When you first start saving for retirement, you might think youll never get to the point where you can max out your annual contribution. But perhaps your income has leveled up significantly since then, or youve prioritized saving for retirement. You might see yourself approaching that annual $19,500 limit for your 401(k) or $6,000 for your IRAs.

May as well throw in a little more, right? Not so fast. Saving for retirement is sort of like playing The Price is Right: You want to get as close as possible without going over.

Want to know what happens if you do? (Heres a hint: Youre going to lose some of that money.)

First, exceeding your contribution limits for retirement accounts doesnt usually happen. If you have one retirement account, your risk of exceeding the limit is very low, since the firm that manages your plan will keep an eye on your contributions for the year. But if your finances are more complicatedperhaps you have a few different retirement accountsyou may need to pay more attention.

The biggest cause of this is when the taxpayer switches jobs during the year and essentially has two retirement accounts that are not being monitored to the annual limit, said Mike Savage, CPA and founder of 1-800Accountant. If they only have one retirement account, usually the financial institution will make [them] aware of the excess contribution, he said.

Another way you can get stuck in this situation is when you hit an income limit for your retirement account, like a Roth IRA. Maybe you fully funded your Roth for the year, but were also eligible for an employer-sponsored plan. Most people that end up with an excess do so because its hard to measure where the income will be at the end of the year, said Amin Dabit, director of advisory service at Personal Capital.

If you go over the limit for your retirement account, the IRS is not going to let you skate by unnoticed. You need to remove the excess from your account as soon as possible, or youll pay an excise tax penalty of 6%.

If you can remove the excess contribution before you file your taxes, you wont have to pay the 6% penalty. You will, however, have to report it as income (which means it will be taxed) and youll probably have to pay a 10% penalty for early withdrawal from your retirement account.

You might be tempted to just leave the money there and take a 6% penalty over a 10% one. But it doesnt actually work that waythat 6% doesnt go away if you dont make amends. The IRS will impose a 6% IRS excise tax penalty for every year that amount remains in the account, Dabit explained.

If your retirement account is through your employer, youll have to ask them to pay back the excess deferral to you, including any earnings on it, said Caleb Silver, editor in chief of Investopedia. If youve already received a W2 from your company, theyll need to then provide an amended one.

You can also file an amended tax return; you can avoid the penalty if you remove the excess and refile by the October extension deadline.

Pay attention to your earned income, modified adjusted gross income, and the annual contribution limits, Silver said. Keep track of any contributions youve already made for the tax year, and be sure you allocate to the correct year any contributions you make between January 1 and April 15.

If you think the upcoming year is going to be unusually robustmaybe youre expecting a raise or a bonus you want to put toward retirementyou can contribute toward last years limit now to avoid an issue after your income (and your contribution) increases. One of the best ways to avoid contributing too much is to discuss with a tax advisor and look to make a contribution for the previous year at the same time you file taxes, Dabit advised.

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Heres What Happens If You Go Over the Limit for Retirement Contributions - Lifehacker Australia

Former Pittsburgh Steelers coach Chuck Noll was a hard-ass. He transformed his team from an NFL punchline into a powerhouse. He was known to chew out players after terrible games and inspired the kind of respect that would lead his team to four Super Bowl wins, two of them against the Cowboys.

Noll wasnt one to mince words. Whenever a player was too old and broken for the game, the Hall of Fame coach would call him into the office and tell him that it was time for him to go find his life's work. It's a story, a legend, really, people in Pittsburgh hold dear to their hearts, much like the image of former Cowboys coach Tom Landry's stoic sideline figure still inspires a legion of older Cowboys fans. It's a tale Texas Radio Hall of Famer Mike Rhyner told in his farewell video to The Ticket fans on Monday.

Rhyner, 69, announced his retirement from The Ticket in a video he posted online and shared on his Twitter account. He leaves behind a 40-year career in sports radio and a legion of disheartened fans.

I dont have to find my lifes work, he said in the video. This has been it, and I am damn proud of it, and I thank you, The Ticket listener, more than I can tell you.

Danny Balis, a Dallas musician who's worked with Rhyner since 2000, was as surprised as everyone else when he found out last week. Mike is a total pro, one of the smartest people I've ever met, and has such an oddball goofy sense of humor, he tells the Observer. I knew I was working with a legend, and I never took it for granted.

A Southwest Oak Cliff native, the "Old Grey Wolf," also known as "The Godfather," Rhyner didn't set out to become The Tickets version of Reggie Jackson (as he's referred to in the book The Ticket, Full Disclosure by Scott Boyter). He was a drummer in search of a rock n roll band.

