U.S. Workers Trail Rest Of Developed Countries In Vacation Time: Report

 

WASHINGTON -- As millions of Americans pack their cars ahead of Memorial Day weekend, the United States remains alone among the world's advanced economies in its lack of guaranteed paid vacation time for workers, according to a new report.
In an update to an earlier analysis, the left-leaning Center for Economic and Policy Research looked at the vacation policies in 16 European countries, along with Australia, Canada, Japan, New Zealand and the U.S. Among the 21 countries, the U.S. was the only one without a mandate that employers provide some kind of paid time off.
Most U.S. employers do actually offer paid vacation of their own volition. But with this common benefit remaining a prerogative for businesses, the report's authors estimate that roughly one in four U.S. workers have no paid vacation time, and that those workers are employed disproportionately in low-wage jobs that lack other benefits like health care or sick leave.
John Schmitt, an economist and one of the report's authors, argued that the lack of a mandate exacerbates America's growing economic inequality.
"It's time to bring them into the fold," Schmitt said of the estimated 23 percent who don't enjoy paid vacation. "There are firms that are profitable and do provide vacation. Frankly, it concerns me that someone's business model or success relies on not giving employees vacation."
The European system is far more generous when it comes to giving workers a break. Countries there guarantee at least 20 vacation days per year, and some as high as 25 or 30. Canada mandates at least 10 days per year for workers.
In addition, most of the other countries examined require that workers receive paid time off on certain national holidays, with many European countries providing 10 or more such days in a year. The U.S., however, has no such mandate.

How To Throw An Unforgettable Destination Party

 
10 Tips for Throwing a Terrific Milestone Party

1. Create your own planning team Even (especially!) if you nix the professional planner, delegation is the key to success. And it’s essential when you’re organizing something in a foreign locale, where time zones and language barriers might hamper planning. Designate one dependable local individual to be your point person, and be clear about what help you need. Galley recommends weekly then daily calls with that person as the event draws near.

“Having help from locals in the area made all the difference in the world,” says Sarah Berger, who planned a girlfriend’s surprise 50th birthday party in Oaxaca, Mexico, with the help of friends who were living in the area. “They hired a band, found caterers, invited some of their fun friends and even tracked down the best flourless chocolate cake in town,” she says.

2. Give guests plenty of notice Send “save the date” announcements as soon as you have a date and place -- ideally months in advance -- even if you’re unsure of exact details. This gives people a chance to book accommodations, monitor airfares and take advantage of flash sales.

3. Pick the location wisely You may love the idea of a family reunion on a remote island, but if the only accommodations are in an uber-expensive resort, be prepared to compromise. Because of different travel budgets, a location with a variety of lodging options will improve your chance of having a greater number of guests. And the more activity options available, the more appealing the destination will be. It may be your party, but it’s also their vacation.

Another thing to consider is weather. For example, it’s not a smart idea to plan an event in the hurricane belt during peak storm season. “Factors to keep in mind are the time of year that will allow full participation, ease of travel to the location, weather and affordable airfares,” says Earl Lizana, director of catering for the Roosevelt New Orleans.

4. Honor the guest(s) of honor There’s a difference between throwing a party for your 80-year-old parents and your 50-year-old friends. You might want a live band, but your parents would be just as happy with a DJ spinning golden oldies. Make sure your choices represent their preferences. If the party is a surprise, ask their friends.

5. Come up with a theme Some of the best parties recreate an era, like the ’50s or ’60s. Decorations, music and even dress code can all revolve around a creative motif. Lizana recalls one rehearsal dinner for a multigenerational family, held in the Roosevelt Hotel's Blue Room, that recreated the early days of the Rat Pack, with invitations, matchbooks and drink coasters printed with a late 1940's theme. “The photographer wore period clothing and used a vintage camera to shoot all the guests, who were each given a black-and-white commemorative photo,” he says.

6. Make goody bags for guests Pick up some unique, appropriate little gifts at a craft or discount store (or look online). Guests leaving a party in D.C. might enjoy faux soap dishes or toothbrushes with “White House” insignia; beach partygoers could put flip-flops or a tote bag to good use. If your party is overseas, check customs regulations and packing restrictions -- and never give out favors that will be difficult to transport home.

7. Have one fun, unexpected element Whether it’s an unannounced guest (maybe a childhood best friend or a relative from far away), a unique gift or a celebrity performer, having an element of surprise makes a party all the more memorable.

8. Know your budget and prioritize costs Decide what's critical to making your celebration a success and spend accordingly. Flowers can often send a budget through the roof. On the other side of the coin, do spend the money for a quality photographer; the results will help you relive this once-in-a-lifetime event.

9. Have a present plan Some honorees resist gift registries, but when presents are desired and travel is involved, having an online present center makes logistical sense. Gifts can be shipped directly to the guest of honor’s home. Even if you specify “no presents,” some people will want to give something, so consider pre-selecting a charity for donations.

10. Make it memorable Renting a photo booth is a fun and (relatively) affordable way to let your guests create their own photo memories. Or hire a friend with a video camera to record personalized messages during the party. Have a scrapbook on hand for guests to inscribe their favorite memory of the honoree. Include a note with the party invitations asking for photos, and urge anyone unable to attend to send a scrapbook contribution nonetheless.

