Category: Financial and taxes in retirement
March 23, 2022 - A worrying study by the University of Michigan’s Retirement and Disability Research Center found that many workers tend to overestimate how much they will receive in Social Security retirement benefits. That is concerning because that overconfidence has a negative impact on how much people save getting ready for retirement. About half of the survey takers noted that they wished they had done a better job of planning. Note that about half of Social Security recipients rely on it for at least half of their income. The average Social Security retirement benefit in 2022 is $1658 monthly. The maximum is $4194 (for someone who takes it at age 70).
Among the findings in the study:
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Published on March 22, 2022
Comments 8
Category: Active adult communities
March 21, 2022 - A while back we heard from one of our Members, Debby, who asked about apartment living. She wondered why we don’t ever write anything for people who want to retire in an apartment. She has always lived in that type of housing, and being a single senior, doesn't want a house now either.
In particular she would love "a senior community of apartments that is gated and has washer/dryers in the apartment, plus an attached garage. She is not particularly interested in other amenities that she won't ever use. She lives in Scottsdale, AZ now, but apartment prices have gone up so much!"
Not alone
We are sure that Debby is not alone in seeking apartment life. Although we assume she is interested in rentals, many other apartments are owned as condos. The good news is that there are many communities that provide apartments suitable for baby boomers. Using Advanced Search for Communities at Topretirements, we came up with almost 1,000 apartment communities across the U.S. in our database. That list can be made more selective by choosing parameters like expense (if we delete higher cost the list goes down to 775). Other amenities might include covered garages, swimming pools, fitness centers etc. Using a state parameter narrows it even further; e.g., choosing only Arizona results in a list of 43 (we will explore some of those choices later in this article).
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Published on March 21, 2022
Comments 17
Category: Best Retirement Towns and States
March 15, 2022 -- Everybody looking for a place to retire probably has a list of must-haves. Today we explore possibilities for a hypothetical couple that has the three priorities listed in our headline - sandy beaches, lots of culture, and hassle-free biking. They also have a fourth consideration, having a nearby airport with good connections. Both people in this couple had average working careers, and now collect the average (2021) Social Security benefit of $1,555 each month. Adding income from their retirement savings, they have a combined income of just over $4,500 per month.
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Published on March 14, 2022
Comments 12
Category: Active adult communities
March 10, 2022 – In a move that is sure to be controversial, a softball commissioner at the Del Webb Village at Deaton Creek has banned Linda Evans, a female, from participating on a men’s softball team at that community. Ms. Evans, 70 years young, is an experienced player, whose…
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Published on March 10, 2022
Comments 10
Category: Best Retirement Towns and States
February , 2022 -- Depending where you live, you might be familiar with the concept of a Chautauqua community, those seasonal assemblies dedicated to four pillars: the arts, education, recreation, and religion. As such they offer the perfect snowbird retirement for people who love culture.
Chautauqua assemblies expanded and spread throughout rural America in the late 19th and early 20th centuries. They were part of an adult education and social movement in the United States that brought speakers, teachers, musicians, showmen, preachers, and specialists of the day to communities. Lakeside Chautauqua on the shores of Lake Erie was the first assembly in 1873, followed the next year by the Chautauqua Institute on western New York's Chautauqua Lake. Although at one point there were several hundred Chautauquas, these two are among the few independent Chautauquas that persist in the 21st century. The drawback to a Chautauqua retirement is that they are seasonal - after summer ends you need to find a place to live the rest of the year.
For culture loving people - you can't beat a Chautauqua retirement
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Published on February 27, 2022
Comments 4
Category: Cohousing
February 23, 2022 -- We have heard many people fantasize about home sharing like in the popular TV show "The Golden Girls", which featured four older women having a ball sharing a home and life together. NextAvenue.com had a great article and discussion about home sharing recently. This arrangement can be financially and socially beneficial solution for many retirees, whether they are single or in a relationship.
Fair use screen shot from Wikipedia
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Published on February 22, 2022
Comments 8
Category: Best Retirement Towns and States
February 21, 2022 - Two demographics are more likely to move than any other. The group with the highest tendency to migrate is highest is young adults, who tend to move in search in jobs and fortune. At retirement age (commonly around 65), there is another big spike in migration. Although both groups have a propensity to move, the places where they move tend to be very different, according to Brookings.edu.
Studies of net migration show what areas of the country are experiencing the greatest population growth. But looking at the big picture alone does not tell the whole story about who is moving where. Census data shows that the top regional magnets for young adults (ages 25-34) are very different from regions that are attracting baby boomers (ages 55 and older).
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Published on February 20, 2022
Comments 0
Category: Financial and taxes in retirement
February 15, 2022 -- Everybody knows some things about Social Security, the benefit that changed retirement for the good when it was signed into law in 1935. Unfortunately, some of the items many people think they know either aren't true, or are just plain wrong. This misinformation could have a serious and negative impact on the decisions they make, and their ultimate retirement well-being. One of the sources used in this article are the results from our 2020 Social Security IQ Quiz , where we looked at the answers that people tended to get wrong the most.
How many years you work doesn't really affect your Social Security benefit that much.
Only 49% of people who took our 2020 quiz got this answer correct. The choices for how many earning years are used to calculate your benefit were 25, 30, or 35 – and the correct answer is that Social Security calculates your benefit on your highest 35 earning years (adjusted for inflation). While that might not seem that important a detail, it is, because every year you had no earnings counts as a zero!
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Published on February 14, 2022
Comments 17
Category: Cohousing
February 13, 2022 - A group of Connecticut would be homeowners and investors is greatly disappointed about the demise of Rocky Corner, a planned co-housing project in Bethany, CT. It was to be Connecticut's first collaborative living project, but ultimately failed because it took too long to develop and costs grew too high.
After years of planning the group that sponsored it finally broke ground in 2018. Group decision making sometimes added difficulties to the process. Then it took years to get the co-housing community approved by the town's planning authorities. Rock ledge was discovered which greatly added to the costs. Claudia Ruffle, a retired teacher and secretary, was one of the early home purchasers. Unfortunately she and her friend, who sold their home to buy one in Rocky Corner, were two of many who lost all of the money they put into it, and are now struggling, according to a story in the New York Times.
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Published on February 12, 2022
Comments 5
Category: Health and Wellness Issues
Feb 15 - Feb 22 is heart valve disease awareness week.
As many as 11.6 million Americans are estimated to have heart valve disease, and each year around 25,000 people die from the disease. Fortunately, valve disease can usually be successfully treated in patients of all ages.
Getting personal
On a personal note, last March your editor's heart valve disease became very serious. Although I knew I had a leaking mitral valve, it was always a someday, maybe, kind of problem. Then during some exercise my heart began racing, and went into atrial flutter. Long story short, after some superb medical care I had a mitral valve repair via robot, minimally invasive. Today it is almost as if nothing ever happened. But I was lucky. Please be aware that this problem does affect millions of people. When you get your medical checkups, pay attention to anything pointing to this disease. Follow your doctor's advice. And if you experience symptoms - get help fast!
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Published on February 9, 2022
Comments 2
