From the category archives:
With the combination of a tough economy and increasing longevity, many adults find themselves looking for work-life balance even after they’ve officially retired. That’s because a modern retirement doesn’t necessarily mean the end of working. Many retirees continue to work part-time or even full-time jobs to earn extra income, meet new people or find personal fulfillment.
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As you move from the life stage driven by your children and career, to a time where you’ll have more discretion in how you allocate your time and talent, a little organizing can go a long way. Here’s a simple four-step process that can help position you for continued life satisfaction.
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Retirement is appealing because it gives you the freedom to slow down, relax and do whatever you want to do with your time. Of course, that freedom comes at a cost. Living on a fixed income means learning how to have the lifestyle you want on the money you already have.
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While the idea of retiring can be exciting, it also comes with some common concerns. No longer having a job means relying on a fixed income from the savings plans and tools you put in place during your career.
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In 1997, financial advisor Stephen Pollan and author Mark Levine stirred up some controversy with the four-step plan presented in “Die Broke.” This radical book became a national bestseller, but not everyone agrees with Pollan’s financial strategy, which includes essentially giving up on the idea of retirement. Many Baby Boomers are more comfortable with the conventional approach of saving for the future and leaving an inheritance to their children, but there’s no doubt that Pollan’s strategy has changed the way some active adults approach their golden years.
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If you’ve begun thinking about claiming Social Security benefits, you probably have many questions. Should you claim them as soon as you are eligible or wait to maximize your benefits? What are the tax implications and how do benefits differ if you are married?
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While retirement might be out of reach if you are truly broke, it may still be possible when your nest egg is much smaller than you had expected it would be. There are many ways to cut back on costs or supplement your income during retirement. Of course, you may have to get creative with your expenses and adjust your expectations to make it work.
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When it comes to saving money, most retirees understand the benefits of moving to a low tax retirement location. However, some of the most tax-friendly retirement states may not be the best fit when you consider other factors such as climate, culture and proximity to family and friends.
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Older adults often assume that they would not be eligible for a 30-year mortgage. Legally, however, banks can only offer loans based on financial qualifications alone. This means applicants cannot be turned away based on their age, whether they are 50, 60, or even 90 years old.
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Though most active adults understand the importance of saving for retirement, many may underestimate the amount of money they will need to have saved. This is especially true as the average lifespan is growing and workers can no longer expect defined-benefit pension plans or social security income. How can you be sure that you will not outlast your own retirement savings?
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As 2011 begins, it’s time to take a look at a few of the trends that appear to be on the rise among active adults across the country. Four common trends include: working during retirement, opting for energy efficient homes, choosing accessibility features, and making fitness a priority.
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