Giants rule American sports in 2012

NEW YORK (Reuters) - In a country driven by the mantra 'bigger is always better', it was fitting that Giants dominated America's professional championships in 2012.
Two of the four major leagues were won by teams with the supersized moniker, with the New York Giants capturing the National Football League's Super Bowl and the San Francisco Giants landing Major League Baseball's World Series.
The Los Angeles Kings finally lived up their regal nickname when they won National Hockey League's Stanley Cup for the first time while LeBron James silenced his critics by winning a first National Basketball Association title with the Miami Heat.
The New York Giants set the tone for a year of comebacks when they reclaimed the greatest prize in North American sports with a nail-biting 21-17 victory over the New England Patriots in Indianapolis.
Inspired by their dynamic quarterback Eli Manning, named the Super Bowl's Most Valuable Player (MVP) for the second time in four years, the Giants stole victory with a last-minute touchdown from Ahmad Bradshaw.
"The greatest feeling in professional sports is to win the Super Bowl," said 65-year-old Tom Coughlin after becoming the oldest coach to land the prize.
What made their victory remarkable was the Giants had looked to have no hope of even competing for the title after losing four consecutive games late in the regular season, putting them in danger of missing the playoffs.
They needed to win their last two games to make the playoffs and then won four straight to claim the Super Bowl in early February and cap a fairytale run that captivated America's biggest city.
For the Patriots, losing to fierce rival New York in the championship game for the second time in four years was unpalatable.
"You don't feel good after you lose this game," said New England head coach Bill Belichick.
WILD RIDE
San Francisco, led by MVP-winning catcher Buster Posey, also endured a wild ride through the playoffs before winning the World Series in late October for the second time in three seasons.
The team won six elimination games, three against the Cincinnati Reds and another three against the St Louis Cardinals, before sweeping the talent-packed Detroit Tigers in the best-of-seven Fall Classic.
"It just so happens we got kind of hot and scored some runs at the right time," said Matt Cain who pitched the first perfect game in Giants history during the regular season.
Cain was not the only who achieved a rare feat in 2012 with Tigers third baseman Miguel Cabrera becoming the first player in 45 years to win the Triple Crown, leading the American League in batting average, home runs and runs batted in (RBI).
The Venezuelan-born slugger had a .330 batting average, 44 home runs and 139 RBI and was the 15th player to accomplish the feat, and the first since Boston's Carl Yastrzemski in 1967.
'LOWEST MOMENTS'
The Kings also timed their run to perfection after scraping into the playoffs as the Western Conference's lowest-ranked team and going on to win the first Stanley Cup in the franchise's 45-year existence.
They upset the top three seeded teams, the Vancouver Canucks, the St Louis Blues and the Phoenix Coyotes, to win the Conference before beating the battle-hardened New Jersey Devils 4-2 in the best-of-seven Stanley Cup finals.
"At our lowest moments the biggest thing is nobody ever turned on someone else, everybody stuck with it," said goaltender Jonathan Quick, named MVP in the finals in June.
"You just can't say enough about the resiliency that it took to get through those times during the season and still make the playoffs."
After losing the first three games of the series, the Devils clawed their way back with two straight wins but that momentum was swiftly undone by a game-changing penalty that led to three first-period goals in less than four minutes as the Kings cruised to victory.
For hockey fans it was the last real action they would see for the immediate future with a labor dispute between owners and players indefinitely delaying the start of the 2012-13 season.
Despite his incredible talent and athleticism, James has been derided by American sports fans since he walked out on his hometown team two years ago to join the Miami Heat.
His rationale for deserting Cleveland, a city battered by unemployment, high taxes, lousy weather and poor sports teams, was that he wanted to win a championship to help cement his place among the game's greats.
But in 2012 James proved that in a sport played by giants, he towers above everyone else, cleaning up the four biggest team and individual honors in the sport.
In addition to winning his first NBA title against the Oklahoma City Thunder, he was named MVP during the regular season for the third time.
James also won the MVP award for the finals in June and a gold medal with the United States at the London Olympics in August. Only Michael Jordan, the player LeBron is constantly compared with, has completed the same grand slam.
"It was definitely a journey," James said. "I can finally say I'm a champion and I did it the right way. I didn't shortcut anything.
"I put a lot of hard work and dedication in it and hard work pays off. It's a great moment."

Read More..

Rate on 30-year fixed mortgage falls to 3.98 pct.

WASHINGTON (AP) — The average rate on the 30-year fixed mortgage hovered above its record low for a fourth straight week. But cheap mortgage rates have done little to boost home sales or refinancing.
Freddie Mac says the rate on the 30-year fixed loan fell to 3.98 percent from 4 percent the previous week. Seven weeks ago, it dropped to a record low of 3.94 percent, according to the National Bureau of Economic Research.
The average rate on the 15-year fixed mortgage edged down to 3.3 percent from 3.31 percent. Seven weeks ago, it too hit a record low of 3.26 percent.
Rates have been below 5 percent for all but two weeks this year. Yet this year could be the worst for home sales in 14 years.

Read More..

U.S. Housing Market Still On Life Support

With each passing year, the former Oracle of the Fed, Alan Greenspan, is reminded that there really was a housing bubble and lowering interest rates to record lows just matters worse.  Nearly four years after the housing market peak in 2007, record low mortgage rates are no match for falling incomes and 9% unemployment.
The Case-Shiller Home Price Index, released on Tuesday, showed that nation wide home prices did not register a significant change in the third quarter of 2011, with the U.S. National Home Price Index up by only 0.1% from its second quarter level. Home prices are down 3.9% across the board and are now back to their first quarter of 2003 levels.
From August to September, housing prices have fallen the most in Atlanta, with a 5.9% decline, followed by Tampa Bay and San Francisco, both with a 1.5% drop in housing prices.
Boston, New York, Washington and Los Angeles remain the most expensive cities in the lower 48 states.
"The plunging collapse of prices seen in 2007-2009 seems to be behind us," says David M. Blitzer, Chairman of the Index Committee at S&P Indices. "Any chance for a sustained recovery will probably need a stronger economy.

Read More..

U.S. Housing Market Still On Life Support; Prices At 2003 Levels

With each passing year, the former Oracle of the Fed, Alan Greenspan, is reminded that there really was a housing bubble and lowering interest rates to record lows just made matters worse.  Nearly four years after the housing market peak in 2007, record low mortgage rates are no match for falling incomes and 9% unemployment.
The Case-Shiller Home Price Index, released on Tuesday, showed that nation wide home prices did not register a significant change in the third quarter of 2011, with the U.S. National Home Price Index up by only 0.1% from its second quarter level. Home prices are down 3.9% across the board and are now back to their first quarter of 2003 levels. The market consensus was for a 3% decline year over year.
From August to September, housing prices have fallen the most in Atlanta, with a 5.9% decline, followed by Tampa Bay and San Francisco, both with a 1.5% drop in housing prices.
Boston, New York, Washington and Los Angeles remain the most expensive cities in the lower 48 states.
"The plunging collapse of prices seen in 2007-2009 seems to be behind us," says David M. Blitzer, Chairman of the Index Committee at S&P Indices. "Any chance for a sustained recovery will probably need a stronger economy."

Read More..

Chile: Couple dies defending home amid protests

SANTIAGO, Chile (AP) — An elderly couple whose family's vast landholdings have long been targeted by Mapuche Indians in southern Chile were killed in an arson attack early Friday while trying to defend their home. The president quickly flew to the scene and announced new security measures, including the application of Chile's tough anti-terrorism law and the creation of a special police anti-terror unit backed by Chile's military.
No one claimed responsibility for the attack, which some Mapuche Indians repudiated Friday as senseless and abhorrent. But Chile's interior minister said pamphlets condemning police violence and demanding the return of Mapuche lands were left at the scene. The presidentially appointed governor of the remote southern region of Araucania, Andres Molina, called the attackers "savages."
"This attack affects the entire country and causes gigantic damage, for the pain and the delays that it means for thousands of families who want to live in peace," Pinera said. "This government is united in its effort to combat terrorism that affects the region. We will not hesitate to apply the full weight of the law."
"It should be completely clear," Pinera added, "that this fight is not against the Mapuche people. It's with a minority of violent terrorists who must be fought with everything the law allows."
Werner Luchsinger, 75, fired a weapon in self-defense, and struck a man from the nearby Mapuche community of Juan Quintrupil before his home burned to the ground, regional police chief Ivan Bezmalinovic said.
Luchsinger's wife Vivian McKay called relatives for help during the attack, but when they arrived just 15 minutes later the house was already in flames and she didn't answer her phone, according to the victim's cousin, Jorge Luchsinger.
The attack began Thursday night as one of many political protests around Chile commemorating the death five years ago of Mapuche activist Matias Catrileo, who was shot in the back by an officer who served a minor sentence and then rejoined the police. The Indians scattered pamphlets related to the anniversary while on the Luchsinger property, Interior Minister Andres Chadwick said.
The victims' Lumahue ranch is just 16 miles (25 kilometers) from the spot where Catrileo was killed on Jan. 3, 2008.
Celestino Cordova Transito, 26, was detained near the scene early Friday. Police have him under arrest in a hospital in Temuco, where he was being treated for a gunshot wound in the neck, the chief said.
Gov. Molina said that Werner Luchsinger's gunshot, by enabling police to capture the wounded suspect, may help solve not only the couple's death but previous arson attacks as well.
"I want to thank Don Werner, because probably thanks to him we're closer to finding these savages who have done such damage to Araucania," he said.
Pinera also met briefly with the Luchsinger family as well as other local landowners next to the burned-out home, but Chile's El Mercurio said the meeting was cut short when some fled due to a false rumor that Mapuche activists were targeting their properties even as the president spoke. Other landowners shouted out in anger, asking for tougher security measures, and then briefly blocked the main highway in protest.
Jorge Luchsinger said earlier Friday that masked Indians have repeatedly attacked his and other relatives' properties as well, despite the considerable police presence in the area. "It's obvious that the authorities are completely overwhelmed," he told radio Cooperativa.
Many of Chile's Mapuche activist groups were silent Friday about the murders, repeating instead their complaints about continuing police violence of the kind that killed Catrileo years ago.
But Venancio Conuepan, who described himself as a law student who comes from a long line of Mapuche leaders, wrote an editorial Friday condemning the violence, rejecting the idea that armed conflict can win their demands, and calling for the killers to be identified and tried in court. He said the vast majority of the Mapuche people agree with him.
"Enough of people using violence in the name of the Mapuche people. Our grandfathers never covered their faces. The Mapuche created parliaments, and always put dialogue first," wrote Conuepan on Radio BioBio's web site, titling his editorial, "Although you don't believe me, I'm Mapuche and I'm not a Terrorist."
The Luchsinger family has been among the most outspoken in defending the property rights of the region's landowners against ancestral land claims by the Mapuche. But Jorge said his cousin had taken a lower profile and refused police protection.
Lorena Fries, the director of Chile's official Human Rights Institute, warned Friday against cracking down using the anti-terror law, which allows for holding suspects in isolation without charges, using secret witnesses and other measures that have been discredited by Chile's courts in previous cases of Mapuche violence. Instead, she said Pinera should reach out to the Indians, and honor their demands for self-governance and the recovery of ancestral land. "Something has to be done so that everyone puts an end to the violence," she said.
The Mapuches' demands for land and autonomy date back centuries. They resisted Spanish and Chilean domination for more than 300 years before they were forced south to Araucania in 1881. Many of the 700,000 Mapuches who survive among Chile's 17 million people still live in Araucania. A small fraction have been rebelling for decades, destroying forestry equipment and torching trees. Governments on the left and right have sent in police while offering programs that fall far short of their demands.
The Luchsinger family also arrived in Araucania in the late 1800s, from Switzerland, and benefited from the government's colonization policies for decades thereafter, becoming one of the largest landowners in Chile's Patagonia region. Their forestry and ranching companies now occupy vast stretches of southern Chile, and impoverished Mapuches live on the margins of their properties.

Read More..

Venezuela's Chavez fighting severe lung infection

CARACAS, Venezuela (AP) — Venezuelan lawmakers will meet Saturday in a session that could shed light on what steps may be taken if President Hugo Chavez is too sick to be sworn in for a new term next week.
Legislators will choose a president, two vice presidents and other leaders of the National Assembly, which is controlled by a pro-Chavez majority. Whoever is elected National Assembly president could end up being the interim president of Venezuela if Chavez is unable to be inaugurated on Thursday as scheduled.
Brewing disagreements over how to handle a possible transition of power also could be aired at the session, coming just five days before the scheduled inauguration day specified in the constitution. Chavez's health crisis has raised contentious questions ahead of the swearing-in, including whether the inauguration could legally be postponed.
The government revealed this week that Chavez is fighting a severe lung infection and receiving treatment for "respiratory deficiency" more than three weeks after undergoing cancer surgery in Cuba. The announcement suggests a deepening crisis for the 58-year-old president and has fed speculation that he likely is not well enough to travel to Caracas for the inauguration.
National Assembly President Diosdado Cabello called on Chavez backers to show up for the legislative session and demonstrate their support.
"This National Assembly is revolutionary and socialist. It will remain beside the people and our commander," Cabello said in one of several messages on his Twitter account. "If the opposition thinks it will find a space in the National Assembly to conspire against the people, it's mistaken once again. It will be defeated."
Opposition leaders have demanded that the government provide more specific information about Chavez's condition, and say a new election should be held within 30 days if the president doesn't return to Venezuela by inauguration day.
Some Chavez allies say the inauguration date is not a hard deadline, and argue that the president should be given more time to recover from his surgery if necessary.
Chavez hasn't spoken publicly or been seen since his Dec. 11 operation in Cuba. In a Thursday night update, the government for the first time described the president's respiratory infection as "severe," the strongest confirmation yet that Chavez is having serious trouble breathing after days of rumors about his condition worsening.
"Chavez has faced complications as a result of a severe respiratory infection. This infection has led to respiratory deficiency that requires Commander Chavez to remain in strict compliance with his medical treatment," Information Minister Ernesto Villegas said Thursday night, reading a statement on television.
The government's characterization raised the possibility that Chavez might be breathing with the assistance of a machine. But the government did not address that question and didn't give details of the president's treatment.
Independent medical experts consulted by The Associated Press said the government's account indicated a potentially dangerous turn in Chavez's condition, but said it's unclear whether he is attached to a ventilator.
"It appears he has a very severe pneumonia that he suffered after a respiratory failure. It is not very specific," said Dr. Alejandro Rios-Ramirez, a pulmonary specialist in Puerto Vallarta, Mexico.
Dr. Gustavo Medrano, a lung specialist at the Centro Medico hospital in Caracas, said he has seen similar cases in cancer patients who have undergone surgery, and "in general it's very bad, above all after a surgery like the one they performed on him."
"I don't know the magnitude of the infection he has, how much of his lungs have been compromised, how much other organs are being affected. That's not clear," Medrano said.
"What's most likely is that he's on mechanical ventilation," Medrano added. However, he said, while respiratory deficiency means there is an abnormally low concentration of oxygen in the blood, depending on the severity it can be treated in various ways.
Dr. Michael Pishvaian, an oncologist at Georgetown University's Lombardi Cancer Center in Washington, agreed that such respiratory infections can run the gamut from "a mild infection requiring antibiotics and supplemental oxygen to life-threatening respiratory complications."
"It could be a very ominous sign," Pishvaian said. He said it's possible Chavez could be on "life support," but added it's impossible to be sure without more details.
The government expressed confidence in Chavez's medical team and condemned what it called a "campaign of psychological warfare" in the international media regarding the president's condition. Officials have urged Venezuelans not to heed rumors about Chavez's condition.
Opposition leaders have blamed vague information coming from the government for the rumors, and demanded a full medical report.
The Venezuelan newspaper El Nacional criticized what it called an "information vacuum" in an editorial on Friday, saying Venezuelans are in the dark because "no one speaks clearly from the government." The newspaper called the situation reminiscent of secrecy that surrounded the deaths of Josef Stalin in the former Soviet Union and Mao Zedong in China.
State television repeatedly played video of a song in which rappers encourage Venezuelans to pray, saying of Chavez: "You will live and triumph." A recording of a speech by Chavez appears during the song, saying: "I will be with you always!"
Chavez has undergone four cancer-related surgeries since June 2011 for an undisclosed type of pelvic cancer. He also has undergone chemotherapy and radiation treatment.
He was re-elected in October to another six-year term, and two months later announced that the cancer had returned. Chavez said before the operation that if his illness prevented him from remaining president, Vice President Nicolas Maduro should be his party's candidate to replace him in a new election.
This week, Cabello and the president's elder brother Adan joined a parade of visitors who saw Chavez in Havana, and then returned to Caracas on Thursday along with Maduro.
Brazil's state-run Agencia Brasil news agency reported Friday that President Dilma Rousseff's top international adviser, Marco Aurelio Garcia, made a one-day visit to Cuba and spoke with Venezuelan and Cuban officials about Chavez's health. It was unclear if Garcia actually saw Chavez, or what day he visited Cuba.
Telephone calls placed after hours to Brazil's Foreign Ministry and presidential offices were not immediately answered.
The Venezuelan Constitution says the presidential oath should be taken Jan. 10 before the National Assembly. Government officials have raised the possibility that Chavez might not be well enough to do that, without saying what will happen if he can't. The constitution also says that if the president is unable to be sworn in before the National Assembly, he may take the oath office before the Supreme Court.
The constitution says that if a president or president-elect dies or is declared unable to continue in office, presidential powers should be held temporarily by the president of the National Assembly and a new election should be held within 30 days.
On the streets of Caracas, some of Chavez's supporters say they're still holding out hope he can recover.
"He's the only leader of the revolution," said Miriam Bolivar, who belongs to a grassroots pro-Chavez group. "We can't imagine life without him. He's our life. This is one more battle and we have faith that he'll come out it unscathed once again."
Other Chavez supporters say they're unsure what to believe about his condition and express misgivings about the president's lieutenants.
"We hope that what they're telling us is true," said Ricardo Maya, a supporter who was reading a newspaper in a city square. "Chavez has all my confidence. He always speaks the truth. I can't say the same about the people around him.

Read More..

Venezuela VP: Chavez can be sworn in by Court

CARACAS, Venezuela (AP) — Venezuelan President Hugo Chavez can take the oath of office for his next term before the Supreme Court at a later date if the ailing leader isn't fit to be sworn in next week, his vice president said.
Vice President Nicolas Maduro sent the strongest signal yet that the government may seek to postpone Chavez's inauguration as the 58-year-old president fights a severe respiratory infection more than three weeks after undergoing cancer surgery in Cuba.
Maduro's position in a televised interview on Friday night generated new friction between the government and opposition over the swearing-in, which the constitution says should occur Thursday before the National Assembly. Some opposition leaders have argued that if Chavez doesn't make it back to Caracas by that date, the president of the National Assembly should take over as interim president.
Such brewing disagreements were expected to be aired on Saturday as the National Assembly, which is controlled by a pro-Chavez majority, prepared to convene to choose its president and other legislative leaders.
Maduro's comments shed more light on potential scenarios. If the government succeeds in delaying the swearing-in and Chavez's condition improves, the president and his allies could have more time to plan an orderly transition and prepare for a new presidential election. If Chavez dies or is declared incapacitated, the constitution says that a new election should be called and held within 30 days.
The National Assembly president chosen on Saturday could end up being the country's interim president under some circumstances. Anyone elected by the Chavez-dominated legislature is expected to remain loyal to the president.
But Information Minister Ernesto Villegas reiterated on Saturday that Chavez is still in office, saying in comments reported by the state news agency that "Chavez has won a thousand battles and has reappeared when no one expected."
Speaking on television, Maduro held up a small blue copy of the constitution and read aloud passages as he argued that opponents were using erroneous interpretations to try to drive Chavez from power.
"They should respect our constitution," the vice president said. "The formality of his swearing-in can be resolved before the Supreme Court of Justice, at the time (the court) deems, in coordination with the head of state, Commander Hugo Chavez."
Maduro echoed other Chavez allies in suggesting the inauguration date is not a firm deadline, and that the president should be given more time to recover from his cancer surgery if needed.
"Maduro's comments are not surprising. The government holds all the cards in the current situation, particularly given the compassion for Chavez's serious illness. It has interpreted the constitution loosely, to its own political advantage," said Michael Shifter, president of the Inter-American Dialogue think tank in Washington. "In this way Maduro is able to buy some time, assert his authority and rally support within Chavismo. He puts the opposition on notice and throws it off balance."
Chavez was re-elected in October to another six-year term, and two months later announced that his pelvic cancer had returned. Chavez said before the operation that if his illness prevented him from remaining president, Maduro should be his party's candidate to replace him in a new election.
Maduro reiterated on Friday that the president is fighting a "complex" battle for his health but expressed hope that eventually, "we'll see him and we'll hear him."
"He has a right to rest and tranquility, and to recuperate," Maduro said. "The president right now is the exercising president. He has his government formed."
Maduro read a portion of the constitution detailing procedures for declaring an "absolute absence" of the president, which would trigger a new election within 30 days, and declared that "none of these grounds can be raised by the Venezuelan opposition."
The Venezuelan Constitution says the presidential oath should be taken Jan. 10 before the National Assembly. It also says that if the president is unable to be sworn in before the Assembly, he may take the oath before the Supreme Court, and some legal experts have noted that the sentence mentioning the court does not mention a date.
Others disagree. Ruben Ortiz, a lawyer and opposition supporter, argued that the inauguration date can't be postponed.
If Chavez is not in Caracas to be sworn in on Thursday, Ortiz said in a phone interview, "the president of the National Assembly should take charge." He added that "there is a formal separation between one term and the other."
Shifter said the opposition is on the defensive, with its only tactic being to insist that Jan. 10 is the established date.
"Chavez controls all the key institutions, and it's doubtful that most Venezuelans will get too upset about defying what seems a fairly minor constitutional provision," Shifter said. "Attacking the government because it has no objection to the Supreme Court swearing in Chavez after Jan. 10 is not exactly a winning political strategy for the opposition."
A delay also serves the government's purposes, Shifter said. "The government wants more time, whether to see if Chavez gets better, or to consolidate their ranks and further splinter and demoralize the opposition."
Chavez hasn't spoken publicly or been seen since his Dec. 11 operation. The government revealed this week that Chavez is fighting a severe lung infection and receiving treatment for "respiratory deficiency."
That account raised the possibility that he might be breathing with the assistance of a machine. But the government did not address that question or details of the president's treatment, and independent medical experts consulted by The Associated Press said the statements indicated a potentially dangerous turn in Chavez's condition, but said it's unclear whether he is attached to a ventilator.
Chavez has undergone four cancer-related surgeries since June 2011 for an undisclosed type of pelvic cancer. He also has undergone chemotherapy and radiation treatment.

Read More..

The Challenges of Launching an Encore Career

Many people dream about launching a second career in a field they have always wanted to try. But the transition into an encore career can be a long and costly process.
Most people earn a significantly lower amount of money (43 percent) or no money at all (24 percent) during the transition from one job to the next, according to a recent MetLife Foundation and Civic Ventures survey conducted by Penn Schoen Berland. The online survey of 253 adults between ages 44 and 70 who are currently in encore careers found that over half (57 percent) of these older workers had to tap their personal savings to make ends meet during the transition.
"That transition is not necessarily a very easy or a sure thing," says Jim Emerman, executive vice president of Civic Ventures. "The financial hardship of the transition, while not really surprising, really jumped out at us as one of the big challenges."
It often takes a significant amount of time for older workers to launch second careers. Three quarters of the survey respondents currently in encore careers experienced an employment gap of longer than 6 months. And a third (34 percent) of these older workers were unemployed for two or more years before they found another job. Some people used that time to volunteer (23 percent) or retrain by taking college courses (20 percent).
When Lisa Roger, 53, a former software engineering project director, was laid off in 2009, she faced a substantial reduction in income for about 14 months. She had to use her savings, collect unemployment benefits, and sign up for COBRA continuing health coverage to make ends meet. During the transition she participated in the Encore Hartford program in Storrs, Conn., a fellowship that helps experienced professionals transition to the nonprofit sector. She eventually found a new job as a family self-sufficiency services manager for the Norwalk Housing Authority. "Today I don't make nearly the salary that I did as a software engineer and I am ok with that," Roger says. "The work is incredibility rewarding. I know I am making a difference." The new job has caused her to reevaluate her retirement plans. "I used to feel that I was going to retire at a really early age, before 65," Roger says. "The career that I am in now, I see myself going beyond that because it is so rewarding."
Older workers are motivated to make a career change by a variety of financial and personal reasons. Insufficient income (28 percent) and inadequate savings (25 percent) were among the top reasons for making the switch. But realizing that some lifetime goals have yet to be fulfilled (28 percent) and a desire to make a bigger difference in the world (21 percent) also play a large role in decisions to move on to something new. Sometimes the transition is sparked by health problems (15 percent), an empty nest (11 percent), or hitting a specific age such as 50 (12 percent). Some people also speak of a spiritual calling into a new line of work (12 percent).
Most people switched into new jobs at for-profit businesses (22 percent) or nonprofit organizations (20 percent). Education (19 Percent), health care (15 percent), and government agencies (6 percent) are also popular second career choices. "Some people will work longer in their current jobs, whatever they are, and other people will want a change," says Emerman. Often the new job comes with shorter hours and a more flexible schedule. People in encore careers work an average of 30.5 hours per week, the Civic Ventures survey found.
Almost half of people who made a career change (47 percent) did so between ages 50 and 59. Only 3 percent of those surveyed changed careers at age 60 or older. The typical person in an encore career expects to continue working for an average of another 11 years and eventually retire at an average age of 69. They have an average of 24 years of work experience.
Many individuals need to keep working for the income (69 percent) and benefits (30 percent). Other people launch second careers to stay active and productive (58 percent), pursue a new challenge (6 percent), and because they simply enjoy the work (31 percent). Some older workers also want to give something back by helping others in the community (35 percent) and staying involved with other people (19 percent).
"People are living much longer and they are healthier, and so they want to stay engaged. People need and want and are able to work longer," says Emerman. "If people are out of work now or worried about their current job, the idea of a next career that combines continued financial security with personal satisfaction and something that they are passionate about is very strong."

Read More..

The Importance of Being Self-Reliant in Retirement

Most baby boomers are at various stages of preparing for retirement, depending on whether they were born at the beginning or end of their generation. The smart ones realize that effective planning starts well before retirement age. Important calculations need to be made to determine what it will take to survive financially throughout the retirement years. Post-work lifestyles and passions also need to be defined, and consideration for unexpected events should be taken into account whenever possible.
Counting on others to provide for us in our old age is a risky proposition. In the U.S., the ratio of working-age citizens between ages 15 and 64 supporting those over 64 is currently 5:1. By the year 2050 this ratio will drop to 3:1, according to United Nations data. In China things are even worse. They will move from the current 9:1 ratio to 3:1. And in Japan the ratio will be 1:1 in 2050.
It is important to rely on ourselves and our own resourcefulness. Society is changing to deal with the aging demographic with less generous pension plans, longer working hours, and an increase in the retirement age. Back in the 1980s, 38 percent of people had traditional pensions. By 2008 the number dropped to 20 percent. If a traditional pension will not be part of our retirement equation, we need to fill in the blank with other investments and savings alternatives.
Don't count on Social Security to foot your entire retirement bill either. With an average monthly amount of $1,230 paid at the beginning of 2012, it should only be viewed as a supplement to your other sources of retirement income. It is a piece of the puzzle, but should not be considered the entire solution.
Health demands and expenses will increase as we age. Fidelity estimates that a 65-year-old couple retiring in 2011 will need $230,000 to cover likely out-of-pocket medical expenses in retirement. And this estimate does not even include the cost of long-term care. Such burdens could prove catastrophic if we do not plan ahead with additional savings, health insurance, and long-term care coverage.
Most people approaching retirement would like the option to stay in their current home if they choose to and remain healthy enough to safely do so. Paying down your mortgage over the years provides flexibility, and the equity can be available for emergencies. Whether a decision is made to stay in the existing home or sell, having the option empowers senior citizens.
Remaining independent in retirement requires planning ahead, realistically evaluating your situation, and taking appropriate action to provide for your retirement needs. You can't count on the government or your former employer to finance your retirement years. It's something you need to take care of yourself.

Read More..

World's biggest Titanic attraction opens in Belfast

The largest Titanic visitor attraction in the world opened in the ship's Belfast birthplace on Saturday, some 100 years after the doomed liner was built in the same yards.
Almost 100,000 tickets for Titanic Belfast, a striking aluminium-clad building which tells the famous ship's story through special effects, interactive screens and a ride, have been sold ahead of the opening.
Organisers hope the £97 million ($155 million, 116 million euro) centre can boost tourism in the British province, which was torn apart by sectarian strife for three decades until the late 1990s.
"We want to bring people to Northern Ireland not just to see what a generation 100 years ago were able to achieve, but what this generation can achieve in this new era of peace," said First Minister Peter Robinson.
Cyril Quigley, a 105-year-old who watched the Titanic's launch more than a century ago, joined the province's leaders at the opening of the building, which takes the form of four of the ship's huge prows.
"All I saw was this big thing sliding out into the water," Quigley said as he recalled watching with his parents. "I was only four and half."
Quigley said the new centre, which rose from the derelict Harland and Wolff shipyard, was "wonderful".
"I often thought they would make another plastic ship here and have it as a restaurant or something, but this is fantastic," he said. "It's like our Sydney Opera House."
The biggest, most ambitious ship of the age hit an iceberg on its maiden voyage across the Atlantic Ocean from Southampton to New York, sinking on April 15, 1912. Of the 2,224 people aboard, 1,514 perished.
Organisers hope the six-storey Titanic Belfast, which also features a banqueting space containing a replica of the ship's grand staircase, will attract 425,000 visitors in its first year, including many from Asia.

Read More..