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Try It NOWCategory: Best Retirement Towns and States
June 11, 2024 — Websites looking for clicks love to opine on the best, or worst, reasons to retire here and there. Sometimes their logic is good, other times it’s….iffy. To try to set the record straight on such topic, the worst reasons to retire in Florida, we have updated…
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Category: Estate Planning
June 8, 2024 -- A significant portion of older adults have not completed essential estate planning documents. In fact according to one survey, only about 55% of people over 55 have a will. Beyond creating an estate plan, there are a number of other tactics that you can take to protect your wishes and maximize the legacy of what you have created.
Since the estate tax exclusion is now $13.61 million, the federal tax on estates is not generally an issue. The amount not subject to tax has been raised to the point that it only applies to a tiny percentage of Americans. When the limitation was lower, estate planning was more complicated. However those days could be coming again, because if congress does not act, the exclusion could revert to $5 million in 2025.
Estate Moves to Make Now
Meanwhile there are many things that people can do to protect their estates, minimize taxes, and make things easier for their heirs and executors. We list some of them below, recognizing that many will not apply to those in the Topretirements community with uncomplicated and smaller resources. But most apply to everyone, no matter how small their estate might be.
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Category: Adventurous retirement
June 2, 2024 -- Like cruising on the great blue yonder? There's at least one product that can help you live that dream in retirement - year round! Villa Vie Residences is offering multi-year cruises on one of the residential cruise ship company's boats.
The Odyssey is scheduled to depart from Southampton UK on June 5 for its maiden voyage around the world. As part of the "Endless Horizons" program this residential cruise ship will travel the globe, visiting 425 ports in 147 countries over a period of 3 and 1 half years. Its amenities including business centers, culinary programs, and extensive onboard entertainment. The company offers purchase options for a condominium that start at $100,000 and go to $299,999 for an ocean view villa. There are also monthly fees. You can also rent with short term options for portions of the cruise.
The Odyssey
In a company press release, Mikael Petterson, CEO of Villa Vie Residences, said that their goal "...is to offer a seamless solution for those looking to retire on a fixed budget to never worry about ongoing expenses again." The company's pitch is that it’s a new way of living, breaking free from the ordinary, offering a life where work, leisure, and adventure blend seamlessly. Interestingly, during a recent webinar on retirement planning, Petterson highlighted how retirees are increasingly turning to diverse and unconventional avenues to stretch their fixed incomes. He specifically mentioned the growing popularity of Schweizer Online-Casinos, die Paysafecard akzeptieren as an example of entertainment that is both accessible and budget-friendly. This trend, he explained, aligns with the modern retiree's desire for flexibility and secure, cost-effective leisure activities in a digital age. Villa Vie aims to incorporate this spirit of innovation and freedom into their own offerings, ensuring residents enjoy a lifestyle rich with options.
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Category: Best Retirement Towns and States
May 31, 2024 -- It is a sad state of affairs, but the reality is that politics are driving the decisions some people make about where to live in retirement. The NY Times wrote an article on the subject, "Sick of Your Blue State? These Real Estate Agents Have a Place for You". In it they describe how many retirees are moving to red states like South Carolina, Texas, and Florida from more liberal states in the Pacific Northwest or Northeast. One of their main reasons is to find a place with like minded people where their support of Trump, conservative politics, religion, and cultural issues are not ostracized.
Jen Hubbell is a real estate agent in Greenville, S.C. who has a clientle eager of people looking for more conservative pastures. Business is booming for her and for Greenville, one of the fastest growing Metros in the fastest growing state in the country. She points out that the city has hundreds of churches along with neighborhoods whose residents conservative values and morals. Another real estate person in this market is Paul Chabot, president of Conservative Move. His company has many retired clients who have expressed interest in moving to conservative states like Texas, Florida, and South Carolina.
Downtown Greenville
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Category: Retirement Planning
May 29, 2024 - The decade leading up to retirement is crucial for laying the groundwork for a secure and fulfilling retirement. The steps you take in this phase are more important and more complex than you might realize, so spending time and effort now will have have a big payoff in the future.
1. Decide When to Quit Work
Pick a Date: Not everyone has the luxury of deciding when to retire - their employer or health does it for them. That's why it is important to be ready ahead of time. If you are going to retire, or partially retire, plan ahead and set a target that works with your spouse and other criteria. You can always change it, but at least you have an idea to work toward.
2. Financial Planning and Budgeting
Evaluate Retirement Savings: Assess your retirement accounts, such as 401(k)s, IRAs, and other investments. Determine if your savings align with your retirement goals and adjust contributions if necessary. Which accounts will you tap for your living expenses, and in what order?
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Category: Social Security
May 23, 2024 -- Thanks to all for taking last week's poll on your Social Security income. There was a good response with over 200 folks answering the question. The results were not unexpected for the Topretirements community, which is probably doing better than the general population. About two-thirds are comfortable enough to get less than 50% of our income from Social Security. An unlucky 11% derive close to 100% of what they have to spend from Social Security, and 19% rely on it to get more than half of their income (see chart below).
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Category: Best Retirement Towns and States
May 21, 2024 - When we ask people what they want in a place to retire, living near the beach is often their #1 desire. They like the idea of being close enough to the beach so they can walk, bike, or take a short drive to relax in the sun and enjoy the relaxing sound of the surf. That might mean a beach on the ocean, a bay, or even a big lake - any of those could fit the bill. Here are 10 great beach towns to consider for retirement. We welcome your suggestions for more.
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Category: Financial and taxes in retirement
May 15, 2024 -- Many people are eager to quit their jobs and enter the ranks of retired. Spending their days golfing, relaxing, fishing, socializing, etc. But for more people than you think, retirement doesn't stick. Florida NPR has a great podcast that explains how and why some Florida retirees ended up re-entering the workplace, for a variety of reasons. It is definitely worth a 20 minute listen, particularly because it has interviews with real people explaining the circumstances why they went back to work, and the types of jobs they found.
Fastest growing group of workers in Florida - folks over 65!
It doesn't seem to make sense that so many workers in their 60's and 70's are going back to work. In fact it is not unusual to find people over 80 who are working. There are many reasons why. For one, the realities of the world can wreck even the best of dreams. Insurance costs have exploded in many areas of Florida, particularly on the coast. Home Owner Association fees are growing faster than the rate of inflation, usually because of insurance, but also because of higher than expected maintenance costs and other community expenses. Rents and ground leases go up steadily. Cars wear out and need repairs. The cost of everything is going up, particularly since Covid's disruptions started 4 years ago. The result is that many retirees are finding their income is not coming up to what it takes stay afloat. So in most cases, their only recourse is finding a job.
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Category: Social Security
May 12, 2024 — We just saw a forecast that said the Social Security COLA adjustment for 2025 might be 2.6%, slightly below what as it was in 2024 – 3.2%. The forecast also said that the 2024 adjustment was worth about $58 per month for the average enrollee, whereas…
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Category: Medicare
May 8, 2024 -- There is some rare good news for both Social Security and Medicare - their trust funds will run out of money later rather than sooner. The date when the Medicare funds will be exhausted has been pushed out 5 years, to 2036. Social Security got a 1 year reprieve, and its trust fund will now run out of money in 2035. The news comes from the just published annual reports of the funds' Trustees.
The main reason cited for the improvement in the Trust funds is an improved economy and labor market. More people are working and contributing taxes into the programs. Medicare has also made some technical improvements that have reduced expected expenses.
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