Rhyner began gigging in bands when he was 15 in the 1960s, jamming at gigs in Abilene, Tyler and Wichita Falls. My parents thought this was a folly that would pass, but as it happened, I was able to make a little money at it, and they surely liked that idea, Rhyner recalled in Boyter's book.

After 15 years of jamming, he decided to set aside his drumsticks and return to school for radio broadcasting at the University of Texas at Arlington. When he was a kid, hed been a fan of the magic Russ Knight, The Weird Beard, who would spin on KLIF.

Ive never been able to put my finger on it, but radio was always magical to me, Rhyner told the Observer in January 2006.

In the late70s, he landed a radio gig as a news intern for The Zoo KZEW, but longed to do sports radio. He eventually got his chance at The Zoo and stayed with the station until 1986 when it closed its doors.

Six years would pass before he hatched the idea of an all-sports station with his friend Geoff Dunbar. They were watching the 1992 Duke-Kentucky basketball game when they came up with the idea. It wasnt an original idea for Dallas. Local icons Brad Sham, Norm Hitzges and Randy Galloway were doing sports talk shows. But no one was operating a 24-hour all sports station.

Two years later, The Ticket hit the airwaves.

Anybody that tells you we werent strongly influenced by Howard Stern, well, fold up your notebook and go home, because theyre lying, Rhyner told the Observer. We knew we wouldnt sound like the other guys in the market.

Or as D Magazine pointed out in a January 2014 profile: Early listeners found someone more than sports on The Ticket. They stumbled upon a fledgling community of off-the-wall personalities whose stories, bits and observation on everything from football to the trivial frustrations of everyday life struck a chord.

Like Sterns popular radio show, Rhyners The Hardline program on The Ticket has had its fair share of controversy. His co-host Greg Williams resigned in early 2008 after a 13-year relationship with the program. He walked off in mid-syllable and checked into a drug rehab, as the Observer wrote in a July 3, 2008, cover story.

Then 105.3 The Fan tried to steal it away from The Ticket, but Rhyner decided to keep the show on the 1310 AM airwaves in an 11th-hour contract agreement after station owner Cumulus Media presumably forked over more cash.

It was close, very close, Rhyner told the Observer in February 2009. The Fan made a really strong run at us. I mean, really strong.

Rhyner has won numerous awards over the years as part of The Hardline lineup, including ESPN Sports Radio Personalities of the Year on several occasions. He was able to move on from the loss of Williams with Corby The Snake Davidson, a Fort Worth native who received a beating from fans when he first slid into Williamsstill-cooling co-host seat.

In 2014, Rhyner was inducted into the Texas Radio Hall of Fame.

Over the last 30 years, Rhyner had become the "Weird Beard" for The Ticket fans and was called the voice of the radio station. His legion of fans 90,000 followers on Twitter alone would tune in to hear the Old Grey Wolf howl from 3 to 7 p.m. daily.

When he decided it was time to step away from the mic, Rhyner didnt pull a page from Jerry Jones How to Fire a Coach playbook and drop hints about it in the press or hold a news conference. He simply uploaded a video online where it wasnt open to interpretation or spin by the media.

Here youre getting it straight up from me, he said in the video. Were on vacation right now. Happens every year at this time. January rolls around, and we go back. We attack the new broadcast year. That will be the case this year as well with one difference. And that difference is, I wont be there. Its time for me to step away from the gig at The Ticket.

Tributes to Rhyner poured in from Dallas media, and The Kessler changed its marquee to read: Stay hard Rhyner. The lil Ticket. Hell of a run.

Fans were quick to post their responses on social media.

Legions are going to miss the hell out of you, one fan wrote.

Been home sick all day. Jump on Facebook to find out a big part of my teenage years, early adulthood and current adulthood is gone, wrote another fan.

Former Dallas Cowboys quarterback Troy Aikman tweeted, Listening to @dfwticket and hearing Mike Rhyner make the announcement that hes moved on to the next phase of his life. Like many, my afternoons of listening to The Hardline wont be the same. Youve given us so many years of radio gold. A heartfeltthank youto @theoldgreywolf.

Balis can recall nearly all the pranks they pulled on Hardline, but Alarmgate is the one that immediately comes to mind. He and Davidson broke into Rhyner's hotel room and stashed 12 battery-operated alarm clocks around his room. They set the alarms to go off 30 minutes apart starting at 3 a.m.

We stood outside their room all night and listened to the frantic chaos unfold, he said. None of us got any sleep that night, but it was worth it the next day on the air.

Now that Rhyner is gone, Balis isn't sure what will happen to the show.

The bench is deep at the station, he says. It's gonna be weird for a while, and I have no idea what the brass will ultimately decide. But we'll roll with it and work as hard, or harder than we ever have.

