Wednesday, April 30, 2008

KOHL HEARING, LEGISLATION TO IMPROVE FEDERAL GOVERNMENT’S HIRING, RETENTION OF OLDER WORKERS

WASHINGTON – Today U.S. Senate Special Committee on Aging Chairman Herb Kohl (D-WI) held a hearing on the federal government’s efforts to hire and retain older workers and what policy changes would help them do it better. Over the next five years, more than half a million permanent full-time federal employees—or about one-third of the full-time federal workforce—will be eligible to retire. In ten years, more than 60 percent of the federal workforce will be retirement-eligible. Panelists at today’s hearing recommended removing obstacles to working past retirement age and providing incentives, such as flexible working options, to enable the federal government to maintain the valuable skills and experience of older workers. Improving the federal government’s hiring and retention of older workers will also make it a model the private sector could follow, a concept that was highlighted in the Interagency Taskforce on the Aging Workforce’s recent report.

“With the retirement wave upon us, we must encourage employers to adopt policies now to attract and retain older workers. Nowhere is the foreseen labor shortage more pronounced than within the workforce of the nation’s largest employer: the federal government,” said Chairman Kohl. “Our commonsense policy would create a win-win situation for both older workers and the companies that employ them.”

Yesterday, Chairman Kohl, Ranking Member Gordon H. Smith (R-OR), and Senator Kent Conrad (D-ND) introduced S. 2933, the Incentives for Older Workers Act, comprised of a number of provisions to increase the participation of older workers in the workforce. One provision would remove the penalty under the Civil Service Retirement System (CSRS) for part-time services, correcting a disincentive for employees nearing the end of their careers who would like to phase into retirement by working part-time. Kohl and Smith are also expected to introduce a second piece of legislation to promote the retention and hiring of older workers specific to the federal government later this spring.

Barbara Bovbjerg and Robert Goldenkoff, Directors from the U.S. Government Accountability Office (GAO), discussed the initial findings of a report Chairman Kohl requested on older workers and the federal government, to be released later this year. They offered an overview of the looming wave of retirement-eligible workers, and discussed some government-wide obstacles and incentives to hiring and retaining older workers. Finally, they highlighted a few select agency practices. Nancy Kichak, Associate Director of Strategic Human Resources Policy for the U.S. Office of Personnel Management (OPM), shed some light on their hiring and retention policies, including the flexible workforce options currently available to agencies. Thomas M. Dowd, Administrator for the Office of Policy and Development and Research within the Employment and Training Administration of the U.S. Department of Labor (DOL), testified about the DOL’s role as the lead agency for the Taskforce on the Aging of the American Workforce, created at the request of Kohl and Smith in 2005.

On the second panel, Max Stier, President and CEO of the Partnership for Public Service, talked about their FedExperience initiative, as well as their innovative partnership with IBM to place the company’s retirees into positions within the federal government. Lastly, Chai Feldblum, Co-Director of Workplace Flexibility 2010 at Georgetown University, offered testimony on the history of flexible work options in the federal government and how they can be better utilized to maintain a skilled and experienced federal workforce.

Sunday, April 27, 2008

Tips for Singles to Enjoy Life After Retirement


By Anna D. Banks, GCDF

In the coming years, baby boomers will be retiring in large numbers. While for many it will be a time for celebration, for others it could be a source of dread and anxiety. For singles, retirement entails losing the daily social stimulation and interaction at work. However, there are many ways singles can enjoy life after retirement. The best way is to refocus by doing something that you enjoy, which will keep you alert and active, while also perhaps bringing in some additional income.

If you are single and a retired baby boomer, here are a few tips for enjoying life after retirement:

Take Up Activities: You could take up activities that are new to you and have never tried before, or those that you have always enjoyed but never had the time for. For example, you could join painting classes or creative writing classes, if you have a creative bent of mind. Or, pursue some sporting activities like golf or tennis. Or why not pick up stimulating games like bridge or bingo? Most retirement communities have facilities where the members can pursue the sports or games of their choice. Many of them even conduct tournaments, which is a good way of keeping the spirit of competition alive.

