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Top Pension Plans and Retirement Savings Options for Seniors

After retirement, managing finances without a regular income can be quite a challenge. In such instances, pension plans can act as a safety net for seniors. A pension plan is a financial tool that ensures that seniors have guaranteed incomes even after retiring. To further add to the convenience, there are various pension plan options for seniors, offering financial assurance regardless of their age, helping them enjoy peace of mind during their golden years.

Top Pension Plans and Retirement Savings Options for Seniors

1. Defined Contribution Plans
While not all employers in the country offer pension contributions to their employees, there are some who do. One of the most common employer-offered retirement plans is the defined contribution (DC) plan. In this type of plan, an employee needs to contribute some of their income during employment towards this plan. Then, in their retirement years, they can withdraw funds from this contribution.

401(k) plans are the most common defined contribution plans that most employers offer. In the case of 401(k)s, employees are given two options— they can either contribute tax-free funds and then withdraw funds with tax cuts or contribute funds with tax cuts and withdraw tax-free pension amount. Another major benefit of 401(k)s is that the amount invested in it grows over time, with compounding. So, the longer the money is kept invested, the more it will grow. This can especially benefit seniors over 70 who have invested in 401(k) and have yet to withdraw their amount.

Like 401(k)s, 403(b) plans and 457(b) plans are also DC plans; only 403(b)s are for public schools and charities, and 457(b)s are for employees of state and local governments.

2. Defined Benefit Plans
Yet another type of employer-offered retirement plan is the defined benefit program. The traditional pension system— wherein an employer fully contributes toward their employees’ pension— is a type of defined benefit plan. Here, an individual can begin receiving a fixed monthly income when they retire. Also, these pension plans offer payouts for as long as one lives. So, seniors who are beneficiaries of defined benefit plans can have peace of mind, knowing they will receive a monthly pension at a fixed rate for their whole lifetime.

3. Social Security Retirement Insurance Benefits
The Social Security Administration has a special pension program for seniors called the Social Security Retirement Insurance. It works as a traditional pension plan, wherein an individual can receive monthly payouts during retirement years. The amount of those payouts is based on certain factors, such as the person’s income during their employment years, total term of employment, and their Social Security contributions. The Social Security Retirement Insurance Benefits can only be accessed by seniors over 61. Also, seniors would need to apply to begin receiving their monthly payouts. If the seniors wait longer to start receiving their payouts, their payout amount can increase. So, this pension option can be especially beneficial for seniors who have waited till the age of 70 to receive their benefits.

4. Guaranteed Income Annuities
Besides employer-offered and state-funded pension options, individuals also have the option of creating their own retirement planning system. This option is called a guaranteed income annuity, which is basically a contract sold by an insurance company. As a part of this contract, an individual must pay a particular amount to the insurer, based on which the company will then provide monthly payouts to the individual. These payouts can begin whenever the individual requires them. So, if one has invested in a guaranteed income annuity, it can work as one’s pension plan during their senior years. The only catch with these payouts is that, unlike its alternatives, they are a form of taxable income.

5. The Federal Thrift Savings Plan
Also known as TSP, the Thrift Savings Plan is only available to government employees and individuals who have served in the uniformed services. Like the 401(k), the Thrift Savings Plan is also a type of defined contribution plan. This means that to receive monthly pension payouts after retirement, one should make regular contributions to the plan from their paycheck. The organizations also offer automatic deductions from paychecks to employees who wish to be a part of the plan. A great advantage of the Thrift Savings Plan is that employees are offered diversified investment options. This means they can choose where their contributions will be invested, including bond funds, index funds, small-cap funds, etc. So, seniors who have contributed to a Thrift Savings Plan also have the option of receiving monthly payouts through it.

6. IRA
An Individual Retirement Account, or IRA, is a type of retirement plan the federal government offers for seniors. An IRA is a long-term savings account offering tax advantages and growth of the invested funds. So, the amount of money that individuals add to this account can grow over time with the help of investments. By the time they retire, the amount will have grown significantly, which can act as a safety net in their retirement years. Like 401(k)s, IRA too offers two options for contributions and withdrawals. Individuals can choose to pay taxes on the amount they contribute, and their withdrawals will be tax-free (Roth IRA), or they can make tax-deferred contributions and pay taxes from the withdrawn amount (traditional IRA). Since IRAs are designed for the retirement period, they offer withdrawals after the age of 59½ years. Also, because the IRA amount grows over time, this pension option can be especially beneficial to seniors over 70 who are yet to make their withdrawals.