The Old Grey Wolf Mike Rhyner, pictured here presenting an award at the 2019 Dallas Observer Music Awards.

Mike Brooks

Christian McPhate is an award-winning journalist who specializes in investigative reporting. He covers crime, the environment, business, government and social justice. His work has appeared in several publications, including the Dallas Morning News, the Fort Worth Star Telegram, the Miami Herald, San Antonio Express News and The Washington Times.

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Radio Legend Mike Rhyner Announces His Retirement From The Ticket - Dallas Observer

It should be easy stop working and go play. But its not. We live in a work-driven culture, and so work is in our DNA and retirement is antithetical to who we are. Social scientists have come up with three theoretical models that together explain why retirees experience emotional upheaval in making the transition, and they provide an interesting perspective on how we move from one life stage to another.

Over the next 3 articles, Ill review each of these Continuity Theory, Life Course Perspective, and Role Theory. In this article, Ill go through the first, Continuity Theory.

Continuity Theory focuses on the role that consistent patterns play in our ability to adapt to change. Continuity refers to having situations or conditions that remain the same as we move from one life stage into another. Friendships outside the workforce, hobbies, and other non-work activities can provide continuity when you retire thats the stuff you take with you when you leave a job.

When we maintain continuity, were less affected by a drastic change in our lifestyle. The elements in our lives that remain in place means we can carry on with some familiar patterns and routines.

Continuity is a matter of quantity, that is, the more elements that are retained the less one is affected by a lifestyle change. Its also a matter of quality. The greater the personal value of the retained elements, the more helpful they are in a transition. For example, if a retiree has especially strong family ties, the fact that these ties are still available in retirement makes them a very good source of continuity.

Retirees can retain some degree of continuity by holding on to co-worker friendships, especially in the early stages. Also from a social perspective, continuity can be preserved through non-work relationships, including friends, a spouse or significant other, and other family members.

Other ways of maintaining continuity include leisure activities, hobbies, and other activities retirees practiced in their spare time outside of work. Retirees might find that starting hobbies or some other activities before retiring, and having them to go to after retiring, can make the lifestyle change feel less intense.

Some retirees may experience only a minor loss in continuity upon leaving their jobs, most likely because they have many interests and strong personal relationships outside of work. However, it is likely that for retirees to feel truly adjusted, from a continuity perspective, a critical mass of lifestyle elements has to be retained.

Unfortunately, this may be an unrealistic expectation. In retirement, it may be difficult or even impossible to find enough activities that provide the same types and amounts of benefits as ones career does. And for retirees whose social life is completely tied to work or whose interests outside of work are especially limited, they can feel a drastic loss in continuity, making the adjustment to retirement especially difficult.

Shortfalls in continuity may explain why many retirees take bridge jobs. These jobs usually include shorter working hours and some degree of control over tasks. They can smooth the transition into retirement by providing a sense of purpose and productivity, but still allow retirees to consider themselves retired. The fact that these jobs are becoming more prevalent suggests that many retirees havent enough meaningful elements in place to achieve the continuity they need to feel comfortable in their new life-stage.

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This story originally referred to Ballet Memphis as a dance school. It has been corrected to refer to is as anorganization.

Ballet Memphis CEO and founding Artistic Director Dorothy Gunther Pugh is retiring this year, effective Jun. 30. Pugh announced her retirement after 34 years with the organization.

Pugh founded Ballet Memphis, located at 2144 Madison Ave., in 1986 with two dancers and a $75,000 budget.

The organizationgrew over the years and now has a company of 21 dancers and a four-million-dollar budget. It also performs a full season in Memphis and tours nationally and internationally.

October 13, 2014 - Ballet Memphis Choreographer Steve McMahon (left), Art Director Dorothy Gunther Pugh, and Ballet Mistress Tamara Hoffmann watch as dancers rehearse "Flyway" one of the pieces in this year's "River Project:Moving Currents" which starts Saturday night at Playhouse on the Square.(Photo: Jim Weber)

We do not serve the ballet world or our personal careers," Pugh said in a news release announcing her retirement. "We must use our glorious art form to see and hear others, celebrate, and problem-solve together. We must learn to live as one humanity, knowing there is enough love and its real power of kindness to carry forward for all.

Ballet Memphis opened a new $22-million administrative headquarters for rehearsal and performance in Midtown in 2017.The building houses the Ballet Memphis school, Pilates Centre at Ballet Memphis, Ballet Memphis Professional Company and Youth Ballet Memphis.