After the fact, use social media to give guests a place to put comments and photos. (You could create a special Facebook or Pinterest page just for the party.) This way the celebration and memories can last long after the last guest boards a flight home.

Saving $1 million for retirement

 

Almost anyone can become a millionaire using these strategies
Saving $1 million for retirement is a realistic goal for most workers, but it will take a considerable amount of effort to get there. And there are plenty of fees, taxes and penalties that could make it even more difficult to hit this worthy savings target. These strategies will help you to save $1 million over the course of your career:
[Read: 7 Obstacles to Saving for Retirement.]
Start young. The easiest way to save $1 million is to begin saving at your first job. If you start saving at age 25, you could save just $4,682 per year and reach $1 million by age 65, assuming 7 percent annual returns, according to calculations by David Fernandez, a certified financial planner for Wealth Engineering in Scottsdale, Ariz. "You could do that by maxing out a Roth IRA or saving in a 401(k)," Fernandez says. "If you wait until 35, the amount you need to save more than doubles." Beginning at age 35, you will need to save $9,894 each year to accumulate $1 million at age 65. If you further delay saving, you'll need to tuck away $22,798 annually beginning at 45 or $67,643 at 55 if you hope to be a millionaire upon retirement at 65.
Set intermediate goals. While saving $1 million might be your ultimate retirement goal, it helps if you set some intermediate goals along the way. "If you've gotten to save $50,000 or $100,000, then you can do something significant that is important to you to celebrate," says Mary Brooks, a certified financial planner for Brooks Financial Planning in Colorado Springs, Colo. "Your enthusiasm is renewed because you really feel like you have gotten someplace."
Keep expenses low. Pay attention to the expense ratio of each investment you choose, and try to select those with low fees and expenses. "Always go for low-cost investments. The only thing you can control is what you pay for stuff," says Walter Romatowski, a certified financial planner for Castellan Financial Advisors in Palo Alto, Calif. "For most people, it probably makes sense to invest in index funds because they typically have lower expenses as compared to actively managed funds. You can pay 0.1 percent or 1 percent, and that makes a huge difference over your lifetime."
Minimize taxes. Saving in a traditional 401(k) or IRA can reduce your current tax bill and will allow your savings to grow without the drag of income tax. For example, a worker in the 25 percent tax bracket who contributes $5,000 to a traditional IRA will save $1,250 on his current tax bill, potentially allowing him to save that extra $1,250 for retirement. You won't have to pay the taxes until you withdraw the money in retirement. Alternatively, you could pre-pay the income tax using a Roth IRA or Roth 401(k), and no additional taxes will be due on the growth when you withdraw the money in retirement or leave the money to heirs.
Get your employer to chip in. If your employer offers a 401(k) match or makes other contributions to your 401(k), you will get to $1 million much faster than by saving on your own. "If you have an employer 401(k) plan or 403(b) plan, get the employer match if your employer matches," Romatowski says. "If you don't do that, you are just giving away free money."
Don't inflate your lifestyle. As you get raises, try not to increase your spending. Instead, save at least a part of the extra income. "Every time you get a raise, bump your company 401(k) contribution up by another percent or two," Fernandez says. "That way, you don't even notice it that you are saving more." Also, consider saving a portion of other windfalls, including inheritances and tax refunds.
Avoid early withdrawals. Obviously, if you tap into your 401(k) and IRA accounts before retirement, it will be more difficult to accumulate a significant nest egg. The negative effects of early withdrawals also include missing out on valuable compound interest, paying the income tax that will be due on the amount withdrawn and incurring a 10 percent early withdrawal penalty if you are under age 59 1/2.
[See 10 Secrets of Successful Retirement Savers]
Don't spend it too quickly. While $1 million may feel like a lot of money, spread over a 30-year retirement, it is likely to provide a modest income. "One million bucks gives you roughly $40,000 of income per year," Romatowski says. "If you save diligently, you can get to $1 million. It just takes a lot of discipline." While becoming a millionaire isn't likely to produce a lavish retirement, gradual withdrawals combined with Social Security payments will likely be enough to provide a comfortable retirement in many parts of the country.

Keys to Aging Well

Keys to Aging Well

While maintaining your physical health is important to healthy aging, it’s also key to value the experience and maturity you gain with advancing years. Practicing healthy habits throughout your life is ideal, but it's never too late reap the benefits of taking good care of yourself, even as you get older.
Here are some healthy aging tips that are good advice at any stage of life:

• Stay physically active with regular exercise.
• Stay socially active with friends and family and within your community.
• Eat a healthy, well-balanced diet — dump the junk food in favor of fiber-rich, low-fat, and low-cholesterol eating.
• Don't neglect yourself: Regular check-ups with your doctor, dentist, and optometrist are even more important now.
• Take all medications as directed by your doctor.
• Limit alcohol consumption and cut out smoking.
• Get the sleep that your body needs.

Finally, taking care of your physical self is vital, but it’s important that you tend to your emotional health as well. Reap the rewards of your long life, and enjoy each and every day. Now is the time to savor good health and happiness.