Many movies are popular because audiences find the characters and the situations they are in to be so relatable. The Money Pit is one such movie. Although most of us will never find ourselves in a predicament like that, the movie can teach us some lessons about effective retirement planning.Continue reading
Many workers who are approaching retirement look forward to a time of extended leisure and not working. Retirement is sometimes described as “being on vacation all the time”. But the reality is often different. While you’re working, weekends and vacation are typically times to relax, unwind, travel, and take care of those tasks that you don’t have time for during the workweek.
In contrast, for the majority of retirees, retirement is a time to explore new interests and activities, and create a new identity that is based on how they spend their time instead of what occupation they hold. As more people enter retirement in the U.S. over the coming decades, this has significant implications not only for retirees but also for society as a whole.Continue reading
Many seniors choose to stay in their homes for years after retirement. Living at home provides the comfort of familiar surroundings and enables seniors to maintain independence and control over their lives. But there are some risks associated with living at home. A few simple safeguards can help seniors protect themselves.Continue reading
The decisions you make just before and after retirement can affect the quality of life throughout your retirement. While there’s plenty of flexibility in retirement planning, it’s important to get these some major things right. Yet lots of retirees take the wrong course, for various reasons. Some of these are choices made with the best of intentions that turn out to have disastrous consequences. Some are just made out of lack of planning, or making decisions in haste, or simply habit. Here are some common mistakes made when retirement is coming close.Continue reading
The Teachers Insurance and Annuity Association of America (TIAA) recently issued its 2016 Voices of Experience survey report. For the survey, TIAA reviewed responses from over 1,500 retirees, the majority of whom (55 percent) had worked in higher education. A small percentage had also worked in public education or health care. Three-fourths of survey respondents had earned a college degree, and more than half (60 percent) held a masters degree or higher.
Although the results may not be representative of retirees as a whole, the results are consistent with survey responses of other groups and offer useful lessons and insights for retirees and pre-retirees of all ages.Continue reading
Most new retirees and those approaching retirement say they’re short of what they need for retirement, but nevertheless are confident in their prospects for a successful retirement. The majority of retirees left the workforce earlier than planned. Most retirees are in good health and expect a long retirement. The vast majority of retirees are happy and enjoying life.
The Transamerica Center for Retirement Studies just released the results of its 16th annual retirement survey, and those are some of the major findings. The survey results are always enlightening, and reinforce timeless lessons for those preparing for retirement.Continue reading
Are you thinking of starting a new business in retirement? If so, you’re not alone. Starting and running a business comes with challenges, but can be rewarding for active retirees who want to bring in income while serving their communities. Although many retirees open businesses out of passion and a sense of purpose, any income you do earn will help you pad your retirement savings so you can spend a little more or leave a larger inheritance. Here are some considerations for starting a business in retirement.Continue reading
What makes a satisfying retirement? Everyone’s idea of happiness in retirement is somewhat different, although there are some commonalities like relatively good health and financial freedom. One factor that apparently makes a big difference is whether you’re a man or a woman. Men and women view retirement differently, prepare for it differently, and engage in it differently. That’s one major finding from the 2016 Voices of Experience Survey by TIAA, the financial services provider to nonprofit organizations. This has implications for retirement advisors, and also for you if you and your spouse are entering retirement together.Continue reading
You’ve no doubt heard about the importance of planning financially for retirement. You’ve been saving and investing for years or decades, while looking forward to the happy days when you get to play golf every day, travel the world, work part-time, take up a hobby, spend time with grandchildren, or just relax.
But many retirees find it’s often difficult to turn their satisfying dreams of retirement into reality. There are many reasons for that. Here are important nonfinancial things you should do to plan for retirement as well.Continue reading
Retirement can be a time of joy, relief, and relaxation after a long career. Many people look forward to leaving their job behind and finally having time to themselves. In retirement, you no longer have the physical and mental toll of a stressful job, and you get to pick and choose how to spend your days and nights. You also have total flexibility: whatever your plans are can be altered and rescheduled as you choose. You can take advantage of opportunities as they arise. You are no longer forced to travel, dine, or go to the park during peak times since your schedule is wide open.
But retirement is also a major change, and every change can be filled with uncertainty. With some planning, you can avoid some of the common pitfalls and make the transition smoothly. Here are a few suggestions.Continue reading
How long will your retirement last? No one can know, although there are calculators such as the Social Security life-expectancy calculator that can help give you an estimate. But people are living longer than before. After retirement, you may live for another 20 years or more. Are you prepared for a retirement that could last for decades? Here are some things to consider.Continue reading
In retirement, housing options are many and varied. The choices include downsizing to a smaller home or another part of country; moving overseas; assisted living facilities; a retirement village or cohousing; and home sharing.
Many retirees are choosing to remain in their own homes. This means home renovation has become a big business. If you are looking to stay in your home through retirement, or expecting a parent or relative to move in, here are some renovations to consider.Continue reading
Over the years, you’ve developed dozens of habits, whether you’re aware of them or not. The weekly flow of going to bed, getting up in the morning, driving to work, and coming back home, form a familiar routine. This routine becomes a lifestyle that you’ve grown accustomed to and comfortable with.
When you retire, these habits and this lifestyle instantly disappear. For many people it’s disconcerting, to say the least. Here are some ways to adapt.Continue reading
After several decades of working and maybe a couple of decades raising kids, you probably have a lot of extra stuff. Many people have a lot of extra items around their home. Clothes you never wear, old electronics that have replaced by newer models, unused furniture, books you’re never going to read again, decorations, children’s toys, and more.
Why not unload some of this extra stuff? Besides decluttering your home, ridding yourself of unused stuff can help bring in extra cash. So there’s a double benefit.
There are many items around your home that you may be able to sell.Continue reading