Will retirement pay you a ‘happiness bonus’?-Anne Tergesen

The benefits of retiring can outweigh health and money worries

Retirement

Life gets better after retirement—despite the financial and physical challenges associated with that time of life. That’s the upbeat conclusion of a new poll from MassMutual Financial Group, which finds that although nearly half of Americans retire sooner than they planned, “retirees indicate high levels of emotional well-being, enjoyment and financial security.”

While these conclusions may run contrary to stereotypes of later life as a time of loneliness, depression and decline, they came as no surprise to me: As I chronicled in a Wall Street Journal article earlier this month, a growing body of scientific research that shows that, in many ways, life gets better as we get older.
Consistent with the research of Laura Carstensen, a psychology professor and director of Stanford University’s Center on Longevity, the MassMutual survey finds that positive emotions increase and negative emotions decrease over time among those in or near retirement. For example, while 72% of retirees say they are “extremely or quite happy,” only 61% of pre-retirees say the same. Moreover, almost 70% of retirees report being “extremely or quite relaxed,” versus 34% of pre-retirees. And fewer retirees than pre-retirees report feeling negative emotions, including stress, frustration and nervousness.
“Even though leading up to retirement, people have fear and anxiety, they seem to really enjoy their retirement years,” says Mass Mutual executive vice president Elaine Sarsynski. Moreover, she adds, people seem to get happier as time goes by.
Based on responses from 1,817 people within 15 years of retirement (before and after), the MassMutual survey was conducted in September. Respondents had to be at least 40 years old and have savings or investments of at least $50,000—a sum that’s consistent with the average 401(k) balance of baby boomers, according to Sarsynski.
Research by Carstensen, among others, indicates that emotional well-being improves until the 70s, when it levels off. Even centenarians “report overall high levels of well-being,” according to a 2014 study Carstensen co-wrote, which also cites extensive earlier research.
Overall, 60% of those responding to the MassMutual survey say they are very satisfied with their lifestyle in retirement—a finding most prevalent among those in their 70s, in good health, married or living with partner and with at least $500,000 in assets. Those with pensions are also happier.
According to the new poll, retirees say retirement has given them the opportunity to:

• Enjoy themselves (82%)

• Have more free time (80%)

• Have new experiences (69%)

• Enjoy friends (65%)

• Live a more relaxed lifestyle (66%)

• Feel fulfilled (64%)

• Reinvent themselves (25%)

Interestingly, the findings show that the pre-retirees’ worries about retirement tend to be overblown. For example, while 44% of pre-retirees worried about financial uncertainty, only 31% of retirees say that has been an issue. Among those still working, 31% say they worry about filling their time in retirement. But only 14% of retirees share that concern. Moreover, as retirement progresses, satisfaction rises. Among those who retired less than five years ago, 56% report being satisfied, versus 63% who retired more than five years ago.
Is all perfect in retirement? Not by any means. Aside from the 31% who report financial uncertainty, 13% say they are too busy and 10% have developed an illness or disability.

Sarsynski says the poll contains some lessons for pre-retirees. The first is to be prepared. Those who prepare financially and emotionally for retirement—by doing things like calculating the best time to collect Social Security, reconnecting with old friends and focusing on their relationship with their spouse—were happier, on average, than those who didn't take such steps, the poll found. Moreover, because 45% of respondents retired sooner than they had expected to, it’s important not to assume that you can retire on your own timetable.

Culled from Market watch

FUG Pension assets hit N30bn -Maduka Nweke

Determined to ensure international best practices and ser­vices for retirees that regis­tered with it, FUG Pension with N30 billion assets un­der management recently hosted its clients at its office at Sabo, Yaba, Lagos.
The PFA managing ac­counts of over 3,500 retirees, says its target is to provide a cutting-edge global standard service delivery that would draw every retiree to it.
According to the Managing Director of the Fund, Mr. Us­man Suleiman, the company had over the years acquired state-of-the-art technology that enhanced its service deliv­ery, with key structures like re­lationship management taking care of internal and external relations that further give its Retirement Savings Account (RSA) holders and retirees management confidence.
Speaking on the company’s prospects, Mr. Adeyinka So­gunle, Acting Chairman, said these structures had not only bolstered patronage, but also positioned the PFA for market competition.
Sogunle noted that total payment made to retirees from inception till date was N3 bil­lion, while the RSA holder unit price had cumulatively grown from N1 to N1.82 kobo.
He added that investment return has grown by 82 per cent, noting that the board and management of the company had ensured safety and good investment returns for its con­tributors and retirees.

Culled from the sun

Abercrombie Rejected A 17-Year-Old Girl For A Job, And Now The Supreme Court Will Hear Her Case- Erin Fuchs

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Aslan Media/Flickr Samantha Elauf The US Supreme Court will hear a dispute this term over Abercrombie & Fitch's decision not to hire a 17-year-old Muslim girl who wore a headscarf and would have violated the store's notorious "Look Policy."
The justices agreed to hear the case of Samantha Elauf back in October, and in recent days "friend of the court" briefs supporting her have flooded in from the ACLU, several states, and the American Jewish Committee, as well as gay rights and religious liberty groups.
Elauf, who's now a fashion blogger in her 20s, applied for a job as an Abercrombie "model" in Tulsa, Oklahoma back when she was 17, according to a legal document filed by the Equal Employment Opportunity Commission (EEOC), which brought the case on her behalf.

At Abercrombie, "models" are sales associates who are expected to model the store's style in compliance with its "Look Policy."

An Abercrombie assistant manager considered Elauf a "good candidate" but wasn't sure if her headscarf violated  Abercrombie's "Look Policy," according to the EEOC brief. That assistant manager consulted a manager, explaining that she thought Elauf  wore the scarf for religious reasons. The manager said the headscarf wasn't permitted, even if Elauf did wear it because she was a Muslim, according to the EEOC. 

Elauf didn't get the job, and the EEOC brought its case against the preppy retail giant.

The main issue here is whether Abercrombie violated a federal law that says companies can't refuse to hire people simply because of how they practice their religion — unless employers can show they're simply not able to accommodate those practices.
Abercrombie says it didn't violate that law because it never got "direct, explicit notice" from Elauf that her religious practice conflicted with Abercrombie's "Look Policy."
"[A]n applicant or employee cannot remain silent before the em ployer regarding the religious nature of his or her conflicting practice and need for an accommodation and still hope to prevail in a religion-accommodation case," Abercrombie noted in a brief it filed in the case.
Since this EEOC case was filed, Abercrombie has changed its look policy to allow headscarves. But it is still very invested in how its models look.
"Abercrombie expends a great deal of effort to ensure that its target customers receive a holistically brand-based, sensory experience," Abercrombie's brief stated. " To Abercrombie, a Model who violates the Look Policy by wearing inconsistent clothing 'inaccurately represents the brand, causes consumer confusion, fails to perform an essential function of the position, and ultimately damages the brand.”

While the Supreme Court has agreed to take on the case, it has not yet set a date for oral argument.

Earlier this month, longtime Abercrombie CEO Mike Jeffries stepped down after a rocky tenure that included allegations of discrimination and exclusion

Culled from Business insider in Yahoo Finance