Retirement is often associated with a carefree life, but it’s essential to be aware that there are unexpected expenses that can arise, even in this phase. These expenses can go beyond emergencies and include the more enjoyable aspects of life as well.
Long-Term Care Planning: A Necessity as We Age
As we age, it becomes increasingly important to plan for long-term care. Millions of older Americans find themselves alone and unable to care for themselves adequately. This highlights the significance of long-term care planning in retirement.
Mortgage Payoff or Joint Annuity: Making the Right Choice
At the age of 71, one might face the dilemma of paying off the mortgage or opting for a joint annuity that offers a cheaper alternative. It is crucial to carefully consider the stipulations of annuities before making a decision.
- ‘I didn’t see how this could happen to my family – until now’: My brother drained $200,000 from my mother’s savings. How can I stop him?
- Dump your bonds, this new research says
- Older workers are ‘neutral’ to company profits or productivity – and that’s a good thing
- We have $3 million in real estate, which brings in $70,000 a year. Could I make the same income investing in stocks and bonds?
- Are you taking an RMD? 10 smart things you can use it for right now.
- My ex and I went through a terrible divorce five years ago, but didn’t settle our kids’ college expenses. How do I make him pay his share?
More in retirement news:
- Retirement Without a Net: The Plight of America’s Aging Farmworkers (The New York Times)
- Why pandemic early retirement became a permanent choice for many (USA Today)
- Kevin McCarthy to retire from Congress at the end of the year after a historic ouster as House speaker (CBS News)
Retirement Account Moves to Make Before December 31 (Kiplinger)
Research and Insight:
- Bonds’ Role in Retirement Plans Questioned by New Research (Bloomberg)
- Millennials more retirement ready than boomers, study finds (InvestmentNews)
- Higher income and longer working years are linked to better mobility (National Institutes of Health)
- New York City Retirement Systems Part I Experience Study Report (New York City Comptroller)
- Should You Take Social Security at Age 62, 65, 67, or 70? A Broad-Based Study Offers a Clear Answer (The Motley Fool)
- COVID’s undue financial toll on older Blacks, Hispanics (Center for Retirement Research at Boston College)
To share with your family, friends and clients:
- Is giving stock to kids a good idea? There might be a better way to teach them about money.
- My father has dementia and ‘forgave’ my brother’s $200,000 house loan. The nursing-home notary said he was of sound mind. What can we do?
- Just in time for Thanksgiving: Cutting calories by just 12% can slow aging and make you healthier
- Quality of life for older LGBTQ+ New Yorkers to be improved under new commission
- Want some family fun? Try new games with a generational twist.
- Could the pension plan be making a comeback?