Retirement

Is 55 Too Early To Retire? What You Need To Retire Early

Financial Planning, Lifestyle, Retirement

Having the option to take an early retirement is a really nice thing to have. But is 55 too early to retire? If you want to retire early, you’ll need a solid plan, masterful control over your expenses, and savings outside of retirement accounts. Here’s how you’ll know if 55 is too early to retire.

Is 55 too early to retire?

Perhaps you’ve worked hard and want more free time to enjoy your success.

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3 Reasons to Delay Social Security Benefits | Personal Finance | mooresvilletribune.com

Financial Planning, Retirement, Social Security

Social Security benefits become available at age 62, and that’s the most popular age to claim them. But just because it’s possible to get your benefits so early on doesn’t mean it’s a good idea. In fact, many experts recommend waiting a full eight years from the date of eligibility, claiming them at 70 instead.

While it may seem odd to give up getting monthly checks for years, there are actually a few really great reasons why you might want to delay the start of your benefits as long as possible.

Read the entire article: 3 Reasons to Delay Social Security Benefits | Personal Finance | mooresvilletribune.com

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The Pros and (Mostly) Cons of Early Retirement

Health & Fitness, Lifestyle, Retirement

Even though Americans’ net worth still hasn’t fully recovered from the Great Recession of 2007-2009, many of us continue to dream of retiring early.

A 2019 survey by the reverse mortgage company American Advisors Group found that 52% of Americans plan to exit full-time employment before age 65.

Not everyone will have a choice in the matter, of course. Job loss, health problems, or family responsibilities can disrupt the best-laid retirement plans, forcing people out of the workforce sooner than expected. But if you’re lucky enough to have control over when you retire, it’s worth thinking through the pros and cons before you make any decisions.

Even if you can afford to retire early, you might not want to.

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The Art of Doing Nothing in Retirement | Baby Boomers | US News

Lifestyle, Retirement

THE EXPERTS ARE NEVER shy about telling retirees to go out and volunteer for a worthy cause, take a part-time job, attend a class, babysit grandchildren or otherwise check off some item on a bucket list. Retirees are often advised to stay busy and do something meaningful.For the most part this is good advice. No one wants to feel bored and useless in retirement. But sometimes it’s nice to just relax and do absolutely nothing. Here’s how to adjust to a relaxing pace of life in retirement.

Read the entire article: The Art of Doing Nothing in Retirement | Baby Boomers | US News

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9 Work From Home Jobs for Retirees | Second Careers | US News

Lifestyle, Retirement

MANY SENIORS continue to work after retiring from a full-time career due to financial need and a desire to remain engaged in meaningful work. But instead of commuting to an office every day, work at home jobs provide a better fit for a retirement lifestyle. There’s no commuting or office politics, and jobs for seniors at home have flexibility, so that work doesn’t impede on retirement leisure.

Read the entire article: 9 Work From Home Jobs for Retirees | Second Careers | US News

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Sweeping changes considered for retirement plan rules | The Kansas City Star

Financial Planning, Retirement

On May 23, the House passed a bill that could drastically change the rules of retirement.It is referred to as the “Setting Every Community Up for Retirement Enhancement Act of 2019,” or “SECURE.”These sweeping changes affect traditional IRAs, 401(k) plans, inherited IRAs, required minimum distributions, college savings plans, student loans and filter into many other aspects of personal financial planning.

Read the entire article: Sweeping changes considered for retirement plan rules | The Kansas City Star

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The First Issue In Retirement Planning

Financial Planning, Lifestyle, Retirement

uncaptionedTwo questions I hear a lot from people who aren’t retired are: “When can I retire?” and “How much money do I need to retire?” They’re really variations of the same question. It’s the wrong question to ask because most people approach the retirement date question from the wrong direction. My answer usually is a person can retire whenever he or she wants. The real issue is what the standard of living will be. Imagine two peo

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Retirement is perfect time to revive old hobbies or find new ones | Senior Living | lancasteronline.com

Health & Fitness, Lifestyle, Retirement

Think you’re too old to try a new hobby? Think again. Studies show many retirees 60 and older refuse to let age get in the way of tackling a new pastime. Savvy seniors are pursuing hobbies enjoyed by all ages from trying a new sport to finding creativity in fine art.The key, says retirement lifestyle author Dave Hughes, is “to find a hobby which brings fulfillment.”Barb Noble found horseback riding at age 60 to be a fulfilling hobby.

