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Retirement Redefined

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Will most baby boomers truly retire? The old mainstays of golf, grandkids and travel haven’t been enough to satisfy many retirees from previous generations. With the great amounts of energy and success that exist within the baby boomer generation, retirement isn’t likely to sustain their attention much longer than it did their parents’.

If the current generation of retirees is any indication, baby boomers and younger workers alike have a thing or two to learn from their older counterparts. In August 2005, Putnam Investments performed a retirement survey called “Working in Retirement.” Most of the retirees surveyed returned to work after an average of only 18 months of retirement. Of those who returned, 32% cited financial need, while 68% did so voluntarily.

The return to work may signal a problem that most retirees don’t anticipate: having something fulfilling to do. The keyword is fulfilling, and it’s the driving force behind a return to work. Of course, the added income and the potential health insurance benefits don”t hurt either. The phenomenon has become so recognized that In areas with large and increasing populations of retirees, like Arizona, many employers are catering to the retired crowd. Certain companies offer specific work opportunities crafted for retired people. In Tempe, Ariz., Wells Fargo has a special processing center that hires mostly retirees, whom they have nicknamed “Silver Bullets.”

The Putnam study didn’t focus just on work after retirement. It also emphasized several key reminders for younger workers. Even though the current generation of retirees is relatively financially stable, they still have concerns about running out of money, and they’re worried younger people will do the same. They emphasized starting retirement savings early, developing a retirement plan and saving as much as you can both through your workplace program and on your own.

Retirement could be the beginning of many great years. Working with a financial professional and having the proper plan in place is a key part of retirement. You should also keep an eye on healthcare costs and stay informed on issues that will effect your retirement. You should always be focused on your plan and be aware of some common pitfalls. That way, you can be prepared to make the best years of your life as good as they can possibly be.

No one expects the baby boomer generation to be content with life in retirement, which is why planning post-retirement activities, both work and play, is so important. And it’s just as important for younger workers to plan for such activities too. No matter your age, informing your financial professional of your desire to work and your hobbies and interests will make your retirement plan that much more complete.

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Report: Combined Consumer Education and Increased Security Measures Equal Reduced Identity Fraud

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While surfing the ‘net, I came across a report about the reduction of identity theft and identity fraud. Obviously, it caught my attention. Following, in part, is that report which was produced by Javelin Strategy & Research, and co-sponsored by CheckFree Corporation, Visa Card, and Wells Fargo & Co.

While identity theft remains a multi-billion-dollar problem for businesses, organizations, and individuals, incidents of the fraud dropped significantly last year, according to a report.

Identity fraud occurring in the United States declined in 2006 by 12 percent over the year before, from $55.7 billion to $49.3 billion, according to the third-annual survey by Javelin Strategy & Research. The survey, which involved 5,000 telephone interviews, estimated the number of victims dropped for the fourth consecutive year by about 500,000 to 8.4 million persons.

Researchers attributed the decline to better consumer education and awareness and increased use of online banking and financial sites that allow closer monitoring of accounts. “Businesses are doing a lot more, law enforcement is doing more, and so are consumers,” said James Van Dyke, president of Javelin, a research company in Pleasanton, Calif., specializing in financial services and payments.

Tena Friery, research director at the Privacy Rights Clearinghouse, a nonprofit consumer organization in San Diego, said she was surprised by the size of the decline but said there is much greater public awareness.

“We still have a long way to go,” she said.

According to the report, there was a significant reduction in fraudulent new-account openings, traditionally one of the most common kinds of fraud. It occurs when a criminal uses a victim’s personal data to open a new account.

The survey also found that it takes on average less time and expense to resolve a fraud case than last year. When fraudulent accounts are opened, the average fraud amounts dropped from more than $10,000 in 2005 to $7,260 in 2006. Resolution times dropped from an average of 25 hours in 2005 to five hours in 2006.

Van Dyke said one reason the numbers are down is that businesses are “screening account applicants much more closely.”

Individuals and consumer groups have long argued that extra screening was needed because conflicting application information, such as two addresses, could indicate identity fraud.

One group that isn’t doing better, according to the report, is 18- to 24-year olds. This age group was more likely to become a victim of identity theft than other age groups. (See sure to read my related article, Your Child’s First Year at College: Prime Target for Identity Theft?.

The report references offline criminal activities; however, I do believe that incidents of identity theft have remained unchanged online. One example is stated above, with cybercriminals targeting recent high school graduates and college freshmen.

Unfortunate victims, these graduates and college freshmen provide extremely lucrative opportunities for the cybercriminals to obtain their personal information. Even before they start their first careers, these graduates and college students will, most likely, be crippled by identity theft.

To protect yourself, you need an internet security team of experts making sure that you, your family, and your business computer are always safe and secure. The best protection you can have in today’s rapidly changing world of cyber-attacks is to have expert support for all your Internet security needs that will provide technical support without any hassles and without charging you extra fees. It will become even more critical than it is today as time goes on. You need to find your own personal team of experts to rely on. If you ever have a security problem, you will want to have a trusted expert you can call for professional help, without any hassles and extra costs!

Because cybercriminals are becoming smarter and more sophisticated in their operations, they are real threats to your personal security and privacy. Your money, your computer, your family, and your business are all at risk.

These cybercriminals leave you with three choices :

1. Do nothing and hope their attacks, risks, and threats don’t occur on your computer.

2. Do research and get training to protect yourself, your family, and your business.

3. Get professional help to lockdown your system from all their attacks, risks, and threats.

Remember: When you say “No!” to hackers and spyware, everyone wins! When you don’t, we all lose!

© MMVII, Etienne A. Gibbs, MSW, The Internet Safety Advocate and Educator

Three Identity Theft Protection Programs Reviewed

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In the marketplace for ID Theft Protection, three companies are taking the lead. Invisus Direct, Wells Fargo and PrePaid Legal/Kroll, Inc. On the surface, all three companies seem to offer an almost identical product, but beneath the surface, significant differences emerge.

Invisus Direct primarily offers protection against online ID theft, through securing your computer with software which protects you from such predators, and insures you against ID Theft even if it happens in the offline world. If you already have strong PC protection from another software vendor, like McAfee or Norton, or you own a Mac, you may not need the protection that Invisus offers for around $14.99 per month, per computer.

Wells Fargo offers ID Theft protection, with $10,000 in ID Theft insurance to cover the costs of restoring your identity if it is stolen. Like Invisus, the usual suspects are monitored, such as your credit reports etc.

PrePaid Legal/Kroll, Inc. offers ID Theft protection that monitors your credit report, the use of your Drivers’ License #, your medical records, and your Social Security #. The subscription costs $12.95 per month, but here is where PrePaid Legal/Kroll, Inc., differs from the other two programs.

With Invisus and Wells Fargo, if your identity is stolen, they provide you with a do-it-yourself pack, which contains form letters that you have to send to every financial organization with whom you have dealings, explaining the theft and attempting to remedy the situation. On average, the amount of time this takes is 600 hours. PrePaid Legal/Kroll have a different solution. You sign over a Limited Power of Attorney to them, and THEY spend the 600 hours sorting out the mess.

From my perspective, this tips the balance in favor of PrePaid Legal/Kroll, Inc., though if computer security is your primary concern, you might also consider Invisus.