Have you applied for Social Security benefits only to find that you will get less than you expected? Many government workers are shocked to learn they will get a lower payment when they retire.
With their many twists and turns, the thought of trying to figure out Social Security policies can make your head spin. Myths abound about Social Security. Unfortunately, many people believe them.
Sadly, these myths can cost you big time.
If you have been following Sixty and Me for a while, you know that we always try to focus on the positive aspects of aging. This is because so many of the things that people consider “challenges” about getting older are actually “opportunities.”
At the same time, there is no denying that some aspects of getting older are simply horrible. For example, nothing can quite prepare you for losing the love of your life. Even if your husband is sick for a long time, it’s hard to imagine life without him… until you are forced to.
At the age of 65, Colonel Harland Sanders was facing a crisis. Like many older adults today, he was looking at an uncertain future. His restaurant had failed and he was left only with his savings and the prospect of a $105 monthly Social Security check.
Our attitudes toward the important things in life – relationships, money, and careers – are shaped by the experiences we have in our youth. The Millennial generation – our kids, in other words – are demonstrating this in their attitudes toward saving, investing and real estate.
Check out this interesting article in The Motley Fool on the financial habits of Boomers versus those of their children. It gives us a whole new take on the term “sandwich generation.”
What does it take to be a millionaire grandma? If you said, “having a million dollars in the bank,” you’re only half right. In fact, many women who reach this financial milestone won’t be able to live the lifestyle that most of us associate with being a millionaire… but, that’s a topic for another article!
As we start to reach retirement age, many of us are facing a harsh reality. We simply didn’t save enough for retirement.
Some of us planned to continue working into our 70s, only to be pushed out by the very companies we dedicated ourselves to for decades. Others miscalculated how much money we needed to retire comfortably. Still others lost a significant percentage of our savings in the Great Recession.
I’m part of a fast-growing demographic group – women baby boomers who enter a new phase of life after the death of our husbands. It’s true that the average age a wife becomes a widow in the United States is 59.4 and 70% of all married baby boomer wives will experience widowhood.
Lately I have become acutely sensitive to the amount of time we spend talking about money in our everyday life.