|
Read the Fine Print in Your Retirement Plan
Few
of us know all the mechanics of our 401(k) or other retirement plans.
Don’t be caught off-guard when changing jobs or getting ready to retire.
Here are some important things to know about your plan:
- Trading limits.
Many plans allow you to move money at any time, but some strings are
usually attached. It’s generally not advisable to move long-term
retirement savings around for short periods of time. If you do want to
switch from time to time, keep in mind that your plan may allow only a
set number of trades each week, month, quarter, or year.
- Account valuations.
Find out how often the value of your retirement account is calculated.
You can get the most out of your money by timing your departure. Most
companies value everything the day you retire, but some value your
account weekly, monthly, or quarterly.
- Withdrawal options.
Know how to access your money when you need it. Some plans don’t allow
retirees to keep their money in place. Instead, they pay out a lump sum
to be reinvested elsewhere. Other plans allow retirees to take a stream
of payments (so it serves as an income source) while the rest of the
money stays in the plan. Be sure to do your homework before your
retirement party.
|
|
|
|
|
 |
Are You Ready for That Promotion?
Being
offered a promotion is almost always flattering, but accepting it may
not always be the best choice for you and your career path. Here are
some things to keep in mind when considering a promotion:
- Are you ready to make the step up?
Your boss may be impressed with your recent performance on the job, but
does that mean you’re prepared to assume more or different
responsibilities permanently? Moving ahead before you are comfortable
may lead to career-damaging mistakes.
- Do you want the additional responsibility?
How would the new position change your responsibilities and lifestyle?
Would you be expected to work longer hours? Travel more frequently?
Supervise others? Manage high-profile (and high-stress) projects? Try to
envision how your everyday work and home life would change if you took
on the new role.
- Where could you go from here?
The promotion you’ve been offered may represent a step up in the
organization, but then what? Could you advance further, or would you be
stuck on a plateau? Would you rather make a lateral move to a different
department with more room for advancement?
- Will the role take you away from what you really love?
You must consider whether a new job with different responsibilities,
and the benefits and pay raise that might accompany the position, would
be enough to fill the void if you must let go of other work you truly
enjoy.
If you decide to turn down the promotion, meet with your boss
personally and let him or her know how flattered you are to be
considered for the role. Explain how much you enjoy working for the
company and how glad you are to know your contributions are valued.
Then, make it clear that you cannot accept this particular offer at this
time.
If
your boss presses to understand your motivation for refusing the
promotion, emphasize that you believe staying in your present position
is better for you - and the company. Communicate with your boss
frequently about what you’d like to accomplish at the company and what
training and experience you need to become a better employee overall.
|
|
|
World's Most Powerful People
Every year, Forbes
makes a list of the most powerful people in the world drawn from
government, business, religion, and other fields. In 2012, President
Obama topped the list, but since then, Russian President Vladimir Putin
has moved up to number one. Here are the prominent people who made the
top 10:
- Vladimir Putin - Russian President
- Barack Obama - U.S. President
- Xi Jinping - General Secretary of Communist Party of China
- Pope Francis - Bishop of Rome
- Angela Merkel - German Chancellor
- Bill Gates - Co-Chair and Trustee of Bill and Melinda Gates Foundation
- Ben Bernanke - Federal Reserve Chairman
- Abdullah bin Abdul Aziz Al Saud - King of Saudi Arabia
- Mario Draghi - President of European Central Bank
- Michael Duke - CEO of Wal-Mart
|
|
|
3 Strategic Questions
You
can’t make sound strategic decisions for your organization unless you
have a solid understanding of what makes it special and unique. Answer
these three fundamental questions:
- What value do you provide customers?
This is the reason you’re in business - to fill a need for people
better than anyone else can. Why should people come to you and not the
next business down the road? The answers will let you identify strengths
and set priorities more effectively.
- What value do you offer your workforce?
If you want to attract and retain good people, you have to offer
something other employers don’t. A competitive salary is just the start.
Employees also appreciate a work atmosphere that encourages innovation,
creativity and trust.
- What do you have to do better than anyone else?
The first two questions lead naturally to this third one. How can you
continue to distinguish yourself from your competitors? How can you
measure your success in these areas? Re-examine your answers every few
months to make sure you’re staying on top of the trends in your
industry.
|
|
|
Forget Knitting and Shuffleboard
Some
people dream of never working again once they reach retirement. Others -
more than you might think - are happy to keep on working. A study
conducted by a national life insurance company has found that 40 percent
of people planning to retire this year would be happy to keep working
past their 65th birthday if given the opportunity. That figure
represents 48 percent of men and 32 percent of women.
Money
isn’t the main motivator, either. The primary motivation for 68 percent
of this year’s retirees is the desire to remain physically and mentally
active, although 39 percent just don’t like the prospect of sitting at
home, and 54 percent say they simply enjoy working. However, most don’t
want to put in the same hours: only 13 percent would be willing to work
full-time after age 65.
About
10 percent would consider starting their own business once they retire,
and 5 percent are interested in doing more volunteering.
|
|
|
|
No comments:
Post a Comment