In these rough economic times, it’s quite common for people to spend money they’ve saved up for retirement just to stay afloat. If the choice is losing your home or dipping into your retirement funds, that’s not a difficult choice for most people.

However, if you’ve found yourself needing to start over your retirement savings, there are definitely a few steps you can take to get the ball rolling in the right direction again:

1. Assess your budget
Before even planning on saving for retirement, you need to put your budget on paper. List all your expenditures and all incoming money you can count on each month.

2. Trim your budget
Now that you have your budget on paper, you can go through your monthly expenditures and figure out areas you can save money. Remember, every penny saved is a penny you can put towards retirement.

3. Figure out how much
Once you have your new budget planned out, you should have a good idea of how much money you can possibly save.

4. Start saving!
This is the most important step. The planning is useless unless you put it into motion. Even if you are saving just a few dollars every month, at least that allows you to start the needed momentum.

Save Your Pennies (Image: Flickr)

If you are thinking of retiring somewhere outside of your current country, consider retiring in Ecuador. In recent years, it has improved in a lot of ways and has become a hot spot for those entering their retirement years.

Why retire in retire?

1. Cheapness of living
According to numerous reports, Ecuador is one of the cheapest places in the Western Hemisphere to retire. Everything is cheap — from housing to transportation and food to entertainment.

2. The Galapagos Islands
You’ve probably heard of the Galapagos Islands, but did you know they are considered part of Ecuador? People come from all over the world to see the beautiful islands and the wondrous animals and plant life.

3. Diversity in the land
Ecuador has it all. There are tall volcanoes capped by snow. There are fantastic beaches along the Pacific Ocean. There is the fascinating Amazon jungle. Almost anything you can think of can be found in Ecuador.

4. Outdoor adventures
In Ecuador, you can find a number of outdoor activities to enjoy. Golf is very popular in the country and there are a number of memorable golf courses. Sightseeing, mountain climbing, fishing and hiking are also very popular.

Ecuador (Image: Flickr)

Jobs in the United States have become extremely valuable. In the month of June, another 467,000 jobs were lost. That is up from 322,00 in May.

And that may just be the beginning of the competition for jobs. According to research by Charles Schwab, nearly ten million people in the United States who are retired are considering a return to the workforce. Charles Schwab’s research also found that nearly one in every three people who have a job are planning to delay their retirement.

Said Rich Rosso of Charles Schwab: “It’s a challenging time to be facing retirement. The situation many Americans have found themselves in illustrates the importance of long term retirement planning. But in the short term there are also a host of things people can consider to help smooth the ride.”

Considering the massive amount of competition for jobs right now, you should give a lot of consideration before you leave a job. You should also make sure about your decision to retire because it may be hard to undo your decision in this current economic climate.

Make sure you have enough money to retire (Image: Flickr)

ING has put together an interesting microsite that can help you plan for your retirement. By answering a few questions at INGyouranswer.com, you can lean how much money you need to retire.

Once you are on the INGyournumber.com website, simply click on the “Find your number now” link. On the next page you will be asked about your age, your marital status, your household income, the age you plan to retire, the income you want during retirement and how long you want that income to last.

Once you enter all the numbers, you click on the “calculate now” link and you will be given a number down to the dollar. While there are a lot of similar retirement calculators available online, this one by ING is extremely easy and doesn’t have any strings attached.

After you have your INGyournumber.com number, there are links if you want to learn more or start planning your retirement. You can also print your results, email your results and get help in finding a financial professional.

INGyournumber (INGyournumber.com screen cap)

With many organizations, agencies and government entities around the United States trying to save money, retirement benefits have often been on the chopping block. As a result, many employees have decided to  retire to lock in the previous benefits.

Examples can be seen across the country. In the National Football League, a few members of the Indianapolis Colts’ coaching staff decided to retire to lock in benefits.

Another example can be seen in the city of San Diego, California. According to a recent report, in excess of 600 employees for the city have decided to retire this year. The yearly average in the past has been around 200. But with cuts to the the retirement pension and the retirement medical benefits forthcoming, many city workers have decided to get out now.

If you are in a similar situation, make sure to closely consider your options. If you are facing significant cuts if you don’t retire, a lot of times it makes sense to lock in those benefits. But in this economy, the security of a well-paying job might trump other concerns.

Retirement Benefits (Image: Flickr)

A country that is growing in popularity for retirees from the United States is Thailand. This Southeast Asia nation is bordered by Laos, Myanmar and Cambodia.

Why should you retire in Thailand? Here are five reasons to consider Thailand as your retirement destination:

1. Government Supported
Some countries aren’t interested in foreign retirees. Thailand, on the other hand, has special programs specifically for those looking to retire overseas.

2. Cheap Houses
In Thailand, you can get a reasonably nice house for about $60,000. Apartment units can be purchased for about $20,000.

3. Cost of Living
Besides cheap houses, you can also expect almost everything else to be much cheaper than you’ll pay in the United States, Canada or anywhere in Europe.

