Most of us don’t want to think about the day when we can no longer take care of ourselves, or when our loved ones can no longer live on their own. But the hard truth is that 70% of us will need some form of long-term care once we reach our golden years. It’s important to consider where you will live as you age and how your place of residence can best support your needs if you can no longer fully care for yourself.
Know the options
Retirement in the 21st century looks a lot different than retirement at the turn of the 20th century. First and foremost, the concept of stepping away from a career or life on the farm was relatively unheard of at the turn of the 20th century. Another major shift has been in the average life expectancy of Americans. White men born in 1900 had a life expectancy of 47 years, while white women had a life expectancy of 49 years.
Retirement looks different to different people. Some envision a time of relaxation and travel. Others view this time in life as an opportunity to connect deeper with a partner or pursue those hobbies that were always difficult to find time for while amid a career. For others, retirement is just the second act of life. This is a time when some opt to start a new career as their own boss. It is possible to use your retirement savings to start a business, but there is an upside and a downside to everything.
As you approach retirement age, there are a lot of decisions to make. Should you retire ahead of or after the standard age of 65 years old? What about withdrawing from your private investment accounts? How much should you take out and how often? There are a lot of decisions to make, and many of those will involve adjusting your lifestyle to meet your new income streams. While some retirees opt to change little, it never hurts to take a closer look at things you could change and things you could stand to live without.
Pick Your Location
Retirement sometimes offers a variety of difficult financial hurdles to overcome. Even when you think you have saved enough to live out those golden years in style, rising health care costs or changes in the tax code can throw a wrench in your plans. However, there are certain cities and states within the US which have always been better, or worse, for retirees based upon taxes, living expenses, and the cost of health care in the region.
Ask most Americans if they have a vision for their retirement years and you are bound to hear similar answers. Now, ask those same people what their exact vision for retirement is and you are bound to start getting some differing responses. One popular investment for Americans retired or not is a summer vacation home. This home away from home offers respite from the everyday hustle and bustle in a new setting with exciting, new opportunities for adventure.
Americans approaching retirement in the 21st century face a growing number of fears. Money is one of the biggest fears on that list for most Americans, with the Motley Fool reporting that more Americans fear running out of money during retirement more than they do death itself! Some 57% have reported fearing a lack of funds more than death. It is not an issue facing only older Americans though.
The 2017 calendar year has come to an end and it has been quite the rollercoaster ride. The economy, globally and in the US, has been up and down. With hopes of President Trump rolling back restrictions on the American economy, many businesses started spending, hiring, and investing capital. Additionally, the rough 2017 hurricane season dented the economy and slowed it down as major cities went into recovery mode. With these factors in mind, what is the outlook for the economy in 2018?
US GDP Growth Will Rise
The end of the year brings about the holiday season, when most people are in the mood for giving. Gifts for family, opening your home to friends and family for meals together; gift giving is on everyone's mind come the end of the year. Many nonprofits view the holidays as the "Giving Season." The National Center for Charitable Statistics found that as of 2012, 50.5% of organizations receive the majority of their contributions in the period extending from October to December.
Most heirs do not realize the average inheritance takes more than a year and a half to complete the probate court process and distribute money to the heirs. Young and rich; it sounds like a great combination; and it is, but “rich” is a relative term. A sum that can last one person a lifetime might last another just a few years, months, or even weeks. If you are lucky enough to inherit a large amount of money when you are young, here are six tips that will help ensure that your fortune lasts at least if you do.