We hear a lot of horror stories these days about people saving too little, but the fact is that some people are actually saving too much for retirement.
Retirement News, Information and Guidance
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…
The best retirement investments depend entirely on you and your goals. Don’t dive into anything or let anyone tell you how to invest unless they understand how much money you have and what your goals are for that money. When will you need or want it? What will you spend it on? You have so…
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:…
Episode 26 of the NewRetirement podcast is an interview with Todd Tresidder who is an author, former hedge fund manager and founder of FinancialMentor through which he provides tools, courses and coaching. We discuss his new book The Leverage Equation and ideas about how to lever up your time, money, technology, network and experience. Listen…
Here is some good news: you don’t necessarily need $1 million dollars for a successful retirement. So, what you do need? We did a little digging and here are 8 important skills that will enable you to achieve financial security, health and the best retirement possible. Find out if you have the skills… to pay…
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…
Episode 25 of the NewRetirement podcast is an interview with Mark Miller, a long time journalist, editor and founder of Retirement Revised. Mark is the former editor of the Sunday edition of the Chicago Sun Times and he’s a nationally-recognized expert on trends in retirement and aging. We cover some of the key considerations people…
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…
In following up with consumers who have visited NewRetirement’s Reverse Mortgage Calculator, it seems that an alarming number of people have a mistaken impression about who owns the home after a Reverse Mortgage has been set up. A Reverse Mortgage can enable you to access extra cash and feel the freedom of owning your home…
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…
Did you know that you can use a reverse mortgage for purchase of a new home? It’s true. It is very popular for seniors to use reverse mortgages to transform equity in their homes into cash without burdening themselves with monthly payments or risking foreclosure. However, it is less known that in 2008, the US…
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…
On this page you’ll find lots of information about reverse mortgages, a link to our reverse mortgage calculator, and examples of reverse mortgage calculations. Use this guide to reverse mortgage calculations to help understand: How Much Money Can I Get from a Reverse Mortgage? Understanding Reverse Mortgage Calculations Why Isn’t My Reverse Mortgage Loan Amount…
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…
Most of us are pretty stressed by the need to give our savings a big boost as we approach retirement. Guess what? There is actually a relatively little known retirement savings strategy that can really help: Catch up contributions. Catch up contributions are the IRS’s way of making it easier for savers age 50 and…
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…
Read on to find out “How do you qualify for a reverse mortgage?” Qualifying for a Reverse Mortgage is relatively straightforward. The requirements are clearly specified by the U.S. Department of Housing and Urban Development. Reverse Mortgages are an increasingly popular loan type for older adults. The loan enables the borrower to eliminate monthly mortgage…
Episode 24 of the NewRetirement podcast is an interview with Jonathan Mendonsa where we cover the past, present, and future of the Financial Independence & FIRE movement. We discuss Jonathan’s personal journey to FIRE and some of the big lessons he has learned on his own and with the rapidly growing ChooseFI community. He joined…
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…
Your house is your: Home. Heart. Hopes. Dreams. Legacy. Wealth. Future. So, the decision to get a reverse mortgage is not something to take lightly. They can sound almost too good to be true but getting a reverse mortgage is a huge financial decision. So, how do you know if a reverse mortgage is right…
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…
One of the most frequent questions from pension recipients is: “Our employer gives us a choice of either a pension or a lump sum when we retire. Which is better?” You will have to get out a pencil and hand calculator to find the better choice, and it’s dependent on a lot of factors. Here…
Let’s get real about investing in real estate for retirement. Investing of any kind can be complicated at any point in your life. However, investing in or near retirement can be especially arduous. At retirement you need your assets to be relatively free of risk while keeping pace with inflation. In many cases, you need your…
If you own a home, it was likely one of the smartest lifelong financial moves you have ever made. In addition to providing a safe haven for living your life, it is also a forced savings account and a hard asset that can appreciate over time. However, did you know that it is also a…
Retirement is one of the biggest things you will ever do. And, how to retire well is the big question. If you want to know how to retire, here are 19 important things you should do just before and after you retire for a happy and secure future: 1. Create, Maintain and Evolve Your Retirement…
Episode 23 of the NewRetirement podcast is an interview with Michela Abrams, the former CEO of Dwell Magazine. They discuss dealing with sudden life changes, planning for the unexpected, design and re-invention. Michela lives here in Mill Valley California and joined us live in studio. We cover her evolution as a silicon valley executive to…
Many people are concerned about the costs associated with a Reverse Mortgage, as well as the impact interest rates have on both how much can be borrowed now and the future balance owed. However, if you want or need equity from your home, are not willing to relocate to a smaller home, don’t want to…
The decision to relocate in retirement is huge — especially since you literally have a world of options. You can retire anywhere and into a wide variety of housing types. Live and travel in an RV. Buy a big beach side home. Relocate abroad to financial or lifestyle reasons. Downsize to a small apartment. Buy…
A manifesto is a declaration of an individual or group’s intentions and motivations. Most big life events involve some kind of manifesto — whether you call it that or not. Contracts, wedding vows, employment agreements are all declarations of your intent. Retirement is actually an ideal time to write a manifesto. Retirement is your time…
So, what type of empty nest parent are you? Are you: Super proud that they are setting out on their own? Still supporting them financially? Relieved and happy to have more time on your own? Sad and lonely that your children have flown the coop? Guessing that they’ll be back shortly? Shrewdly calculating how much…
Retirement is a big deal and a huge life change. You have a whole new lifestyle and need a very different way of thinking about your money. In fact, your financial mindset needs to get flipped upside down. You need to go from a focus on accumulation (saving, saving, saving) to spending (efficient use and…
While pensions are not nearly as common as they once were, they are a very important part of the retirement plans for many of society’s most valued workers: teachers, police officers, fire fighters and more! However, it is surprisingly hard to find a reliable retirement calculator including pension. Whether you have a state retirement pension,…
Tom Selleck By Alan Light [CC BY 2.0] Wikimedia Commons If you watch TV at all, you have probably seen a commercial featuring Tom Selleck talking about reverse mortgages. No matter what he is saying, there is something about his voice and direct gaze that really does pull you in. In one spot, he is…
