retirementliving
Your daily life is going to change as a retiree. It’s important that you remain adaptable during this transition if you’re going to remain healthy and thrive. One of the best ways to set yourself up for success is to attempt to simplify your life – in everything from long-term financial planning to daily household chores. But how do you do this? And why is it so valuable? The Value of SimplicityA simple life is one without convolution or complication. Striving for simplicity means eliminating waste, cutting out things that aren’t significant or relevant, and generally optimizing so that your l...
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You’ve worked hard your whole life. And if you’re like many people, you dream of the day you can start your carefree retirement. But to have a carefree retirement, you need careful planning. If you’re currently in that planning stage, it may be worth taking a look at a lifestyle that’s gaining in popularity: comfortable retirement abroad in a foreign country. Not all countries make equally great retirement destinations. But if you investigate your options, you’ll find a country where you can enjoy financial security while exploring a whole new world. Choose Your Future: Finding the Right Retir...
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Are you one of the many Americans performing remote work during retirement? Remote work is an attractive option for older folks because of its flexibility and convenience. However, it can be difficult sometimes to stay focused when working from home. In this article, you’ll find several tips on ways to be better focused on your job, such as having a dedicated workspace, creating your schedule with intention, and practicing quality self-care. Create a Designated WorkspaceHaving a designated workspace is critical for staying focused while working remotely. A designated space allows you to: Focus...
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The notion of working in retirement may seem paradoxical, but it is not. Although you may have moved beyond your primary career, you should still devote a part of your week to some type of money-making activity. It is possible to round out your schedule and add satisfaction to your retirement through part-time, freelance, or consulting work. Furthermore, there are financial benefits as well. To that end, here are nine reasons to consider reentering the workforce. 1. Additional financial stability.In most cases, retirees have sufficient savings and income from their retirement plans to meet the...
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It can be difficult to afford retirement, especially when your retirement income is taxed. In addition to taxing Social Security benefits, the federal government taxes income from 401(k) retirement plans, traditional IRAs, and pensions. Additionally, most states tax retirement income to some extent. A dozen states, however, do not tax 401(k)s, IRAs, or pensions, which are the most common types of retirement income. Listed below are some highlights of how these funds are handled by those 12 states. Retirement Income Tax BasicsBefore going any further, let’s quickly cover the basics of retiremen...
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To retire comfortably, Americans say they will need $1.1 million. Unfortunately, less than one in four will have the savings to do so. According to the 2022 Schroders US Retirement Survey, 22% of people approaching retirement say they’ll have enough money to maintain a comfortable standard of living. The figure is down from 26% the previous year. Overall, there is a general expectation among Americans that their retirement savings will be inadequate. In fact, the majority (56%) expect to have less than $500,000 saved by the time they retire and 36% anticipate having less than ...
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I believe that it was Josh Billings, the pen name of 19th-century American humorist Henry Wheeler Shaw, who once proclaimed, “ Debt is like any other trap, easy enough to get into, but hard enough to get out of.” Managing debt is a challenge many of us face. According to the Federal Reserve Bank of New York’s quarterly report on household debt and credit, household debt totaled $15.58 trillion in the fourth quarter of 2021, an increase of $340 billion. That brings the total debt balance to $1.02 trillion more than it was at the end of 2020. Still, getting out of debt is no easy task. It requi...
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People often transition smoothly into retirement and enjoy their new lives right away. However, some people have a more difficult time settling into retirement than their peers. It’s even possible that some of us will delay or put off retirement entirely to overcome our fear of uncertainity. Regardless of how you feel about retirement, here are the following are five qualities that happy retirees share. 1. Be a saver, not a spender.When it comes to retirement planning, numbers are key. And, for good reason. If your retirement income from sources like a 401(k), Social Security, or annuity can s...
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Are you ready to retire from your career but worry that you may not be financially prepared? This is a common concern. The majority of baby boomers have no retirement savings, and 40% plan to rely solely on Social Security for their income after retirement. What’s worse, most Americans have no idea how much they’ll realistically need for retirement. As such, retiring for less is more than important than ever. How can you put your mind at ease? Well, you could start saving for retirement now, as well as plan for developing multiple retirement income sources. Both of which will help you live a m...
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“Money has never made man happy, nor will it, there is nothing in its nature to produce happiness,” Benjamin Franklin once said. “The more of it one has, the more one wants.” Financial success might not be the key to happiness. A great deal of research suggests the most important factor for happiness is social connections and relationships. At the same time, being free of financial worries can also contribute to a happier and more fulfilling life. But, what’s the exact dollar amount you need to be happy? Well, there’s no exact answer to that question. How Much Money You Need to Be Happy The Ce...
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