Category: Best Retirement Towns and States
July 22, 2020 -- The quest for an affordable place to retire is important to many baby boomers whose reality is living on limited retirement savings and Social Security. Finding an affordable place that offers a great lifestyle is a real plus for them. Over the years we have produced multiple lists of affordable places to retire, and this article continues that series (see end of article for links to more).
The 11 affordable places to retire listed here are unique: they are all Member suggestions from previous Blogs. In fact we've used their comments to describe the towns and regions, although we added home pricing where possible. Ten of them are on or near the water. These towns have home prices that are generally quite affordable compared to the US Zillow Home Value Index of $248,857. In regions like the Pacific Northwest and the coast of Florida where home prices are high, we chose towns with prices lower than the rest of those regions.
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Published on July 21, 2020
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Category: Health and Wellness Issues
July 20, 2020 - Many people find themselves in situations like these. A relative invites you to a backyard birthday or graduation ceremony. You don't feel comfortable about it, knowing there will be too many people there who won't be careful about Covid. But then she says "Oh, Suzy would be so disappointed if you don't come". A different friend might ask a favor that you know is either going to take time you don't have to spare, or put you in a situation you don't want to be in. Or, you are in a group where no one else is wearing a mask, making you feel like some kind of alien. How do you best manage these situations?
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Published on July 20, 2020
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Category: Best Retirement Towns and States
July 14, 2020 – We have just updated our comparison of retirement in two really terrific Pacific Northwest states – Oregon and Washington. Both are growing fast and are expensive in most, but not all areas. One advantage they offer is that their relatively mild climate means many people are…
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Published on July 14, 2020
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Category: Health and Wellness Issues
July 11, 2020 — Normally by this time many retired folks from the Northeast and Midwest have found a rental in Florida, the Carolinas, Arizona, or some other warm weather state. Or, if they own a place, they are making plans to fly or drive south in the fall. This…
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Published on July 10, 2020
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Category: Best Retirement Towns and States
July 8, 2020 — It is a familiar question... what is the best state for retirement? There are many ways to answer that question, and in fact over the years we have tried several. There is the the lowest taxes viewpoint. Or, a comparison of other economic factors like cost of living. Alternative approaches include best climate, absence of natural hazards like hurricanes, geographic features like beaches and mountains, political climate, financial health of the state, medical care, etc.
Ultimately, identifying the best state for retirement is a very personal question. In the end it boils down to what is the best state for YOUR retirement. It is very possible that your best state is where you live now, if it meets your desires, since 80% or more retirees do not cross state lines after they retire.
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Published on July 7, 2020
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Category: Financial and taxes in retirement
July 4, 2020 -- Our friend Robert Powell at TheStreet.com just wrote a very helpful article for people who worked for governments or non profits and did not pay into Social Security for much of their work lives. They are usually concerned that they won't get Social Security retirement payments. In "Did You Work for a Government and Not Pay Social Security", Powell writes to straighten out some misconceptions.
The Windfall Elimination Provision (WEP) reduces your Eligibility Year (ELY) benefit amount before it is reduced or increased by early retirement, delayed retirement credits, cost of living adjustments (COLA), or other factors. If applied, your Social Security retirement payments will be lowered.
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Published on July 4, 2020
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Category: Financial and taxes in retirement
July 1, 2020 – Bummed out that for once in your life you were early, and took out your 2020 Required Minimum Distribution (RMD) earlier this year? Well, relief is in site. The IRS announced On June 23 that all investors who already took RMDs in 2020 have an extension…
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Published on June 30, 2020
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Category: Work and Volunteering
June 30, 2020 -- Over a third of baby boomers say they would like to delay retirement, perhaps into their late 60's or even later. The problem is, however, more actually retire much earlier. According to the Schwartz Center for Economic Policy, just over half of the workers who retired between 2014 and 2016 did so involuntarily, for a variety of reasons. The onset of the coronavirus pandemic is exaggerating this phenomenon, forcing even more people off the job before they want to.
Millions of Americans have been laid off or furloughed from their jobs due to the shutdowns and economic chaos caused by the virus. Many of those will eventually find their way back on the job, or perhaps already have. Others might not want to return to work, either for fear of getting infected or because their attitude toward work has changed. Whatever their decision, the problem of getting back on the job for older workers is difficult for a host of reasons.
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Published on June 29, 2020
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Category: Health and Wellness Issues
June 24, 2020 – One thing we can all agree on, Covid is getting old, even if it isn’t going away. Most people have been very good about trying to stay safe, keeping their social distance, wearing masks in public, and avoiding high risk behaviors like large indoor social gatherings.
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Published on June 23, 2020
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Category: Estate Planning
June 23, 2020 -- Note: This article starts with the premise that it is crucial for every person of retirement age (and younger) to have a will and/or an estate plan, no matter how small the assets you own. If you don't have a legal document, you are going to leave a huge mess for your heirs to clean up, you will waste money on probate expenses, and perhaps end up with a result you wouldn't like.
Every family is different in so many ways. Couples might have children that are equally successful and get along well. But for family like that there are those with a child who has had a hard time, a disability, or other issue. Families with stepchildren face additional challenges. Many people worry about a child they feel is not responsible, and who might squander any bequest on drugs, gambling, etc. There might be a family business where one or more siblings, but not all, are actively working. It can get very complicated. And, your children probably know if have already substantially helped one child financially more than the others.
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Published on June 23, 2020
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