Should You Delay Retiring?

Should You Delay Retiring?

So, should you delay retiring? Should you postpone your retirement? You know, this may have been considered a strange thing to do even two decades ago but the reality is, the retirement landscape has changed and delaying retirement is now high on the list of many baby boomers. Is it on your list? One thing we want to make clear is that while many would like to retire early, there are just as many who either can't or would simply prefer to keep working in some capacity to feel useful. That last point is important. But many simply aren't ready to retire according to a report recently at reuters.com. Here's a few reasons in the report why today's baby boomer is looking at delaying … [Read more...]

What Age Should You Start Planning For Retirement?

What Age Should You Start Planning For Retirement?

So, what age should you start planning for retirement? The simple answer is as soon as possible. It doesn't really matter whether you are just out of school, in your middle age or late in life, now is always the best time to start retirement planning. Yes, that is a somewhat cliched response but think about this, if you hear it so often then don't you think there has to be some truth to it? Retirement planning expert Julia Valentine says there are three building blocks you need to understand when it comes to planning for retirement. They are: - the psychology of planning for your retirement - financial literacy or financial mastery - the tools that we can utilize to reach our … [Read more...]

Your Biggest Cost In Retirement?

Mapping Your Retirement

Your biggest cost in retirement is likely to be looking after your health. For many people, by the time they get to retirement their health will have deteriorated to a point of no return and health care costs will be their biggest expense. What is the danger of this? Well, in a nutshell, all those years of saving hard for retirement may evaporate into the cost of maintaining what little health you have left. We don't want to be alarmists but when a reader asked us what will be the biggest cost in retirement we responded without hesitation that it will be your health care costs. So what can you do? Well, how about looking at your body and asking yourself that by the time you reach … [Read more...]

How Do You Keep Your Retirement Nest Egg Safe?

Risk Less And Prosper

So, how do you keep your retirement nest egg safe? Just how do you keep your retirement savings safe in a volatile economy? Many will quickly tell you that diversification is the key to making sure your nest egg doesn't crash and burn and that might be good advice. But that strategy may need re-thinking. A Boston University management professor says in an interview we came across at mint.com that while diversification is important, what may be more important is to make sure you have a strong safety net so you can do some things considered a little more risky but which will yield you greater returns in a shorter period of time. That's interesting but for many, taking risks with their … [Read more...]

Where To Get Retirement Planning Advice?

Where To Get Retirement Planning Advice?

Many people ask us where to get retirement planning advice? Sensible question and it occurred to us that with so much information out there, especially online, there would be a type of overwhelm feeling among many people. So we generally send them to one of our favorite sites for information on retirement and that's dol.gov. That's right! Don't underestimate the power and simplicity of the retirement planning advice given here. There's that word simplicity again. For people just starting to search for information or folks confused about what initial steps to take we suggest you get some sort of grounding first and learn a little about planning for retirement. Fort example, some of the … [Read more...]

Main Retirement Planning Mistakes

Main Retirement Planning Mistakes

It's never too late to start planning for retirement and we'll be talking about this more in our next post but it consistently ranks up there with the main retirement planning mistakes people make. That is, conceding defeat and thinking because they are just a few years away from retirement day that it's too late to do anything about it. Well, the truth is, the best time to start planning for retirement is now. A report at thestar.com gets right to the point when talking about the common retirement planning mistakes people make; it doesn't mince words and for a fleeting second we thought about holding this back. But this is advice you need to see. The author lists 10 mistakes to avoid … [Read more...]

How To Plan For Retirement In A Tough Economy?

How To Plan For Retirement In A Tough Economy?

Is there a secret in knowing how to plan for retirement in a tough economy? Well, no there isn't but the bottom line in successfully getting the nest egg you want when you "hang up the work clothes" seems to be honesty. Yes, that sounds a little strange but the truth is, unless you are honest to yourself about your current situation and realistic about what you have now and what you need to retire on, then you will fall well short of the mark. We always like the simple solutions to problems with planning for retirement. Too many times experts make it sound more difficult than it really is. You know, it isn't. That's why an article at finance.yahoo.com from Dave Bernard caught our … [Read more...]

Mistakes To Avoid Close To Retirement

Mistakes To Avoid Close To Retirement

So, what are some of the biggest mistakes to avoid close to retirement? What are some of the main mistakes you shouldn't make close to retirement? People getting close to retirement are usually exhibiting both a tinge of excitement and trepidation. The prospect of "hanging up the work clothes" and supposedly enjoying life is tempting but today, we would not be far off the mark by saying fewer people are in this category. In fact, we would be betting that more people than say ten years ago would be pretty nervous as their retirement day approaches. Why? Well, it doesn't need a Rhodes Scholar to figure it out. Many baby boomers are trying to recover from hits in several areas including … [Read more...]

What Worries People Most In Retirement?

What Worries People Most In Retirement?

What worries people most in retirement? A recent study showed that there is ever increasing concern from folks about how to survive retirement and most of it revolves around finances either directly or indirectly. That's no surprise given the current state of the economy. A recent study by the Society of Actuaries shows that despite the concerns just one third of the people before retirement had a plan despite the worries. That, according to the study is one of the things that hasn't changed since they began doing these studies. So, what were the major concerns? According to the study which was posted at marketwatch.com, they included: - inflation and how to combat it - how they … [Read more...]