Making your retirement nest egg last as long as you do

Image result for nest egg images
gettyimages.com

How to Avoid Going Broke in Retirement:  

Try these tips for making your nest egg last as long as you do

by Andrea Browne Taylor

May 4, 2016

“It’s no surprise that the biggest worry among retirees is running out of money. People are living longer than ever, yet pensions for life are a thing of the past. While you can’t guarantee your nest egg will last as long as you do, you can take steps to lower the odds of going broke in retirement.

If you’re already retired, spend less. Nearly half of retirees spent more in the first two years of retirement than they did just before retiring. A simple household budget goes a long way.

There are plenty of other things retirees can do to make their money last a lifetime. Take a look at even more ways to avoid going broke in retirement.”

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Gray divorce (divorce after age 50)

Keeping some green in gray divorce Image result for gray divorce images

by Sarah Skidmore Sell, Associated Press

September 7, 2016

“Divorce can be painful–emotionally and financially–for anyone.  But when the split happens later in life, the less time you have to recover from the economic hit. And, the more is at stake.

A growing number of older adults are facing this problem:  the divorce rate among U.S. adults ages 50 and older doubled between 1990 and 2010, according to a study out of Bowling Green State University.  About one in four divorces includes someone over 50.  Susan Brown, who led the research, says a review of the data through 2014 found the rates have stayed about the same in subsequent years.

Reasons for the rise include longer lifespans, more women in the workforce, the changing notion about marriage and higher rates of remarriage, which boost your odds of splitting.

We asked a few experts to weight in on what to do when divorce suddenly becomes part of your retirement plan.”

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Financial Planning Day…register and put this on your calendar!

Financial Planning Days

Denver Financial Planning Day – It’s FREE

(If you don’t live near Denver, CO click on http://financialplanningdays.org/find-an-event to find a Financial Planning Day near you.)images

Denver Date/Time:  October 22, 2016, 9:00 am – 3:00 pm
Location:
Mile Hi Church
9077 W Alameda Ave
Lakewood, CO
Get directions »

The Financial Planning Association of Colorado invites you to attend Denver Financial Planning Day where you’ll be able to meet one-on-one with dozens of highly qualified Certified Financial Planner™ professionals to discuss your personal finance questions, concerns and interests.  It’s not just for retirees so register yourself, your family members and friends at: http://financialplanningdays.org/event/denver-financial-planning-day.

Don’t miss this opportunity for a free, private consultation with an expert on a variety of personal finance issues, including debt management, retirement planning, investment strategies, income taxes, insurance, and estate planning, among many others!

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From the Center of Retirement Research…Senior housing

Image result for elderly loneliness images Senior Housing a Remedy for Loneliness?

by Kimberly Blanton, Squared Away Blog

August 25, 2016

“After his wife of 36 years died from cancer, Dick St. Lawrence experienced something new: loneliness.

‘Worst feeling in the world,’ St. Lawrence, 81, said about Linda St. Lawrence’s death in the winter of 2014.

Like many widows and widowers before him, he had to build a new life for himself, despite having the comfort of a large family of four living children, six grandchildren and seven great-grandchildren. His first small step was accepting an invitation to play poker at Shillman House, an independent housing community for seniors. The man who called to invite St. Lawrence knew a woman who used to play Mahjongg with Linda.

Next thing he knew, he’d sold their family home in Framingham, Mass., around the corner from Shillman House, and settled into one of its 150 apartments. Now he plays two poker games a week, works out at his old gym, and socializes with Shillman’s residents every evening in the dining room. At night, his Cairn terrier, Rusty, keeps him company during Red Sox games on television.

‘I want to visit as long as I can,’ Dick St. Lawrence jokes about his plan to spend his final days there.

The vast majority of baby boomers in an AARP survey said they want to age in their homes ‘as long as possible.’  But when the rubber meets the road – in old age – the elderly often learn that isolation is bad for their psyche and their health.

There are downsides even to living in a community for independent seniors, with the constant reminders of the vulnerabilities that come with aging. When a Shillman resident suddenly becomes ill and is driven away in an ambulance, dread quickly spreads among the residents that he or she might not be coming back.

Still, they say, the positives far outweigh the negatives. All in their 80s, the seniors interviewed have visibly slowed down but are still enjoying vigorous social lives.”

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Considering long-term care insurance?

Long-Term Care Combo Policies

by Terry Savage

August 9, 2016

“Needing long-term care is an unpleasant thought as you approach retirement age.  But ducking this issue could be the most expensive mistake you make about your retirement.

Aside from the obvious reluctance to think you might need help with basic activities of living, you might figure you’ve saved enough to cover the costs of care.  Think again.

According to the latest Cost of Care survey by Genworth, which sells long-term care insurance, it now costs an average of about $3,800 per month for in-house care for a year, a similar amount in assisted living and about $7,700 per month for a private room in a nursing home.

Need for care typically lasts only about two to three years, but extended care for Alzheimer’s could wipe out (your) savings….

According to Home Instead Senior Care, one of the largest franchisers of care-giving services, only about 20 percent of its clients pay for care through long-term care insurance policies.  The rest are digging into their own pockets.”

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To compare long-term care costs by state go to:  https://www.genworth.com/about-us/industry-expertise/cost-of-care.html

Terry Savage is a nationally known expert on personal finance, the markets, and the economy. Terry is a regular blogger at the Huffington Post. She is a frequent guest on television and radio shows, including CNN, CBS, and she has appeared many times on Oprah.

 

Inspirational and innovative idea

“Take a look inside the Dutch retirement home where students live for free when they spend 30 hours a month socializing with the older residents.”

(via SBS Dateline)

 

Is downsizing right for me?

The Surprising Costs of Downsizing Your Home

downsizing

by Jane Bennett Clark

May, 2016

“When I look at my retirement stash, I have to admit it’s kind of small. When I look at my house, I realize it’s kind of big. And when I consider the two together, I think that maybe I should downsize and use the equity in my house to buy a condo or add to my retirement savings and rent.

Downsizing isn’t for everyone, but it’s one of the few strategies — along with working longer, delaying Social Security or spending less later in retirement — available to near-retirees who find themselves short on retirement savings and don’t have time to catch up, says Steven Sass, of the Center for Retirement Research at Boston College. ‘The house is a major source of people’s savings. If you don’t want to work longer or give up eating out in retirement, downsizing should be part of the plan.'”

Read more at:  http://www.kiplinger.com/article/retirement/T010-C022-S002-downsizing-costs-add-up.html .