Each morning I wake to a symphony of songbirds and roosters. Somehow, my wife, Nancy, usually sleeps through this, but for me it's the start of another relaxed day in retirement -- in Thailand.
I recently had the opportunity to spend some time with Jason Dorsey, chief strategy officer for The Center of Generational Kinetics. Known as the Gen Y Guy, Jason is an acclaimed keynote speaker, generational researcher and best-selling author.
If you're under the age of 35, odds are you haven't spent much time planning for your retirement years. This is certainly understandable considering the financial hurdles millennials face today.
The financial services industry, which profits handsomely from managing 401(k) and similar accounts, encourages victim self-blaming. What better way to deflect criticism from itself for running a rigged game?
Do you need to sign up for Medicare? It depends on whether you have employer coverage and what kind you have. If you do need Medicare, enrollment is generally automatic if you have signed up for Social Security. You may also need to sign up for supplemental coverage.
Men and women nearing retirement who have gone through a divorce are less likely to feel financially prepared than married couples. Women are most likely to feel financially unprepared than men and this is for good reason: According to a recent ING U.S. study, divorced women have, on average, $34,000 less in total retirement savings than divorced men.
When recovering from a career transition later in life, take the time to reflect on who you are and what you want before jumping into a new job or starting a new business or freelance practice.
If you were judging happiness strictly by what you heard (if anything) about any of these countries on the evening news or could find in rankings of national wealth, you'd probably think that people who live there are some of the most impoverished and dissatisfied on the planet.
Do you want to travel and sample different retirement lifestyles, but have a limited budget? Housesitting may be your answer. Our first housesit was three years ago. Since then we have lived rent-free in Tuscan farmhouses, French vineyards, Spanish casitas and luxury Costa Rican villas.
Many Baby Boomers are facing a difficult decision: when to retire? Their personal choices are being made in the context of a longstanding debate about the appropriate age for workers to leave the workforce.
There is a general principle to growing older. It gets worse. You want to live a long life. Good, but you can't avoid issues. Take my lunch group. Bert has had a stroke; David is legally blind; Mickey uses a walker; Justin is leaning ever more precariously; my joints are aching.
Just because employees are hardworking and loyal doesn't automatically mean they are financially astute and do a good job at planning for retirement, nor does it mean newer employees are bad at managing their money.
Everyone's situation is a little different, but unless you expect your tax bracket to drop in the future, I would say that for most people with a choice, the long-term benefits of the Roth IRA override the short-term tax deduction of the traditional IRA.
Risk management is regarded as an essential element of modern investment management. But few people recognize that retirement -- the period when a person stops working and begins to decumulate their assets -- has now become the riskiest stage of a person's entire financial life.
Salter says people get credit for their age by waiting, but with lower interest rates and compounding growth, it makes more sense to take it today than wait for an uncertain future.