Ballet Memphis founder Dorothy Gunther Pugh talks about the ballet's new headquarters which is under construction at the corner of Madison and Cooper in Overton Square.(Photo: Jim Weber)

My hat is off to the amazing Dorothy Gunther Pugh," Dance Theatre of Harlem Artistic Director Virginia Johnson said in the release. Her prescient vision for a ballet company that reflects its community, honors tradition and invents a dynamic future continues to inspire. Through determination and love, she has created a model for companies across the country to emulate.

Dorothy Gunther Pugh(Photo: Submitted photo)

In May 2019, Pugh named Steven McMahon as Artistic Director. McMahon began with Ballet Memphis in 2004 as a dancer and created more than 30 works under Pugh's guidance.

Current Director of Finance and AdministrationCarol Miragliawill add interim director to her roles while the board of directors completes a national search for a permanent replacement.

Alexa Imani Spencer covers suburbs and breaking news for The Commercial Appeal. Reach her atalexa.spencer@commercialappeal.comor 901-304-9740. Find her on Twitter: @AlexaImani

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Ballet Memphis CEO Dorothy Gunther Pugh to retire after 34 years with the organization - Commercial Appeal

Many of us look forward to it for decades -- retirement! Work can be pleasant or even fun, but it's exciting to think of when we can stop working and enter our golden years, perhaps even achieving an early retirement, if we made smart personal finance decisions and met our retirement goals.

If your retirement is here or around the corner, you need to read up on a bunch of retirement-related topics, so that you can make smart moves that keep costs down and let your nest egg last as long as possible.

Image source: Getty Images.

The following topics are covered below:

Let's start with healthcare costs, as they're easy to overlook and failing to plan for them can lead to disaster in retirement. Also -- they tend to be steep. One estimate, from Fidelity, is that a 65-year-old couple retiring this year canexpect to spend, on average, a total of $285,000 out of pocket on healthcare throughout their retirement, and that doesn't even include Medicare or long-term care costs. (Fidelity suggests that a 35-year-old couple can save that much by socking away $2,820 in a Health Savings Account (HSA)annually for 30 years, earning a 7% average annual return.)

Other estimates are even harsher: The folks at HealthView Services, for example, have suggested in a 2019 report that the average healthy 65-year-old couple retiring in 2019 willspend $387,644 on healthcare in retirement -- on Medicare, supplemental insurance policies, and other out-of-pocket costs.

Fortunately, there are ways to try to shrink your healthcare costs, such as by being as fit and healthy as possible and seeing your doctor for preventive screenings and care.

You can also make use of Flexible Spending Accounts (FSAs), which let you sock away up to $2,750 (for 2020) on a pre-tax basis to be spent on qualifying healthcare expenses, such as eyeglasses, dental care, certain medications, and doctor visits. The only catch is that most of that money is in the account on a use-it-or-lose-it basis. The aforementioned Health Savings Accounts are even better, as unused contributions aren't forfeited. Instead, they can remain in the HSA account and can even be invested -- and in retirement, they can be withdrawn penalty-free to be used for anything (though the money will count as taxable income). The HSA contribution limit for 2020 is $3,550 for individuals and $7,100 for families, with those 55 and older able to contribute an additional $1,000. To be able to participate in an HSA, you'll need to have a qualifying high-deductible health insurance plan.

It's also smart to read up on Medicare, as it offers a lot of great coverage beginning at age 65. Don't be late to sign up, though, or you may be charged extra for it for the rest of your life.

It's important to factor inflation into your retirement planning. After all, if your retirement is 20 years away and you aim to save $1 million for it, that $1 million won't have the same purchasing power in 20 years as it does today.

Over long periods, inflation has averaged about 3% annually, though in some years it can be much higher or lower. That kind of rate can shrink the buying power of your dollar roughly in half over 25 years. Here's how you might include inflation into your planning: Let's say still 20 years from retirement and you think you could live on the equivalent of a current $50,000 income in retirement. You could take the number 1.03 and raise it to the 20th degree -- by punching buttons such as 1.03 ^ 20 on your calculator -- getting 1.81. Then multiply $50,000 by 1.81, getting $90,306. That's the actual income in 2040 that would have a similar purchasing power as $50,000 in 2020.

You might combat the effects of inflation by holding a lot of dividend-paying stocks, because those dividends tend to be increased from year to year, helping you keep up with inflation -- and the stock price of the stocks themselves is likely to rise over time, too. If you have, say, $100,000 invested in dividend payers with an overall average yield of 3%, you'll receive $3,000 in dividend income this year. If those payouts grow by an annual average of 5%, in 10 years they will be generating close to $4,900 per year. Other ways to fight inflation include investing in Treasury Inflation-Protected Securities (TIPS) bonds, which adjust their interest rates to account for inflation, and buying annuities with inflation-adjustment features built in.

Image source: Getty Images.

