Why it could happen.
Thinking that you'll be able to work past 65 is the first delusion you need to drop. There is no guarantee that you'll be healthy enough or energetic enough to keep working. Sure if you get there and want to keep going, do so. But you should have the option provided by enough savings. Actually, you might want to have that option at 55 or 60 just in case things don't work out in your favor for whatever reason.
How to get there.
Save.
Pay off your home and make sure it isn't more than you need or can keep.
Pay off your vehicles.
Find a way to cover your medical costs. If you're a Veteran you have something in your favor but unfortunately, it's not as good as if you were on Medicaid and an undocumented person. If you worked for the Government you are probably all set since they have great benefits and early retirements compared to the private sector.
If you're self-employed then maybe you can just slow down.
The key component is savings above all.
Showing posts with label Retirement Income. Show all posts
Showing posts with label Retirement Income. Show all posts
Tuesday, December 31, 2019
Sunday, December 15, 2019
Tuesday, November 19, 2019
Over 65 - Americans at financial Risk
Americans over 65 face Financial Stress
No kidding here. It takes a lot to get by and that doesn't count medical care. On balance it's probably better to go back to the old ways and just live out your years in best way you can without counting on medical help to a great extent.
No kidding here. It takes a lot to get by and that doesn't count medical care. On balance it's probably better to go back to the old ways and just live out your years in best way you can without counting on medical help to a great extent.
Tuesday, October 22, 2019
Boomer Generation divided between haves and have nots
Boomers
Notice the key elements here are a retirement account and a home. These two things constitute most of the wealth of retirees. Your best bet is to at least get a home that you can easily afford and put away the rest in some form of retirement investments and savings.
Notice the key elements here are a retirement account and a home. These two things constitute most of the wealth of retirees. Your best bet is to at least get a home that you can easily afford and put away the rest in some form of retirement investments and savings.
Saturday, April 20, 2019
Annuitize Social Security?
Nobel Laureate's Plan
This article spells it out perfectly. It probably won't work and will just give more benefits to those that don't need them.
This article spells it out perfectly. It probably won't work and will just give more benefits to those that don't need them.
Is Retirement Dead?
Retirement is Dead - Forbes
Having to continue working is the worst option. If you have a type of work that you love and can continue to do despite aging then you're doing it for meaning and having a purpose. That is why it may be best to secure your finances so that you can keep working at your own pace whether for pay or to volunteer.
Choose financial Independence
Having to continue working is the worst option. If you have a type of work that you love and can continue to do despite aging then you're doing it for meaning and having a purpose. That is why it may be best to secure your finances so that you can keep working at your own pace whether for pay or to volunteer.
Choose financial Independence
Friday, March 29, 2019
Nothing Saved - Consider Austerity
Austerity Method
If you don't try austerity before retiring you may have to go with it once you retire. Either way, without the resources you'll have to cut back.
If you don't try austerity before retiring you may have to go with it once you retire. Either way, without the resources you'll have to cut back.
Monday, February 4, 2019
Sunday, January 27, 2019
American Retirement
Why Americans can't expect a comfortable retirement
It means that you shouldn't rely on promises. Save on your own. Pay off your home and other debt. Retire debt free and plan for medical expenses to be your biggest concern.
It means that you shouldn't rely on promises. Save on your own. Pay off your home and other debt. Retire debt free and plan for medical expenses to be your biggest concern.
Saturday, January 26, 2019
Lasting 23 Years in Retirement
23 Years in Retirement
Working longer seems to be the only real answer they have unless you put aside enough.
Working longer seems to be the only real answer they have unless you put aside enough.
No Retirement for Elderly Americans
No Retirement
The numbers are grim for the future. If you're retiring now then consider yourself lucky to be at the tail end of the gravy days of Social Security, Medicare, and a working economy. It may not be so nice in the future.
The numbers are grim for the future. If you're retiring now then consider yourself lucky to be at the tail end of the gravy days of Social Security, Medicare, and a working economy. It may not be so nice in the future.
Tuesday, October 9, 2018
5 Retirement Pitfalls
You Want to Avoid
This is a good article and covers what is commonly suggested but it does state it in a clear and insightful way.
In short:
Lack of Money - we know this one.
Lack of Permission - read the article for the understanding.
Isolation - a common occurrence not easily handled or prevented without effort.
Milestones - read the article but know that we all live by them. I did and still do at times.
Self Worth - Relevance and feeling valued can make even a tight financial life worthwhile.
This is a good article and covers what is commonly suggested but it does state it in a clear and insightful way.
In short:
Lack of Money - we know this one.
Lack of Permission - read the article for the understanding.
Isolation - a common occurrence not easily handled or prevented without effort.
Milestones - read the article but know that we all live by them. I did and still do at times.
Self Worth - Relevance and feeling valued can make even a tight financial life worthwhile.
Friday, September 28, 2018
Finding Your Passion - Links and Ideas
Psychology Today - 5 steps
Oprah.com - The secret
TheMuse.com - 6 ways
TheAtlantic.com - How to really find
Telegraph - 8 ways
Psychology Today - Can a job that's a drag become Joyful
Business Insider - the psychology
Tiny Buddha - try this
Wiki How - In Pictures
Life hack - How to
Clarity on Fire - Take the Quiz
This may help you define your Passion Profile and identify some weaknesses to protect against. It's worth doing just for an illuminating exercise.
Ideas
Look for the things that you would still do if you were a lottery winner.
What would you do that would benefit others and not charge for it.
What have you done consistently in your life that gives you pleasure, fulfillment, and serves as an escape from drudgery, ideally since you were a child.
Visualize the perfect job for yourself where you'd be happy to show up every day.
Oprah.com - The secret
TheMuse.com - 6 ways
TheAtlantic.com - How to really find
Telegraph - 8 ways
Psychology Today - Can a job that's a drag become Joyful
Business Insider - the psychology
Tiny Buddha - try this
Wiki How - In Pictures
Life hack - How to
Clarity on Fire - Take the Quiz
This may help you define your Passion Profile and identify some weaknesses to protect against. It's worth doing just for an illuminating exercise.
Ideas
Look for the things that you would still do if you were a lottery winner.
What would you do that would benefit others and not charge for it.
What have you done consistently in your life that gives you pleasure, fulfillment, and serves as an escape from drudgery, ideally since you were a child.
Visualize the perfect job for yourself where you'd be happy to show up every day.
Sunday, July 15, 2018
Retirement a Great Second Life
Second Life
If you want a good second life in retirement ideally it should have some connection to your past life. It can be teaching or simply a way to do something related to what you have done but in a more limited fashion.
If you want a good second life in retirement ideally it should have some connection to your past life. It can be teaching or simply a way to do something related to what you have done but in a more limited fashion.
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