If you’re self-employed, it’s easy to put retirement planning on the back burner, with everything else you have to deal with on a daily basis. This may explain why about 55 percent of self-employed Americans say they are behind on retirement savings, according to a TD Ameritrade survey. But retirement planning is as important for you as it is for everyone else. And, being your own employer, you have more choices. Here are five of them.
With the recent decline in the stock market to start 2016, both in the U.S. and overseas, many retirees and soon-to-be-retirees are understandably nervous. After all, in retirement you’re dependent on your savings, which means you’re dependent on the unpredictable vicissitudes of the markets. If your nest egg takes a serious hit, that often produces a lot of fear and worry. Here are some things you can consider doing to protect yourself.Continue reading
If you’re approaching retirement and need a little more funds for a comfortable one, what do you do? One choice is to work part-time in retirement. Many retirees choose to work, partly for the income, and also for the opportunity to remain productive and active. A Merrill Lynch survey found nearly half of retirees either have worked or plan to work, and 72% of pre-retirees over age 50 say they would like to keep working after they retire. Fortunately, the options are more abundant today than ever before. Here are some good ones.Continue reading
Ah, you’ve finally made it to retirement. A time to relax, to do what you want, go where you want, and live where you want.
Many people who have been tied to one location because of a job or kids’ schools are thinking of relocating to another part of the country, or even a foreign country, when they retire. Certainly moving to a less expensive region can offer savings in living costs, housing, and taxes. But the decision of where to settle down in your golden years should be made thoughtfully, and include consideration of multiple factors.Continue reading
Before retiring, it’s important to eliminate or reduce debt as much as you can. When you’re no longer receiving a working paycheck your income will be more limited, and any money paid to service debt is money not available for you to live on. It’s also money you can’t put in your retirement accounts to grow over time. Carrying substantial debt into retirement increases the risk that you won’t be able to sustain a comfortable lifestyle in retirement. Here are some ways to handle debt before retirement.Continue reading
If your retirement stash isn’t quite as sizeable as you’d like, you’re not alone. A 2014 survey by Bankrate.com found more than one-third of Americans, including more than a quarter of those age 50 to 64, don’t have anything saved for retirement. While many plan to address this situation by simply delaying or foregoing retirement and staying on the job, the reality is that may not always be possible. Here are some ways to start making up a retirement shortfall.Continue reading
Many workers plan to continue working in their retirement years. A 2015 poll by the Transamerica Center for Retirement Studies that two-thirds of workers age 50 or over plan to work beyond age 65 or don’t even plan to retire at all. But is working beyond retirement age a realistic plan? The numbers suggest maybe not.Continue reading
Loneliness and social isolation are common among seniors. As people get older, they’re more likely to live alone and have little social contact. Additionally, more older adults than before do not have children, which means no descendants to visit and provide company. But this social isolation can have severe negative effects on physical and emotional health and longevity.Continue reading
When thinking about preparing for retirement, many people focus exclusively on the financial aspects – making sure they’ll have enough to live on and meet their expenses. But it’s important to realize that retirement is also a major life transition, and to make it successfully requires psychological as well as financial preparation. Here are three signs you may not be mentally ready for retirement.Continue reading
You’ve worked hard for most of your adult life, and finally the time has come to retire. But a simple mistake or oversight could mess up your golden years. Here are some common mistakes in retirement planning and suggestions to avoid them.Continue reading
Experience is the mother of knowledge, the saying goes. In that case, a great way to learn about retirement should be to talk with those who have already retired. Recently, New York Life surveyed 500 retired octogenarians about what they had found. The results hold interesting lessons for all of us.Continue reading
How much will you actually spend in retirement? That depends on a lot of factors, including your retirement goals and lifestyle, healthcare needs, and caring for family members. Many financial advisors cite the “80% rule”, which states that you will need 80% of your preretirement income after you retire. But while that’s a general rule of thumb, it may or may not apply. Will your actual spending increase, go down, or stay the same?
One useful way to get an idea is to examine the experiences of actual retirees. The Employee Benefit Research Institute (EBRI) recently issued a detailed report on how retirees’ spending changed shortly after retirement.Continue reading
Retirement often catches you by surprise. The majority of workers retire years earlier than they planned, surveys show. Health issues, caring for family members, and corporate restructuring are the top reasons that people end up leaving the workforce before they expected. Retirement can induce nervousness and stress even when you’ve planned for it. When it’s thrust upon you, it can leave you fearful, anxious, and possibly depressed. Early retirement isn’t a picnic, but with a few prudent measures it can be managed successfully. Here are some suggestions.Continue reading
Surveys show money is among the top issues that couples argue about. These disagreements often arise when couples have different ideas about how money should be spent. As couples approach and enter retirement, these arguments can become more intense. Here are some suggestions for avoiding fights over money.Continue reading
For those who would like to maintain their brain health and mental faculties in their senior years, there are some simple things that are proven to work. Recent research reaffirms that the things you thought were good for your brain health, actually are. Getting enough sleep and exercise, and a healthy diet are among the most important habits for keeping your noggin in top form. Although most people are familiar with these habits, surveys show relatively few senior adults actually practice all of them.Continue reading