Category: Best Retirement Towns and States
November 5, 2013 -- Note: See the 2018 counterpoint to this article: "Five Reasons Why You Might Not Like a Small Town Retirement". Moving to a small town for retirement is a frequent dream for many baby boomers. After battling urban traffic and/or the hassles of suburban living during your working days, the thought of living in a Norman Rockwell-like community might seem like a relaxing alternative. In this article we will give you 5 good reasons why a small town retirement is a good idea, with an example for each. And for good measure we've included 5 more picks for great small towns at the end of this article. Obviously there are a lot more, so please
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Published on November 5, 2013
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Category: Financial and taxes in retirement
Note: Be sure to take our new "What is Your Social Security IQ Quiz". It will give you a score and detailed explanations to make you a Social Security expert (our best advice, read this article first!).
November 4, 2013 - Monthly Social Security and Supplemental Security Income (SSI) benefits for nearly 63 million Americans will increase 1.5 percent in 2014, the Social Security Administration announced last week. The COLA announcement was delayed because of the government shutdown.
The 1.5 percent cost-of-living adjustment (COLA) will affect the benefits that more than 57 million Social Security beneficiaries receive in January 2014. Last year the increase was 1.7%, although the average since the '70's has been 4%. In 2013 the average SS benefit per was $2,048 per retired couple.
Some other changes that take effect in January of each year are based on
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Published on November 5, 2013
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Category: Financial and taxes in retirement
Update Dec. 23, 2019 -- A new law, the SECURE Act of 2019, changes at least one part of this article. Effective in 2020, anyone who had not already reached 70 and 1/2 is not required to take their Required Minimum Distribution until they reach the age of 72. If you are 70 and 1/2 prior to Dec. 31, 2019, you still must take your RMDs. See "SECURE Act Signed into Law".
October 27, 2013 -- Through all those years of faithful contributions to your 401k or IRA, you probably never really thought too much about the day those savings would be used. But either now or soon in the future, that money has to come out of your account, most likely as a key component of your retirement financial picture. This article will review some of the issues you are likely to face with your 401k, IRA, or similar retirement account. Tax laws are tricky and we have attempted to paint a broad picture, there will always be exceptions to some of the general principles discussed here. We are not tax or investment experts - check with a qualified professional from this ira vs 401k article for an expert opinion.
401ks - A Review
First, a few facts. 401ks are a relatively new part of the retirement picture. They are defined contribution plans (a promise of how much will be contributed to the plan), and they were largely designed to replace defined benefit pension plans (the old days,
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Published on October 25, 2013
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Category: Retirement Real Estate
October 21, 2013 -- In the depths of the 2008 real estate meltdown many developers decided to turn their new condos into rental units, rather than take a bath on prices and unsold inventory. That strategy, for those who could afford to wait, seems to worked out rather well. If you have held off selling your home until now, the return to a stronger market could be beneficial to you too, particularly if you are not planning on replacing it.
The Wall St. Journal recently reported in "Condos Going Back Up for Sale" that many luxury rental units in places like California and Florida are now coming on the market as condos. While the pace of conversions from rental apartments to condos is a fraction of the torrent that came in pre-bust years, the rate is the highest it's been since 2008. In 2012, 2,080 apartments were converted to condos from rentals, compared to 152,206 conversions in 2005.
The trend in condo conversion confirms
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Published on October 21, 2013
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Category: Travel
October 15, 2013 -- Forty or so years ago many of us baby boomers set out for distant parts - armed with tools like a backpack, "Europe on $5 a Day", a EuroRail Pass, and a spirit of adventure. Whether it was a post-graduation trip to Europe or a motorcycle excursion out west, we experienced the joys of discovery and new experiences. Now, flash forward to us hitting retirement age and looking forward to more travel experiences. The desire is the same, but the travel might not be quite as easy as it was back in the day.
