6. Personal Retirement Advice

When it comes to retirement, it is difficult to predict what will happen. The economy is always changing, which means it is hard to know how much money is enough and how you should prepare. Here are a few ideas to get your feet planted…
If your employer is offering a retirement plan, it is almost always a good idea to participate in this. Many plans allow employees to contribute pre-tax dollars and some employers even match contributions up to a certain percentage.
As you choose an investment mix for your retirement plan, consider your tolerance for risk and the length of time you have until retirement. If you do not have a lot of time until retirement, you may want to steer clear of more aggressive investments, which tend to be more volatile.

Remember that traditional IRA contributions may be tax-deductible. For the 2001 tax year, the modified adjusted gross income deductibility threshold for active participants in an employer-sponsored retirement plan ranges from $33,000 - $43,000 for single filers and $53,000-$63,000 for a married couple filing jointly. If you are not participating in an employer-sponsored retirement plan, 100% of contributions are deductible. If you are not able to deduct a Traditional IRA contribution, consider a Roth IRA. With the Roth, income grows tax-free.

If at all possible, try to avoid withdrawals from your retirement account. For example, if you are changing jobs, roll your 401k (or other pension plan) directly into a Conduit IRA. This type of IRA will maintain your plan's tax-deferred status and allow it to be rolled over to a future employer's plan.

IRA contributions for a tax year that are made any time before April 15 of the following year may still be deductible on the previous year's return. Talk to a tax advisor for more information.
There are plenty of things to think over when it comes to retirement, but make sure to keep these ideas fresh in your head. Retirement will creep up on you faster than you think, so it's best to be ready for whatever it may throw at you.

7. Retirement Homes
So you've decided it is time to retire or maybe you have been retired for several years. Thoughts of moving into a retirement home have started to cross your mind. So what is the best option? Where should you look? What are some things to be aware of?
As with many other things in life, getting into retirement homes boils down to a question of money. Financing a retirement home is now a little easier if you are a homeowner; an increasing number of mortgage companies offer ways to convert equity you've built up in your home into money for a retirement community home. Before you shop for a retirement home, talk to a mortgage specialist and find out if you can apply your equity to paying for a senior retirement home, and how much you would have to work with.
Many people buy insurance to help financing a retirement home well in the future. Some insurance companies offer private insurance policies specifically for long-term nursing home care. If you choose to go this route, make sure to shop carefully. These policies can vary greatly in coverage and cost, and it is important to understand precisely what kind of policy you are purchasing, and whether it will support the kind of retirement homes you will need.
Many people make the mistake of believing that Medicare covers the cost of most long-term care services such as retirement homes. However, Medicare only covers short-term, acute care during a hospital stay. You will need to work out other forms of financing if you haven't saved enough by the time you need to find a retirement home.
Financing retirement homes with an insurance policy can help meet the expenses you'll encounter, but you must be careful. If you are considering an insurance policy, make sure that it pays benefits immediately upon entry into a nursing care facility or senior retirement home. Many insurance policies, which are purchased prior to the need for nursing care, require a waiting period after entry into a nursing care facility before payments are made. It is highly unlikely that nursing care insurance can be purchased after a person has entered a nursing care facility.

8. Retirement Communities
Oftentimes as retirement approaches, many people choose to move into a retirement community as opposed to a private home. There are many things to consider when taking this route in your retirement.
The first step in shopping for a retirement community is taking a good look at what you want…much like a personal inventory. Characteristics such as age, health, marriage, financial status, religious preference, personal interests and hobbies will help define the type and location of retirement communities best suited to an individual's or couple's personalities and capabilities. Don't worry…there are plenty of options when it comes to retirement communities…there is one just for you!
The fees and ongoing costs of a retirement community can vary widely. Some retirement care communities provide unlimited medical and nursing home care as part of the total package. Others include a certain amount or level of care, but charge more if you exceed the limits. Still others are "fee-for-service," with the charges depending on the care needed.
Many communities will require applicants to pass physical and mental checks. Applicants with cancer, strokes or dementia may have their applications rejected. Even facilities that accept people with unhealthy conditions do so on a space-available basis. Therefore, the best idea is to apply while you are still healthy. People who wait until their first health crisis to apply might not get in.
So-called "independent living" retirement communities are designed for seniors who are relatively independent, both physically and socially. The primary perk in this kind of retirement community is maintenance-free living; no house and lawn upkeep, linen service, trash pickup, transportation, and lunch served in a common dining center. These kinds of retirement community homes give seniors the freedom to truly enjoy the "Golden Years". Activities are another big part of independent living communities and often include crafts, exercise classes, live entertainment, movies, parties, outings and overnight bus trips, each adding a new dimension to the senior's experience. Residents generally choose apartments from one of three floor plans.
When looking at a retirement community, find out if it is accredited. The Continuing Care Accreditation Commission is the only accrediting agency for continuing care retirement communities. Ask how medical care is provided. Is assisted living or nursing home care on site or on-call? Scrutinize the agreement and make sure you thoroughly understand it. Also, some retirement communities will let potential applicants spend a night in the retirement community home and take a meal. If you do this, take every opportunity to talk to as many other residents as possible to get a truly unvarnished view.

