A new study from the Boston College Center for Retirement Research has found that husbands ignore (maybe overlook or under think) their wife’s retirement income needs when making decisions about when to start Social Security benefits. Widows (and widowers) are entitled to switch to Social Security Survivor benefits and receive their spouse’s full benefit amount…
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Kathleen CoxwellAs a founder of NewRetirement, Kathleen is passionate about delivering empowering tools and articles to people who are concerned about retirement. She works with teams of writers and designers to deliver easy to understand information that help you make the right decisions about your financial future.
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Recent posts by Kathleen
Are you leaving money on the table when you retire? The answer is likely a resounding YES! (Whether you realize it or not.) You want and need every penny you can muster to fund a secure future. So,, it is important to take advantage of every opportunity to increase your assets and make smart use…
Retirement depression — feeling sad or lacking energy and focus after retiring — is surprisingly common. A study published in the Journal of Population Ageing found that those who were retired were about twice as likely to report feeling symptoms of depression than those who were still working. And, research from the London-based Institute of…
Most of us have done some kind of retirement planning activities. In fact, according to a recent study from Vanguard, only 1 out of 10 pre and recent retirees have not done any planning at all. However, not everyone is tackling the same retirement planning tasks and only a few of us are creating a…
You’ve probably heard a lot of advice about how to save more money for retirement. Everyone tells you that you really need to do it. And if you’re like a lot of people, you probably think that it’s a great idea — you are just not exactly sure where to find the cash. Learn how…
Gray divorce — divorce after 50 — can really cramp your retirement lifestyle. When you say ‘I do,’ your personal finances may not be the first thing on your mind. But the truth is, couples who get married and stay married have benefits that single people simply don’t, such as being able to split up…
Dementia. Stroke. Alzheimer’s disease. The prevalence of these health events is a big reason why you need to make planning for long term care an important part of your retirement plans. Will you need to give care? Will you need care? What is Long Term Care? Older Americans continue to be in the dark when it…
Your retirement budget determines how much you will really need to have saved for a secure retirement. It is very important to get this right. While accurately estimating your expenses for the rest of your life is a daunting prospect, the right tools and advice can make it easy. Your retirement budget will evolve… Detailed…
I think we can all agree. We desperately need another word for retirement. Retirement is a word that we use to roughly define a period of life after work. But this word is imprecise at best and — at worst — really flat out wrong about this phase of life. I mean, some of us…
Whether it is a credit card, car loan or the holy grail of all debts — your mortgage, paying off debt and eliminating monthly payments is a really big deal. When you pay off a debt, it is a huge opportunity to rethink your financial situation. Your cashflow will have suddenly improved. What are you…
Believe me, you are not alone if you have nervously asked yourself, your spouse or even a financial advisor: “will my retirement savings last as long as I do?” Concerns about running out of money in retirement are almost universal — no matter how much money you have. After all, there are many unknowable variables…
Early retirement is something most of us dream about. But it is usually just that — a dream. However, have you considered a sabbatical? A sabbatical can be a meaningful and highly satisfying way to to get an early, albeit temporary, retirement. Sabbatical or Burnout? Sabbatical Meaning What Exactly? Sabbaticals, mini retirements and gap years…
On your marks, get set…. RETIRE! If you are in your 50s or 60s, you are probably about 10 years from retirement (give or take) — maybe you are even 5 years from retirement. Regardless of the exact timing, you are about to step into the starting blocks and race for the retirement finish line….
