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retirement finances

Daily Retirement News Update

January 12, 2020

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Don't Run Out of Money in Retirement    The number one fear in retirement is running out of money. It happens more often than you might like to think. Each person's situation is unique, but there are definite red flags to let you know that your retirement funds are disappearing too fast. Here are four of them.

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Make Your Retirement Wishes Come True    The sad fact is that most Americans are woefully underprepared for retirement. There are ways, though, to become better prepared, even if the "golden years" are just around the corner. Here are 20 steps you can take now to help ensure a better post-working life. Read about them here.

How to Establish a Retirement "Paycheck"     Just because you are retired does not mean that your expenses end. In fact, on a monthly basis, most retirees will spend at least 80% of what they spent when they were working. People who travel or have expensive hobbies often spend more. So how do you create a reliable "retirement paycheck?" Click here to find out.

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Make Money While Living as an Expat     A lot of people think about retiring in a foreign country. Many countries, though, do not let expats take jobs away from locals, which can be a problem if you need to work part-time in retirement. Here are a few businesses you can start if you want to make a little extra cash as an expat.

How to Decide Where to Retire?     Deciding where to retire can be overwhelming. Do you want a warm climate and low taxes? Or the endless amenities of a city? A coast without hurricanes? What about being close to your kids, living in a safe neighborhood, distance to an airport and so much more? Here are a few tips to help you decide how to find the best place.

Previous Updates

January 5, 2020

Watch Out for Scam Social Security Robo Calls     It is no secret that robo calls are out of control, with some people receiving dozens a day. These automated calls want to sell you things you don't need, or worse, steal information from you. Now we find out that, according to the FTC, the Social Security Administration is the government agency most targeted by robo call scam artists. These criminals are out to get your Social Security number and try to scare you into giving it to them. How do you protect yourself?

More Previous Updates

Key Findings About Retirement

The Society of Actuaries' Committee on Post Retirement Needs and Risks and Pension Section recently conducted a study about retirement. Below are five of their key findings.

1) Most people retired not because they wanted the free time that retirement affords but rather because their work became too unpleasant or too difficult. They were not "pulled into" retirement as much as they "pushed out" of work.

Sometimes, the physical aspects of their job became too painful, but often it was the stress of the job that became too much to handle. Some people felt that their employer no longer valued them, but this was not the case for the majority of workers.

Other people, particularly women, retired to take care of a spouse or parent. A few people retired because they could not tolerate working for a 35 year old boss. Once in retirement, many missed the day to day work relationships that they had had.

2) The majority of recent retirees did not know if they could really afford to retire when the time came. Even those who worked with a financial advisor did not ask him or her if they had the financial resources to leave the workforce. Most retirees looked at their current bills to see if they could be paid using Social Security benefits, part-time work and pension distributions. If so, they retired. The effect that inflation will have on future income was not taken into account.

3) Most people retired without consulting anyone else. Married retirees tended to tell their spouse that they were going to retire instead of asking the spouse's opinion about the matter. Children and friends were rarely consulted.

4) The majority of retirees claimed Social Security benefits at the earliest age possible, age 62. Many understood that it is better to wait until their full retirement age to claim benefits, but they could not resist the extra income. They also had a "anything can happen" attitude and would rather enjoy the money now than wait to collect since no one knows what the future holds.

5) Most retirees said that they do not have a long term retirement plan because, again, anything can happen. Future money emergencies may arise, but they may not. People were more comfortable living in the present and dealing with financial problems as they occur.

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