retirement

Pay gap major cause for retirement insecurity

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pay gap
sbeconomic.com

Women more likely than men to face poverty during retirement

by Adam Allington, Associated Press

July 10, 2016

CHICAGO — “During their working years, women tend to earn less than men, and when they retire, they’re more likely to live in poverty.

These are women who raised children and cared for sick and elderly family members, often taking what savings and income they do have and spending it on things besides their own retirement security.

The National Institute on Retirement Security, a nonprofit research center, reports that women are 80 percent more likely than men to be impoverished at age 65 and older. Women age 75 to 79 are three times more likely.”

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Making money last in retirement

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By Adam Zoll | 03-21-2015 09:00 AM

Source:  http://morningstar.com

Note:  Not a live video as the host states.  It is a recorded version.

My first major retirement/remodeling project…

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Retirement/Remodeling Project–You Can Do This!

When I purchased my home in 2013 I did so knowing I would have some remodeling projects to do.  My first major retirement/remodeling project was changing the 1977 fireplace surround and popcorn ceiling in my family room. Below is the before picture taken by the seller’s realtor…

Fireplace

My son-in-law who lives about 25 miles away and I removed the painted tile fireplace surround and the painted cedar wood slats above it right after I moved in.  We, or should I say he, removed the side box for wood storage and the drywall above it (with my permission). Then it stayed that way, open studs and all, for about two years.

I began the project by stripping the paint off the wooden beams on the ceiling.  This took a bit of time and elbow grease.  A lot of the white paint was embedded in the grain of the wood.  After several coats of Citristrip stripping gel, a scraper and a nail, it was ready to be stained the original dark walnut color.  I filled the beam joints next to the walls with sealant (I used brown DAP window, door and trim sealant).

Next, my son-in-law hung drywall and cement board for me.  We had to add a bit of framing as we kept the original fireplace framing.  Then I taped, mudded and textured the new drywall with all-purpose joint compound and a spray can of knockdown.  I used knockdown in the past when I helped a friend patch some walls.  Easy enough. Painting was next…I have a lot of experience with painting and I enjoy it.  It makes such a difference right away.

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Are you a happy baby boomer?

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happy baby boomersWhat exactly is a happy baby boomer?

Scott Hanson, author of Personal Decision Points: 7 Steps to Your Ideal Retirement Transition and “A Baby Boomer’s Four Keys to Happiness”

August 14, 2016

“If you’re a member of the Baby Boomer Generation, study after study reveals that your expectations for well-being in retirement are different from those of any generation that’s come before.

While this may be a deeply personal inquiry, according to the most in-depth study of its kind, (Triumphs of Experience: The Men of the Harvard Grant Study), when you consider what it means to be happy, there are a few common threads by which Baby Boomers are bound. Which raises the question, how can Boomers live well and retire happily?

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Kiplinger’s Social Security Strategies

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Social Security Strategies if You’re Widowed

“A survivor benefit is worth up to 100% of a deceased spouse’s benefit.

You’re eligible for a survivor benefit based on your deceased spouse’s earnings. You can claim this benefit as early as age 60, or 50 if you’re totally disabled. The amount is based on your late spouse’s benefit when he or she died. If your spouse died before claiming Social Security, the benefit will be based on 100% of the amount due at your late spouse’s full retirement age.”

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Social Security Strategies if You’re DivorcedSocial Security strategies

“Meet certain criteria and you may qualify to claim a benefit off an ex-spouse’s earnings record.

…In order to claim either spousal or survivor benefits, you must have been married for at least 10 years and not be entitled to a higher benefit based on your own record. In addition, you must be at least 62 and unmarried.”

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Social Security Strategies if You’re Single

“There are steps singles can take to boost their benefits.

…Single retirees who never married don’t need to concern themselves with survivor benefits — benefits will end when they do. That gives single beneficiaries a less compelling reason to postpone claiming benefits after full retirement age, says Marc Kiner, co-founder of Premier Social Security Consulting in Sharonville, Ohio.”

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Social Security Strategies for Married Couples

“Spouses can boost their benefits by coordinating the timing of their claims.

Married beneficiaries can claim benefits based on their own earnings record or choose to receive up to 50% of the amount for which their spouse is eligible at full retirement age.”

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All four of these articles are by Sandra Block, from Kiplinger’s Personal Finance, January 2015.

Places to retire for good health

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places to retire

From the Editors of Kiplinger’s Personal Finance…12 Great Places to Retire for Good Health

July 2016

“The most important component of a happy retirement? It’s not financial security (although that’s nice to have) or proximity to family and friends. It’s good health.

With that in mind, we chose retirement destinations that are havens for healthy living, with lots of opportunities to pursue an active lifestyle and great medical facilities. Using data provided by Trulia, the online real estate marketplace, we identified neighborhoods that have quiet streets, trails, parks, golf courses and other amenities, and easy access to hospitals and pharmacies.

Our destinations span the country and range from walkable neighborhoods in big cities to small towns with top-ranked hospitals. Most of our neighborhoods are in cities with good air quality (which is why you don’t see any Southern California cities on the list) and low crime rates. And with the exception of Omaha and Billings, all are in states that are tax-friendly or tax-neutral for retirees. We’ve listed them from smallest to largest population.”

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