Financial Advice on Retirement

Are you seeking Financial Advice on Retirement?

Retirement sounds so good - FREEDOM! Do what you want to do, all day, every day - but with less income.  Hmmmm, how does THAT work?

When you are working, you always know there is another check around the corner. When you retire -- income is limited, what you have at the time you retire - is what you have for the rest of your life. That's why you need some financial advice on retirement, from me and retirees who have been there before you!

Even if you were preparing for retirement, your ideal retirement may not work out. You hired a retirement investment planner -- 2008-2009 hits like a financial tornado and the world turns upside down. All investments: 401K's, IRA plans, money markets, bond funds, home values - down, down, down!

When Howard Hughes, one of the wealthiest people in the world, was once asked something like... "When do you have enough money? When is enough, enough?" His reply: "Just one more dollar..."

So I ask you - financially, when is enough, enough?

Before we move on, if you are seriously worried about retirement finances... read what other retirees are worried about and some solutions too!

If you need to know how to reduce financial stress,  try the ideas on this page. 

What Age will you Retire?

Are you working longer to secure your future? Work to 60? Age 62? Age 66 (so that you can either pay off debt -- or -- increase retirement savings?) Just think - if you work and save your Social Security monies after "full retirement age", while living on your working income, and accumulate a nice savings account for your later years (all while living comfortably on your income).

What is the average retirement age? Do you want to take an voluntary early retirement?

One quick comment here -- Folks become disabled for a variety of reasons (heart problems, rheumatoid arthritis, back injuries, etc.) at age 30, 40, 50... None of them ever considered that they may not be working a month from now.

My point is: Never assume you'll retire at 60 (or whatever age is in your head) -- many don't. More on Disability Retirement here.

Retirement Pension Plans

Financial advice retirement plans comes in many shapes and sizes.  Today, there are so many pension plans and different ways to save for retirement... so let's start here.

First, do you know there is pension protection through the Employee Retirement Income Security Act?

Do you know about Pension Vesting? If you are considering leaving an employer (for another job or early retirement), be sure you understand vesting so you don't miss out...

Do you need pension plan help? Do you understand the difference between a Defined Benefit pension plan and a Defined Contribution pension plan? Have you heard about DROP plans - Deferred Retirement Option Plan?

Did you invest in IRA's? How will you take an IRA Distribution?

401k retirement investments are one type of a Defined Contribution plan. Are you considering a 401K early withdrawal?

Do you invest in your employers ESOP(employee stock options)? What is a SEP?

You need to really understand your employers retirement options. When your employer explains your options to you, it's best to have a basic understanding so you can ask questions. Many employers simply don't explain well. It is your responsibility to ask questions, know your rights. After all, you are the one the poor decision affects. Non-decisions (the "I didn't know" excuse) doesn't work either. Most retirement options are irrevocable.

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Social Security Benefits

Do you know when Social Security payments start? Do you understand much about the Social Security process? Have you requested and/or reviewed your Social Security statement? Social Security has many options... please be informed here.

Retirement Income, Expenses and Debt

If your monthly retirement income doesn't pay the bills,  you have two choices: earn more income or lessen your expenses, right?

If you need more income, you can work while retired, work online/start a small business, possibly an online business like me. If you'd like to investigate the possibilities of working online or starting a small home business, try my newer site.

Retirement Expenses  are the only way to cut back to live within your retirement income, if you don't care to work any more. Are you estimating expenses for retirement?

Got debt in retirement? Not a good place to start but check this out!

Cheap Retirement is possible... you just gotta think about what you are spending. You can consider downsizing as so many do that nowadays, and maybe even do a Garage Sale to help!  Living Cheap in Retirement might mean moving to another country where cost of living is cheaper.. or not!

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Retirement Investments and Savings

First, check out these sad Retirement Savings Statistics.

Why do you need retirement savings? Because at some point, we all end our working years. It's inevitable -- sometimes happens sooner rather than later. Have you thought about how much you need a retirement savings account?

How much do I need? That's a huge question and very personal.

You do need some retirement investment planning - simple budget calculations so you know what you need to retire. Try a retirement budget using personal finance software so you have a clue where you are headed.

I have some ideas on increasing retirement savings here! Tiny steps...

Your Retirement  Income

First, what is the average retirement income?

Is there any guaranteed retirement income? Do you know about retirement income funds?

Are you working longer? - part time? full time?

Do you need a supplemental income? Would you consider a website (I love mine and can't help but show others how to do this too!) Retire to the Internet!

Do you have IRA plan, 401K plans, or other Retirement Investments? How will you take  IRA withdrawals? Same with 401K early withdrawals...

Will you need jobs after retirement or will you be a senior volunteer instead? Ever considered Phased Retirement with the same employer? It could be a win-win for both you and the employer!

If you have a nice retirement income, You also need to consider, as always, retirement taxes!

Divorce Before/After Retirement

Is divorce at retirement a possibility? If there is a chance of divorce, learn more please.

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Retire with a Free Credit Report

Have you watched your free credit report to assure your financial identity is A-0K? and that you are truly ready to retire?


Now -- this is an odd set of questions ---

Do you start spending in retirement, finally giving yourself permission to use those monies you've saved for years now? But possibly finding a lack of funds in your later years?
-- OR --
Do you continue to save in retirement and leave your hard earned monies to your heirs (never having enjoyed it yourself)?


Finally, are you anxious about retirement itself? This link might help you to retire. Before Retirement, anxiety and depression is often an issue.

Forget finances for a moment, think... what will you do all day? Who are you after you retire and you lose your work identity?

Share your own Income and Expenses story here!

