Boomers continue to defy tradition–this time when it comes to their housing choices as seniors. Feeling younger and having adult children still living at home are some of the reasons they are not downsizing in their later years.
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Too many older Americans do not understand how Social Security works and overestimate their benefits. Using a qualified financial advisor makes a huge difference in avoiding this costly mistake.
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Delaying retirement and working a bit longer will boost your finances for your later year more than simply saving more and cutting expenses, per new study.
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Prepare for retirement by having important conversations with: your financial advisor, spouse, boss and family. Set up your needs and wishes well in advance to ensure your control over your own retirement.
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Owning and sharing a home with your friends may be an ideal option for some retirees. House-sharing may be unconventional but with advance planning to protect each person’s investment and lifestyle, it may help extend retirement budgets, cut expenses, and support companionship.
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Celebrate retirement by taking advantage of discounts just for seniors. Look for special deals in entertainment, dining, travel and financial services.
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Make retirement a smooth transition. Create a vision for your golden years, discuss your plans with your spouse and settle your finances to cover your costs for the next 2-3 decades.
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There are ways to maximize your lifetime social security benefits. Consider you age, health, marital status and overall retirement portfolio first as part of strategy to increase your overall payments.
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If you have recently inherited a large 401k, consider your options carefully before simply cashing out. Look into tax consequences of each and look into opportunities to continue growing the funds for your own retirement.
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Retiring in a foreign country has many benefits, but it’s not ideal for everyone. Consider the language, health care, culture, family proximity and your aging needs before moving abroad.
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