July 31, 2019 — Nearly one-quarter (23%) of Americans say they never plan to retire, according to a poll from the Associated Press-NORC Center for Public Affairs Research. This suggests a disconnection between individuals’ retirement plans and the realities of aging in the workforce, since government data shows that roughly 1 in 5 (20%) Americans over 65 are either working or looking for a job.
The disconnect between saying they will continue to work and actually retiring often comes from outside forces. Illness, injury, layoffs and caregiving responsibilities often force older workers to leave their jobs sooner than they’d like. And that causes an unanticipated problem – they are out of the workforce before their retirement savings are up to the job.
The Retirement Confidence Survey makes the same point. The RCS identifies a lack of alignment between workers’ expectations about their age of retirement and prospects for working in retirement, compared with retiree experiences. Workers continue to report an expected median retirement age of 65, while retirees report they retired at a median age of 62. The survey has consistently found that 43 percent of retirees leave the workforce earlier than planned, with 35 percent citing illness or disability as the reason and 35 percent retiring due to changes at their company. In keeping with their income expectations, 80 percent of workers expect to work for pay in retirement, while only 28 percent of retirees report that they have actually done this.
July 29, 2019 — There is a small but significant number of Americans who will retire outside the U.S. If you think you might be one of those people, Topretirements suggests you put Costa Rica on your list of possible countries. Located in Central America, it has many advantages and relatively few drawbacks. In this article we will explore retirement in Costa Rica, and why we think it just might be your best place to retire. This is Part 2 in a series, the first was “Costa Rica: Bucket List for Thrills and EcoTourism“.
About 413,000 American expats currently receive Social Security benefits outside of the U.S. The most frequent countries where they live are Canada, Japan, and Mexico. One estimate is that about 50,000 Americans (of all ages) currently live in Costa Rica. Proximity to the U.S. and family ties, often related to prior military service in those countries, are two reasons why some countries have so many retired expats. Americans also retire to a different country for economic reasons, trying to stretch their Social Security benefits and savings. Some move for a better climate or a different lifestyle. A Costa Rica retirement can certainly deliver on cost of living, climate, and lifestyle.
Costa Rica. The country is bordered by Nicaragua to the north, Panama to the southeast, the Pacific Ocean to the west, and the Caribbean Sea to the east. The weather is very good year round, although there is a rainy season. The beaches are fabulous and the interior is mountainous.
July 20, 2019 — Here is one thing in this increasingly divided nation that we can agree upon — we all hate Robocalls! These annoying and persistent calls often come right around dinner time from numbers and names that look familiar. If you answer, it is about a scam trying to part you and your hard-earned money and security. Even when enrolled in DO NOT CALL registries, the problem is so bad that many people have stopped answering their phone unless they are sure who is calling. The problem is also spreading to text messages.
For this article we have done some research to find out the best ideas for how to minimize the problem. Here we go:
July 17, 2019 — Those of you who have been members for a few years might remember our two-part retirement exploration of Michigan’s eastern coast in 2017. Today we are happy to follow up with a report on our recent visit to the Michigan’s Upper Peninsula.
The Upper Peninsula lies between Lake Michigan on the south and Lake Superior on the north. People have described it as looking like a fist with the thumb sticking out in the northwest portion. The area is sparsely populated and has a rugged climate. We visited two towns east of Marquette. Both would be interesting places to retire, although for most people only as a summertime residence.
July 15, 2019 — Hiring a good financial advisor is a difficult job for most people. Although there is no shortage of solicitations that appear in the newspaper, come in the mail, or through a phone call – how do you know if the person who tells you they are so gifted is really that great? Someone who will look out for your interests, not cheat you, protect your hard earned savings, and actually make your savings grow. After all, your money represents your financial security, which makes making this decision so important and so difficult.
A while back we profiled a number of tips for hiring a good financial advisor (see Further Reading at end). This feature will build on that and provide some tips for how to evaluate the person you hired, or the one(s) you might be considering for the job.
Seven things to look for
Trust your instincts. Your intuitions and first impressions are always important. If you feel like you are being swept along into a decision and little voices tell you something might not be right – stop and listen. Further exploration might clear them up, but never dismiss your reservations.
July 8, 2019 — If you are looking for a place to retire where it is tranquil and beautiful with a cool temperature, you might want to consider Scotland. Topretirements just got back from an enchanting exploration of the country, which definitely lives up to the beauty you have seen if you are a fan of Outlander, Monty Python, the Davinci Code, or Game of Thrones , all of which had important scenes filmed here. A country that is part of Great Britain, Scotland is bigger than you might think, about the size of South Carolina, with 130 inhabited islands. It has a tremendous range of regions where you might want to retire. And even that holds no interest for you, Scotland still makes a wonderful retirement trip!
There are livable cities like historic Edinburgh or Glasgow. Charming market towns like Peebles or Moffat. University towns like St. Andrews. Or you could choose to live in a town like Portree on the stunning Isle of Skye. The areas around the many lochs (lakes) provide idyllic living choices. One of our friends would like to retire in Scotland because he likes its relaxed atmosphere and cool climate. It is also rainy much of the year, which is one reason why everything seems so green and there are flowers – both wild and cultivated – everywhere. But as beautiful and charming a place as Scotland is, there is one great problem – it is very difficult, but not impossible for an American to retire here. But more about that later.
July 5, 2019 — What you drive says a lot about you. And if you live in a big retirement community where the preferred way of getting around is by golf cart, why not drive something that reflects your personality?
That is what is happening in places like The Villages,where many of its 120,000 residents are getting around in golf cars that look like Corvettes, Hummers, and even 18 wheelers. It has spawned a cottage industry that customizes them into all kinds of fantasies. While an ordinary golf cart might sell for $11,000, a specially tricked out version can go for $20,000 or more, some retired couples have two of them in their carports.