It's vital to know how much income you can expect from Social Security, as for most people, it will make up a big chunk of your retirement income. For context, know that the average monthly Social Security retirement benefit check wasrecently $1,478, or about $17,700 per year. Clearly, that's not going to be sufficient for most people, and that's why you need to start planning, saving, and investing as early as possible. That's just an average, though -- if you earned an above-average income over your working life, you'll collect more. The maximum benefit for those retiring at their full retirement age wasrecently $2,788, or about $33,500 per year. (Note that Social Security benefits include regular inflation adjustments.)

To get a better idea of how much you can expect to receive, head over to the Social Security Administration (SSA) website and set up a "my Social Security" account. Once you do, you can click in any time, to see the SSA's record of your earnings, year by year, and to see its estimate of your Social Security benefits, based on when you claim them. You can claim your benefits as early as age 62 and as late as age 70, with your checks getting smaller if you claim early and larger if you delay. But remember that if you start collecting your Social Security benefits at age 62, your checks might be on the small side, but you'll get many more of them than if you start at age 67 or 70.

Most of us have a "full retirement age" of 66 or 67. The table below shows how much of your full Social Security benefits you'd get if you start collecting at various ages:

Start Collecting at:

Full Retirement Age of 66

Full Retirement Age of 67

62

75%

70%

63

80%

75%

64

86.7%

80%

65

93.3%

86.7%

66

100%

93.3%

67

108%

100%

68

116%

108%

69

124%

116%

70

132%

124%

Source: Social Security Administration.

If you don't like the expected benefits you're seeing for yourself, know that there are various ways to increase your Social Security benefits. For example, the formula to determine benefits is based on your earnings in the 35 years in which you earned the most. So if you only worked for 31 years, it will be incorporating four zeros, which will bring down your benefits. If you can work a few more years, you'll end up with bigger checks. Even if you've already worked 35 years, if you're earning much more now than you ever did, by working an extra year or two, you'll be able to have a few years' worth of low incomes kicked out and replaced by higher incomes.

A little coordinating with your spouse, if you're married, can also boost the total sum you both collect from the program.

Now let's look at a few scenarios -- the best-, middle- and worst-case ones if you're planning to retire soon. In the best-case scenario, you'll have saved enough money with which to retire comfortably, a sum that will provide enough income throughout your retirement. What's enough? Well, how much money you need to retire with differs for different people, as it's based on your health, your expected longevity, your lifestyle, your location, and more.

If you're trying to determine how much money you need to retire with, try thinking about it in terms of annual income instead of a big blob of cash. One rule of thumb is that in retirement, we should aim to live on 80% of our pre-retirement income. That's a rough guide, though. If you expect to be much more active post-retirement than pre-retirement, perhaps doing a lot of international travel, you may need more. Similarly, if you suspect you might be in poor health and may require a lot of costly care, you may need more. If, instead, you expect to be mostly gardening, walking, and reading, you could get by with less.

Consider all your sources of income, and remember that you may be able to add more sources, such as some passive income. Typical sources of income for many people include Social Security, pension income, dividend income, interest income, annuity income, and rental property income. If you determine that you'll need $60,000 annually in retirement and you expect $25,000 from Social Security and $15,000 from annuities, that leaves $20,000 in needed income. You can invert and use the 4% rule to convert that into a needed nest egg by multiplying it by 25. (That's because dividing 1 by .04, or 100 by 4, results in 25.) Doing so gives you $500,000.

A more likely scenario for many people is that they approach retirement with almost enough money. If that looks like you, what can you do? Well, you have some options. A good one is simply delaying retirement and continuing to work at your current job. That offers several benefits:

You might also try semi-retiring for a few years. See if you can cut back the hours you work at your current job, perhaps to half-time. Or go ahead and retire from that job, but generate some income on the side via a side gig or two. There are lots of side jobs you might try, such as driving for a ride-sharing company, selling handicrafts online, tutoring kids, pet-sitting, or freelance work.

Image source: Getty Images.

In the worst-case scenario, you simply won't have enough money socked away to permit you to retire comfortably. If it's any comfort, you're not alone: Fully40% of workers have saved less than $25,000 for retirement, per the 2019 Retirement Confidence Survey. Yikes.

So what can you do? Well, don't retire now or soon, if you can help it. Try to work at least a few more years than you wanted to, and if you can, work all the way to age 70, at least. That's the age at which your Social Security benefits will stop growing, so you might as well start taking them then. If your full retirement age for Social Security is 67 and you delay starting to collect until age 70, your benefit checks should be about 24% fatter. That can turn what would have been a $2,000 check into a $2,480 one, upping your annual benefits from $24,000 to almost $30,000. Starting to take Social Security benefits at age 70 will also take some financial pressure off you at that point, perhaps permitting you to work less.

