The U.S. Department of Health and Human Services estimated in 2020 that 50-70% of those now turning 65 will eventually need some level of long-term care.
Yet, few people include a long-term care component in their retirement planning. It seems like more people plan for their children's college education than for the very costly and highly probable reality of long-term care. Assumptions that typically drive this lack of planning are:
It might be challenging to move from a life of nonstop work and insane hours to doing very little suddenly. You've worked so hard to earn your retirement, so it's meant to be the best time of your life, with all the perks it brings. What better way to occupy those formerly nine-to-five hours than with activities that are less about productivity and more about enjoyment? But how can you make the most of my retirement years? What a great question! One great option is to try photography!
Selling your home is a big step to transitioning to a new lifestyle. If you're like many of the people considering downsizing or moving to a senior living community, it could have been 30 years since you have last dealt with a real estate agent. For some, this may be the first time you are personally selling your home.
If you have limited experience selling a home, or it has been years since you sold a home, you may have dozens of questions swimming around in your head. "How much is your home worth?" "Where do you find a real estate agent?" "Do I have to make any repairs to my home?" "How will I complete repairs?"
To help answer these questions, we've created this four-step process for selling your home.
Nothing wears down your monthly budget like the utility bills. And now that winter is here, it's about to get even worse. With people spending more time indoors in the winter, energy usage increases even more. What's more, the extremely cold climate in this season demands the frequent use of heating systems. Since you can't survive without heating the house, this causes higher monthly utility bills. Fortunately, there are ways to save on winter utilities that seniors can rely on. These tips are simple to implement and will reduce the financial strain. With that said, let's have a look at them:
Many grandparents want to help their grandchildren financially but are not sure where to begin or are unaware of the various options available to them. Whether your grandchildren are toddlers or college students, there are several ways to help start them on the right path toward financial success.
Finally, you've reached retirement. It's time to enjoy your savings and live comfortably somewhere for the rest of your life. Unfortunately, for many, the dream isn't quite as they may have imagined it. Perhaps your social circle is shrinking, you find yourself bored during the week, or your bank account appears to be shrinking faster than expected. At this point, you are left with a puzzle. Is going back to work in retirement right for you? To help you out with this, we've compiled several pros and cons of going back to work in retirement for you to consider.
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Retirement checklists abound across the internet. Most provide wisdom on planning for a secure financial future. Saving enough, choosing appropriate investments, and eliminating debt are common recommendations. However, there is more to retirement than pure pocketbook considerations. Listed below are some retirement planning ideas that most checklists don't mention.
Retirement is a time in life when people can finally enjoy all the fruits of their labor. It's a time for relaxation, comfort, and leisure. After spending decades in the professional field, you are now living a content life in retirement at home. You might be getting a pension, but it will not be as much as the salary you were drawing from your job. So you have to try and cut costs when you are retired. How can you make or save your money to cover living expenses during retirement? Well, we have got some practical tips for you.
"I am moving, and I need to downsize. Where can I sell or donate my old stuff?" This is a common question for people who are downsizing their homes. The process of downsizing a home can be overwhelming for anyone. The best way to do it is to take your time and plan ahead so that you don't make any mistakes or regret decisions later on. When downsizing, you will need to address what to do with all the "stuff" in your house - from clothes, books, furniture, kitchenware, collectibles, and everything else! If you have been looking on the internet, you might have found that there are many places where you can find help with your move.
In my recent blog on homeowners associations (Downsizing? Here's How to Evaluate a Homeowners Association), I mentioned that it makes sense to get a home inspection before buying a condo.
Home inspections are a great way to spot problems before purchasing a home. Among the types of things covered are: