From 1 July 2016 the baby boomer generation is officially starting to turn 70.5 years old, the age at which they need to start withdrawing their retirement savings and pay the required tax.

Bulimba, Queensland -- (ReleaseWire) -- 07/03/2016 -- Baby Boomers are starting to turn 70.5 on 1 July 2016. This is a turning point in the management of tax-deferred retirement accounts, as the IRS is now able to gather back some of the tax that has been shielded until now.

Implementing the Required Minimum Distribution has been anticipated for years by financial forecasters as being a significant change in the finances of older Americans. Many economic public figures, such as Harry S. Dent, have openly discussed that this could trigger a downward spiral in the US economy with financial impact felt around the world.

As tax-payers turn 70.5 years old the IRS will send a bill for the tax owing on earnings for the tax year. This will require each person to either withdraw the predetermined amount and pay taxes on it, or be automatically taxed on 50 percent of the amount that was to be withdrawn.

The IRS provides tables that can be used to determine how much must be withdrawn, or the tax that must be paid if money is not withdrawn. Individuals who are still working can continue paying into a company 401(k) if the company allows this.

It puts a huge responsibility onto each individual, with heavy penalties to be imposed if a retirement plan participant or IRA owner does not take out the appropriate amount from their account every year.

The amount of money that is being discussed is considerable, with many sources suggesting that tax-deferred accounts hold more than $14 trillion.

About Boomers Next Step
BoomersNextStep.com is a blog for baby boomers who want to live life to the full and are interested in 'Awakening Freedom, Stretching Possibilities, Realizing Dreams'. It considers the issues of career, entrepreneurship, planning an interesting retirement and leisure activities.

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Many baby boomers choose to work beyond retirement age, with a significant number developing entrepreneurial ventures motivated not only by the attraction of supplementing their retirement savings but also by non-financial considerations.

Bulimba, Queensland -- (ReleaseWire) -- 05/31/2016 -- According to a study published by Insured Retirement Institute in April 2016 only 43% of Baby Boomers are satisfied with their current financial position, with just 24% feeling confident that they can support themselves properly during their remaining years. An estimated 10,000 per day are expected to retire from now until 2030, by which time around 65% of the US population will be aged 65 or older.

Understandably both electronic and print media is full of stories and advertising about how to calculate the cost of retirement, and strategies to boost savings or cut the cost of living to make retirement feasible.

As a generation that redefined many aspects of society it seems inevitable that Baby Boomers will also redefine the concept of "retirement", whether that be because of personal choice or financial imperative.

Merrill Lynch, in their Work in Retirement: Myths and Motivations report suggest that many people want to work in retirement, for money but also for non-financial reasons; that they are seeking an engaged and active retirement that balances intermissions of career and leisure; and that many chose to reinvent themselves in an entrepreneurial venture.

For many people this will be the most significant career change of their lifetime. Many are seeking a "lifestyle business", one that enables them to live the lifestyle that they choose, whilst also providing personal challenge and financial rewards. Business activities balanced with periods of travel, family involvement and involvement in the local community is a scenario that is rapidly becoming the "ideal retirement" for many baby boomers.

These entrepreneurial ventures are as varied in nature as the individuals who undertake them. Using their skills and experience from past careers, coupled with learning new skills, many baby boomers are creating great businesses whilst creating a retirement income.

One such venture lead to a successful online business selling travel accessories that provide solutions to some of the irritations of travel. Clarity Travel Solutions' original product is an ultra lightweight foldable daypack that can be carried in a purse or pocket, then unfolds to a good sized daypack when needed. Ideal for airline travel, day excursions on cruises and day outings, this product was chosen for its ability to solve the problem of having to carry spare jackets, water and other odds and ends when traveling. The baby boomers behind this business used many skills from their previous work experience, but chose to learn about this form of business because it provided them with a genuine retail business that could fit in with their desired lifestyle.

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Travelers can reduce some of the discomfort of long-haul economy flights by organising their own "upgrade package" consisting of items that will enhance their travel experience.

Bulimba, Queensland -- (ReleaseWire) -- 04/07/2016 -- Economy class long haul flights are usually the least favorite part of traveling for most people. It's impossible to expand the cramped space, or improve the way taste buds respond to the airline food, but with a bit of planning the experience of flying economy can be enhanced without having to pay for an upgrade to business class.

Experienced travelers develop their own ways to make the journey more comfortable. These are the recommendations from our Clarity Travel Solutions team who always travel with a personal "upgrade package".

Light blanket and pillow

Snuggling under an airline blanket, resting on the pillow the airline has provided, few passengers consider the cleanliness of these objects that will be close to their face for many hours.

In 2014 USA Today quoted John Gobbels, then vice president and COO of Medjet Assist, which arranges air medical transport for its members.

"For a long-haul flight, I bring a fleece jacket to stay warm. If I ever use a blanket, it's one sealed in plastic but then only for my lower legs."

Regarding the use of airline pillows "I see them thrown in the overhead compartments," Gobbels says, "and no one is changing the pillow cases."

Most people don't have any desire to be infected by the germs of other passengers as they sleep, or even to use a blanket or pillow that has been used by someone else without thorough cleaning. Therefore an essential component of the "upgrade package" is a small light blanket and a neck pillow.

Noise cancelling headphones or earbuds

Invest in good quality comfortable earphones or ear buds that are noise cancelling. This will improve the quality of sound that is experienced. Good earphones will also eliminate the need to set the volume at a high level to overcome the sound of the flight. Noise canceling earphones that produce white noise dull the sound of the flight while sleeping, although some people find the white noise annoying and prefer just to use plain ear plugs to block out sound while they sleep.

Kindle and magazine

The Kindle is a wonderful invention for travelers as it is small and light to carry and can be read when the lights are out. However for times when all electronic equipment has to be turned off it's convenient to have something else to read, like a magazine of choice, which can be discarded after use.

Basic Toiletries

A small packet of face wipes, hand sanitizer, and a small toothbrush and tooth paste can be extremely welcome during a long flight. These simple items take up very little space in an "upgrade package" but enable passengers to arrive at their destination feeling refreshed.

Lightweight Foldable Backpack

When carry-on luggage is stored in an overhead locker it can be difficult to access, so savvy travelers organize their "upgrade package" so that everything they need can be right where they need it when they need it. Space is limited so it is recommended that the bag used must be light and take up very little space when the items are being used.

Clarity Travel Solutions recommends the RovEasy lightweight foldable backpack, available on Amazon. It is ultra light, so even with travel documents, earphones, kindle, magazine, blanket and pillow it is easy to carry and keeps everything safely together and readily accessible. When all the items in your "upgrade package" are being used it folds into a small pocket that takes up very little space.

About Clarity Travel Solutions
Founded in 2015, Clarity Travel Solutions is a branch of a family owned business providing transition services to Baby Boomers. The business owners are keen travelers and have found that the normal irritations of travel are lessened by having the right travel product when it is required. They blog about travel issues and source outstanding travel products which meet the needs of the savvy traveler.

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At a time of life when many people are retiring from the business world, a baby boomer couple has commenced a business providing solutions to common travel inconveniences. Inspired by a recent trip to Europe, their first product is a lightweight foldable backpack which can be carried as a small package but unfolds to be a convenient daypack.

Bulimba, Queensland -- (ReleaseWire) -- 04/01/2016 -- Many Baby Boomers go traveling, enjoying their freedom from child rearing or work commitments. However one Baby Boomer couple transformed their RovEasy daypack holiday inspiration into a new travel solutions business and have recently released their first product, the RovEasy lightweight backpack.

The new RovEasy travel daypack is designed to meet the needs of the savvy traveler. Weighing less than 6oz the pack folds with ease into its own internal small pocket in seconds to be easily transported in a handbag or coat pocket. The packable backpack features classic styling with high quality nylon fabric and once open is a comfortable size for adults of all sizes to carry their daily travel necessities.

Managing Director of Clarity Travel Solutions, Jenni Proctor, explained "We were loving our European vacation but because of the changeable weather we were taking jackets on and off. It was inconvenient carrying coats around all day in our arms but we also didn't want to carry a heavy backpack on our backs all day, even when it wasn't needed."

"Our solution was to buy a lightweight foldable backpack that could be carried in my purse or my partner's pocket and then unfolded when needed," Jenni said. "It became the most useful item we had on our holiday, but we felt the design and quality needed improvement so we decided to design a travel backpack that would really meet our needs."

The RovEasy daypack is now available on Amazon at a special introductory price of $14.95.

Meanwhile these intrepid Baby Boomer travelers are planning their next holiday and their next product to ease the inconveniences and enhance the ease of traveling.

About Clarity Travel Solutions
Clarity Travel Solutions offers products that solve common travel inconveniences for discerning travelers. Their brand name RovEasy reflects the company vision of offering quality travel accessories that enhance the comfort and ease of traveling at any age.

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