Part 1 of this 2 part series will focus on the new travel problems that baby boomers typically face as we roll up higher mileage on our personal odometers. We will also provide suggestions and tips on how to overcome these difficulties. Part 2 will go over different strategies
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Published on October 15, 2013
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Category: Family and Retirement
September 30, 2013 -- In our previous surveys we've seen considerable support for the idea of retiring near your children, grandchildren, and/or other family members. But we've also heard the opposite opinion from folks whose dreams head them in another direction. This week we would like to explore retiring near family vs. not so near in greater depth. We'll present results from our past surveys on this issue. And since we found so many relevant and interesting comments in those surveys, those insights will be a big part of the article.
A Complicated Picture
Retiring near family can mean many things, not just being close to your grown children and grandchildren. Depending on your situation. It might mean having an adult child living in your home. Or it might entail taking care of an elderly parent. Sometimes it's not that easy, as seen by the 1 in 7 baby boomers who are "sandwiched" - providing financial support to both one of their children and their parents.
We considered creating a new survey on this question. But after thinking about it we came to the conclusion that it would be a lot more interesting to have you post your experiences and opinions directly in the Comments section at the end of this article. We think that might generate the most discussion, plus make it easy for everyone to see all, rather than a sampling, of the Comments. Please contribute by sharing
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Published on September 30, 2013
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Category: Health and Wellness Issues
September 23, 2013 -- Love it or hate it, Obamacare, otherwise known as the Patient Protection and Affordable Care Act, is going into effect. As a baby boomer you need to be prepared for an important first deadline that goes into place next week on October 1. That is the date that you can begin signing up for 2014 coverage at one of the health insurance marketplaces (exchanges) created by the Act. This article will outline 7 things you need to know about Obamacare, so you can be adequately covered and guarantee your rights under the new law. As you can see below, boomers too young for Medicare but not covered by their employer can probably save thousands of dollars on their medical insurance under the new law.
But first, we need to discuss your current health care insurance situation because, based on that status, the new
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Published on September 23, 2013
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Category: Family and Retirement
September 17, 2013 -- Plenty of good news came out of last week's Spousal Compatibility Survey - thanks to the more than 600 good people who took the time to share their wisdom! Our members are busy talking about retirement with their spouses - 84% have discussed retirement either "extensively" or a "fair amount". And that talking must be paying off, because of the members and visitors who took our 11 question poll, the vast majority (80%) say that they and their spouses or significant others are "fairly", "very" or "totally" compatible on retirement issues.
The survey also delved into areas of compatibility and incompatibility. By far the biggest problem falls under "where to live", an understandable situation considering the enormity of these type of choices. This article will present the results of the survey, including - best of all - a sampling of
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Published on September 17, 2013
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Category: Home and Garden
September 16, 2013 -- By Angelo DiGangi
As we get older tasks that used to be done without a second thought now require a bit more effort. Luckily, there are some easy do-it-yourself tweaks that baby boomers can use to make our homes safer and more accessible as we age and physical abilities change.
This article will explore some of the easier projects that incorporate the principles of universal design, which means designing the space for accessibility to everyone, regardless of physical abilities.
Baby boomers will be able to live longer in their homes
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Published on September 16, 2013
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Category: Work and Volunteering
September 10, 2013 -- It's one of the first questions you will probably get as a new retiree - what will you do all day? A new study from the Bureau of Labor Statistics has some of the answers, which include ... more time on many of the things you do already, but less time on some activities that you might not have enjoyed that much anyway. The Bureau's American Time Use Survey was the focus of today's New York Times article - "Americans at Leisure, or Still at Work". We will highlight some of the key findings of this and some other recent studies. (The Times Retirement section also has several other worthwhile articles, including ones on the Senior Discount, Annuities, and Starting a Business).
Work - or Play?
One of the survey's most interesting findings is that more people today over 65 are working. A decade ago 13.9% of those over 65 were in the workforce, today that is up 18.7%. Some 20% of Americans aged 70-74 are working, which declines to
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Published on September 10, 2013
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