Retirement Archives

What Is Unretirement and How Will It Affect Future Generations of Workers?

As technological and medical advancements increase the average human lifespan, our society has had to re-evaluate its approach to the traditional work model and target retirement ages. In fact, a new survey conducted by Harris Poll for TD Ameritrade recently found that at least one-third of Americans aged 40 or older plan to continue working past the traditional retirement age of 65. There are also plenty people who retire for a while then return to the workforce a few years later. It’s worth noting that financial reasons aren’t always the motivating factor for someone to go back to work; some people want access to more mental stimulation, socializing opportunities and/or emotionally fulfilling activities than what traditional retirement can offer. This … Read more

Why You Can’t Rely on Social Security for Retirement

by Guest Contributor

Sooner than you think, there will come a time when you can no longer work. Perhaps you have grown too tired of the daily grind, or perhaps your fading health will prevent you from maintaining lasting employment. Regardless of the reason, you will need to retire. Unfortunately, most Americans aren’t adequately prepared for retirement. A 2019 study found that 64 percent of Americans lack sufficient retirement savings, and an astonishing 48 percent of them are apathetic about their lack of retirement plans. Many of these Americans believe that they will be able to survive their retirement on Social Security benefits alone. Indeed, the Social Security Act of 1935 designed the program to provide for the nation’s seniors and ensure sufficient … Read more

How Rising Healthcare Costs Can Frustrate Your Retirement Dreams

by Hank Coleman

Although elderly people (ages 65 and older) only account for 16% of the current U.S. population, data from the Kaiser Family Foundation found this age group accounts for 36% of all healthcare spending in the U.S. each year. When you factor in people 55+ years old, this demographic comprises just 29% of the U.S. population but accounts for 56% of all healthcare spending. The fact that older people have more expensive, more frequent healthcare needs than younger people is no surprise, but it’s alarming to see just how much money quality geriatric care requires, especially in a time when healthcare costs are rising much more quickly than wage growth and cost-of-living adjustments (COLA) for social programs like Social Security. The … Read more

Are Your Family’s Retirement Plans Fighting Each Other?

by Hank Coleman

Are your retirement plans fighting with each other?

How many retirement accounts do you and your spouse have? Do you both have Roth IRAs and a 401k retirement plan at work? Or, old ones from a former job? You may find out after closer inspection that your separate plans do not mesh well with each other. In fact, you may find yourself poorly diversified with a lot of fund overlap if you are not too careful. You may want to add several checks to your annual investing portfolio rebalancing this year to synchronize your entire family’s retirement plans. Here are some things to consider. Look at Your Family as a Whole One of the best ways to synchronize your entire family’s retirement planning is to look at the … Read more

Should You Take Social Security Early After All?

by Hank Coleman

One of the most common pieces of financial advice given to 50 and 60-somethings is that you should wait until you’re at least 65-67 to take out Social Security. However, new research from the Journal of Aging Studies found that seniors who had filed for Social Security benefits early expressed remarkable satisfaction with their decisions to file early (about 45% of the focus group respondents had filed at age 62; the rest filed before Full Retirement Age at 65-66 years old). This new study contradicts everything you might have heard about the “dangers” and “risks” of withdrawing your retirement funds early. So, what is really the best option, then? According to the study, respondents who withdrew early were most concerned … Read more

How to Return to the Workforce If You’re Running Out of Money During Retirement

by Hank Coleman

Millions of Americans are reaching retirement age each year, yet a majority of them feel financially unequipped to handle the potential costliness of long-term care combined with a permanent loss of earned income. Some folks barely have anything saved for retirement by the time they reach their 50s and 60s, which means they’ll likely be working well into their 70s and possibly 80s to pay the bills. If you’re concerned about running out of money during retirement, then rest assured, you’re not alone. Many older Americans – retired and end-of-career alike – are worried about the possibility of rising healthcare costs, longer lifespans, and inflation derailing even the most perfectly laid retirement plans. This means that seniors should consider other … Read more