Start Dating Again: One of the best ways to stay optimistic in life is to make new friends or even develop a new love life. While it can be fairly intimidating for many people to get back into the dating game at this stage of their lives, however, the companionship and fun are worth making that daunting leap. With the advent of online dating services, many older singles are finding it more comfortable than ever to start dating again. Most older singles find the idea of meeting prospective dating partners through the Internet easier because they can do it in a relaxed, non-threatening manner from their own homes. There are many websites that are meant especially for seniors where dating classifieds can be placed, either for free or by paying a nominal fee.

Take Up Charity Work: Look for the kind of charity work that you find suitable through charitable organizations. You could help out older people with their household chores, or deliver meals or books to them, or perhaps read to them a few times in a week. This will not only mean your getting out from the confines of your home, but also will make you feel useful and good about being of help to a needy person. Keep in mind, some day you too could need somebody’s help.

Research On Some Topic: You could take up a topic that you are interested in, research on it, put it all down in writing and create an e-book which you can sell online. Gaining knowledge keeps you mentally stimulated. The Internet is a great source of all kinds of information on practically endless topics. So, you can do it in the comfort of your home. Or, if you prefer, got to your local library and do your research from there.

Working From Home: There is really no dearth of jobs that you can do from home. You can earn money online by being an affiliate, Ebay seller, or a drop-shipper. You could take care of the homes of people away on holidays. Walking somebody’s dog, feeding other people’s pets, watering somebody’s garden, or even setting up your own library (if you have lots of books) at home are some other ways to keep yourself busy and earn some money.

The key to enjoying life as a single after retirement is to stay engaged in various activities. Studies have shown that retired singles who volunteered and worked, while also pursued other interests in life felt the most satisfied at this stage of their lives.

© 2008 Anna D. Banks, GCDF
________

Author's Note:
Do you have any questions about career development or lifestyle changes for Baby Boomers, which you think others, like you, would want to know the answers? Email your questions to me at Anna@AnnaBanks.com.

Saturday, April 26, 2008

Challenges Faced by Women After Retirement

Anna D. Banks, EzineArticles.com Platinum Author
By Anna D. Banks, GCDF

While planning for retirement is essential for everybody, it is especially imperative for women. For example, although it is a huge undertaking for everybody to save money for retirement, the challenges and obstacles faced by women are varied and unique, which need to be considered while planning for their post-retirement life.

One of the most important factors to take into consideration is that women, on an average, have longer lives than men by about six years. This means, that compared to men, they will require extra money for their retirement. According to some studies made by demographists, most baby boomer women who are approaching their retirement age are expected to live well into their nineties. This implies that women will have to prepare for emotional and financial security during a retirement that could last more than thirty years, in many cases.

Another challenging factor typically faced by many women is spending less time in the work force. Studies show that on retiring, men put in 44 years of work on an average, while women account for just 32 years. The reason being that it is women who usually take a break from their careers to have and take care of their children, and sometimes even to look after aged parents.

Interruptions in the working life of women have important consequences financially. For example, when women stop working their Social Security contributions cease, which reduces their benefit from Social Security on retiring. It has been found that while men get $1008 per month as Social Security benefit on an average, women get just $774.

Interruptions to women’s working life also results in making it harder for them to compete for raises in the salary and promotions. It is for this reason, along with others, that on average women are currently paid about 87 percent of men’s pay on an hourly basis.

According to the Women’s Institute for a Secure Retirement, women get about 50 percent less as pension compared to men. And even though they may be qualified to benefit from the pension schemes of their husband, these can decrease dramatically if the husband dies before the wife.

Besides, according to estimates made by the Securities Industry Association, as a consequence of various factors like women marrying later, increased rates of divorces and becoming widowed, women will usually spend more of their adult life being on their own financially.

Because of fewer working years and lower incomes, it is less likely for women to save for their retirement. According to surveys, compared to 65 percent of men saving for their retirement currently, only 59 percent women are doing it. This study also reveals that compared to 48 percent men who take part in retirement plans at the workplace, like 401(k), just 36 percent women do.

On top of all that, compared to men, women tend to invest more conservatively. Women, it has been found, have a lower tolerance for risk, which is why they have a tendency to invest more conservatively. Even though it may be wiser to invest more conservatively in many investment portfolios, being too conservative results in less savings and reduced investments for retirement.

Although women in America have made considerable gains socially, economically and legally in the past few decades, their working patterns and caring responsibilities still result in placing them at considerable disadvantage in the country’s system of retirement.


