If you believe in the traditional view of retirement, life after 65 should be filled with trips to the golf course, martinis by the pool and plenty of TV time. Setting aside the question of whether such a life would be healthy or fulfilling, it is clear that few of us will be able to afford it.
What are the best places to retire? Do you want to downsize in retirement? Or, are you looking for a larger home to make room for all of your passions? Do you plan on staying where you are now? Or, have you picked an exotic place in a far-off corner of the world to retire to? These are just a few of the many questions that baby boomers are facing as they decide where and how to live in retirement.
As many boomers know, trying to keep your career moving forward after 50 can be a frustrating experience. Aging stereotypes are just part of the story, but, they are an important part.
In a recent report titled “A New Vision for Older Workers: Retain, Retrain, Recruit”, Dr. Ros Altmann goes so far as to say that, in the U.K. most women find their careers grinding to a halt at age 45. Men get another decade of career growth before reaching a plateau, but, even they find it difficult to advance after age 55.
Even if we care less about “things” after turning 60, we still get the impulse to go shopping occasionally. If this sounds familiar, you’ll love Groupon!
Maybe it’s for a new dress or pair of shoes in preparation for a stylish night out on the town. Or maybe it’s treating friends to a fancy dinner so you can all catch up and swap life stories. Or maybe it’s for a day all to yourself relaxing and getting pampered at a spa.
The problem is that you want to stay frugal, too, since you have bills to pay and necessities to budget for. And it can be hard to find a business that has a deal going on right now, or at least wait until a shop nearby holds a sale. This is where the organizing and searching power of the Internet comes in handy.
One of my biggest fears for the baby boomer generation is that we have taken the concept of retirement too seriously. Many of us still believe in the notion that retirement should be a time for living off your savings, relaxing and “aging gracefully.”
Now, a new study by The Pew Charitable Trusts, says that the majority of baby boomers may finally be rethinking retirement. Most people surveyed said that they didn’t plan on retiring, in a traditional sense. Instead, they said that they wanted to continue working, either in their existing job or in a new career.
Lots of women over 60 are looking for ways to make money, save more money for retirement, or perhaps start a new career. Unfortunately, age discrimination is all too real. Lots of people “of a certain age” get passed over for opportunities at work, forced into early retirement, or denied interviews for jobs that they’re clearly qualified for.
If you feel like you’re being held back in your career by the unfairness of the youth-obsessed corporate world, or if you don’t feel valued at your company, or if you’re looking for a new way to add value and earn income and feel connected, perhaps you should try freelance writing.
What is retirement planning? It’s a simple question, right? Doesn’t everyone know that getting ready for retirement is all about putting enough money away so that we can live comfortably on our investments? At least, that’s what we have been told. For decades, our employers have reminded us to max out our 401K.
When it comes to money, us Baby Boomers are in an interesting position. On the one hand, we hear over and over again that we are the “wealthiest generation in U.S. history.” On the other hand, the great majority of us are simply not prepared for retirement.
People reaching retirement age today are under huge financial pressure. Since, on average, we will live longer than any previous generation, our savings will need to last decades. In addition, many of us find ourselves in the position of looking after our aging parents, while living on a pension.
Is life insurance over 60 really necessary? It’s a more difficult question than it sounds. After all, many women have had life insurance for most of their lives. When we are younger, we see at a necessary measure to protect our families if something unexpected should happen to us. But, as we get a little older, many of us start to wonder whether we are just wasting our money. Now that our kids have grown up, do we really need to pay money every month for life insurance?
Since everyone’s situation is different, it is impossible to provide a blanket answer to this question. However, I hope that the following gives you some questions to raise with your family and a financial professional.