I hate to be the bearer of bad news, but you might have less in your retirement account than you think you have! At least the worth to you might be less than you imagine. Really! Your 401k or IRA account balance is not telling the whole story of your wealth — especially if your income…
The sole sponsor for the Rolling Stones’ US Tour 2019 is the Alliance for Lifetime Income, an advocacy organization whose purpose is to help Americans address the risk of outliving their retirement income. No drugs, sex, cars or even fashion — annuities. Why Annuities? It may seem a surprising choice of sponsor for The Stones…
The House of Representatives’ Setting Every Community Up for Retirement Enhancement (SECURE) Act and a similar bill in the Senate, the Retirement Enhancement and Savings Act (RESA) are bills backed by both Republicans and Democrats (gasp!) that aspire to improve retirement and retirement planning for Americans. The Secure Act was approved by the House of…
Sorry. You probably are not a dummy about everything. But, research suggests that almost 80 percent of all Americans have a very low financial IQ (What’s yours? Take the quiz now.) So, the chances are high that you are a personal finance and investment dummy! And, good for you for doing something about it. (Maybe…
Your attitude toward anything in life is all based on perspective. If you are worried about retirement, maybe you just need to change your approach.Albert Einstein is credited with this saying that shows how a flipped perspective can change how you think: “Everybody is a genius. But if you judge a fish by its ability…
If you are in your 50s or 60s, you are probably hoping to find the fountain of youth. However, when you plan your golden years it is best to retire like an adult. Retiring like an adult gives you the financial freedom to pursue the life you want — even if that means doing things…
If volunteering after retirement sounds appealing to you, you are not alone. More than ever, workers over 50 are looking toward careers in the nonprofit world, seeking a second chance at purposeful work. In fact, more than 25 million Americans ages 50 to 70 are eager to share their skills, passions and expertise in encore…
Working as long as possible is a recommended retirement strategy for almost everyone. There are so many benefits to working as long as possible and they are not only financial. Working keeps you young, happy and healthy. Near retirement and looking for a job? It may be time to teach the old dog some new…
Many people want to retire before they are eligible for Medicare at age 65. However, figuring out health insurance — and how to afford that coverage — is very difficult. It can be very expensive, depending on your circumstances! And, let’s face facts, health factors are more prevalent and unpredictable at this age. You need…
If you are worried about running out of money in retirement, you are not alone. Running out of money is the main concern of most people in or approaching retirement. And, there is VERY good reason to be concerned — VERY concerned. Most of us do not have enough money for retirement. Let’s explore this…
Graduation and retirement are arguably the two biggest life transitions anyone will ever experience. With both rites of passage, everything about your daily experience changes in the short term and your goals for the future become more far sighted and poignant. Therefore, we wondered if perhaps retirees had anything to learn from the wisdom of…
A frequent question among those nearing and in retirement is: Do I need life insurance for retirement? The answer, like most financial planning related questions, is that it depends. When you are working, the purpose of life insurance is usually to replace your income or pay off large debts in order to help provide for…
Retirement reinvention!?! Maybe you want nothing to change once you retire, or maybe you’re anxious for that next new phase and what it could bring. Retirement isn’t one idea, and it’s definitely not static. It’s just the next stage. And with Americans living much longer than ever before, it can last more than 20 years….
Early retirement is a dream for many Americans, but one that few are sure they’ll be able to reach. About half of Americans retire early — between the ages of 61 and 65. That’s a full five to six years before full retirement age as defined by the Social Security Administration. Eighteen percent of Americans…
Medicare is a hugely popular program, providing health coverage to the vast majority of Americans over 65. Here are a few tricks for taking care of your health and making the most of Medicare… 1. Understand Your Medicare Options Once you turn 65, you need to make choices about your Medicare coverage. Will you choose:…
A reverse mortgage is a loan. You are borrowing against your home equity. However, unlike traditional mortgages, with a reverse mortgage you do not have to pay back the money borrowed as long as you are living in the home. For many senior households, housing is usually the most costly expense as well as the…
How to apply for Social Security is very straightforward. In fact, applying is perhaps too easy for such a very important decision. The more important and complicated question is: When to apply? But, let’s get started with the easy part… 6 Steps to Apply for Social Security Just follow these six steps… Step 1: Make…
Passive income streams are income sources that you benefit from without too much effort — the money just flows in. Create passive income streams and just enjoy retirement… Passive income streams are therefore ideal for retirement. In retirement we are trying to maximize the time we spend on leisure activities while minimizing work or burdensome…
