Posted on May 31, 2011 by Erin
In the past few years, have you experienced a significant decrease in your home’s value? If you have, you are not alone. Approximately 32 percent of seniors have, and one fourth have depleted their personal savings.
The recession has financially impacted many people, but seniors have been hit especially hard. In a survey conducted by AARP that will be released later this year, 83 percent expressed concern that the current economic situation will make it more difficult for them to retire. More than half stated that they do not believe they will have enough money to make it through the entirety of their retirement.
How has the recession affected you? Have you tapped into your retirement account? If so, do you have a new plan?
Read AARP’s full article, “One Fourth of Seniors Have Exhausted Personal Savings,” here.
Will you run out of money? Use our calculator and find out.
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Posted on May 27, 2011 by Erin
What do you see when you picture a personal trainer? A tan, young, extremely in shape person? Someone who is excessively serious about fitness? Maybe someone who doesn’t understand what it’s like to be a day over 30?
Well, think again!
More seniors are hitting the gym. In a study by an organization of fitness professionals by the name of IDEA, it was found that more and more seniors are choosing to work out. And the industry is starting to follow the trend – 43% of the attendees at IDEA’s annual Personal Trainer Institute event were ages 45 to 64. Does this change your mind about working out? Would you be more willing to train if the people around you more represented you?
Read the full articles, Toned, Strong and a Little Gray Too,” here.
Working out is one way to protect your health. Making sure you’re insured is another way. Get the scoop on Medicare Supplemental Insurance here.
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Posted on May 26, 2011 by Erin
Have you ever been in a situation where you needed to raise $2,000 in four weeks? If you had to, could you? According to one paper published by the National Bureau of Economic Research, nearly half of American’s would not and are therefore considered “financially fragile.” And for those that could come up with the money, many of them would have to use multiple methods such as asking friends and family for cash or taking out loans. Others cited that they would have to take “extreme” methods to gather the money. And in case you’re wondering, $2,000 was used as the amount because this is the average sum of money that is typically cited for unforeseen medical expenses, car repairs, home repairs and legal expenses.
Where do you stand on this? Could you come up with $2,000? Would you have to resort to extreme measures?
Read the full article, “Nearly Half of Americans are ‘Financially Fragile,’” here.
Does your retirement plan have extra wiggle room for unexpected expenses? Use our calculator to find out.
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Posted on May 25, 2011 by Erin
The recession has impacted everyone, but it has been especially hard on American’s 50 and older. In a study by AARP, it was found that many who had carefully planned for their retirement are now finding themselves having to question what their financial future holds. Many surveyed said they are now planning on having to work part time in their retirement. This is due to their loss in confidence of being able to retire with enough money to last them through their entire retirement. Others surveyed reported a painful recession experience due to declining home values and forced unemployment.
How have you weathered the recession? Were you able to remain employed? Did your retirement plan remain the same? Did you have to reevaluate or change things?
Read the full article, “Recovering From the Great Recession: Long Struggle Ahead for Older Americans,” here.
Will you run out of money in retirement? Find out by using our calculator.
Why are people working in retirement? Find out here.
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Posted on May 24, 2011 by Erin
Recently, the New York Times printed an article that brought up the issue of childless baby boomers and their care as they age. It is estimated that 20-25 percent of baby boomers do not have children and some of them are worried about the care they will receive when they begin to age. Studies show that seniors who do not have children are institutionalized more than their peers that do have children. Yet researchers at U.S.C. found that those who were parents were not receiving more or better care, nor were they considered to be any more psychologically healthier.
What’s the best way for seniors to prepare for their older years? Whether you have children or not, planning is key. Making sure you have insurance, establishing an estate plan, taking the steps to create a close group of friends that you can rely on and even setting up automatic bill payment will help you prepare.
Read the full article, “Aging Without Children,” here.
Need Long Term Care Insurance? Get more information here.
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Posted on May 23, 2011 by Erin
What do you think a woman’s worst fear is after 50? The media may lead you to think it’s preventing wrinkles, but the reality is, many women over 50 are concerned about something far more important – Being able to have enough money to retire and stay retired.
According to the author of “The Best of Everything after 50,” Barbara Hannah Gufferman, though this is a problem for both men and women, women have the added pressure due to the likelihood that they make less money, have a lower pension and have a lower Social Security check. The outdated concept that men are the sole breadwinners for the family is hurting the chances that women will have secure financial futures. Do you agree or do you think men and women have a level playing field for retirement planning?
Read the full article, “Life After 50; Women’s Worst Fear After 50? It’s not what you think.”
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Posted on May 20, 2011 by Erin
A US Trust Survey reported that 51 percent of high-net-wealth people may not necessarily be leaving their kids an inheritance. Most of the individuals surveyed said they had gone to great lengths and had worked hard for their wealth and in return, planned on spending a large amount of their money on themselves in their later years. In fact, 52 percent of those polled said they have not informed their children of their wealth.
What’s your goal for retirement? Are you working to help your heirs? Or do you have the mindset that you worked hard for all those years, you’re going to enjoy it!
Read the full article here.
How is your retirement plan shaping up? See how long your money will last.
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Posted on May 19, 2011 by Erin
It may sound crazy, but some are suggesting that it’s a good thing for seniors if gas prices keep rising. Why? It has to do with the annual Cost-of-Living Adjustment (COLA) for Social Security benefits. Third-quarter prices are used to determine the next year’s adjustment, so if oil prices are high, then COLA will be adjusted accordingly. For example, the high prices of oil during the summer caused 2009′s COLA to raise 5.8%.
Of course, there are always two sides to a story. Basic Medicare Premiums are based on COLA. If COLA increases, these Medicare premiums could begin to rise. Are you excited for higher gas prices?
Read the Why Seniors Should Embrace Higher Oil Prices here.
Consider the benefits and drawback of Medicare supplemental insurance programs
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Posted on May 18, 2011 by Erin
34 percent of retirees ages 65 and older, get 90 percent of their retirement income from Social Security. While the old adage, “don’t put all your eggs in one basket” definitely rings true for retirement plans, the reality is that many people have to rely on Social Security. Here are a few ways to make your retirement still happen if Social Security is your primary source of retirement income.
- Boost Your Benefits: Did you know that if your hold off on taking Social Security until you are at your full retirement age (rather than immediately at 62), you can increase your payment for each year you delay your claim?
- Do You Own a Home That Has Equity Invested?: Use it! Reverse Mortgages are allowing homeowners that are 62 or older and have little or no mortgage to tap into this money. Many use the loan as an emergency line of credit to fall back on if needed.
- Continue Working: Maybe not the suggestion retirees want to hear when they are ready to retire! But holding a part time job doing something that you truly love can help your spirit and your wallet.
What do you think? Is it possible to retire on Social Security alone? Is it wise? What’s your plan to have a great retirement?
Read the full article, “How to Retire on Social Security Alone.”
Will You Have Enough Money to Fund Your Entire Retirement? Find Out Here
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Posted on May 17, 2011 by Erin
If you identify yourself with Reform Judaism, then you are in the most affluent religious group out there. If you are a Pentecostal, Jehovah’s Witness or Baptist, then you may find yourself on the other end of the money making spectrum. According to the Pew Forum on Religion and Public Life Survey conducted in 2007, religion is a huge factor when it comes to economic variances – even larger than geography and race.
Why is this? Could discrimination play a role? Is it that some religions place greater importance on higher education? Do certain religions earn less as a whole due to the lower playing jobs their people take such as teaching or humanitarian work? What are your thoughts?
Read the full article, “Is Your Religion Your Financial Destiny?” here.
No matter what your religion, make sure you’ve saved enough money for retirement!
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