Category: Family and Retirement
April 7, 2022 - A few weeks ago I attended a concert by Ellis Delaney, a folk singer and songwriter with a lovely voice and inspiring lyrics. “You’re Royalty to Me” is one of her best songs, in my opinion. It is a tribute to her grandmother, her main source of support growing up. Ellis spoke about the great times they had together, playing cards and enjoying each other’s company, and most of all experiencing unconditional love. The song’s message gave me goosebumps, particularly from this line: “I am who I am because I was loved by a queen”. You can read the beautiful lyrics to the song here.
Wow, that song seemed like a direct message about our potential as grandparents. Sure, savoring the joy these kids bring to life can be pretty great. But this song is a message that grandparenting is bigger than just enjoying them. To me, it shows that if we can be a reliable source of unconditional love and support, we might make a difference in their lives, just like Ellis’s grandma did. That extends to supporting the parents, who face incredible pressures in trying to raise children in this age, even before Covid.
more...
Published on April 6, 2022
Comments 6
Category: Financial and taxes in retirement
April 3, 2022 — For many people entering retirement, the holy grail is to find a state where their hard earned money won’t get taxed. When it comes to the 8 states that have no income tax, that's easy: nothing will be taxed at the state level: not Social Security, pensions from any source, distributions from 401(k)s and IRAs, or interest, dividends, and capital gains.
But of the remaining 43 states and District of Columbia, a complex patchwork exists. Each state seems to have a unique approach to taxation, levying taxes on some of these items completely or partially, while exempting others. Finding out which states tax what can be confusing, made more difficult because every retiree brings a different package of earning sources to the party. Because the states frequently change what is taxed and what is exempt, it is best to check state websites and or your accountant before basing any decision on this information, which should be used as a survey rather than a definitive guide.
8 states with no income tax
more...
Published on April 2, 2022
Comments 16
Category: Medicare
March 26, 2022 -- Signing up for Medicare presents a lot of anxiety for most people. When do you have to apply, how do you do that, what does it cost, what is covered, and what's with all those different parts (Parts A, B, C, D, and more)? But one of the most vexing questions comes for people who hit age 65 and are still employed. What happens if they have health insurance from either their job or a spouse's employer? We will try to explain how to negotiate these questions in this article.
The easiest way to explain it is by looking at coverage by the various Medicare Parts.
more...
Published on March 26, 2022
Comments 20
Category: Financial and taxes in retirement
March 23, 2022 - A worrying study by the University of Michigan’s Retirement and Disability Research Center found that many workers tend to overestimate how much they will receive in Social Security retirement benefits. That is concerning because that overconfidence has a negative impact on how much people save getting ready for retirement. About half of the survey takers noted that they wished they had done a better job of planning. Note that about half of Social Security recipients rely on it for at least half of their income. The average Social Security retirement benefit in 2022 is $1658 monthly. The maximum is $4194 (for someone who takes it at age 70).
Among the findings in the study:
more...
Published on March 22, 2022
Comments 8
Category: Active adult communities
March 21, 2022 - A while back we heard from one of our Members, Debby, who asked about apartment living. She wondered why we don’t ever write anything for people who want to retire in an apartment. She has always lived in that type of housing, and being a single senior, doesn't want a house now either.
In particular she would love "a senior community of apartments that is gated and has washer/dryers in the apartment, plus an attached garage. She is not particularly interested in other amenities that she won't ever use. She lives in Scottsdale, AZ now, but apartment prices have gone up so much!"
Not alone
We are sure that Debby is not alone in seeking apartment life. Although we assume she is interested in rentals, many other apartments are owned as condos. The good news is that there are many communities that provide apartments suitable for baby boomers. Using Advanced Search for Communities at Topretirements, we came up with almost 1,000 apartment communities across the U.S. in our database. That list can be made more selective by choosing parameters like expense (if we delete higher cost the list goes down to 775). Other amenities might include covered garages, swimming pools, fitness centers etc. Using a state parameter narrows it even further; e.g., choosing only Arizona results in a list of 43 (we will explore some of those choices later in this article).
more...
Published on March 21, 2022
Comments 17
Category: Best Retirement Towns and States
March 15, 2022 -- Everybody looking for a place to retire probably has a list of must-haves. Today we explore possibilities for a hypothetical couple that has the three priorities listed in our headline - sandy beaches, lots of culture, and hassle-free biking. They also have a fourth consideration, having a nearby airport with good connections. Both people in this couple had average working careers, and now collect the average (2021) Social Security benefit of $1,555 each month. Adding income from their retirement savings, they have a combined income of just over $4,500 per month.
more...
Published on March 14, 2022
Comments 12
Category: Active adult communities
March 10, 2022 – In a move that is sure to be controversial, a softball commissioner at the Del Webb Village at Deaton Creek has banned Linda Evans, a female, from participating on a men’s softball team at that community. Ms. Evans, 70 years young, is an experienced player, whose…
more...
Published on March 10, 2022
Comments 10
Category: Best Retirement Towns and States
February , 2022 -- Depending where you live, you might be familiar with the concept of a Chautauqua community, those seasonal assemblies dedicated to four pillars: the arts, education, recreation, and religion. As such they offer the perfect snowbird retirement for people who love culture.
Chautauqua assemblies expanded and spread throughout rural America in the late 19th and early 20th centuries. They were part of an adult education and social movement in the United States that brought speakers, teachers, musicians, showmen, preachers, and specialists of the day to communities. Lakeside Chautauqua on the shores of Lake Erie was the first assembly in 1873, followed the next year by the Chautauqua Institute on western New York's Chautauqua Lake. Although at one point there were several hundred Chautauquas, these two are among the few independent Chautauquas that persist in the 21st century. The drawback to a Chautauqua retirement is that they are seasonal - after summer ends you need to find a place to live the rest of the year.
For culture loving people - you can't beat a Chautauqua retirement
more...
Published on February 27, 2022
Comments 4
Category: Cohousing
February 23, 2022 -- We have heard many people fantasize about home sharing like in the popular TV show "The Golden Girls", which featured four older women having a ball sharing a home and life together. NextAvenue.com had a great article and discussion about home sharing recently. This arrangement can be financially and socially beneficial solution for many retirees, whether they are single or in a relationship.
Fair use screen shot from Wikipedia
more...
Published on February 22, 2022
Comments 8
Category: Best Retirement Towns and States
February 21, 2022 - Two demographics are more likely to move than any other. The group with the highest tendency to migrate is highest is young adults, who tend to move in search in jobs and fortune. At retirement age (commonly around 65), there is another big spike in migration. Although both groups have a propensity to move, the places where they move tend to be very different, according to Brookings.edu.
Studies of net migration show what areas of the country are experiencing the greatest population growth. But looking at the big picture alone does not tell the whole story about who is moving where. Census data shows that the top regional magnets for young adults (ages 25-34) are very different from regions that are attracting baby boomers (ages 55 and older).
more...
Published on February 20, 2022
Comments 0