Living on Social Security alone is not only possible, many retirees already accomplish that very feat every year. And, while the lifestyle associated with a Social Security income isn’t exactly luxurious, it doesn’t have to equal peanut butter sandwiches for the rest of your life, either. How you make living on Social Security alone work…
Early retirement — retiring at 62 or before — seems like a wonderful dream to a lot of people. You’ve been in the workforce for decades. You have focused on work with the goal of enjoying the rest of your life on your own terms. But is it too early to get out of the…
Impact investing! The name sounds exciting. Who wouldn’t want to make an impact with an investment? But, what is it exactly? And, is it right for you and your retirement? Impact investing, related to socially responsible or ethical investing, conscious capitalism, and sustainable investing, is defined by the Global Impact Investing Network (GIIN) as investments…
Some might believe that the hokey pokey really is what it is all about. Yoga and mindfulness mavens chant “om” as a long and happy life mantra. Others sing super cali fragilistic expealidocious and, “if said loud enough,” will at least sound precocious. However, the residents of the Japanese island of Okinawa have other words…
What is it that you fear most about retirement? Do you worry about running out of money? Are you concerned that you might need long term care and won’t be able to afford the costs and that you will become a burden on your family? If you answered yes to either or both of those…
Self directed retirement accounts — whether it is an IRA or a 401k — are tax advantaged savings vehicles that offer you the ability to invest in a wide range of opportunities. When you have an IRA or 401k, your investment options are limited to whatever is available from your plan’s sponsor. And, those opportunities…
You’ve probably spent at least a little time thinking about what to do in retirement. How will you fill your days? Where will you go? What will you do? With whom will you spend time?In retirement, you likely have more options for how to spend your time than ever before. And, you certainly don’t have…
When it comes to your retirement planning, saving, investing and plotting how to spend your free time are at the top of the list. How much you will have to pay in taxes after retirement may be the last thing on your mind. But not taking the time to look at how retirement taxes will…
Looking for a great place to retire? Or, wondering if the state where you live is too expensive? Property values, cost of living and lifestyle issues are all important considerations when figuring out where to live. However, don’t forget to think about state taxes. Some states are more tax friendly for retirement than others. Explore…
Could a retirement bucket strategy make it easier to manage savings after you retire? If you think that managing retirement investments is difficult when you are working, we have some bad news: it gets much harder when you actually retire. Once retired, your investments need to not only grow but also fund your lifestyle, keep…
An economic indicator is information that can suggest what is going on in the economy — is the economy healthy, growing or headed for trouble? Sounds useful, right? Well… maybe… Let’s explore the pros and cons of following economic indicators. Be Aware: The Upsides of Knowing About and Following Economic Indicators Being aware of what is happening…
Estate taxes can take a big bite out of what you leave for heirs — but unless you will be leaving more than $11 million, it is only a major factor in certain states. Currently, the federal estate tax applies only to estates valued at more than $11 million (twice that for married couples). However,…
If you’re one of the thousands of Americans approaching retirement, one of your top concerns is probably when to retire. But an accompanying question is where to retire. Realtor.com crunched the numbers and identified the fastest growing retirement destinations. The fastest growing retirement destinations might not be the best place to retire or the best…
A Health Savings Account or HSA is a medical savings account that is attached to a high deductible health insurance plan. It can be a savvy way to save money by reducing your overall medical spending. It can also have compelling retirement savings benefits.Money can be deferred into an HSA account on a pre-tax basis…
Is the Queen right? Is it time to Keep Calm…. and Retire On? Well, considering that the Queen is 92 years old and still working, it is probably not her motto. But, maybe it should be yours! Many of us are terrified of jumping into retirement. We read about the retirement crisis and worry about…
As more and more baby boomers head into retirement, there is a growing conversation about how to generate adequate retirement income from retirement assets. Even with some good economic news, many of us are going to come up short. Retirement income doesn’t grow on trees… But you can make it grow! According to the most…
Movies – like all art forms – can be a great way to explore important themes in your life. Here is our list of movies related to retirement and aging. While you should probably do more to prepare for retirement than watching movies — use a retirement calculator or consult a financial advisor for example…
Most of us are going to need some extra support as we age. Cooking, cleaning, running errands and more are called “activities of daily living” and it can be nice to get help with these tasks as you age. Is retiring to a Holiday Inn the answer? Living independently can be extremely difficult as we…
Annuities can be a tricky purchase. You need to compare annuity plans to find the right option for you. But, there are many different products – fixed annuities, variable annuities, tax-deferred annuities, guaranteed annuities, inherited annuities, equity indexed annuities and more. How do you even begin to go about comparing annuities? Estimate how much income…
