Archive for the 'Retirement Jobs' Category

Baby Boomers Entering Retirement

Time for Baby Boomers to Grow UpBaseBall-Square

USA Today, October 21st, 2013

As hard (and in some cases, as depressing) as it may be to believe, many of the people from the so called “Baby Boomers” era are turning 65.  And “Boomer” or not, many seniors are having a tough time making the transition from employee to retiree.  The struggle can range from anywhere between planning out your retirement finances, all the way to finding things to do to fill your newly wide-open schedule.

Not to fear retirees!  There are many different kinds of services available to you to help you get into your retirement groove.  From talking with a retirement coach to help set goals and make plans for your retirement, to speaking with a certified senior adviser to help inform you on things like senior housing or health care, you have options.  Read the article at the link below to learn more about the services that are out there to help you maximize your comfort in retirement.

http://www.usatoday.com/story/money/personalfinance/2013/01/15/preparing-for-retirement-baby-boomers/1823723/

Finances and Marriage: Retirement Edition

Financial Planning Can Lead to a Healthy Marriage?

Global Post, October 9, 2013

It’s a well known fact how common divorce is these days.  In the United States, the divorce rate is currently at an alarming rate of 53 percent.  But this isn’t just in the category of young people who are divorcing each other in their first few years of marriage.  Many would be surprised to learn that the divorce rate in married couples who are beyond their Silver Anniversary is on the rise as well.

Many of us could guess at the reason why some of these marriages are ending as some of us experienced our own parents going through this.  But would finances in retirement be on, or even near, the top of your list of guesses as to why this is happening?  Retirement is looked at by many as being the “golden years” of their lives.  But what if your idea of a dream retirement doesn’t match up with that of your spouse’s?  Read the article below to get some ideas on how to tackle some of the issues regarding retirement that, quite frankly, don’t come up all that often.

http://www.globalpost.com/dispatch/news/thomson-reuters/131009/till-death-not-retirement-do-us-part

Rising Interest Rates and Your Retirement…

Interest rates have started to increase off record low levels.

  • Some see this as good news – higher interest rates can mean a better return for retirees with fixed income investments.
  • Others see this as bad news – higher interest rates can mean higher mortgage rates – making housing and other debt more expensive.

The reality is that if you are already or near retirement, then slowly rising interest rates are not going to make a huge difference in your quality of life.  The amount you saved, how long you work in some capacity, when you start Social Security, how you manage expenses and if and how you tap your home equity  are much bigger factors than interest rates.

Discuss Interest Rates and Loan Amounts with a Reverse Mortgage Lender

Assess Your Retirement Preparedness with the NewRetirement Automated Online Planner

 

Too Much Stuff?

The 2010 Health and Retirement Study (HRS) included questions asked of persons aged 60 plus about personal belongings.

Some of the findings:
• Five percent of respondents said that they had fewer things than they needed.  Thirty five percent said they had just the right amount.  Sixty percent said they had more than necessary. Do you have extra stuff?

• People who had moved in last the two years reported less excess stuff.  Could downsizing help pare down excess belongings?

• When asked about whether or not belongings were an impediment to moving, 48 percent said that the belongings made them reluctant to move even though they admitted to having too many things.

The University of Kansas Gerentology Center has additional research as well as advice about downsizing possessions in later life.

Considering Downsizing?  Have You Thought About Using a Reverse Mortgage to Purchase a Home?
Talk to a Lender About a Reverse Mortgage for Purchase!

Are You $250,000 Short on Retirement Savings? You Are Not Alone!

According to a new study from Ameriprise Financial, there appears to be a significant disconnect between average retirement goals and reality.

While the study suggests that Americans have a positive view of retirement – with 78 percent of respondents expecting to be extremely happy, it seems that most Americans have a gap of $250,000 between their actual savings and what they will need to be comfortable in retirement.

The good news is that it is possible to manage this gap:  create a strong financial plan, work longer, live more frugally and eliminate credit card debt.  You could also consider a Reverse Mortgage or look for opportunities to downsize your home.

Resources:

–>  Do You Have Enough for Retirement?  Find Out by Using the NewRetirement Calculator.

–> Can Working Longer Help You Make Up the Shortfall?

–> Considering a Reverse Mortgage? Estimate Your Loan Amount Now.

New Resource for Optimizing Your 401k!

Most employers have probably given you a list of possible investments, but no advice on which ones are best for you and your retirement.  If you are frustrated by this approach, you may want to consider a service that can give you recommendations designed to optimize your investment returns while minimizing risks.

Smart401k is an easy to use solution to help you make the right investment decisions.  For a flat yearly fee they will tell you exactly how to invest your money now and help you rebalance your portfolio over time.

How Smart401k works:

1. Enroll online and pay a $199.95 yearly fee

2. Tell Smart401k about you and the investment options offered by your employer.

3. Receive an investment plan within a few days

4. Get periodic updates from Smart401k on how to shift or rebalance your account

RESOURCES:

 

 

Don’t Dismiss Reverse Mortgages!

The Consumer Financial Protection Bureau (CFPB) recently released a purely negative report that degraded the use of reverse mortgages. However, there are actually many benefits of a reverse mortgage.

First off, in order to qualify for a reverse mortgage, you must own and reside in your home and be a senior 62 years of age or older. (In most cases second homes, apartment buildings and homes less than a year old are not eligible for a reverse mortgage.)

Reverse mortgages must be considered with all other options like selling the home, downsizing, or moving to an assisted living facility. These types of loans are long term decisions because  there are insurance fees and mortgage interest that gets added to the loan balance every month. So someone that plans on selling in 5 years will have less equity.

For anyone who chooses to participate in a reverse mortgage program, they can take their money in regular payments for a fixed term, a line of credit, or select some combination of these choices by receiving the entire amount in a lump sum.

