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Tag: retirement

How to work past the age of 65

How to work past the age of 65

Career
As the expenses of daily life rise and the strain of the economic climate puts a drain on family finances, few find it possible to save enough money so when the time comes they can retire in comfort. Even if they do plan saving the traditional ways, the income derived from pensions, social security and RRSPs are often not enough to meet the rising costs of living. A report issued by National Summit on Retirement Savings that was held in June, 1998 states, “Americans must save more today if they are to realize the dream of a financially secure retirement tomorrow.” Section two of the report says: “Many Americans are not planning or saving enough to be able to afford to retire.” That hasn't changed since then and in today's poor economic climate savings are even harder to achieve. ...
When is right time for voluntary early retirement

When is right time for voluntary early retirement

Career
Taking early retirement is easier said than done and needs careful planning. A typical semi-retirement or working retirement plan involves: determining of the length of semi-retirement, accumulating savings to fund mandatory and discretionary spending during semi-retirement, budgeting for expenses and spending during the time off; and, developing a back up plan if ventures do not succeed Once the savings target is reached and before the resignation letter is tendered, semi-retirement activities should be planned out carefully to ensure that the temporary time off from work is well spent, efforts are worthwhile and goals are achieved. Spending Time With Family The best time spent by most people is probably with their parents, spouses, children and pets. Although the time ...
Thinking of retiring amid coronavirus pandemic?

Thinking of retiring amid coronavirus pandemic?

Career
Retirement today may mean something very different than it did a few years ago. It may mean that someone has applied for Social Security benefits or it may simply mean that someone is no longer working. Retirement can also mean that someone has chosen to continue working, either full or part-time and still receive Social Security benefits. All these options are available, but before taking the steps to these options, careful consideration needs to be done in order to ensure the right decisions are being made. Taking early retirement may mean that there will not be enough income and delaying retirement may mean that there are not enough years left to enjoy the increased income. Finding the right balance is the key to successful retirement planning. Crunch the Numbers There are ...
Retirement plan advisors suggests paying off mortgage before retirement

Retirement plan advisors suggests paying off mortgage before retirement

Finance
Retirement plan advisors - While retiring completely debt-free is an optimum goal for better finance, many Americans will enter retirement with a mortgage note draining their nest eggs. According to one of the retirement plan advisors, Jonathan Clements, in his September 20, 2007, Wall Street Journal article “Retiring With A Mortgage? Here’s What to Do,” more than 32% of households in the 65 to 74 age bracket had a mortgage on their primary residence. This is a considerable increase from 1992 when the percentage of mortgage holders among this group was just 19%. Making Extra Mortgage Payments for Better Finance The recent recession of COVID-19 pandemic and the loss of value among investment assets means that fewer retirees will have the assets they anticipated would be available ...
Pros and cons of senior life settlement

Pros and cons of senior life settlement

Finance
Many seniors will consider a life insurance settlement deal as they get older. For some, this is an easy way to raise a cash lump sum to use in retirement and to get rid of an unwanted policy. Others may prefer/need to keep their coverage in place as part of their estate planning. What are the benefits and downsides of selling life insurance as a senior settlement? The Advantages of Senior Life Settlements Senior life settlements allow individuals to sell life insurance to a third party for a cash payment. Whether this is a good idea or not comes down to the preferences and circumstances of the individual. This may, for example, work well for those that: Are paying for life insurance coverage that they no longer actually need (i.e. they have no remaining debts to cover, they h...
Tips on how to retire without running out of money

Tips on how to retire without running out of money

Finance
Whether one is contemplating retirement or already retired, the primary need for this stage of life is sustainable income. The challenges of rising medical expenses, inflation, taxes, and uncertain U.S. Social Security retirement benefits greatly complicate the equation. The key question for retirees changes from “Can I afford to retire?” to “Can I afford to stay retired?” Income Needs During Retirement Many people assume they will need less income in retirement than they did during their working years. Others are surprised to find they need the same amount of income or sometimes more to maintain their desired retirement lifestyle. Income needs during the early years of retirement are largely driven by leisure activities, such as travel. Later in retirement, the need for more, an...