Read the entire article: Retirement is perfect time to revive old hobbies or find new ones | Senior Living | lancasteronline.com

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Want to enjoy a longer, happier life? Just keep on working | Science | The Guardian

Financial Planning, Lifestyle, Retirement

Sarah Harper has a personal take on early retirement. “My father stopped work at 54,” says Professor Harper, founder of the Institute for Population Ageing at Oxford University. “His employers, IBM, offered him early retirement. He was really excited at the prospect.”But the voluntary work and further education that Robert Harper had lined up for his later years dwindled and eventually disappeared and he was forced to become increasingly self-reliant in trying to find ways to pass the time.

Read the entire article: Want to enjoy a longer, happier life? Just keep on working | Science | The Guardian

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3 Key Goals for Building a Retirement Income Plan

Retirement

During your working years — the accumulation phase of your investing life — the path is pretty clear.

And that’s it. Until it isn’t.

In retirement, when you’re living off the nest egg you worked so hard to build, it becomes necessary to make a major change of course. And that takes some planning, preferably with some guidance, with these three objectives in mind:

You’ll need to line up reliable income streams. When you create your plan, you’ll want to make sure your day-to-day expenses are covered by reliable sources, including Social Security and…

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Trend: Baby Boomers Turn “Gap Year” Idea into a Retirement Lifestyle

Lifestyle, Retirement, Travel

It’s increasingly popular for young students to take a gap year between high school and college, often to travel and volunteer. (Exhibit A: Malia Obama’s pre-Harvard year off.)

But Baby Boomers are giving the gap year a whole new spin.

In greater numbers, they are roving overseas in retirement, living a slow-travel life, spending months at a time in one place and then moving on to another.

In so doing, they’re able to avoid the visa hurdles that can go along with seeking long-term residence in a country. Plus, by strategically choosing low-cost destinations, they’re able to spend less than they would to stay home.

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4 Signs You Might Never Retire

Financial Planning, Lifestyle, Retirement, Social Security

Countless Americans look forward to retirement and the flexible lifestyle it tends to offer. Unfortunately, a large number of workers might never get there. In a TD Ameritrade study, 25% of U.S. adults say they don’t think they’ll ever retire. And they’re probably not the only ones. That’s because 1 out of every 3 workers have no money set aside for the future, and that includes 30% of folks 55 and over.

But even those who are saving aren’t doing a good enough job. Baby boomers aged 56 to 61 have a median savings of $17,000, which won’t last very long in retirement. And the fact that many seniors are living longer puts retirement in an even more precarious spot.

Read the entire article: 4 Signs You Might Never Retire @themotleyfool #stocks

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Planning to retire early? 5 things you should keep in mind

Financial Planning, Retirement

Retiring earlier than your actual retirement date could be a refreshing thought. For some early retirement could mean quitting a salaried job in their forties and fifties. However, for all those who choose this option, their personal finances have to be well chalked out for the future.

“A trend that may take shape more in future, is phasing out of work over a period of time and combining work with retirement – to supplement income or just to contribute whilst one can,” said Kulin Patel, Head of Retirement (South Asia), Willis Towers Watson.

Retirement planning can be tough if one is planning to retire early. Here are a few things you should keep in mind while taking the decision:

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4 Ways to Find Your Retirement Number

Financial Planning, Retirement

Before you can start saving for retirement, you’ve got to figure out how much you’ll need to save. Finding your “retirement number” can be as simple or as complicated as you want to make it, with the caveat that more complicated plans are likely to produce the most accurate retirement number. However, even a simple “off the rack” plan will get you enough information to build a solid retirement savings strategy. Here are some of the most popular approaches for coming up with your retirement number.

Read the entire article: 4 Ways to Find Your Retirement Number @themotleyfool #stocks

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Dentists: Don’t ‘fail’ retirement. Wisdom for your next chapter

Financial Planning, Retirement

Dentists who’ve experienced the stressful retirement transition say that it pays to be prepared emotionally as well as financially, and to begin preparations years before hanging up that cheek retractor for good. If you want to succeed at retirement, take the following advice to heart:

Slowly transition out. Abruptly stopping work can be a huge shock. A better way involves gradually scaling back on work commitments. For example, one dentist I know is transitioning down to working two days per week and plans to continue doing so for several years.Keith Lawrence, author of Your Retirement Quest: 10

Read the entire article: Dentists: Don’t ‘fail’ retirement. Wisdom for your next chapter – DentistryIQ

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