Mar
28
5 Baby Boomer Retirement Tips
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Dan Skriver asked:
Whether retirement is right around the corner, or several years down the road, it’s never too early, or too late, to start planning for your future. Some people feel intimidated by matters of finance, while others simply don’t feel comfortable with their knowledge regarding retirement planning. Make it a priority to learn as much as you can about your finances by reviewing the following essential 5 top baby boomers retirement tips.
It’s no secret that retirement can be expensive, especially with the rising costs of just about everything, which is why most experts recommend planning on needing anywhere from 70 to 90% of your current earnings after you retire to maintain the standard of living you’re accustomed to.
Here are the 5 top baby boomers retirement tips for those who are serious about planning for their future:
Start With a Definitive Plan
Start by noting your current standard of living and then examine whether or not you’re willing to make sacrifices, or if you plan to live just as you always have. Most people expect to enjoy the same lifestyle along with travel or vacation plans after retiring, but really have no true idea of how much money they’re going to need to actually do so.
A retirement calculator is useful for figuring out exactly what you will need each month to meet your goals. Either online or through your own calculations, use your current age, the age you plan on retiring, your current savings, and how much you need to live comfortably per year after retiring to get the final amount.
For solutions to your specific circumstances, seek out the advice of a professional, such as a financial advisor, your bank or union, as well as your employer’s human resources department. Ultimately, trust your own instincts and educate yourself before making any decisions.
Review Your Social Security Benefits
On average, the Social Security Administration (SSA) pays roughly 40% of one’s pre-retirement earnings after retiring. Earnings statements are usually mailed three to four months before your birthday that outline what you have paid in taxes, along with a summary of your estimated benefits depending on the age you retire. If you haven’t yet received any statements, contact the SSA to request one by visiting their web site at www.ssa.gov.
Learn About Your Employee Benefits
Any employee who is covered under their employer’s retirement plan is entitled to a clear explanation of their benefits and receive what is known as a summary plan description. Also remember to inquire about your spouse’s retirement benefits through their employer, or open a spousal IRA (Individual Retirement Account) for those who do not work outside of the home.
Contribute to a 401k
One of the most often overlooked of the 5 top baby boomers retirement tips are investing in a 401k, which is a tax-sheltered savings plan that your employer also contributes to. It is estimated that an entire quarter of all people who were offered the chance to participate in a 401k plan chose not to. If your employer doesn’t currently have any type of retirement plan in place, suggest that it start one as soon as possible.
Follow Through
Although a growing nest egg may be tempting during those times when you might need a little extra cash, it’s imperative to stick to your plan to avoid any withdrawal penalties, as well as falling short of your ultimate goal when you do retire.
By simply following these 5 top baby boomers retirement tips, it really is possible to retire the way you envisioned and truly enjoy your future without worrying about finances.
IBARRA
Whether retirement is right around the corner, or several years down the road, it’s never too early, or too late, to start planning for your future. Some people feel intimidated by matters of finance, while others simply don’t feel comfortable with their knowledge regarding retirement planning. Make it a priority to learn as much as you can about your finances by reviewing the following essential 5 top baby boomers retirement tips.
It’s no secret that retirement can be expensive, especially with the rising costs of just about everything, which is why most experts recommend planning on needing anywhere from 70 to 90% of your current earnings after you retire to maintain the standard of living you’re accustomed to.
Here are the 5 top baby boomers retirement tips for those who are serious about planning for their future:
Start With a Definitive Plan
Start by noting your current standard of living and then examine whether or not you’re willing to make sacrifices, or if you plan to live just as you always have. Most people expect to enjoy the same lifestyle along with travel or vacation plans after retiring, but really have no true idea of how much money they’re going to need to actually do so.
A retirement calculator is useful for figuring out exactly what you will need each month to meet your goals. Either online or through your own calculations, use your current age, the age you plan on retiring, your current savings, and how much you need to live comfortably per year after retiring to get the final amount.
For solutions to your specific circumstances, seek out the advice of a professional, such as a financial advisor, your bank or union, as well as your employer’s human resources department. Ultimately, trust your own instincts and educate yourself before making any decisions.
Review Your Social Security Benefits
On average, the Social Security Administration (SSA) pays roughly 40% of one’s pre-retirement earnings after retiring. Earnings statements are usually mailed three to four months before your birthday that outline what you have paid in taxes, along with a summary of your estimated benefits depending on the age you retire. If you haven’t yet received any statements, contact the SSA to request one by visiting their web site at www.ssa.gov.
Learn About Your Employee Benefits
Any employee who is covered under their employer’s retirement plan is entitled to a clear explanation of their benefits and receive what is known as a summary plan description. Also remember to inquire about your spouse’s retirement benefits through their employer, or open a spousal IRA (Individual Retirement Account) for those who do not work outside of the home.
Contribute to a 401k
One of the most often overlooked of the 5 top baby boomers retirement tips are investing in a 401k, which is a tax-sheltered savings plan that your employer also contributes to. It is estimated that an entire quarter of all people who were offered the chance to participate in a 401k plan chose not to. If your employer doesn’t currently have any type of retirement plan in place, suggest that it start one as soon as possible.
Follow Through
Although a growing nest egg may be tempting during those times when you might need a little extra cash, it’s imperative to stick to your plan to avoid any withdrawal penalties, as well as falling short of your ultimate goal when you do retire.
By simply following these 5 top baby boomers retirement tips, it really is possible to retire the way you envisioned and truly enjoy your future without worrying about finances.
IBARRA
Aug
20
Retirement Communities: 6 Questions to Ask When Searching for a Place to Retire
Filed Under Home And Family | Comments Off
M.J. Joseph asked:
When deciding on a retirement community for you or a loved one, there are many factors to take into consideration. Where do you want to live? What type of community do you want to live in? How much can you afford? Here are several of the many important questions to ask yourself or your parents when trying to decide on a retirement community.
