Retirement decisions

retirement decisions
thebalance.com

Getting the most out of your retirement dollars

by Larry Hungerford, Winston-Salem Journal

July 1, 2017

“Given that so many baby boomers are retiring as they age into their 60s, I thought that a column that provides some basic ‘money tips’ for them might be appropriate. Certainly, it is a huge adjustment to give up that regular paycheck to live off of Social Security, pensions and savings.

Of course, the best of all possible scenarios is to retire from a full-time job to work part time doing something enjoyable. It means you don’t need to deplete your savings as rapidly and you still have the opportunity to fund (up to $6,500 per year per person) your and your spouse’s Roth IRAs. (As of last April, 19 percent of Americans age 65 and over were still working, the highest rate since 1962.)

When I discuss the retirement decision with clients, there are always two key questions.

The obvious one is how much income will they have available to maintain their preferred lifestyle? The second question is: Do they still enjoy going to work every day?

If they are in their mid-60s and dislike their jobs, then I argue that we need to do everything possible to make the numbers work so they can retire. It may even mean taking Social Security early — giving up the yearly 8 percent raise (plus cost of living adjustments) as well as scaling back on planned expenditures after they retire. (The usual best strategy for Social Security is to draw on your spouse’s account while you permit yours to keep increasing until age 70.)

The amount of money retirees can withdraw from their savings and the way that is done to pay the lowest taxes possible are the two most crucial financial decisions they must make. Given how little safer investments pay (money markets, CD’s, government bonds, etc.), investing during retirement in the stock market is a must.”

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Contact Larry Hungerford, age 81, at 335-941-3164 or e-mail him at hhplanner@aol.com.

Recommended food safety

food safety
fda.gov

Food Safety for Older Adults

By Linda Larsen

July 4, 2017

“The FDA has released information about food safety for older adults. Anyone who is over the age of 65 needs to be very vigilant about food safety. Many of those who become seriously ill and even die from food poisoning are elderly.

The bodies of older adults do not work as well as they did decades ago. The stomach and intestinal tract hold onto food for longer periods of time, the senses of smell and taste are altered, and the liver and kidneys don’t work as well to get rid of toxins. And by the age of 65, many people have been diagnosed with a serious illness. That is a double whammy, since people with chronic health problems are also at higher risk for serious complications from food poisoning.

After the age of 75, many people also have reduced immune system responses. That means that body doesn’t recognize and get rid of pathogens such as bacteria that cause food poisoning. Older adults are more likely to be sick longer when they contract food poisoning and need to be hospitalized.”

Follow the steps of Clean, Separate, Cook, and Chill to keep food safe.

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Retirement tips for workaholics

Trust me, workaholics never really retire.  We just find other ways to fulfill our drive to accomplish something. The following article will help my fellow workaholics find some peace and success in retirement:

Surviving Retirement When You’re a Workaholic

By By Douglas Dubitsky, Next Avenue 

June 28, 2017

Can a workaholic ever retire?

“Many workaholics genuinely enjoy the rush of starting and completing projects and continuing the non-stop cycle. So it may also be difficult for them to contemplate what life may be like in retirement once they are officially out of the workforce.

If you’re a workaholic, smoothing your transition to retirement means uncovering the answer to the question: What part of the end of your job will you miss the most? It might be the people. Or the challenges. Or having purpose. Once you know which it is, you can focus on how to reap the same benefits — and feelings —while not holding down full-time employment.

workaholics
adobe stock photo

5 Retirement Tips for Workaholics

 Start slowly.

 Experiment and schedule.

 Give yourself a break.

 Talk it out.

 Look ahead.”

For more details

“Age shouldn’t be a reason to slow down”

age‘No One Wants To Be Old’: How To Put The ‘Non-Age’ in Nonagenerian

By Sharon Jayson, Kaiser Health News

June 26, 2017

“Wilhelmina Delco learned to swim at 80. Harold Berman is in his 67th year practicing law. Mildred Walston spent 76 years on the job at a candy company. And brothers Joe and Warren Barger are finding new spots in their respective homes for the gold medals they’ve just earned in track-and-field events at the National Senior Games.

These octogenarians and nonagenarians may not be widely known outside their local communities, but just as their more famous peers — think Carl Reiner, Betty White, Dr. Ruth (Westheimer) or Tony Bennett — the thread that binds them is not the year on their birth certificate but the way they live.

‘Age shouldn’t be a reason to slow down,’ said Joe Barger, 91, of Austin, Texas.

It never hurts to have longevity in your genes and few chronic health problems, but mindset plays a role in how people age, experts say. Some older adults have been termed ‘superagers’ for mental acuity despite their years because the typical age-related decline in brain volume is much slower.”

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Are you going broke in retirement?

going broke
debtconsolidationusa.com

Three best ways to go broke in retirement

by Robert Laura, Forbes.com

June 28, 2017

“Nobody heads into retirement with aspirations of filing bankruptcy, becoming dependent on family and friends, or asking ‘why me.’  Unfortunately, some people end up in the poor house for a number of reasons.

One of the fastest ways to go broke in retirement is from medical bills.  I learned this several years ago when I was an approved bankruptcy counselor.  Basically, there was a requirement in my home state that anyone filing bankruptcy had to take a financial management course.

I set up my program with the expectation of being a light for young people who had made some bad financial decisions.  However, I was horrified when my primary audience turned out to be retirees who couldn’t afford their medical bills.  They were not only in bad physical shape, but no amount of financial counseling and budgeting would have or could have changed what happened to them.

In fact, A 2015 Harvard University study showed that medical expenses account for approximately 62% of personal bankruptcies in the US. To make matters worse, studies indicate that seniors are the fastest growing demographic in bankruptcy filings and a whopping 72% of those who filed due to medical expenses had some type of health insurance.

That makes it more important than ever for people approaching retirement to avoid putting off or delaying their plans to start eating better, establishing that exercise routine, and dropping a bad habit.”

Read about two more ways of going broke in retirement

Celebrate America the Beautiful!

Celebrating America
pinterest.com

“Of all the nations in the world, of all the social experiments that have been tried down through the centuries, there is no country I’d rather be a citizen of and call home than America.  Where else but in this land of opportunity are people given so much freedom to pursue their dreams, with the potential to bring out the best in everyone?

There are few places in the world where people enjoy the level of freedom we have in America.

Why do we enjoy all of these and many more blessings?  It is largely because we have a representative government that respects the rights of its citizens, and because we have a military powerful enough to defend us against intruders.  It is because we have a free market economy that, when unfettered, acts as an economic engine more powerful than any the world has ever seen.  Most importantly, we have a nation of faith so bold that we are willing to proclaim ‘In God We Trust’ on every coin in our pockets and every bill in our wallets.

There never has been and probably never will be again another place like America the Beautiful.”

Excerpt from Ben Carson, M.D., America the Beautiful: Rediscovering What Made This Nation Great, Zondervan, 2012.

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