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Social Security payments are the primary source of income for many retirees. Nearly 30 percent of respondents to a 2016 survey by the Federal Reserve Board indicated that they had no retirement savings. Whether Social Security will be your sole means of support or a source of pocket change, it’s a good idea to strategize how to get the most out of your benefits – before you hit retirement age.
Many people head toward retirement as part of a couple. But that doesn’t mean that spouses are working together as a team.
Only one-third of couples have even discussed retirement planning, according to a study by consultants Hearts & Wallets. Asked how much money they think they will need for retirement, 47% of couples disagree, Fidelity recently found. And men and women often have different interests in later life, with far more men than women engaging in sports and outdoor activities, and far more women than men getting together with friends and family, according to TIAA research.
Getting on the same page about saving and planning for post-career life is critical for couples in their 50s, for whom retirement is suddenly not that far away. “Eighty percent of reaching your goal is defining what your goal is and having a plan for speed bumps that could derail you,”says Michael Brady, president of Generosity Wealth Management in Boulder.
Your fifties may provide an opportunity to turbocharge savings, as you’ve advanced in your careers and put the biggest money obligations to your children behind you. Or your finances may be pinched by new challenges, like a career setback or obligations to aging parents. If you are remarried, you may be recovering from the costs associated with your divorce. A lot is at stake.
Here are seven smart moves you can make at this stage of life that will help you transition comfortably to the next one.
If you’re struggling to either save for retirement or spend less during those years, you aren’t alone. A GOBankingRates.com study found one-third of Americans have $0 in retirement savings and 23 percent have less than $10,000 saved. What to do in retirement is becoming an increasingly alarming issue in the U.S.
Aside from standard employer-sponsored programs — like 401k and pension plans or self-funded plans, like IRAs — there aren’t a ton of new retirement savings plans coming out of the financial industry. Therefore, it’s up to you to find creative and resourceful ways to prepare for retirement. To get you started, here are 25 brilliant ideas that will help you save more for your golden years.
We all know that we should exercise regularly and eat responsibly in order to stay healthy. The problem is that most of us aren’t very good at sticking to things we should do. We are more likely to stay committed to things we want to do. The key to establishing and maintaining a successful exercise regimen is to find the right combination of activities you will enjoy and a reason that is compelling enough to motivate you to stick with it. Here are 12 steps to help you succeed at becoming healthier in retirement.
In theory, retirement is a time to kick back and relax, but sometimes it doesn’t work that way. Some retirees still want to work, whether to supplement their incomes, add structure to the day or just get out of the house. If that describes you, plenty of jobs exist for seniors not ready for full-time retirement.
GOBankingRates found several senior-friendly jobs and the average pay. Unless otherwise noted, salaries are provided by the Bureau of Labor Statistics.
Find something that parallels your life’s work or head in the opposite direction. Pursue your passion while getting paid or turn a hobby into a job. Take a look at these 12 great jobs for retired people to get some ideas.
Americans are doing a pitifully poor job of saving for retirement. A recent GOBankingRates survey found that about one-third of people have nothing tucked away for their golden years. That should make them worried — and it should also give their children pause.
If Mom and Dad can’t afford the basics, chances are good the kids will be asked to help shoulder the burden. Nobody wants that — not the overburdened kids, and not their parents. So, if retirement is on the horizon for you, it’s time to shift tactics.
Listen up, baby boomers. More than half of adults 55 and older have less than $50,000 in retirement savings, and about one-third haven’t even started saving for retirement. That means many of you have a lot of catching up to do before you punch the clock for the last time.
Some boomers are fortunate to have a job with a pension. Those without that guaranteed source of income or any savings will be forced to survive on Social Security benefits or the support of their children. In some cases, baby boomers simply might not be able to retire at all.
If those scenarios don’t seem appealing to you, follow these expert tips to catch up on retirement savings.
15 Money Myths That Can Destroy Your Retirement
According to a March 2017 GOBankingRates survey, more than half of all Americans will retire broke. Furthermore, the annual Retirement Savings survey found that one in three (34 percent) respondents said they had $0 tucked away for their golden years.
If you’re late to the retirement savings game, or simply don’t think you have enough money saved up to live your American Dream comfortably after you stop working, it may be time to revisit some of your beliefs about saving money and investing. From postponing savings contributions to assuming health insurance and Social Security will have you covered, you’ll want to change some of your beliefs about money immediately — or risk jeopardizing your retirement savings.
You finally have enough money to retire, and you’re counting down the minutes—no, seconds—until you walk out the door for the last time. The excitement is palpable, and you can hardly believe you’ve reached this milestone. After all, it probably took at least thirty years of diligent investing to make your retirement dreams come true.
While I understand why you’re probably bouncing off the walls, you still have some work to do if you want to actually stay retired.
Yep, you read that right. If you don’t complete a handful of important tasks now, you could wind up heading back to work part-time or cutting back on spending just to get by.
To avoid ruining your retirement, you need to make a handful of smart financial moves now. Here are the most important steps to take to keep your retirement safe and on track.
These cities offer many activities and lower costs
If you’re approaching age 65, you might be looking forward to retiring from your job and transitioning into a relaxing lifestyle that includes plenty of leisure activities. But if you’re like most Americans who don’t have enough saved for retirement, according to a recent GOBankingRates study, you’ll probably need an affordable place to live.
To find ideal cities for retirees with affordable housing options, GOBankingRates analyzed Zillow’s apartment data, scraped city census information for the population percentage over age 65, used a city’s Walk Score to measure its walkability and checked each city’s safety score from Neighborhood Scout. The following 20 cities have affordable rents, where an average one-bedroom apartment is under $1,000 per month, and have relatively low crime rates and high walkability scores, with a larger senior population.
Many of the cities here appear regularly on “top cities to live” lists, and combine the great outdoors with thriving downtown areas that offer modern amenities, restaurants and entertainment.
Click ahead to find a comfortable place to retire among these 20 cities that offer a great quality of life and low cost of living.