These special types of loans might be good options for homeowners that still have a mortgage, credit card debt, or need to make necessary repairs to their home. And with any financial decision, it is important to talk with trusted financial advisors to help make your decision.

The bottom line is this: reverse mortgages may not work for everyone but dismissing the service completely might prove to doom many households to poverty in old age.

Visit newretirement.com for a number of free services:

 

 



Retirement Realities in a Stumbling Economy

With a downward spiraling economy, there are a few realities that you need to keep in mind and take into consideration in order to land a safe and successful retirement.

  • The first strategy is working in retirement. According to experts, 70 is the new 65, in retirement terms at least. Working in retirement will keep paychecks coming and hopefully provide you with  benefits such as health insurance and retirement account contributions. Finally, continuing to work may also provide you the ability to delay claiming your Social Security benefits – for each year up to 70, your increase by about 8%.
  • Another strategy that can be taken to plan for a successful retirement is the Social Security claiming strategy. As mentioned above, delaying your social security benefits will result in an 8% increase each year. It may also be possible for one spouse to begin drawing half of the other spouse’s Social Security benefits while still delaying his or her own claiming date (and thus enjoying those 8 percent annual benefit increases).
  • Taking a reverse mortgage could be they key to plan for a successful retirement. A Reverse Mortgage, or Reverse Home Mortgage, is a great financial product for seniors to use in their retirement plan.When looking for ways to get cash from their home, most people consider selling their house or borrowing against their home equity and making monthly loan repayments on a home equity loan. To be eligible for most Reverse Mortgages, you must own and reside in your home and be a senior 62 years of age or older. (In most cases second homes, apartment buildings and homes less than a year old are not eligible for a reverse mortgage.)
  • Spending retirement assets is another consideration to take into account when planning for retirement. The standard advice given by a financial adviser is not to spend more than 4% of your assets a year. However, in reality, whatever number makes sense to you needs to be accompanied by a strategy to actually manage your retirement assets to produce whatever level of payouts you’ve selected.

Resources:

Continue here to find a prescreened Reverse Mortgage lender

 

Use our free Newretirement Retirement Calculator to plan for a safe retirement

—–> https://www.newretirement.com/retirement-calculator/default.aspx

Use our free Reverse Mortgage Calculator to see how much you qualify for

—–> https://www.newretirement.com/Services/Reverse_Mortgage_Calculator.aspx

Use our free Social Security Calculator to find out when is the best time to take your benefits

—– >https://www.newretirement.com/Services/Social_Security_Start_Age_Calculator.aspx


Click here to be matched up with a financial advisor to help you plan for a safe retirement

 

 

Women in Retirement

In general, women tend to earn less and take more time out of the workforce to take care of family members than men. That is why it easy to see that elderly women are at a higher risk of living in poverty during retirement than their male counterparts.

The New York Times reports that women’s household income fell by 41%, on average, when they divorced and by a staggering 37% when widowed. An astonishing statistic that was found after a study was conducted was that the average income for women over the age of 65 was about 25% lower than men’s over the last decade. In addition, the poverty rate for women in this age group was nearly two times higher than men’s in 2010.

The U.S. Government Accountability Office (G.A.O.) has put together numerous potential options that could benefit women in retirement.

Some of the options are:

  • Automatic I.R.A. - Employers who do not offer a retirement plan would be required to automatically enroll employees in an Individual Retirement Account, unless the worker opted out.
  • Expand the Saver’s Credit - This credit could be made “refundable,” meaning that it would reduce the amount of tax owed. And if the amount of the credit exceeds your tax bill, you get to collect that extra cash.
  • Caregiver I.R.A. contributions – This would allow all caregivers to contribute to I.R.A.’s up to the qualified contribution limit, based on the individual’s adjusted gross income in the year prior to becoming a qualified caregiver.

There were several other potential ideas listed in the report such as the fact that women tend to benefit from options like annuities that provide lifetime income and that they also depend on social security more heavily than men do. The report also underscored that the difficulties in achieving a secure retirement is a national problem, regardless of gender.

Sources:

 

It is Not too Late! Get Inspired by these Famous Accomplishments Made Late in Life…

If you think that turning 60, 70, 80 or even 90 as the end of your ability to accomplish great things, think again!  Today’s older Americans are reinventing themselves in surprising ways and it turns out that some notable accomplishments have been made by previous generations of seniors.

The following people switched careers around the time of retirement and found great success:

  • Laura Ingalls Wilder published her first book at age 64, chronicling her life as a wife and mother.
  • After a career in science, Peter Mark Roget compiled the first thesaurus and published it at age 73.
  • Grandma Moses did not start painting until she was 76.
  • At age 65 Colonial Sanders started Kentucky Fried Chicken.
  • Edmond Hoyle wrote “Rules of the Game” at age 70Henry Ford introduced the Model T at age 45, but invented the assembly line at age 60.

These people thrived in their professions till late in life:

  • At 90, Pablo Picasso was still producing art.
  • At 88, Pablo Cassals was giving cello concerts.
  • At 85, Coco Chanel was the head of her fashion design firm.
  • George Burns and Jessica Tandy were 80 when they each won an Academy Award.
  • Thomas Edison invented the telephone at age 84
  • Barbara McLintock was awarded the Nobel Prize in medicine at the age of 81
  • Benjamin Franklin signed the declaration of independence shortly after he retired from printing at age 70.

If you aren’t sure if you are financially okay for retirement, keep working to find financial security and maybe you’ll also have some other big success!  Tell us About Your Retirement Goals and Accomplishments in the Comments!

Use the NewRetirement Retirement Calculator to Assess Your Retirement Preparedness!

 

 

 

 



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