Category: Financial and taxes in retirement
March 23, 2015 -- It is no secret that there are millions of baby boomers who are wondering how on earth they are ever going to have enough money to retire. From many comments made on this site we know that a lot of you have those worries, so we thought we would help with some examples of reasonable place to retire, along with why it makes sense to downsize.
First, how a cheaper place to live puts money in your pocket
Your home is almost always your biggest expense, usually about 30% of your income. Anything you can do to reduce that is going to help you have a more comfortable retirement. The first thing you need to do in this process is to complete a retirement budget, keeping in mind any potential income sources, including savings or pension (if any), work, and Social Security. If you’re considering additional avenues to supplement your funds, be aware that online casinos no connected with gamstop, while often touted as a quick fix, can carry significant financial risks. You also have to understand what
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Published on March 23, 2015
Comments 39
Category: Financial and taxes in retirement
March 20, 2015 -- If you have a 401(k) and/or an IRA, and you turned 70 and 1/2 last year, you have a very big deadline coming on April 1. That is the date by which you must have taken your first Required Minimum Distribution (RMD), or face significant penalties. A surprising number of people fail to take these distributions. You must also take your regular annual distribution by December 31 this year. All of the money taken from regular
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Published on March 20, 2015
Comments 27
Category: Financial and taxes in retirement
March 17, 2015 -- In our book you can't just be too prepared for retirement - it's just too important to take a chance on not enjoying it. This is Part II of our Retirement Preparation Quiz, here is where you can find the Part I Quiz.
This version of the quiz is more about the financial side of retirement. It is inspired by a recent survey by the American College of Financial Services, an educational organization for financial professionals. That study found a dismally low level of preparation on several key questions about financial literacy. A majority thought they were doing a good job of saving to live comfortably in retirement, yet only 2 in 10 had a passing grade; no one got an A. The questions on their financial literacy quiz had questions relating to
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Published on March 17, 2015
Comments 16
Category: Singles and Retirement
March 16, 2015 -- Charlene and many other women members of Topretirements have asked us if we have any plans to post a question like: "Where did you retire as a single and why?" It seems like a great question, so here goes. We are hoping to hear from many single women (and men) who have either retired or are considering different places to retire. We think the answers are going to be fascinating.
As Charlene said: "Many of us become widows/or widowers before retirement age and that changes everything. Do you move away? Do you retire near family because your alone in case of health issues? Are you welcomed in strongly coupled communities, Etc.? In other words I'd love to read from other singles where they live and what's their experience. I know you have had comments about this but not a complete column of just real life experience. I have read
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Published on March 15, 2015
Comments 141
Category: Active adult communities
March 11, 2015 -- Whether you are in the shiny model home or the posh real estate office, it's the positive that gets accentuated when you go looking at retirement real estate. According to the enthusiastic salesperson the amenities are great, the fees are low, and the neighbors - well, they are especially interesting and friendly. What's more, there are only a few more great homes available before the whole project is completely sold out.
But unfortunately there are often things unsaid, whether you are looking at buying a new home in a brand new community or a pre-owned unit in a 55+ community that has been around for decades. This article will help you understand some of the potential pitfalls by pointing to situations you need to ask about. Mind you, most active communities are well run entities thoroughly enjoyed by their residents. This article is
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Published on March 10, 2015
Comments 143
Category: Baby Boomer Retirement Issues
March 3, 2015 --
Note: Last year the class of 1964, the group that kicked off the baby boom when they arrived on the planet in 1946, had their 50th high school reunions.
Thank you to the almost 300 members who took the time to contribute your valuable insights to last week's "50th Reunion" survey. We now have a much fuller idea of your intentions and attitudes towards these impending celebrations. As always, it is your insights and comments that are the most interesting part of these surveys. So as promised, here is a detailed report on the findings. At the end of this article you will also find many of the fascinating comments you provided in the open ended parts of each question - we think you will enjoy them. A list of our previous survey reports is provided at the end of the article. A followup we did on our own 50th reunion is here, "An Anatomy of a 50th High School Reunion".
