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
Whatever the cause, volatile markets always bring an immense amount of anxiety among retirees who have less time to make up for losses. Here are some tips to minimize the impact of volatile markets on a retirement income plan.
1. Stay the Course
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.
The decision to retire brings with it several choices that individuals must make. You not only have to decide how much to save for retirement and when to finally pull the trigger and retire, but you also should consider how your retirement savings are going to hold up during retirement and what kind of expenses might lay in front of you on the road through retirement. If you have a retirement budget checklist at hand though, you may find that you are better prepared to make some of those tough decisions both ahead of and during retirement.
As the debate rages on regarding the wealth gap between the various generations of Americans, one thing is for certain regarding Generation X: this group has time. According to CNBC, most members of Generation X are heading into their peak earnings years within their careers and have a tremendous opportunity to set down the foundations for a comfortable retirement.
With each passing year, people set out new resolutions for how they are going to live their life. The New Year is also a good time to reevaluate certain things in life. For example, it is recommended that you look again at insurance coverage to make certain your home or automobile have the best coverage for the best price. The New Year is also a great time to focus on a new budget.
Diversity is part of the beauty of the United States of America. While some cities and states might appear the same from a distance, there is something unique about each and every locale you visit from sea to shining sea. For retirees, there are several factors to consider when looking at relocation in retirement. Everything from low or no state income tax to affordable housing and great healthcare should play into your decision. If you are wondering which cities are considered the best, we have got you covered with a list of the five best cities for retirees in 2019.
Millions of Americans take strides each year of their working life to set aside money for retirement. Through shrewd investments and smart planning, many of them can set aside enough to live on for two or more decades of retirement. It is possible for savvy investors and smart savers to end up with a nest egg that is larger than what they are likely to spend in retirement. This leaves them with a conundrum of sorts. Is it best to spend that nest egg and enjoy a comfortable, perhaps even lavish, retirement? Or, should you consider using some of that money to leave a legacy?
After decades of working hard to support yourself and a family, retirement should be a time in life when you can kick back and enjoy the fruits of your labor. Happiness comes in many forms, and you'll find out just how diverse those sources of happiness can be during retirement. If you want to really enjoy those golden years out of the workforce, there are several steps you can take to prepare yourself in advance. Below are three steps you can take to set yourself up for a happier retirement down the road.
Figure Out What You Want in Advance
Although few parents would say it aloud, they're all proud and happy when their children leave the nest. Not only does it mean they've raised responsible kids ready to go out and tackle the challenges of the world independently, but it also means that parents can retool their finances to focus on their own needs alone rather than those of a couple plus children. If your children have recently left the nest, here are a few tips you can follow to adjust your budget as an empty nester.
Plan for the Future