Think outside the box a bit, too. You might rent out some space in your home on a long-term basis. If a boarder pays you, say, $600 per month, that's $7,200 in annual income.You might also relocate -- to a smaller, less costly home or to a less costly part of the country.

Speaking of annuities, they're well worth considering for your retirement. A downside of them is that the money you spend to buy them is typically gone and won't be around for you to leave to heirs, but in exchange for that, you can set yourself up to receive regular income for the rest of your life. It's generally best to focus on fixed annuities, which can start paying you immediately or on a deferred basis, at a future point that you specify, while avoiding variable annuities and indexed annuities, as they tend to have more restrictive terms and may not be as good a deal.

Learn more about annuities before buying one, but you can get an idea of the kind of income fixed immediate annuities offer from the examples below.

Person/People

Cost

Monthly Income

Annual Income Equivalent

65-year-old man

$100,000

$570

$6,840

65-year-old woman

$100,000

$544

$6,528

70-year-old man

$100,000

$651

$7,812

70-year-old woman

$100,000

$616

$7,392

65-year-old couple

$200,000

$960

$11,520

70-year-old couple

$200,000

$1,062

$12,744

75-year-old couple

$200,000

$1,225

$14,700

Source:immediateannuities.com.

To get an idea of what a deferred annuity might offer, know that a 65-year-old man would have recently been able to spend $100,000 for an annuity that would start paying him in 10 years, offering $1,138per month for the rest of his life. Deferred annuities are great tools to help you avoid running out of money later in life.

In times of higher interest rates, annuity contracts will offer bigger payouts, and we're currently in a low-interest rate environment. So consider a "laddering" strategy, where you spend just a portion of the amount you want to spend on annuities first, and then spend another portion in a year or two, when you hope interest rates will be higher, and so on.

While most people have not saved enough for retirement yet, and many enter retirement with too little socked away, there's another group of people -- those who have saved and invested aggressively, and who have a sizable nest egg. Those folks may be able to retire early.

If you're among those ranks and hadn't thought of retiring early, give it some consideration. After all, we only live once, and you don't know how long your life will be. You may be able to start collecting Social Security at 62 and retire then (or earlier), with sufficient income on which to live -- including ample contingency funds for healthcare and other possible needs. Early retirees tend to be in better health than later ones, meaning that they're more able to be active and enjoy pastimes such as travel, gardening, golf, tennis, and so on.

An early retirement may be especially possible for you if you're still quite young. By ramping up your saving and investing, you may reach your retirement goals sooner. The table below shows what might be accomplished:

Growing at 8% for

$10,000 invested annually

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Planning to Retire in 2020: A Complete Guide - The Motley Fool

Portugal wins the top spot for the best destination to retire abroad, according to a newrankingby International Living.

Retiring in a foreign country is alsogrowingin popularity. The number of retirees collecting Social Security checks outside of the U.S. surpassed 400,000 in 2017, according to recentgovernment data.

Those looking to spend their golden years overseas will enjoy the countrys mediterranean climate, sandy beaches, and seafood cuisine, the magazine points out.

The quality of life in Portugal is really extraordinary today. I think people have this perception that it costs a lot to live in Europe because maybe they go on vacation there and they think that it's going to be really expensive to live there, Jennifer Stevens, International Livings executive editor, toldYFi PM.

But it's surprisingly affordable when you live like a local, she added.

International Living ranks the best places to retire abroad in 2020.

Compared to life in the United States, International Livings Portugal correspondent Tricia Pimental spends roughly one-third less on expenses in Portugal. She noted that you can live a comfortable, although not extravagant, lifestyle for about $2,500 a month.

Panama came in second place on the list, followed by Costa Rica, Mexico, and Colombia. The ranking factors in elements like the cost of living, retiree benefits, and health care.

Stevens explained that Panama is a great option for those concerned about building a nest egg for a long retirement in the U.S. The Central American nation has a great infrastructure and network of hospitals, she said.

A survey crowns Portugal as the best place to retire in 2020. (Courtesy: Getty)

You can rent a place with a view of the water for $1,500 or less a month in the city and then if you want to be out on the beach, even less than that, she added.

McKenzie Stratigopoulos is a producer at Yahoo Finance. Follow her on Twitter:@mckenziestrat

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This 'extraordinary' country is ranked #1 for the world's best retirement spot - Yahoo Finance

Until you hit your 50s, retirement seems like a far-off fantasy. Planning for something that's decades away almost feels foolish -- like you're putting money someplace you may never use it.

That's a risk, of course. You could save diligently through all your working years, sock away a big retirement nest egg, and then get hit by a bus on the way to your retirement party. It's possible you could get eaten by a bear at 40 or swarmed by killer bees in your 50s.