4. Friendly People
People in Thailand are famous for being very friendly. As long as you respect their customs, you shouldn’t have any problem finding friends as a foreigner.

5. Lots to Do
From fishing to golf and from surfing to sightseeing, Thailand has a lot of activities that should keep you busy all the time.

Thailand (Image: Flickr)

Want to retire overseas? Here are some other countries to consider:

• Retire in Malaysia

• Retire in Belize

• Retire in Panama

• Retire in Costa Rica

Jim Tobin recently announced his retire from Boston Scientific effective on July 13th. Tobin, who had been the President and CEO of the company for a decade, will be replaced by Ray Elliott.

Said Tobin: “Ten years ago this month, I began my tenure as CEO of Boston Scientific, and two months from now, I will turn 65. Over the course of the past decade, we have built a stronger, more diversified company that is well positioned for the future. We have achieved this due largely to the support of our employees, customers and investors, and I would like to take this opportunity to thank them. Now is an appropriate time for me to turn over the leadership of the Company to Ray Elliott, our new CEO. Ray is an outstanding choice, and he has my full and enthusiastic support. We will have a smooth transition, which will culminate with Ray taking over next month.”

Elliott is the former President and CEO of Zimmer Holdings. He has in excess of 35 years of experience in the consumer products and health care fields. He joined Boston Scientific’s board of directors in 2007.

Said Elliott: “I look forward to leading the Boston Scientific team and building on the impressive tradition of delivering innovative medical solutions to patients and physicians. I am committed, as always, to creating value for them, our employees and our shareholders.”

Boston Scientific is a global company that manufactures and develops various medical devices. Founded in 1979 and headquartered in Natick, Massachusetts, the company is believed to have approximately 29,000 employees.

Boston Scientific (Image: Flickr)

If you have reached the age of retirement but don’t have the amount of money saved that you wish you had, frugal living in retirement to save money can help you extend your dollar. Basic math tells you that you can extend your retirement savings 20% longer if you can cut your monthly spending by 20%.

If you want to save money in retirement by living frugally, here are a few tips that can help out:

Buy in Bulk
Buying in bulk can help you save money over the long run. This is especially true when buying groceries and other household essentials.

Eat at Home
Eating at home all the time isn’t exactly fun but it saves you a lot of money compared to eating at restaurants consistently.

Purchase Quality
Cheaper isn’t always better. Saving 10% doesn’t make sense if what you buy lasts only half as long as the original product.

Forgo Vacations
Vacations are fun — yet costly. Find ways to have fun at home or at a place somewhere close by in the area that you live.

Downside your Home
If you’ve raised a family and suddenly find yourself in an oversized home, consider selling it and moving into a smaller home.

Save Money for Retirement (Image: Flickr)

An equity-indexed annuity is a type of fixed annuity that credits the annuity based on the changes to the index upon which the annuity is based, as opposed to the set method of credit rate calculation in other fixed annuities. This means that you may get additional interest if the index happens to change in your favor.

Equity-Indexed Annuity (Image: Flickr)

There are a number of safeties associated with equity-indexed annuities. Equity-indexed annuities promise to pay a minimum interest rate decided upon when you purchase the annuity, regardless of whether or not the index-linked rate happens to be lower. You can also rest assured that your annuity will not drop below a certain level, which is generally 90 to 100 percent of the premium paid on the annuity.

At the end of each term, the insurance company adjusts the value of the annuity depending on any index changes. There are a variety of different indexing methods that can greatly affect the value of your annuity. For example, annual reset means that interest is added to your annuity annually depending on how the index compares at the end of the year to the original index. High-water mark indexing compares the values at certain terms, usually at the anniversaries of your purchase of the annuity, and credits you depending on the highest points.

Other factors in the equity-indexed annuity include the participation rate, which is the percentage of the index-linked interest rate that will be credited to your annuity. The cap rate is the upper limit on the index-linked interest rate, which means that your annuity will never be credited anything above the stated rate. Make sure to ask your broker about these various features so you can choose what is best for your individual situation.

Senate legislation that was recently introduced is drawing praise from the Americans for Secure Retirement (ARS). The legislation was introduced by Senator Pat Roberts and Senator Kent Conrad and is called The Retirement Security for Life Act, S. 1297.

ASR (Image: paycheckforlife.org screen cap)

If the legislation passes, the ASR believes that it will result in Americans having more financial security in retirement. The ASR also believes that it will provide a paycheck that is guaranteed for life.

Said Bill Waldie of ASR: “This legislation is a critical component of retirement policy and we are pleased that Congress is making helping Americans secure a financially sound retirement a priority. This is an important step toward addressing the anxiety many Americans feel toward their financial outlook during retirement.”

The ASR recently conducted a study that had ominous results. According to the study, more than half of middle-income Americans will outlive their available finances unless they make severe changes to their standard of living.

“With the recent economic downturn, Social Security replacing less and less of pre-retirement income, pensions on the decline and lifespan on the rise, people need access to many different retirement options,” stressed Waldie.