Category: Active adult communities
by Larry Gavrich
Editor's note: Larry is a frequent contributor to discussions here at Top Retirements, and we have learned much from him. We are happy to have him today as a guest to discuss what he has learned from helping individuals and couples find the best golf community for them (even if they don't play golf!).
After 15 years of research, visits to 150 planned communities, more than 1,000 articles and hundreds of conversations with real estate professionals, golf directors, community board members and, most of all, the hundreds of clients I have worked with to identify the best community for them, I have come to a few important conclusions. I cover them, and more, in my new book, Glorious Back Nine, How to Find Your Dream Golf Home (which I could have titled, just as well, “Not for Golfers Only” since about half of those who live in golf communities never play golf).
Here are a few of the most critical lessons I’ve learned:
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Published on November 29, 2020
Comments 15
Category: Health and Wellness Issues
November 26, 2020 -- You see the person coming down the aisle toward you and... panic! A minute ago their name was on the tip of your tongue, but now it is gone! Or, you are describing something to a friend, and the name of the book or the noun you are looking for has completely escaped you. It happens to all of us, but new research indicates that it is more likely to occur in people who are retired than people of the same age who are working.
Ross Andel, director of the School of Aging Studies at the University of South Florida, tested the memories of people in their early 60s living in Canberra, Australia over almost a 20 year period. In the Australian test, starting at age 60 subjects were were asked to remember as many random and unrelated words in a list as they could. The tests were repeated every 4 years.
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Published on November 26, 2020
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Category: Retirement Planning
November 23, 2020 -- One of our favorite pieces of advice is that retirement offers a chance for a do-over on life. However life has turned out so far, most of us have the opportunity to change directions, if we want to take it. With that in mind, here are the eleven types of retirees we've seen. Which type will you be?
Note that many, if not most, people live a retirement that is a combination of many types. Have you observed other types that we should have mentioned?
11 types of retirement
Keep on Truckin'. This might be the most common type of retired person. They retire and continue to live in the same home, doing the same kind of activities they always did. They might continue to work on a less rigorous schedule. They have more time now, but their days fill up quickly with projects, TV, etc.
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Published on November 23, 2020
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Category: Financial and taxes in retirement
November 18, 2020 -- Finding a state with no income tax can be a good reasons to choose it for retirement for many well-heeled retirees. Up until 2021, only 7 states could claim they have no state income tax. But coming in 2021 an 8th will join the list, Tennessee (the State previously taxed dividends and interest, but not other income). Other states have made moves to make their tax situation more favorable in 2021 as well, mainly by increasing standard deductions and personal exemptions.
These states have no income tax
Starting in 2021 the eight states with no income tax will be: Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming. New Hampshire almost makes the list because it only taxes interest and dividends (up until 2021 Tennessee was in the same category).
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Published on November 18, 2020
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Category: Family and Retirement
November 14, 2020 -- Not surprisingly, occupancy rates at assisted living and independent living facilities are off 2.5% since March, according to data from the National Investment Center for Seniors Housing & Care. Rates in skilled nursing facilities are declining even sharper, they have declined by 12%. One big reason for the soft markets is fear of the coronavirus. After tens of thousands of nursing home residents died in the early phases of the pandemic, nervous relatives have been considering safer alternatives for their loved ones. It is estimated that 40% of Covid-related deaths occurred in long term care facilities (WSJ). Adding to the anxiety are rules where residents are usually not permitted to have visitors, or if they do, only for very short times and under restrictive conditions.
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Published on November 14, 2020
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Category: Best Retirement Towns and States
November 11, 2020 - We are not talking cool as in the temperature, when we say 10 very cool towns for retirement we mean retirement towns that are fun to live in. Small town and mid-size cities where there is plenty to do, congenial neighbors, and attractions and charm that will make your children and grandchildren want to visit when this pandemic finally ends! Turns out there are a lot of cool towns that are great for retirement; here are our picks for 10 best places to consider for your retirement. If you know others, we hope you will talk about them in the Comments section at the end.
10 Great Towns for Retirement
Davidson: One of the 10 Coolest Towns for Retirement
Davidson, NC. Home to elite Davidson College, the population is growing rapidly and is now over 12,000 people. Local downtown businesses, characterized by restaurants and specialty shops, cater to an affluent market. Davidson College has made the town an intellectual and cultural center, drawing into its orbit professionals and some retirees.
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Published on November 10, 2020
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Category: Home and Garden
November 10, 2020- if you like a lot of Americans you probably found some safe ways to socialize with a small group of friends or family this past summer. But with cold weather and the holidays arriving soon many folks are grappling with how to keep that going and avoid social isolation. We are curious to find out what techniques and strategies you might be using to make that happen.