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A habitual process, mediation helps to train the mind to be more focussed by redirecting thoughts. Many people use meditation techniques to increase self-awareness. Some people use mediation as a way to alleviate stress and increase concentration levels. Whatever be the purpose of mediation, the process comes with a lot of benefits. Here are some of the well-known benefits of mediation and how it affects the brain. Improves sleep cycle Nearly everyone suffers from insomnia once in a while. Some experience a persistent lack of sleep. The reasons for a disrupted sleep cycle can be severe stress, anxiety, and worrying. Often racing thoughts and severe emotional distress can also cause insomnia. Medication helps in dealing with insomnia. However, by focusing all thoughts, meditation can be beneficial in controlling racing and runaway thoughts. Moreover, it will release the tension and help the mind and body relax, leading to improved sleep quality. Those who meditate often have better REM sleep and tend to fall asleep in a shorter time. Reduced perception of pain Everyone’s brain perceives pain with different intensities. However, when one is extremely stressed out or anxious, one’s perception of pain may be higher than usual. Pain receptors are directly linked to the emotional state of mind. When one incorporates regular meditation in their everyday routines, it can be effective in controlling pain sensations. With mindfulness meditation, pain can be alleviated. Moreover, the quality of life also improves. Those who suffer from chronic pain may find meditation useful as it lowers the risk of depression. Those who meditate have been known to develop higher tolerance towards physical pain. Improved concentration levels Mindfulness meditation increases the ability to focus on the present. It is similar to weight-lifting, but for the brain. This can improve concentration levels required for the other tasks in everyday life. According to research, mindfulness is linked to one’s ability to process new information. It gives a boost to emotional regulation, memory, and learning ability. Moreover, this can help in reversing patterns of worrying and wandering minds. All of this can give more clarity, allowing greater decision-making capability. Meta-awareness and attention can be trained through mindfulness meditation and focused-attention meditation. Lower risk of age-associated memory loss With meditation, there is improvement in attention. In addition, there is improved clarity of thought. A form of meditation that involves repeating a chant or mantra has been known to improve neuropsychological performance. Along with chanting, the meditating process also involves repetitive motions of the fingers. This helps to focus thoughts. Moreover, different forms of meditation have been known to boost memory, attention, and mental agility, especially in older adults. Along with slowing down age-related memory loss, meditating can help to control stress that is often a major contributor to memory loss. Better management of depression and anxiety Dwelling on anxious thoughts is one of the major factors contributing to depression. With mindfulness meditation, the mind can be trained to focus on the present. Practicing mindfulness over a longer duration can alleviate anxiety. It also helps in easing symptoms of depression. In many cases, meditation is often a part of comprehensive mental health treatment plans. From correcting troubled sleeping patterns, appetite loss, and moodiness, mindfulness-based mediation can go a long way in making it easier to manage anxiety and depression. Better self-esteem Mindfulness and meditation encourage a person to slow down. These practices help to follow deeper self-reflection. Along the way, a person gains the ability to discover positive attributes about themselves. A person is able to examine their feelings, emotions, and thoughts without any judgment. This boosts self-awareness. It also helps in improving social anxiety symptoms. All of these help in gaining a better sense of self-esteem.
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If you have been practicing meditation or yoga for a long time, you probably have come across prayer beads. You can find these Buddhist beads, alternatively referred to as Tibetan prayer beads, in sculptures or paintings of Buddha where he is seen holding these beads. Although it is quite a common sight, few actually know about Tibetan prayer beads. This article elucidates on some important points related to prayer beads. Prayer beads have been used across the globe for thousands of years. They play a vital role in various cultures and countries for meditation purposes. Some records claim that beads were first noticed in Nepal and India. They have been used across different religions, such as Catholicism and Hinduism, among others. Advantages of prayer beads Prayer beads can help you with various aspects of meditation, a practice that provides numerous health benefits. Meditation can contribute to lowering blood pressure, improving sleep, and reducing stress levels. However, many people face difficulties while meditating, particularly at the start. This is when prayer beads prove to be useful, as they keep you focused while meditating. The constant movement of your fingers around the beads helps in grounding you. When you touch each bead, you say a chant so you can keep a count of the number of times you have repeated the chant. Composition of prayer beads Traditionally, they consist of 108 beads along with a guru bead, which has a tassel and is bigger than all the other beads. How significant is the number of beads Usually, traditional Tibetan prayer beads have 108 beads. This number is considered sacred in Buddhism and Hinduism. However, if you feel that 108 is a lot, you can purchase a necklace with 27 or 54 beads. Some necklaces have beads of different shapes after the 27 th bead. So, you can keep track of your repetitions efficiently. Such prayer beads also allow for shorter meditation periods. How can you use prayer beads for meditation? Breath control and repetition of the chant are two key starting points while using prayer beads during meditation. It is advisable to focus on your breathing while meditating. You can use prayer beads for managing your breath by: Holding the prayer beads in one hand Allowing the beads to drape around your fingers so that you may move them with ease Inhaling and exhaling one full breath Moving the fingers to the next bead; breath in and out once for each bead Concluding at the guru bead to finish 108 breaths Moving your fingers in the other direction until you again reach the guru bead if you wish to do another round. While following these steps, you may repeat a chant, which can be a sound, word, or phrase to be aware of during meditation.
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Natural Remedies for Depression

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