Finances and Retirement
The Boomer Heath Institute will continue to focus on the things that matter the most, which includes your health, your family, your relationships, your passions, and the special activities that give you joy, but we will also use some of these Friday Finds to highlight articles on finances, retirement, and social security. Financial security is just a pipe dream for many people, especially since we live in an era of such wealth inequality. I read that the average American 65-year-old couple has a net worth of $165,000+ with a life time of expected medical costs of $300,000. All of us need to stay healthy (which is a key focus in my book and in many of my blogs), but we all need to have sufficient funds to be able to survive. Hopefully, some of these Friday Finds articles will be useful for your financial security. In that context, you might find this article interesting, as it compares retirement ages and financial challenges from around the world. All citizens face the same problems; and if there is common recommendation, it is simple. Depend on yourself, not your government. Of additional interest, here’s an article that highlights how much it matters where you retire: i.e., which state! Choose wisely? And before you become too overwhelmed, read this article, which offers hope for retirement by arguing that we might not be as doomed as some experts proclaim.
Social Security Income
This a major issue for many Americans. When to take social security income and how to maximize your benefits. With 81 choices, it is not an easy task — and the Social Security Office does not exactly make it any easier. Here is an article on one viewpoint of when to start social security. Here is another article on some frequent mistakes made with the start of social security. One of those mistakes cannot be overlooked. If you are going to keep working, your outside income will reduce the amount that social security gives to you. So, you are often best served by holding off the start of social security until you are truly retired. Unfortunately, not many people can afford to wait until they are completely retired. In fact, not many people can wait until age 69-70 when you receive the highest monthly payment. For those of you who still have some time before collecting social security, here is an article that offers some tips on saving — even if it appears too late to start that process. Lastly, for those of us who are too close to retirement, there is another approach utilize before and during retirement – spending less money. Easier say than done. Still, sometimes less is more, especially if we realize that our most important currency is time, not money.