Photo by Ekaterina Bolovtsova from Pexels
Back in September we surveyed what Coronavirus Activities you are willing to engage in. Over 500 completed it; here is a Summary of the responses. One of the questions (#9) directly asked about cold weather, specifically if you would be willing to visit or entertain when it comes. Just over half said they would visit with other folks in some way or another, but with some conditions. The issue becomes even more important as Thanksgiving and the holidays loom in the immediate future.
There were over 80 written Comments to the question. The vast majority of those seemed to indicate they probably would entertain/be entertained, but only if masks and social distancing were observed, and if they trusted the other people.
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Published on November 9, 2020
Comments 27
Category: Financial and taxes in retirement
November 4, 2020 -- Data from the Centers for Medicare & Medicaid Services predict that Social Security benefits will provide an ever smaller portion of replacement income for retirees in the years to come. This prediction takes into account the delay in the Full Retirement Age from 65 to 67, along with increases in Part B Medicare premiums and federal taxation. The Centers sees the replacement level of income after those deductions falling from 41% in 1995 to to 29% by 2035. All of which puts more pressure on retirees for other sources of retirement income.
Pandemic might accelerate this. Employees and their employers pay taxes on their wages to fund the Social Security Trust Fund. As people lose their jobs and unemployment rises in the pandemic, and if it that were to persist for a long time, the Trust Fund would be negatively impacted. Social Security currently predicts that it only be able to pay 75% of benefits in 2035, but if a bad economy persists that percentage might even be smaller.
404(k) Balances growing. For those fortunate to have one, 401(k) balances increased through 2019. The median 401(k)/IRA balance for working households nearing retirement rose from $135,000 in 2016 to $144,000 in 2019. Since the stock market has also generally been up in 2020, it stands to reason that those balances are a little higher as 2020 ends. This information comes from the Survey of Consumer Finances by the Federal Reserve and summarized by the Center for Retirement Research at Boston College (CRR).
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Published on November 2, 2020
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Category: Retirement Real Estate
Oct. 29, 2020 - Builder confidence in the single-family 55+ housing market was at an all-time high in the third quarter, jumping 18 points to 83, according to the National Association of Home Builders' (NAHB) 55+ Housing Market Index (HMI) released today.
The 55+ HMI measures two segments of the 55+ housing market: single-family homes and multifamily condominiums. Each segment of the 55+ HMI measures builder sentiment based on a survey that asks if current sales, prospective buyer traffic and anticipated six-month sales for that market are good, fair or poor (high, average or low for traffic).
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Published on October 30, 2020
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Category: Financial and taxes in retirement
October 28, 2020 -- Thank you for taking our 2020 Social Security IQ Test. We hope you found it useful. (If you haven't taken it yet, here is the link). Please find below a detailed summary of all the questions and answers, along with an explanation of each correct response to this Social Security text. So far 500 people have taken the latest version; over 10,000 people have taken previous versions. We hope even more take it to advance their Social Security education.
Note: most of the links provided in these explanations about Social Security questions go to excellent advice on the SSA.gov website. The correct answer in each case is indicated in bold either by a ? or a check mark.
Conclusions - Underestimation most frequent kind of incorrect Social Security answer
Of the 500 people taking the Social Security IQ test so far the average score is 64% (we set 60% as the passing score). There were 3 questions that 80% or more folks got right: Full Retirement Age (#1), collecting on the benefits of a divorced spouse (#10), and withdrawing your application within 12 months (#11). There were 4 questions which most people could not answer correctly. Unfortunately, these were mostly questions that are important for Social Security recipients to know.
Underestimating your Social Security benefits will cost you money
The Social Security questions that most people missed had to do with:
-How many years are used to calculate your benefit
-How much your benefit will increase if you wait to claim past your Full Retirement Age (FRA) and the difference between claiming at age 62 vs. 70
-And when a spouse can collect their full spousal benefit.
Unfortunately, underestimating how much they could get by delaying their benefits instead of taking them at the first opportunity could cost them and their spouses a lot of money down the road.
Assuming you were born in 1960 or later, what is considered your Full Retirement Age for Social Security benefit purposes? (The rest of the questions in this quiz assume you were born in 1960 or later, unless otherwise specified).
62
65
66
67?
Comment: “Full Retirement Age” is when you are eligible for your full Social Security benefits without penalty. For those born between 1943 and and 1954, it was age 66. For those born in 1955 and later the FRE increased 2 months per year, until for those born in 1960 and later, it became age 67. But you can actually qualify for “more than full” and get a larger benefit at any age up to 70. (See Full Retirement Age Chart). 80% got this correct.
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Published on October 28, 2020
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