The reality is, though, that most Americans will make it to retirement age. Life expectancy in the U.S. in 2019 sits at 76 for men and 81 for women. Chances are, you will need to have money put away for retirement. And, even if you plan to never stop working, health problems may force your hand, so while planning for the future may seem a bit silly, it's really important.

The new year is a smart time to examine where you stand in your retirement planning. Image source: Getty Images.

The new year is a logical time to take stock of your assets. Your need and urgency vary based on your age. If you're 25, then you still need to know where you stand, but you have plenty of time to make major course corrections. Once you hit 40 or so, it's more urgent to ensure you're making the right moves and planning adequately for your eventual retirement.

It's important to take stock of where you stand. This list may not cover everything, but it hits the major financial bullet points:

Some of these questions have clear answers, while others may be up in the air. For example, your child may earn a scholarship or elect to go to an expensive private school versus a cheaper state one. That should not stop you from doing the best calculation you can to see where you stand, how much you have now, and where you might be when you hit your mid-60s.

There's no specific answer to the question "How much do I need to retire?" Your calculation will depend upon how much you plan to spend in retirement. That's predicated on a number of choices, including where you would like to live and what type of life you want.

A retirement filled with travel and expensive hobbies costs more than one where you move someplace cheaper and live a home-based life. You may not know exactly how you want to live in retirement even when you hit your 50s, and you most certainly would just be guessing if you're even younger.

Because of that, it makes sense to plan to have as much money as possible. Having more cash socked away in your retirement accounts opens up more options when it comes time to retire.

Many people use an 80% guideline -- meaning that if you made $100,000 a year while working, you will want to have $80,000 per year in retirement. That calculation can vary a lot -- and exactly how much you need depends upon how long you plan to live -- but it's a starting point.

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The keepers of Hunterdon Countys past are in search of someone to guide them into the future.

The Hunterdon County Historical Society is in the process of hiring a new part-time administrator following the retirement of Executive Director Patricia Millen, whose last day with the organization was Dec. 24.

According to Interim Administrator Janice Armstrong, a search committee comprised of the societys trustees are currently interviewing candidates for the role, and are seeking to fill it by the end of this month.

Millens replacement will serve on a team including a professional archivist and librarian, as well as a dedicated group of volunteers. Armstong said that the new administrator should ideally have a background of working in nonprofit organizations, and be proficient in planning, programming, and dealing with the public."

Were really looking for someone that can take on the day-to-day things that are needed, which would be things like writing grants, dealing with answering questions when people call up about things. Just the day-to-day operations," Armstrong stated.

Armstrong added that the search committee preferred that candidates be residents of Hunterdon County and knowledgeable of its history, though she emphasized that neither quality is required.

Millen, a resident of Mercer County, said she knew some Hunterdon County history upon taking on the administrator position in January 2015, but was especially skilled in the clerical duties the role demanded.

When you work with smaller historical societies or smaller museums, you have to have a little bit of knowledge about everything. Grant writing, fundraising, programming, collections management," Millen said. "Thats why you cant just hire a librarian to run a museum, or a museum person to run a library. People have to understand all of the aspects of the job, so its not always an easy position to fill.

Millen developed these skills after garnering over 25 years of experience as a director, supervisor, curator and site administrator in museums and historical organizations across the tristate area.

She also authored a number of historical books, including From Pastime to Passion: Baseball and the Civil War and Bare Trees: Zadock Prat, Master Tanner and the Story of What Happened to the Catskill Mountain Forests.

Reflecting upon her decision to retire, Millen said she was just ready to pursue other occupational endeavors, as well as spend more time with her family.

I wanted to do my own research and writing. And Im going to be doing part-time consulting -- helping smaller historical organizations with grants, collections, managements, things like that," Millen explained. So I still want to work and keep my mind active, but I want to do it on my own terms now, (and work) around my grandchildrens schedules."

Millen said that her fascination in the organizations expansive collections primarily drew her to apply for the administrator role over five years ago, which she served in prior to being promoted to executive director for society.

As a museum person, and a history person, thats just one of those things that draws you to a place," Millen said. They just have an amazing collection, and I was very, very impressed with the (Hiram E. Deats Memorial) Research Library and the archives building that the society built (in 2009) ... and I thought this would be a good fit for me, and it turned out to be.

Reflecting upon her work with the society, Millen said that she was particularly proud of acquiring three separate grants that enabled the organization to further enhance these collections through cataloguing them both physically and online.

The collections are catalogued and online for the public all over the world, and I think thats really important for a small historical society; if theyre going to collect, they have to be able to ... share those collections, Millen said. "And these small repositories all over the country often dont have a way of doing that. The only way you can do that is get your collections online.

