
Define your financial goals, and create a financial plan based on these - In trying to achieve your goals, ensure that your investments are appropriate for your needs and risk tolerance, and that your portfolio is properly diversified. Education funding may be a shorter-term goal than retirement planning, and assets should be allocated accordingly. Investors should speak to an expert to determine what suits their individual portfolio.
 
Set up RESPs for your children - To keep up with the rising costs of tuition, parents can contribute to a Registered Education Savings Plan (RESP) that offers tax benefits and great growth potential with contributions from the Government of Canada.
 
Save for your retirement in a designated account, such as an RRSP – Just as your money needs to grow to fund your child's education, you have to do the same for your retirement. An RRSP is a great retirement savings vehicle that allows savings to grow while sheltered from taxes.
 
"Planning is the key to financial success – a financial plan is like a road trip, unless you know where you are going, you are not going to reach your destination," says Kay-Scott. "Just as you would before you hit the road, map out your goals, and create a plan of how you'll get there. Your financial advisor can help you do this."

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Source The Wealthy Boomer : Retirement

Four investment firms agreed to pay $4.5 million to settle an investigation by New York’s attorney general, Andrew M. Cuomo, into the state’s pension fund, Mr. Cuomo said Thursday.

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NEW YORK (AP) — Four more private equity firms involved in a corruption scandal at New York’s public pension fund have agreed to pay restitution and implement reforms, state Attorney General Andrew Cuomo announced Thursday.

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When the financial crisis hit, some of Wall Street’s prophets warned that individual investors would be lost for years, but some of the money that fled stocks for safe harbors last year is beginning to return.

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When the financial crisis hit, some of Wall Street’s prophets warned that individual investors would be lost for years, but some of the money that fled stocks for safe harbors last year is beginning to return.

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LONDON (Reuters) – Britain should freeze state pensions for a year, scrap child benefits for middle-class families and axe one in ten civil service jobs to cut its growing budget deficit, a top business group said on Friday.

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