We’ve often been told that effective people cultivate and practice effective habits. That while everyone’s situation is different, certain consistent patterns of behavior increase one’s chances of success. This applies to individuals, families, and companies; hence we have the seven habits of highly effective people, teens, families, and entrepreneurs.
The same holds true of retirement. Although everyone’s retirement is different, there are some habits that retirees can cultivate to increase the odds that their golden years will be many and fulfilling. Below we propose seven habits of highly effective retirees.Continue reading
Many people approach retirement with a feeling of uncertainty. Uncertainty that they have enough savings. Uncertainty about what they’ll do with their time. Uncertainty that they can deal with the loss of regular social interaction and sense of purpose they get from work. Uncertainty, in general, that retirement is right for them at this time.
If that describes you, then maybe a retirement ‘test drive’ might work. This increasingly popular arrangement is called phased retirement, in which employers reduce the working hours and provide partial retirement benefits to some of their older workers for a period of time. This is often a win-win: it gives workers a preview of their retirement and allows them to continue bringing in income, and it allows employers to keep their more experienced workers for a bit longer at reduced cost to mentor younger workers.Continue reading
Many Americans favor nontraditional living arrangements nowadays, and retirees are no exception. Traditionally, seniors have moved to be with or near grown children or relatives, transferred to retirement facilities, or simply remained in their homes.
Most retirees continue to have these arrangements, but an increasing number are looking for creative ways to live their retirement lifestyles. As retirees live longer and stay active for years or decades after retirement, these arrangements are enabling seniors to meet their needs for social interaction and support while also enjoying their independence.
Here are some popular nontraditional living arrangements for retirees.
Once you’re near retirement, you’re on the home stretch and the finish line is in sight. But while for many people this is a time to relax and pursue your favorite hobbies, it isn’t a time to ease up on your planning. On the contrary, managing your savings and your time becomes more crucial as you approach and transition into retirement. Here are some common mistakes to avoid.Continue reading
After retirement, many people think longingly about pulling up stakes and moving out of state, or even out of country. Saving costs by moving to a less expensive location is certainly a factor, but a new experience, new challenges, and just a change of lifestyle and environment are also motivations. But how do you pick a retirement location? And once you’re there, how do you know you’ve made the right choice? Choosing a retirement home is a personal decision, but here are some signs a place may not be the best for you.Continue reading
It seems every generation has claimed not to understand the generation that comes after it. Certainly there are marked differences between Traditionalists, Baby Boomers, and Gen Xers. When it comes to retirement, people reaching their golden years today will definitely face a different future than retirees in years past. Here are some reasons why that’s both bad and good.Continue reading
After retirement many people think about relocating or downsizing, both to save costs and for a change of scenery. With no job to go to anymore, many look forward to ditching the snow and cold for the sun and beach. Moving to a neighborhood or state with lower taxes and living costs certainly can help your retirement dollars go farther. When you’re moving to a new home as a retiree, should you buy or rent? Increasing numbers of seniors are choosing to rent. Here are some things to factor into your decision.Continue reading
The legendary martial arts master, teacher, and actor has had an influence far beyond his brief life – and far beyond martial arts. Many people who have trained in martial arts or self-defense have found striking parallels between the principles of martial arts and those of other fields. In honor of the martial arts and show business pioneer, who would have turned 76 this year, here are a few things we can learn about retirement planning from Bruce Lee.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
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
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
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