Although surveys find that a majority of people consider moving after retirement, only about 7 percent of older Americans actually move each year, according to a study by the Center for Retirement Research at Boston College. Here are six reasons why most homeowners choose to stay put.
It’s no secret that people are living longer than ever before. That means a retirement that once lasted just a few years, could now last 20 years or more. Your savings and income must also last that long, because you certainly don’t want to outlive your money. But the experiences of retirees indicate that costs and spending change significantly during a multi-decade retirement. People’s retirement costs typically are highest for the first few years after retirement, then tend to taper down later, and finally level off or possibly increase (because of increased healthcare and assisted living costs). Here’s a closer look at the three main phases of a typical retirement.Continue reading
Many workers choosing to delay retirement and keep working. In many cases this is out of necessity. Personal financial advisor Suze Orman has even recommended that people stay in their jobs until their late 60s. Employment also provides social contact, a sense of fulfillment, and the opportunity to remain productive. But recent research suggests that more positions are vulnerable to early retirement than previously thought.
Many people dream of calling it quits and starting the phase of their life called retirement. But retirees often find the reality doesn’t quite match expectations. In order to avoid unpleasant surprises, you’ll want to make sure you’re really ready for permanent retirement. Here are some questions to help you decide.
Many retirees choose to move when they retire. Some stay in the same town and move to a smaller home, or a larger one. Some across the country to be closer to family or friends. And some move simply because a new environment better suits them. If you’re one of the footloose kind, how do you choose a place to retire? Here’s some advice.
Are you ready for retirement? While working forever might make the most sense financially, most people want to call it quits at some point and enjoy the things they really like to do. Here are some things you must do before you can safely leave the working world behind.Continue reading
Picking the optimal retirement age is a complex balancing act among several factors. On the one hand, you want to leave the 9-to-5 life while you’re still young enough to enjoy your golden years. But you also want to make sure your savings are enough to last through your retirement and to fund the lifestyle you want. Statistics show the majority of workers retire much earlier than planned.
For many people, retirement involves a plunge into an unknown realm for which they are not sufficiently prepared. Like every life transition, retirement goes much more smoothly with proper planning. Here are four misconceptions that many people have about retirement.
The venerated four-percent rule states that retirees can safely withdraw four percent of their retirement savings per year without running out of money in retirement. For example, if a retiree has $1 million in a retirement account, they can take out $40,000 the first year, and annually adjust that figure for inflation.Continue reading
Even after retirement, many people are looking to stay employed part-time. Some retirees look at part-time employment as a way to stay occupied, others as a way to supplement their retirement income, and still others as a way to remain productive and contribute. But finding meaningful and fulfilling part-time employment can be difficult for seniors.
How about getting paid to travel? Many people list that as their #1 dream job – but that’s what it is, just a dream, right? In this video, Wealthy Retirement’s investment advisor Steve McDonald interviews a lady who has been getting paid to travel for a quarter-century. She tells Steve how she got started in the travel industry (she runs a travel agency) and gives some tips for how other retirees can get started, even if they come from other backgrounds.
Click here to watch the interview or see a written transcript.
Are you looking to move when you retire? Many people are looking for a change of scenery to begin their golden years. Moving to a place with lower taxes or cost of living, better weather, or better access to retiree activities … the reasons to move are endless.
Where’s the best destination to retire? Well, of course that depends on what’s important to you. To help you decide, Zillow, the online real estate information company, has dipped into its extensive nationwide database to display the most attractive neighborhoods based on several criteria. You can choose which factors are important to you – crime, weather, reasonable home values, access to healthcare. The map gives you some ideas to consider when you start picking your next place to plant roots.Continue reading
When most people think about retirement planning, they focus on having sufficient savings and income to enjoy a comfortable retirement. Certainly, financial planning is a crucial part of planning for retirement – without sufficient income and savings, you may not be able to retire when you want, or have the lifestyle you envision.
But many people overlook another important part of retirement planning: planning for the retired life. After 40-plus years in the workforce, retirement is a major adjustment and many enter this phase of their life unprepared for what awaits.Continue reading
The Baby Boomers, typically those born between 1946 and 1964, are one of the largest population groups in U.S. history. They’ve influenced the American economy and culture for decades. Now that the first wave of them are entering retirement, what are their experiences?Continue reading
Frauds and scams aimed at retirees and seniors have become big business. Here are five common types of scams and tips for avoiding become a victim.Continue reading
Retirement, for most people, is the time to finally do what they want, on their schedule and terms, with no pressure or need to be tied to a paycheck. While many simply want to unwind and relax after a long and stressful career, others are eager to explore new horizons, pastimes, or even new careers. Here are some ideas for creating the perfect retirement.Continue reading