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Health Care Costs are Expensive After Retirement

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It is never too early to plan for your retirement. Most people are aware that health care costs are high, but, not everyone understands that a person’s health care expenses tend to increase after retirement. Health insurance can help with some of those costs. There are other things that can help as well. According to calculations done by Fidelity Investments, a 65-year-old couple who retires in 2012 is estimated to need around $240,000 to cover their medical expenses throughout their retirement. That is a lot of money! This total amount has increased by 4% since last year, and it has … Continue reading →

Elderly Women and Retirement

Whenever I think about elderly women, of course my grandmother comes to mind. She and I were very close. I remember going up to stay with her from time to time, often for five days or a week, and enjoyed her simple, laid-back lifestyle. She canned, she gardened, she did crossword puzzles, she wrote in her journal—and she always had a cookie jar full of various home-baked treats for her grandchildren. It wasn’t until I was in my mid-teens that I realized something: Grandma didn’t have a lot of money. It wasn’t something that had ever been an issue, so … Continue reading →

Interview: John Hauserman on Retirement Planning

This morning I had the chance to chat with my friend John Hauserman of RetirementQuest.com. I’m a little ways down the road from retirement, but that’s the perfect time to start thinking about it—when it’s not an urgent, pressing need. By then it’s too late. I asked John a couple of questions that have been on my mind. John, I’m not a risk-taker, and I love it when people can give me a heads-up so I don’t make a huge mistake. What do you consider the single biggest mistake people make when it comes to planning for retirement? The single … Continue reading →

Benefits For The Self-Employed Part 3: Two More Retirement Planning Options

For the last installment of this series on benefits for the self-employed, I am going to explore two additional options for retirement planning, the SEP IRA and the individual 401k. It is good that there are a few options available to home-based business owners when it comes to retirement planning. Of course, the fact that there are differences between the various options that are available means that you will have to invest some time in learning about your options and choosing the one that will work best for you. The SEP IRA and the individual 401k both offer flexible annual … Continue reading →

Tips for Retirement Planning

Every year you should take the time to evaluate your long-term financial plans. If you are very close to retirement, you might need to do this more often than once a year. Try to come up with a schedule that works for you. Look at it each year on your birthday, the New Year, each fall when school starts, at tax time, find a time that is best for you. During this time, your retirement plans should be part of this process. When you do sit down to review, consider these tips: 1. Every year we see inflation rising. Your … Continue reading →

Switching Careers Later in Life

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Many people over the age of 50 consider switching careers. When they do, they often wonder if it is even possible or worthwhile. Once you have become established in a profession, change can be scary. In addition, there are risks associated with that change. If you are considering switching careers later in your life, there are some unique considerations to consider. First, ask yourself some of these questions: 1. How much longer do I plan to work before retirement? 2. Could I plan to continue my current career until retirement age? 3. What are the main reasons I want to … Continue reading →

Couple Retirement Planning

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Ideally, couples should plan their long range and retirement goals together. Of course, it isn’t always easy to formulate a plan that both agree on. As a couple, you will need to take the time to sit down and discuss both individual goals and joint objectives. If you take the time to work together and come to some agreement on mutual goals and expectations, you are far more likely to come out ahead. It is easier to gain financial momentum when a couple can combine their assets and strengths. You don’t even have to have the same goals to do … Continue reading →

Late Start on Retirement

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Are you getting a late start on saving for your retirement? While this is not ideal, it is not impossible to catch up quickly – if you take the aggressive approach. People are living longer these days, so even if you thought you would have enough… as you near retirement, you might discover you don’t. If this is you, then consider some of these following options. Start learning to live with less. Change your lifestyle before you retire. This provides you two bonuses – you can learn to live on less income and you can use this reduction in your … Continue reading →

Baby Boomers and Retirement

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I was reading an article in the paper the other day that got me thinking… yikes… our largest generation is going to be retiring soon. What does this mean and how will it influence all of us? To be honest, I am not sure – but it left me with some questions and thoughts. I would love to hear any ideas you all come up with too! Just leave them in the comment box below. Baby boomers will need to start using their retirement money. This means large amounts of stocks will be sold. Thus, the process will move money … Continue reading →

Celeb News: Pregnancy, Surgery, and Retirement

After weeks of speculation singer Gwen Stefani has confirmed she is expecting another baby with her rock star husband Gavin Rossdale. Actually, Stefani hasn’t said a word about her pregnancy, but relentless reporters were finally able to extract the news from Rossdale’s father and the celebrity baby bump watch began. Britain’s “The Sun” is reporting that the singer is 13 weeks pregnant and is due in late July or early August. Stefani and Rossdale already have a son, Kingston Rossdale, who turns two in May. The 38-year-old blonde songstress has made no secret that she wanted to add to her … Continue reading →