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Financial Tip

The income you need to retire comfortably can vary widely depending on the retirement lifestyle you choose. In general, you will need 70% to 80% of your current annual income each year you are retired to maintain your current lifestyle. Here are some things to consider as you plan your retirement budget:

  • Consider reducing or eliminating debt.
  • Plan how and when you are going to take distributions from your employer's retirement plan or IRA.
  • Review the potential costs of medical and long-term care insurance.
  • Account for any dependent support expenses you may have, including elder care.

Volunteering Can Benefit Your Career Search

As the U.S. economy continues its slow climb upward from the longest recession in history, many Americans are still struggling with the challenge of finding employment. According to the April 2011 U.S. Labor Department's Bureau of Labor Statistics, more than 6.1 million Americans have been unemployed for six months or longer - a record high, the data showed. And while some unemployed workers have had success finding opportunities through traditional venues, others have discovered that volunteering can lead to a new job or be the basis for starting a completely new career.

Can volunteering help you find your next job or career opportunity?

Whether you're a college graduate or seasoned professional looking to re-enter the workforce, volunteering can give you valuable career benefits you might never have imagined, such as:

  • Establish a new network: Since most non-profit organizations actively seek out business and civic leaders to serve on their board of directors, active volunteers have the opportunity to establish valuable contacts with influential people who could serve as favorable references or even the source of employment. 
  • Sharpen or update your skills: Regular participation in a professional environment can be a great way to retain your skills. Plus, if you are interested in acquiring new skills that could improve your marketability to a new employer, serving in a volunteer capacity can give you an inviting environment for doing so. For example, supervising or training other volunteers will help you develop stronger leadership skills. Planning a special event allows you to practice goal-setting, budgeting and organizational prowess. You may even find opportunities to focus on a skill set that wasn't available when you started your career.
  • Build self confidence: Let's face it; losing a job you love or depend on can take a toll on your self esteem. Having the opportunity to get back on your feet in a supportive environment can give you confidence and help you keep a positive attitude. 
  • Give back to your community: No matter why you volunteer, the personal rewards for sharing your time for a worthwhile organization or cause can be substantial. From making the world a better place to feeling more connected to those around you, volunteering let's you give back to your community. The process of sharing can be energizing and help you create a more-balanced life.

Volunteering offers tremendous opportunities for professional development, career enhancement and personal growth. With the unemployment rate and the demand for many social services remaining high, the benefits of sharing your time can be felt across the spectrum.

Teachable Moments

Discuss non-profit organizations that have meaning to your family and reach out to them to see how you can help. In addition, visit the library and help your older children research job listings. Other possibilities include service organizations, such as Rotary or Optimist Clubs, public and private schools, and churches.

Not sure where to start? Visit these websites for volunteer opportunities in your area: serve.gov, volunteermatch.org and aarp.org.