Category: Health and Wellness Issues
Nov. 14 -- Although a good 40% of baby boomers have considered long term health care insurance, the decision to buy it is rarely made. In a new survey by NBER Retirement Research Center and reported on by the Financial Literacy Project, several academics found that as in so many other decisions involving delayed gratification, we baby boomers have not decided to pay today for this protection tomorrow.
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Published on November 13, 2011
Comments 62
Category: Retirement Real Estate
November 11, 2011 - Here in Biloxi at the “Back from the Brink: Building Bridges to New Horizons” conference put on by the AARC, the mood is resilient, if not overly optimistic. Attendees at the conference were primarily developers of retirement communities and marketers from states/municipalities promoting their regions as retirement destinations. It has been a hard ride for these folks since the real estate market started its downhill ride in 2007. Construction in active communities has virtually stopped as short sales and foreclosed properties have made new properties uncompetitive. Half-finished communities have languished, gone into bankruptcy, or been sold to deeper
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Published on November 12, 2011
Comments 7
Category: International Retirement
By Billy and Akaisha Kaderli
If you are looking for a retirement destination abroad that is easy on the wallet, and still reasonably close to the U.S. or Canada, then Chapala, Jalisco, Mexico is worth considering. The largest North American retirement community in the world, Lake Chapala is a thousand miles due south of Phoenix, Arizona, and would be a great starting point for learning about retiring in a foreign country.
A quick twenty five minute taxi ride from the international airport of the capital city of Guadalajara, Chapala also serves as a convenient hub for further travel destinations throughout Mexico, Central America, or South America. A major plus is that
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Published on November 8, 2011
Comments 7
Category: Best Retirement Towns and States
November 8, 2011 -- If you thought that North Carolina was the current "hot" state for retirement, you would be wrong. On the other hand, if you guessed retirees look forward to retiring on the coast or next to a lake, go ahead and grab the brass ring.
To get a handle on what people who are nearing retirement consider to be the best places to retire we recently analyzed the (anonymous) statistics from our Retirement Ranger. The Ranger is our free interactive tool that helps people identify their best places to retire, based on the criteria they select for location, weather, cost of living, etc. So far the test has been taken over 11,000 times. The analysis of these preferences reveal
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Published on November 7, 2011
Comments 15
Category: Active adult communities
November 4, 2011 -- College towns can be very stimulating places to retire. Having young people around is invigorating. There are sporting events to attend, as well as very nice facilities such as gyms or pools that you might be able to use. You can take classes. The towns tend to be fun.
University Affiliated Communities
Several colleges and universities have set up university related retirement communities, usually Continuing Care Retirement Communities (CCRC) as
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Published on November 4, 2011
Comments 7
Category: Adventurous retirement
How to Travel Around the Country, Be Fulfilled, and Live for Free
Note: This is the 5th in our series of interesting baby boomer retirements. Here is the link to the other Retirement Lifestyle Profiles in this series.
Barbara Traynor was resigned to working until she was 110. Although this single mother had been an administrative assistant for 40 years, her savings were low. She had no pension, and knowing her expected social security payment would be minimal, Barbara had all but given up hope of enjoying experiences like visiting the national parks.
Then one day she got an email from friends that changed everything in the most delightful way. As a result of that contact she soon set out for Sitka, Alaska, where in exchange for her professional skills, she received
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Published on November 1, 2011
Comments 7
Category: Financial and taxes in retirement
October 31, 2011 -- This isn't a good news story. Obviously, no one is going to get rich, or even thrive on social security alone. After all, it was designed as as a security blanket to keep retirees from starving, a condition which many faced before FDR implemented the program in the 1930's.
The bad news is that social security is becoming an ever more important source of income for retirees. MSN/Money reported recently in "More Rely on Social Security" that in 1962 social security represented 30% of people over 65's income - in 2010 it had grown to 38%. Today more than
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Published on October 31, 2011
Comments 0
Category: Financial and taxes in retirement
October 29, 2011 -- In what was a surprise to most prognosticators, Medicare Part B premiums will increase far less than predicted in 2012, and in fact will actually decline for many of those covered.
In 2012, the “standard” Medicare Part B premium will be $99.90. This is a $15.50 decrease over the standard 2011 premium of $115.40 paid by new enrollees and higher income Medicare beneficiaries and by Medicaid on behalf of low-income enrollees. The majority of
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Published on October 29, 2011
Comments 1
Category: Financial and taxes in retirement
October 25, 2011 -- Let's hope you are one of those who have prepared well for the financial aspects of retirement. If so, congratulations! But before you start taking too many high fives with your friends or significant other, we suggest you look at some of the expenses that many folks are not prepared for. If you are vulnerable to one of these, take some action now to prepare against it.
If you aren't concerned about unexpected costs, consider this sobering estimate from the non-profit Employee Benefit Research Institute, which EBRI figures that it will cost $287,000 for a couple to have a 90% chance of covering their medical costs in retirement, assuming that their prescription drug costs are about average.
Long Term Care -- Unless you spend all of your assets and have no other recourse, Medicare is not going to cover your long term care expenses (although there are some expenses within that might be covered). Whether you are cared for in your home, in an assisted living facility, or in a nursing home, these expenses can be significant and far higher than your expected social security benefit. Typical assisted living fees are less than in a nursing home or in a Continuing Care Retirement Community (CCRC - which tend to be more luxurious). Figure at least $2400/month for assisted living, with extra costs if more than basic care is needed. Costs vary by state. Charges at CCRCs can easily go to $7,000 or more per month, depending on services provided. If you or your significant other have unusual medical conditions such as Alzheimers or dementia those fees can be much higher. Figuring that if you spend 10 years in an assisted living facility at $2400 a month, that is $288,000. Even if you are cared for in your home by a part-time health care aide at $15/hour, that can add up. Long term care insurance can
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Published on October 25, 2011
Comments 11
Category: Financial and taxes in retirement
October 19, 2011 -- It was announced today that starting in January 2012 some 55 million Social Security beneficiaries will receive their first cost of living adjustment (COLA) in almost 3 years. The increase will be 3.6%, or about $516 year for the average recipient. Some seniors are upset that the increase doesn't match the corresponding health care cost increases they have been paying, and they might have a point, since they are heavy consumers of that service. However, the government calculates the COLA based on a range of costs, some of which do not typically
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Published on October 19, 2011
Comments 5