9. The Best Place to Retire
Placement is one of the most important things when retiring. Distance from family, neighborhood, finances, etc. all come into play when considering your retirement location.
When house hunting for the best place to retire, don't worry about finding your dream home right away. You can always trade up later. If you have benefited from the real estate boom in your first home, you can easily put your equity to work in a second place to retire. Or you can trade down to a smaller home.
Looking for the best place to retire means the best place for you. When contemplating retirement locations, consider factors like taxes, median home price, the local night life, sports teams, golf courses, culture, educational opportunities, crime rates and the overall environment. Also, keep in mind the distance from friends and family. If you have new grandchildren, you may not want to move clear across the country. Remember, unlike some professional athletes, you're only going to retire once. So make the best choices the first time.
Your search for the best place to retire might include a factor your parents never considered: work. A recent study found that 70 percent of those 45 and older plan to continue working in their "retirement" years, another survey found that the number may be as high as 80 percent. Surprisingly, the pure enjoyment of work or a desire to try something new are significant considerations for choosing retirement locations.
One interesting trend among people looking for the best place to retire is to choose retirement places with appealing cultural and recreational lifestyles, then looking for ways to earn a living there. Some who make this jump end up telecommuting, starting a small business, or working part-time.
The best place to retire for you might be a college town. Many of those wondering where to retire were in college from the middle 1960s into the early '70s and so a college or university areas can be good retirement places. In addition, universities generate jobs and lend a youthful vibe. And they often come with arts centers, medical facilities, and good restaurants.

10. Retiring in Florida
When mentioning retirement, one of the first things that comes to mind is the state of Florida. According to the Florida Department of Elder Affairs, since 1980, the Sunshine State's population has grown an average of 873 new residents every day. Many of those newcomers are coming to enjoy a Florida retirement, seeking a warmer climate in a Florida retirement community. But besides climate factors, there are many advantages for those who retire to Florida thanks to some generous state incentives and an active, vibrant senior community.
However, before electing for Florida retirement, do your homework. Researching the best places to retire in Florida and finding a good Florida retirement community is essential before you pull up stakes and move. Your first step should be to contact the Florida Chamber of Commerce. They can provide a wealth of free information and pass you along to local chambers of commerce in those areas you are considering as a place to retire. Also, don't forget your public library, which might also carry Florida newspapers. This is a great way to get the feel of the place first before actually going there.
Many people choose Florida retirement because of the gentle semi-tropical climate that graces the best places to retire in Florida. Florida's climate ranges from temperate in the north to subtropical in the south. Winter temperatures range from an average of 51 degrees F in the north to 70 degrees F along the southern Atlantic coast. Average summer temperatures are remarkably uniform throughout the state, ranging in the mid-to-low 80s. Precipitation averages about 50 inches annually, with most of the rain occurring during the summer months.
If you are considering Florida retirement in a Florida retirement community, you should decide what you want in a Florida retirement home. If you want to find the most senior-friendly counties, the counties with the largest percentages of people age 65 and older are Charlotte (35%), Highlands (33%), Citrus (32%), and Sarasota (31%).
Florida retirement is a big enough industry that the state has perks for people who retire in Florida. Florida residents are entitled to property tax exemptions of up to $25,000 on the assessed value of owner-or dependent-occupied homesteads. To become a resident of Florida, a person must establish a home or a permanent dwelling place and demonstrate the intent to make Florida the place of permanent legal residence. There is no fixed waiting period. Simply file a sworn statement with the Clerk of the Circuit Court in the county where your new residence is located.