No matter where you are in the retirement process, there are many questions that a financial advisor can help you answer. If you’re still working, an advisor can help you decide how much money you’ll need to live on, and that information can help you determine a retirement date. If you are already retired, you may want to find out about different investment and withdrawal strategies to minimize the chances of running out of money too soon. You might have questions about when to start Social Security, how best to do estate planning, whether to move to a smaller house, how to stretch your travel dollars, and so on.
I remember a conversation I had with my mother-in-law shortly after I was married, many, many years ago. We were talking about our different approaches to shopping for dresses. She described going into the “best” store, finding a dress she liked, then comparison shopping at three or four other stores to locate the best price before making her purchase. She always thought of this as her way of getting a discount. As I was working full-time and had precious little opportunity to shop, I thought this approach was an awful waste of time just for the possibility of saving a few dollars.
Important things to check out now while they’re still fresh:
This is a guest blog, written by Louise Machinist and Karen Bush, and is based on a presentation they did at a professional conference.
This is an exciting time to be retired. The array of positive aging strategies is expanding as knowledge and lifestyle options proliferate, including innovative shared housing models that allow retirees to enhance both their financial resources and their quality of life.
It took my husband and me several years to figure out our retirement plan – and it wasn’t an issue of money. We both loved our work but we knew by the time that we were in our late 50s, we needed to do something else with our lives. The nagging question: How were we going to live this new life? We had both had extremely demanding careers and we were ready to move on from the stress of our work lives. But the thought of sitting at home all day watching Judge Judy or stretched out on hammocks on the seashore in endless-summer scenarios really didn’t appeal.
The good news is that being retired usually means having the opportunity to travel without having to think about vacation schedules, the limits on your time off from work, and whether you’ll be exhausted when you get back from your trip because you tried to pack too much in. The bad news is that travel can be expensive, especially if you want to do it often, and most especially if you’re living on a fixed income and want to be as budget-conscious as possible.
It’s my birthday today and I have to admit that I woke up this morning thinking, “I’m 71 today and I wonder how much longer I have left.” That’s probably a little weird, but it got me to thinking about how to predict life expectancy.
Predicting how long you might live is not necessarily a morbid exercise. A relatively accurate prediction can be useful in a number of ways, including the very important retirement-planning task of estimating how much money you will need to live comfortably for the rest of your life.
It wasn’t all that long ago that many people considered the TV ads pitching reverse mortgages to be just a scam against senior citizens and that actually getting a reverse mortgage was a very foolish move. But many protections have been put in place in recent years and, as a result, a better understanding has evolved on the ways in which a reverse mortgage might genuinely make sense as a way to supplement retirement income. The keyword here is “might.”
I'm Linda Fleit. My husband and I were lucky enough to retire when we were 61, about nine years ago. We love being retired and want to share all that we've learned over the years about this wonderful stage of life.