Category: Downsizing
Special Thanks to the author SW Hubbard (Susan) for this article, which was originally published on JungleRedWriters.com. It is the latest in our Downsizing/Decluttering/Ridding Out Series.
February 22, 2023 -- The writer Lucy Burdette asked SW if we are drawn to our profession because of our disposition, or does our disposition morph after years in the same profession? And more particularly, how does that relate to domestic relations chez Hubbard, now that you are both mostly retired?
SW Hubbard: As with any chicken-or-egg question, the answer is a little of both.
Most nurses are naturally compassionate, and I’ve never yet met a happy-go-lucky lawyer unconcerned with details.
But spending many years in one profession changes the way you view your personal life, and the skills you use in the office tend to come home with you to be rolled out on the home front.
Take my husband.
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Published on February 21, 2023
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Category: Financial and taxes in retirement
February 15, 2023 — In 2021 the Federal Trade Commission received 1.5 million reports of identity theft. And guess who is usually the #1 target for scammers – right, retired people. A combination of carelessness, trust, declining faculties, and increasing deviousness from criminals is raising this crime to new levels.
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Published on February 15, 2023
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Category: Travel
February 14, 2023 -- Travel is often the number one thing that people say they look forward to when they retire. Many yearn for far off, exotic destinations - like a glacier in New Zealand, African safari, or Alaskan cruise. Travel goals for others are more modest, like touring all of the National Parks or a trip to Arizona. Time is not a problem for most retired people - their biggest challenge is often coming up with the money to make the trips they dream about. This article will cover a range of budget ideas that can help not only make those trips possible, but upgrade the experience too. We look forward to your suggestions as well.
Luxury Travel on a Retirement Budget - 11 Ideas
Be flexible. Perhaps you've seen the emails - travel to San Francisco for $59! The airlines, hotels, and tour operators do offer great deals in slow periods, but you have to be ready to take advantage of them. Think about what it would take to get ready for any kind of adventure that might come up, and plan to act when you see an offer that appeals. This especially applies to budget airlines like Avelo, which has resort destinations.
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Published on February 12, 2023
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Category: Health and Wellness Issues
February 9, 2023 -- Millions of Americans dream about an early retirement. Many others had no such goal, but were pushed into it by the pandemic, unexpected layoffs, or health issues. But however they might have come into the ranks of the retired, many will not fare well. That is according to research reported in the Journal of Economic Behavior and Organization, where Binghamton University researchers found that early retirement can lead to "faster cognitive decline among the elderly".
The study behind these findings comes from data from a Chinese program for promoting early retirement. In an effort to reduce poverty among its rural population, the country provided pension benefits in its 2009 New Rural Pension Scheme (NRP). The Binghamton researchers compared what happened to people in China who took the pension benefits and retired early, versus subjects who stayed in the workforce.
Plusses and minuses of early retirement
On the plus side, those in the study who took early retirement often experienced improved overall physical health. They tended to sleep better and reduced their alcohol and smoking intake. So far so good. However, many retirees began spending excessive time on bookmakers not on gamstop, which contributed to decreased social interactions and diminished mental stimulation. On the negative side, those who retired early seemed to exhibit reduced social engagement and mental activity. Ultimately, they showed an accelerated cognitive decline in the form of delayed recall. Dementia, it seemed, could be predicted in many of the subjects.
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Published on February 8, 2023
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Category: Medicare
February 7, 2023 -- The debt ceiling is one of the big issues in the new Congress. How it plays out should be interesting, with Republicans narrowly controlling the House and the Democrats with a slight edge in the Senate. Some lawmakers think that Social Security and Medicare funding could become part of the debt ceiling solution, while others have a firm “hands off” posture. Both of these programs are crucially important to Topretirements Members, regardless of their politics, so here is a rundown on what we know about where things stand (most of which have to do with Social Security).
Social Security has somehow become part of the discussion on the debt ceiling, even though the program has no effect on the national debt (the opposite applies to Medicare). The larger issue for these two programs, which does not relate to the budget ceiling, is how to fix them long term. Social Security's Trust funds will run out in 2034 or thereabouts, and when that happens, only about 70% of promised benefits would be available to be paid to beneficiaries. Meanwhile, Medicare costs continue to rise.
Republican positions vary
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Published on February 6, 2023
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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: Financial and taxes in retirement
January 20, 2023 -- The end of the year presented several gifts to well off folks with substantial IRA, 401(k), or 403(b) balances. The biggest is that, thanks to the Secure 2.0 Act of 2022, the new age for taking Required Minimum Distributions (RMDs) from those accounts now begins at age 73, up from 72. That change started on Jan. 1, 2023; beginning on Jan. 1, 2033, the age goes up to 75. People who were already required to take those distributions must continue to make them.
The Act also provided a big benefit to people who fail to take their RMDs on time. Previously the penalty was an onerous 50% of the required distribution. Now that is reduced to 25%, and 10% if corrected in a "timely manner". Catch up contributions for people over 50 and 60 also were increased, and there were other provisions to encourage employers to help employees save more for retirement.
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Published on January 19, 2023
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Category: Best Retirement Towns and States
January 17, 2023 -- The search for a safe place to retire is challenging, as the community of Rio Verde Hills just found out. Up until recently, it received its water from neighboring Scottsdale. But due to concerns that it wouldn't have enough water for its own residents, Scottsdale cut off the water it was supplying to Rio Verde Hills on Dec. 31. Residents there are understandably upset, as they now have to pay for water to be trucked in from increasingly farther away. Not only are water bills escalating fast, but residents are concerned about their ability to keep animals, along with having to reduce all but the most essential water use.
Is any place to retire safe?
The Rio Verde story makes it even clear that almost every area of the country faces serious climate and environmental risks. While Florida residents have plenty to worry about with coastal flooding and hurricanes, water shortages and wildfires are equally dire threats in the American West. The Midwest faces extreme weather like tornadoes, the West has earthquakes, and the Midwest and Northeast have ice and snow storms, not to mention flooding. Almost everywhere is experiencing record high temperatures and weather extremes. If that wasn't enough, other areas of the country have sinkholes and volcanoes. It seems like nowhere is safe!
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Published on January 16, 2023
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Category: Health and Wellness Issues
January 29, 2023 -- If there was ever a good example of the phrase "Use it or lose it", it would be how flexible you are. You might not do that great on this simple 5 part flexibility test, but the good news is that if you work at it, you can get better. So you can look over your shoulder to see oncoming cars better, bend over to tie your shoes, walk a little faster, improve your balance, and maybe even get a little more zip on your pickleball overheads. Flexibility can also help with sleep and an overall better quality of life.
The NY Times interviewed experts in physical therapy to come up with its "Can You Pass This Flexibility Test" article. The tests are easy and quick, and will give you an idea of your flexibility and range of motion.
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Published on January 15, 2023
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