1. Where do you or a loved one want to live?
Location is the key to beginning a search for a retirement community. Do you want to stay in the same town, city or state that you live in now? Many seniors decide to move to a warmer climate to enjoy their retirement. However, some seniors would rather experience all four seasons or would rather stay in their area. Whatever your choice, deciding what part of the world you want to live in is very important in trying to find a retirement community.
2. What type of community do you want to live in?
There are many different types of communities that are now available for retiring seniors. Try learning more about these communities and deciding which is best for you:
Active Retirement Communities
Assisted Living Retirement Communities
Independent Living Retirement Communities
Continuing Care Retirement Communities
Alzheimer’s Care Communities
Skilled Nursing Care Retirement Communities
After you find what type of community you want to live in, check out the cost. Also, make sure to check accreditation, licensing and the credentials of each prospective community. You want to be living in the best place for you, and need to be extra safe in doing the research for the community.
3. How are the local services?
When searching for a retirement community, look for grocery stores, gas stations, churches, hospitals, salons, pharmacies and different shops to make life easier for when you do move.
4. What are some living amenities?
Many retirement communities offer different types of housing for seniors. Many seniors prefer to choose places with elevators, wide hallways, shower chairs and good lighting that include meal plans and wheelchair accessibility. Some seniors choose to live in a community that offers a very active lifestyle. Many of the active lifestyle communities include golf, tennis and swimming activities, and concentrate on health and fitness to help you enjoy your retirement. Some of these might not apply to you, so just write down the living amenities you prefer to live with, and use that as a frame of reference when looking for a retirement community.
5. Is this place safe?
It is always important to keep safety in mind when looking for any home. Ask the following questions:
Is there security personnel on staff at night?
Is the retirement community located within the confines of a gated community?
How are the locks on the main door?
When finding a new place to live, it is nice to get to know what the neighborhood is like before moving so you are not caught off guard a week after you move in. Most of the time, you can tell whether a place is safe by looking at. Be sure to check during different times of the day. Ask could-be neighbors, gas station clerks, staff members or check with the local police department to see if the community is an ideal place for you.
6. Is the staff friendly?
An important aspect of a retirement community is a friendly and helpful staff. Many times people overlook the staff members when deciding on a retirement home. Remember, these people will be a major part of your life! Make a visit to the community and speak with actual staff members. As you walk through the community, observe how staff members and residents interact with each other. You want your retirement to be enjoyable, and it can be a lot more fun if the staff members in your community are easy to interact with.
Just as you would tour a house or apartment before buying or renting, you should tour a prospective retirement community to see where you fit in. After all, this is going to be a place where you plan on enjoying your retirement! Be sure it is right for you!
KATZ
When deciding on a retirement community for you or a loved one, there are many factors to take into consideration. Where do you want to live? What type of community do you want to live in? How much can you afford? Here are several of the many important questions to ask yourself or your parents when trying to decide on a retirement community.
1. Where do you or a loved one want to live?
Location is the key to beginning a search for a retirement community. Do you want to stay in the same town, city or state that you live in now? Many seniors decide to move to a warmer climate to enjoy their retirement. However, some seniors would rather experience all four seasons or would rather stay in their area. Whatever your choice, deciding what part of the world you want to live in is very important in trying to find a retirement community.
2. What type of community do you want to live in?
There are many different types of communities that are now available for retiring seniors. Try learning more about these communities and deciding which is best for you:
Active Retirement Communities
Assisted Living Retirement Communities
Independent Living Retirement Communities
Continuing Care Retirement Communities
Alzheimer’s Care Communities
Skilled Nursing Care Retirement Communities
After you find what type of community you want to live in, check out the cost. Also, make sure to check accreditation, licensing and the credentials of each prospective community. You want to be living in the best place for you, and need to be extra safe in doing the research for the community.
3. How are the local services?
When searching for a retirement community, look for grocery stores, gas stations, churches, hospitals, salons, pharmacies and different shops to make life easier for when you do move.
4. What are some living amenities?
Many retirement communities offer different types of housing for seniors. Many seniors prefer to choose places with elevators, wide hallways, shower chairs and good lighting that include meal plans and wheelchair accessibility. Some seniors choose to live in a community that offers a very active lifestyle. Many of the active lifestyle communities include golf, tennis and swimming activities, and concentrate on health and fitness to help you enjoy your retirement. Some of these might not apply to you, so just write down the living amenities you prefer to live with, and use that as a frame of reference when looking for a retirement community.
5. Is this place safe?
It is always important to keep safety in mind when looking for any home. Ask the following questions:
Is there security personnel on staff at night?
Is the retirement community located within the confines of a gated community?
How are the locks on the main door?
When finding a new place to live, it is nice to get to know what the neighborhood is like before moving so you are not caught off guard a week after you move in. Most of the time, you can tell whether a place is safe by looking at. Be sure to check during different times of the day. Ask could-be neighbors, gas station clerks, staff members or check with the local police department to see if the community is an ideal place for you.
6. Is the staff friendly?
An important aspect of a retirement community is a friendly and helpful staff. Many times people overlook the staff members when deciding on a retirement home. Remember, these people will be a major part of your life! Make a visit to the community and speak with actual staff members. As you walk through the community, observe how staff members and residents interact with each other. You want your retirement to be enjoyable, and it can be a lot more fun if the staff members in your community are easy to interact with.
Just as you would tour a house or apartment before buying or renting, you should tour a prospective retirement community to see where you fit in. After all, this is going to be a place where you plan on enjoying your retirement! Be sure it is right for you!
KATZ