I've always been curious about benefits our elected representatives receive.  FoxNews.com explains congressional pensions.

Members of Congress are eligible for one of two plans, depending on when they were first elected. Members elected before 1983 take part in the CSRS plan which has more generous defined benefits. Members elected after 1983 take part in the FERS plan available to all federal employees. It has a smaller defined benefit but a more generous 401(k).

Members under the old CSRS plan receive a pension equal to 2.5 percent of their highest salary for each year of service. Thus, a member who serves 10 years would receive a pension equal to 25 percent of his salary. Members under the new FERS plan receive pension equal to 1.5 percent of their highest salary for each year of service. Thus a Member serving 10 years would receive a pension equal to 15 percent of his salary.

I hope you can avoid using a 401k or IRA for holiday expenses.  Tapping into these accounts will be costly and possibly incur a penalty if you withdraw from your IRA.  I don't think it's very satisfying to give a gift if it impacts your retirement- but I'm sure it's a necessity for some people.  We've received several emails this week on retirement loans and distributions.

Here's a "fast" answer from moneycentral.com.

When do I have to repay a loan from my 401(k) plan?

Generally, you must repay the entire amount of a 401(k) loan within five years, or 30 years if the loan is used to buy a principal residence. The term of the loan can’t extend beyond your normal retirement date as defined by the plan. You will probably have to repay the loan with regular payments. The payments must be at least quarterly, although you’ll probably make payments with deductions from your regular paycheck.

The catch to the plan: If you leave your employer, whether voluntarily or involuntarily, you will probably have to pay all the money back in a lump sum within 60 days. That could put you in a tough spot -- especially if you have spent the money.

Here's a recap on "60-day withdrawals from your IRA." 

We received numerous requests for more information on reverse mortgages.  Here's the AARP reverse mortgage calculator.

 Heres our favorite RetirementThink Calulators, Links  And Tools

The chief investment officer of Calpers, the largest U.S. public pension fund, recently said shifting assets out of U.S. stocks into international investments could boost returns from its $250 billion portfolio.

One scenario under consideration calls for the California Public Employees' Retirement System to reduce its U.S. stock position to 24 percent of total assets from 40 percent, the fund's CIO Russell Read said at a public board meeting Nov 19.

Such a move would represent the lowest level of U.S. stock holdings in more than two decades.

Wow...72 million consumers will shop online from home or at work on Monday for after-Thanksgiving bargains.

We've highlighted a number of Social Security articles in the last month-after all the first wave of baby boomers may be getting benefits next year.   I have a feeling many are thinking of retirement, income sources and trying to understand reverse mortgages.  This particular type of mortgage is available to borrowers over age 62.

There are many different types of reverse mortgage products, but the most popular by far is the United States Department of Housing and Urban Development’s (HUD) Home Equity Conversion Mortgage (HECM).

There are three payment options for reverse mortgages – payment options being the manner in which the borrower receives monthly payments:

• Tenure—Monthly payments to the borrower for the remainder of each borrower’s life;
• Term—Monthly payments for a specified number of months;
• Line of Credit—A line of credit is established and the borrower can draw upon it when needed; and
• Borrowers may also combine either of the first two payment options with a line of credit.

Our family had a wonderful Thanksgivng-great food, deserts and a festive gathering with friends.  As I enjoyed  my favorite leftovers yesterday I was reminded by a family member the average individual gains about 7 pounds during the holiday season, so easy on the pie!

RetirementThink tends to focus on financial issues, but our good health is really the key to  a successful and prosperous retirement.   Here's a great financial/health tip from the Motley Fool.

For an idea in today's dollars of what excess pounds can do to your budget, a recent article in Health Services Research offers a clue. Researchers found that "an elderly person who is overweight at 65 may spend $16,000 more and the obese person may spend $26,000 more than those who are a normal weight at age 65."

Courtesy of the Wall Street Journal Weekend Edition

More helpful information on our favorite topic the last couple of weeks.

WSJ Baby Boomer's Guide To Social Security