Armstrong praised Millens commitment to cataloguing Hunterdons history, stating that she did a wonderful job" of organizing the Doric House museums collections in particular.

We have an extensive collection of quilts and paintings and Civil War uniforms ... and she made sure they were all catalogued, and put as much online, on our website, as possible, which was wonderful too, so people could search for things, Armstrong said.

Millen also obtained an approximately $20,000 grant from the New Jersey Historic Trust to guide the future use of the Doric House.

I was really happy to get that before I left, because I knew, as a director, it was something the society needed to do to make some decisions about its future growth and where they wanted to be in the future, to secure their place in Flemington and Hunterdon and the state," Millen said.

Echoing Millen, Armstrong said that the Doric House needs to be used more by the society and those interested in the history of Hunterdon County.

Its a building that costs us a lot of money to care for, and its not used enough. Were hoping, in the future, that we find a better use for it than the House museum," Armstrong said. Other than trying to grow our audience, and get more of our collection online, I think that thats the other important thing we have in our future.

Courtesy - Hunterdon County Historical Society

Exterior of Doric House

Looking forward, Millen emphasized that whoever is hired to fill her shoes should collaborate with other employees of the organization to prioritize both the use of the Doric House and the management of their collections within the Research Library.

Whatever they do in the future, I think they have to focus on the strength of the collections they have, and the other strength of their collections ... are their manuscript collections for their Research Library. Its an absolutely amazing wealth of information there for their researchers, Millen said.

Whoever comes in there needs to be a professional, needs to understand that tough decisions need to be made. And then just act on them. And if one avenue doesnt work, try another one. But just keep moving forward, she added.

Discussing the importance of the society and its continuance, both Armstrong and Millen underscored its value in recording the history of Hunterdon County.

Were an important part of preserving local history, and if you have an interest in history, its an interesting place to work. We get a lot of people doing genealogical research, research on the history of their homes, so if thats what youre interested in, its certainly the right place to be," Armstong said.

If it wasnt for historical societies all over the country -- theyre really the ones who chronicle our history and maintain it. And every part of local history is tied to some event in American history or world history. And its those individual histories that paint a picture of the history of the country ... its all pieces of the puzzle," Millen said.

"And I just think theres nothing more important than keeping and maintaining and preserving history.

For more information about the Hunterdon County Historical Society or the administrator position, visit http://www.hunterdonhistory.org, call 908-782-1091 or email hunterdonhistoryinfo@gmail.com.

Caroline Fassett can be reached at cfassett@njadvancemedia.com.

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Jim Schell

There was a desire on my part to continue a very active practice and do so unencumbered by institutional requirements that ran contrary to that. When you add in the respect and affection I have for people here [at Mayer Brown] from prior experiences, it was a relatively easy decision.

Jim Schell, now a partner at Mayer Brown, told Law.com that part of the reason he lateraled from Skadden a firm he practiced at for over 30 years was a desire to practice after 70, Skaddens mandatory retirement age. He also said that at Mayer Brown, I wouldnt have to worry about a time for you to go business model. I want to be active, I have been active, and this was an ideal home for me to continue to do that.

Kathryn Rubino is a Senior Editor at Above the Law, and host of The Jabot podcast. AtL tipsters are the best, so please connect with her. Feel free to email herwith any tips, questions, or comments and follow her on Twitter (@Kathryn1).

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View this article online at https://www.fedsmith.com/2020/01/06/retirement-backlog-hits-lowest-point-year-end-2019/ and visit FedSmith.com to sign up for free news updates

The outstanding backlog of retirement applications at the Office of Personnel Management dropped by 8% last month thanks to a smaller than usual number of new claims received during December.

OPM said that it received 5,205 retirement claims in December and processed 6,687 which brought the backlog down to 16,908, the lowest it has been for the entire calendar year in 2019. Its also lower than it was a year ago when it stood at 18,019.

By way of comparison, the backlog at the end of 2017 was 14,515, 15,097 at the end of 2016, and 11,399 at the end of 2015.

OPM took 66 days on average to process the claims during December.

Last months progress on lowering the backlog is a good thing since January is a notoriously rough month for OPMs retirement services office when it usually receives a flood of new retirement applications with many federal employees retiring at the end of a calendar year. It will be interesting to see how this January compares to others; stay tuned until next month!

*Disability determinations are only included in the pending number after approval. **Pending retirement cases produced in less than 60 days, on average took 36 days to complete; whereas cases that were produced in more than 60 days, on average, took 130 days to complete.

2020 Ian Smith. All rights reserved. This article may not be reproduced without express written consent from Ian Smith.

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