Highlights
This survey was one of our more whimsical ones, so we hope you enjoy
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Published on March 2, 2015
Comments 5
Category: Financial and taxes in retirement
Update Nov. 15, 2015: The Budget Bill signed into law in late 2015 dramatically changes the popular "File and Suspend" strategy discussed here. People who can take advantage of it by April 1, 2016 are grandfathered, but depending on your birth date, the strategy has gone away for other folks. See our article "How the New Social Security Claiming Rules Affect You" for more.
Update March 11, 2015: The publication of this strategy on air generated a good-sized controversy about its fairness (see Comments below as well as this article in Politico: The Debt Wars: Boomers vs. Millenials.
March 1, 2015 -- There has been a flurry of features lately on a subject we feel is critically important to almost every retiree - maximizing your Social Security benefits. One of the most instructive pieces we have seen is a short video segment by Paul Solman, the economic correspondent for the PBS Newshour: "Trips and Tips for Getting the Most Out from Social Security Benefit".
Even for the experts, navigating the system can be confusing and costly. In this entertaining video Solman gives 2 major tips for maximizing your Social Security benefit. Both could mean hundreds of thousands of dollars to many people. The first is on the often misunderstood spousal benefit. The second has to do when to claim, and that depends on your answer to the provocative question, "What is Your Worst Case Scenario".
Spousal Benefit
One day during a tennis game Solman's friend and Social Security expert Larry Kotlikoff told him that he was entitled to nearly $50,000 in spousal benefits. Solman, the seasoned economic correspondent, was shocked
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Published on March 1, 2015
Comments 55
Category: Baby Boomer Retirement Issues
Note: This survey is closed. You can read our full report on the findings including dozens of interesting comments from the survey at “Boomers Look Forward to Their 50th Reunions with Facebook and an Occasional Tad of Cattiness“. February 23, 2015 — There will be a LOT of baby…
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Published on February 23, 2015
Comments 0
Category: Best Retirement Towns and States
Update February 24, 2016: The 2016 Most Popular Places to Retire is now out
February 21, 2015 – When Topretirements members and visitors dream about their best places to retire, warm places in Florida are usually featured. The Sunshine State dominates our 2015 list of the best places to retire, with 25 of its cities and towns making the cut (2 more than in 2014). Florida was followed by North Carolina (11 towns), South Carolina (10 - up from 8 last year), and Arizona and Washington with 6 each. Tennessee had 5 cities in the top 100.
The Sunbelt RulesThe Sunbelt, with 78 towns on Topretirements.com's 9th annual list of the 100 most popular retirement spots, continues to be the target of most of our visitor's retirement dreams. After that the American northwest and mountain states attract a lot of attention - 16 destinations made the list from Washington, Colorado, Oregon, Idaho, and Montana. Just 3 states in the Northeast made the cut: Virginia (Charlottesville, Williamsburg, and Winchester), Delaware (Lewes and Rehoboth Beach), and Pennsylvania (Pittsburgh). The Midwest failed to garner an entry on the list. The highest ranking non-Sun Belt city on our list was Charlottesville (VA) at #19. Note: To make sure you don’t miss new lists like this, sign up for our free weekly “Best Places to Retire” newsletter. See also "The Worst States for Retirement - 2014".
10 New Towns Join as Popular Places to RetireTen new towns moved onto the 2015 list, one fewer in 2014. Eight of the 10 newcomers were from the Sunbelt, mostly Florida. The 8 Sunbelt towns new to the list this year were: 5 from Florida (Port St. Lucie, Cape Coral, Dunedin, Boynton Beach, and Fernandina Beach); Las Vegas (NV); and Gulf Shores (AL). The 2 non Sunbelt cities joining the list this year
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Published on February 21, 2015
Comments 171
Category: Financial and taxes in retirement
By Billy and Akaisha Kaderli
At the age of 62, we are beginning our 25th year of financial independence. That is quite a feat! From the beaches on Nevis, West Indies, to the shores of Phuket, Thailand we have traveled extensively through these decades, and what a ride it’s been! Young and strong in those early years, we were willing and able to tackle just about anything. Now we tend to be a bit more cautious but we’re not letting up. We still climb into the backs of pickup trucks, ride the chicken buses and soak in volcanic hot pools. The time has passed quickly from when we were the youngest, grayless couple in a group of retirees, to now where we blend in with the retiree crowd.
Still, no one can take away the dance we danced and we are filled with
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Published on February 17, 2015
Comments 36