© 2008 Anna D. Banks, GCDF
________

Author's Note:
Do you have any questions about career development or lifestyle changes for Baby Boomers, which you think others, like you, would want to know the answers? Email your questions to me at Anna@AnnaBanks.com.

Saturday, April 12, 2008

Last Minute Taxpayer Tips


(ARA) - As the tax deadline draws near, it’s common to suffer from deadline anxiety. If you are one of the millions of taxpayers who have put doing your taxes on the backburner, the first rule is not to panic. Here are some last minute tax tips to consider:

* Crunch it with software.

Tax software (online or the kind you install on your home computer) does more than calculate the financial data you enter.

According to Stephanie Behrends, spokeswoman for 2nd Story Software, Inc., makers of popular TaxACT tax preparation software and Web-based services, “One of the most important benefits that tax software provides is that it is current on all of the tax law changes. Coupled with a thorough interview format, tips and alerts systems, and easy-to-understand explanations, software like TaxACT reduces the likelihood for errors to occur, and expedites the preparation process -- while maximizing the credits and deductions specific to your tax situation.”

Don’t have all your financial information yet? No problem. Not only does tax software offer do-it-yourself tax preparers the ability to stop and come back to the return you’ve begun to prepare; software also allows you to work on any part of your return -- making it possible to prepare your taxes in stages.

* It pays to e-file and use direct deposit.

E-filing eliminates most opportunities for mistakes and enables filers to receive their refunds faster. Better still, when coupled with direct deposit, you can receive your tax refund in as few as 10 days.

As of March 20, the Internal Revenue Service (IRS) has reported it has accepted more than 57 million e-file returns -- up from 8.6 percent of the total for the same period last year.

* Avoid common mistakes.

Entering an incorrect tax amount you’ve transferred from documents can be costly -- even software can’t predict the dollar amount reported in box four on your W-2. So double check your numbers after you’ve entered them. Other common errors include checking the wrong filing status and listing name changes that weren’t reported to the Social Security Administration. For example, if you were married last year, make sure the name you use to file your tax return appears as it is represented on your Social Security card.

* File an extension.

If you’re concerned you won’t get your taxes in by the deadline, you can file for a six-month extension using Form 4868. If you don’t, you’ll pay a 5 percent penalty each month on any unpaid balance you owe the IRS. And remember, this is an extension for time to file, not an extension of time to pay. This means you will need to estimate your taxes. If you determine that you have an amount owed to the IRS, you are obligated to remit payment to the IRS by April 15.

What should you do if your return is completed but you are unable to pay the full amount due with your return? Don’t request an extension. File your return on time and pay as much as you can. The IRS will send you a bill and a notice for the balance due and charge interest and penalties only on the unpaid balance.

* Already Filed? What documents to keep, what to toss.

It’s a good idea to keep documentation for a minimum of three years -- this is how long the IRS has to audit past returns you have filed. However, IRS audits can go back six years if it believes income has been underreported by 25 percent or more. In extreme cases, the agency can go back even further if it believes fraud has been committed. So, keeping your tax documents, receipts and other related items for seven years may well provide you the best security blanket.

Need specific tax tips and advice? Visit www.irs.gov/newsroom and click “Tax Tips 2008.” Information concerning how to request an extension for the time to file and installment agreements is available at the IRS.gov -- just click on the “1040 Central” link found on the home page. More information regarding TaxACT can be found by visiting www.taxact.com/.

Courtesy of ARAcontent

Thursday, April 10, 2008

Hire Me .....Please!!!

By Anna D. Banks, GCDF

I have had several people send me this video - so I guess I need to pass it along. It may make you angry but frankly, I found it to be funny, as well as extremely well done.

It’s been several years that many career and workplace gurus have been hammering the message that the workplace is changing. And everyday, I run into people who are alarmed that things are not the way they used to be at "their company".

On the April 3, 2008 edition of 48Day.com Radio Career Coach Dan Miller interviewed a caller who was distraught that he was losing his job after 27 years with the same company. But then again, it was not the “same company.” There were multiple mergers and acquisitions along the way. All his old bosses and co-workers were gone, yet he was angry that they were now pushing him out the door. It should not have come as a surprise - especially since his compensation had crept up over the years to $268,000. Now, this didn’t mean he was dead in the water. It just meant he better be aware of the new opportunities for “free agents.” And then rock and roll.