Category: Retirement Planning
June 23. 2023 — Everywhere you turn these days there is talk about AI, Artificial Intelligence. Many fear that it will take over journalism, the arts, and just about everything else, resulting in millions of people could be out of work. It certainly sounds scary. But other experts think it could be represent the most revolutionary tool since the invention of the personal computer. In just one example, doctors are finding they can use it write reports, saving them time to actually connect with their patients.
So, how much do you know about AI? Can ordinary people use it for something productive, or is it just a menace? And for heaven's sake, how do you use it? To help answer those questions, we have prepared this article.
Lucy Burdette was intrigued enough to get a free AI account. On our behalf, she did a little test to see what would happen if we asked it to answer this simple question for Topretirements:
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Published on June 23, 2023
Comments 19
Category: Financial and taxes in retirement
June 14, 2023 - A study on retirement by the World Economic Forum found considerable unease about retirement issues in various age groups. Health and income issues were prevalent among its Pulse Poll respondents. The report was focused on how individuals, companies, and government will respond to longevity and people living longer lives.Here are some of the key findings in the Understanding Longevity Study
Many people, especially women, are worried about having enough money in retirement. Some 55% of women are willing to admit they don’t understand their financial situation.
Health concerns are a big concern as people age. Many are worried they will have to become caregivers.
Men are more likely to be looking forward more to retirement than women.
The "bank of mom and dad" is flipping - in more cases younger people might have to support their parents - instead of the other way around. (Interesting, another study we came across found that many baby boomers are blithely spending money, while younger folks are having to pinch pennies)
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Published on June 15, 2023
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Category: Downsizing
June 7, 2023 - Now in their 80s and 90s, our friends Jane and Jack knew that they were going to have to downsize from their 3 bedroom townhome. They both had health problems, and the stairs to the upstairs MBR was becoming a problem for Jack's knees. But, they had a LOT of stuff, which pretty much kept them frozen for years.
Jack had hundreds of tee shirts from tennis tournaments he had played in. Thousands of recordings -- in vinyl, CD, and cassette. Hundreds of books. Cases and cases of nice wine. And confidential records from his psychology testing practice. Every wall of the home was crowded with original artwork. Did we mention that Jane was a successful potter, with a basement full of beautiful pottery? It was hard to part with anything. Downsizing was not going to be easy.
Then the health problems got really serious. Both of them fell, and one or the other had a cancer scare and cardiac issue. They simply could not live there anymore. Fortunately, a nearby Continuing Care Retirement Community (CCRC) accepted them.
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Published on June 6, 2023
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Category: Retirement Planning
March 15, 2023 -- It seems like a person shouldn't be allowed to start retirement until they went through a course. There are so many important decisions - when to take Social Security, where to live, what to do all day, how to budget for the long haul, etc. To help with those as well as items that go well beyond those usually recognized issues, I've prepared a list of some of the top observations that I wish someone had shared with me long before my retirement began 16 years ago. Your suggestions are welcomed in the Comments section at the end.
11 Things I Wish I Knew Before I Retired.
Recognize that retirement has many phases. The best approach is to have a long range plan that will work for each period of retirement. That means considering what your first place to retire might be like if you lived there as an old person. Will the healthcare situation be right as your needs change? Are there assisted living or CCRC facilities in the area, so you don’t have to move far away and start over again with friends, doctors, church, etc. Is there public transportation when you can't drive anymore?
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Published on March 14, 2023
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Category: Retirement Planning
March 7, 2023 -- It is the rare person who strikes out on the unbeaten path, and that includes their route to retirement. Usually we prefer to follow a track made by someone else, learning from their experience and thereby avoiding unexpected mistakes and mishaps. It is helpful to know what others are thinking and doing, though. That is where the 30+ retirement surveys conducted since 2012 by Topretirements can help. Here you can see where you agree, and differ with the retirement plans of thousands of other folks in a similar situation.
30+ Surveys - From Where to Retire... to Social Security... Snowbirding....to Spousal Compatibility - and a Lot in Between
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Published on March 6, 2023
Comments 1
Category: Financial and taxes in retirement
January 28, 2023-- Myths, misunderstandings, and just plain faulty thinking occur in retirement, just like they do in every other phase of life. This "10 Myths That Could Sink Your Retirement" article explains that, unlike earlier stages in our careers, where there might be a second chance at recovery, a mistake in your retirement can be serious. That's why it is key to avoid these common retirement myths and mistakes. Many, but not all of them have to do with money. We welcome other people's insights on the best and worst decisions they made in retirement - please add them to the Comments section below.
Top 10 Retirement Myths and Mistakes
Assuming you will work 'til you drop. Asked when they think they will retire, most people say between 65 and 67 - and many much later, if ever. But in the actual world, a Gallup poll said the average retirement age is closer to 61. The reasons for this vary greatly, but common ones are being laid off unexpectedly, or getting injured or sick and unable to work. The ramifications of retiring earlier than expected are serious, because it usually means that expected retirement savings do not materialize.
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Published on January 28, 2023
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Category: Best Retirement Towns and States
January 23, 2023 -- Many retirees move when they retire, although most remain in their existing state. A smaller percentage, probably between 10 and 20%, will find a different "best retirement state". The big question is - what states are they moving to? The answer to that question is - it depends on who you ask.
Topretirements looked at 4 sources to try to identify the states most likely to attract baby boomer and Generation X retirees. The results at each vary greatly. It is interesting to note that Topretirements Members are very different from most other retirees - an overwhelming preponderance (70%) say they will retire out of state, with the Southeast and Southwest being the most likely areas chosen. Warm weather is the primary driver of where, along with being close to family and friends and lower cost of housing.
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Published on January 21, 2023
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Category: General Retirement Issues
December 20, 2022 - There is a new crush of retirees coming to town, and they are not Baby Boomers. Generation X, those born from 1965 to 1980, are finally getting their turn in the retirement spotlight, a very big demographic shift in the making. The eldest GenX-ers will turn 58 in 2023, the age when many people start retiring in earnest. But how ready for retirement will this new generation be, and how will it differ from the baby boomers before them?
Confident?
Fortunately, many in the Gen X generation have been preparing for retirement. Most have been saving for that day, confident about their money skills, but worried that they might fall short of what it takes to maintain their working day lifestyles. Of course, either from choice or necessity, not all of they will retire early, or ever.
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Published on December 19, 2022
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Category: Family and Retirement
November 2, 2022 - Thanks to everyone who took the time to take last week's instant poll on spousal compatibility around retirement decisions. The good news is that the vast majority of you all are either extremely compatible (25%) or mostly compatible (41%). Luckily, only a handful are extremely incompatible. Many of you added insightful comments to explain your particular situation, and offer lessons learned to others. We have incorporated some of those into this article, along with ones from previous articles. (see Further Reading below to see all of them).
The worst situation
The biggest problem is when two partners disagree on major issues about retirement. If they can't agree on when and where to retire, how much money to spend, how close to family, or what is the right climate, somebody might end up extremely unhappy. Let's hope that didn't happen to you. But if it does, here are some tips on how to make the best of it, along with some of the common pickles that couples find themselves in.
Get started early
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Published on November 1, 2022
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Category: Family and Retirement
October 26, 2022 – The topic of spousal compatibility around retirement planning is an intriguing topic. We are not talking about how you and your spouse or partner get along day to day, but more specifically about retirement planning. Did you/do you have the same ideas about when and where…
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Published on October 25, 2022
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