Retirement in Sight

SUNNIER PROSPECTS FOR WORKING AS A SENIOR

In recent years, a steady stream of articles has appeared, questioning baby boomers’ hopes to keep working part time in their retirement years. These articles have tended to take a skeptical view of such ambitions. Well, maybe it is time to sweep some of the skepticism away.

MORE SENIORS, BUT PERHAPS FEWER DOCTORS?

Ideally, the ranks of primary care physicians and specialists would expand to meet the demands posed by retiring baby boomers on the health care system. In reality, things are quite the opposite: America is staring at an oncoming doctor shortage.

HOW RETIREMENT SAVING RELATES TO RETIREMENT SPENDING

Just as there is no one-size-fits-all retirement strategy, there is no “average” retirement savings number that applies for every individual or couple. 

CAN YOU STAY ON A COMPANY HEALTH PLAN AFTER AGE 65?

Generally, Medicare is available for people age 65 or older; this is well-known. What is less well-known is the fact that some companies can legally cancel group health insurance for a worker reaching this milestone. Baby boomers who aspire to keep working into their mid-sixties may want to take note of this.

RETIRING WITH A CASH RESERVE

Many people want to enter retirement with a) investments that may have benefited from years of growth and compounding, b) a manageable debt position, and c) a cash reserve for emergencies. Just how large should that cash reserve be? 

PET OWNERSHIP COULD CORRELATE WITH HEALTHIER AGING

Each fall, the American Association of Retired Persons (AARP) and the University of Michigan sponsor a National Poll on Healthy Aging. In the 2018 poll, a majority of adults aged 50-80 said that they owned a pet, and many reported distinct benefits from that friendship. Eighty-six percent said that their pet(s) made them feel loved, and 79% credited their pets for reducing stress in their daily lives.

 COULD WORKING A little AFTER 70 BECOME ROUTINE? 

Some baby boomers and Gen Xers hope that they can work into their seventies. Is that hope unfounded? It may not be. Consider the nation’s shifting generational demographics, and how they may reshape the workforce.

HOW CAN A WOMAN TRY TO PREVENT OUTLIVING HER MONEY?

Certain financial decisions may help a woman grow and sustain her retirement assets across the decades to make up for time out of the workforce and the prevalent earnings gender gap. Obviously, one fundamental move would be to start saving and investing for retirement as early as possible – but other, sometimes under recognized choices may also allow a woman to make more financial progress.

THINK OF THESE FACTORS AS YOU THINK ABOUT RETIREMENT INCOME

If retirement is drawing closer, you will want to ask yourself some key questions relating to your future income. Answering these fundamental questions may help to give you a better picture of the monthly cash flow needs of your retiree household.