Do you have a great story about this? Share it!

Income and Expenses stories from Visitors

Click below to see contributions from other visitors to this page...

Living in Mexico  
I earn basic social security of $668 per month I live in Mexico & manage some properties as a rental basis this money is paíd into My paypal account …

Savings 
We are both retired and have some savings. How do we decide what to spend NOW and what to save for LATER? Do we live on what we're receiving monthly …

Income idea for Animal Lovers! 
If someone "loves" animals, would like to travel but has limited funds this is a great idea. I know a lady who does this and stays so busy she is rarely …

Lost Money 
Always check w/ www.lost money.com which I saw on Good Morning America a few years back.. I have lots of time and will go to this site and check names …

Share the Pressure to Ease the Pressures 
All I can say is to make sure you share these concerns with your children as they may have different thoughts than what you expect. Trust me, they …

Transfer pension lump sum to IRA? 
I have a small pension from a company I worked for about 10 years ago, in Colorado. I am age 58 and not working, however my husband is. They are offering …

Retired Ford motor hourly...Sell My pension. 
I've been retired from Ford motor co. about seven years..my question is can I sell the remainer of my account for a lump sum??And what would be a fair …

Plenty of money but what to do with it NOW? (Nice problem, I know) 
My wife and I retired about a year and a half ago at ages 61 and 62. We've always lived beneath our means and that's probably why were able to retire early. …

Newly retired @60 ... Did I make a mistake? 
Back in august met with my finical planner and discussed early retirement at 60 hrs. I was told I could if I wanted to. A few days later I resigned …

Financial Planners Reluctant to Give Money Back 
I don't have a great story, but just a question and did not know where else to put it. Am I correct in my feeling that it seems financial planners/investors …

Retirement & Money Worries 
I am a retired teacher. I took voluntary redundancy at 52 and I have now enjoyed being at home for five years. Trouble is, I worry about whether I …

Do you have a Lost Pension? 
Do you know there are more than 38,000 people who have pension benefits they are owed? Are you one of these folks? The unclaimed pension benefits amount …

Retired: sold business 
I just sold my funeral home business yesterday after 25 years of ownership to my long time younger business partner who I respect and have full confidence …

Bewildered (pension and property after retirement) 
I am 66 and was made redundant in January in receive a basic pension of £96.00 per week. About 7 years ago I purchased a small flat on buy to rent …

Retiring in a year but pension contributions in both the USA and Canada 
My wife and I with two grown sons transferred to Florida on an L-1 Visa back in August 1996. It was our full intention to return to manage the company …

Retirement Planning: pensions 
My husband and I have our own retirement plans from the same company. I plan on retiring at the end of this year and am confused as to what I should do …

Retirement vs. Son's Student Loan  
Good Evening: My son's unemployed without benefits and with some health issues. He's returned home due to his condition, and there's a good chance that …

Can retirement plan be changed? 
I met and am going to marry my fiancee who is retired. he choose a retirement plan before me met. since he was single at the time he choose the plan accordingly. …

Selling retirement benefits 
I would like to sell part of my benefits, i am not retirement age, is there a place where i can do this now? Wendy I need more details on your benefit …

IRA and Critically Ill Spouse 
my husband is critically ill at age 65. we are trying to get his affairs in order. i am 58. when he's gone am i able to use his ira or do i have to wait …

Retirement Income: Is this enough for retirement? 
I am one year from full retirement age (66). After I retire and for the rest of my life, I will receive a teacher's pension through a defined benefit …

Retirement Savings: Always lived below my means 
Money is not a tremendous issue for me in retirement. Having worked hard all my life but always living below my means meant that I saved a lot of money. …

Planning Ahead helped my Retirement Income Now 
I didn’t plan to retire. I quit work to take care of my terminally ill husband. The last eight months he was alive were pretty tough. He was depressed …

Retiring: What questions do I ask my employer? 
don't know where to start. i am ready to retire and don't know what questions to ask my employer.. ie do i have extended insurance plan..how long. if not …

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Retirement income in one state, and move to an other state 
Which state tax rate do i pay? where i earned it or where i moved? Wendy: Good Question - but not one that I can answer as I don't know the tax codes …

Company funded pension 
What happens with my company funded pension when I reach age 62? Wendy: I need more details.. are you still working for the company or did you leave …

Lost Pension with PEPCO? 
I WAS TERMINATED FROM PEPCO OVER 20 YRS AGO. DO I HAVE MONEY IN RETIREMENT OR OTHER EMP ACCTS THAT I COULD WITHDRAW? Wendy: I really don't know what …

Paying taxes on a state retirement from MI
because now living in IN...
 
MI retirement office didn't know who I should contact in IN to find out how much I have to pay and where to pay this amount. Could you help me? Thanks. …

Mostly Sooner Than Can Be Achieved... 
I don't want to sound like a wet blanket, but most people want to retire much sooner than their money will allow... I have been teaching my clients …

Frozen pension 
Pension plan with old employer. Hospital was leased in April of this year and I retired as of June 1 of this year. Still haven't received my pension and …

457(f) deferred compensation 
I have contibuted to a 457(f) deferred compensation plan for each of the past three years. Each year's contribution has gone into a separate account, with …

Retire at 62, with a minor at home? 
I'm at cross roads to retire at 62, but have a minor at home... we make 70,000 year but my job is hard on the body. People keep telling me to collect …

Amount needed to retire 
I was just told I screwed up mightily because I am living on Social Security of $11,000. I was told that my friend's mother is 94, that the woman made …

Taxes after retirement 
Hi I am 56.5 have worked for a major California Healthcare Company for 34 years. 2 years ago they reduced our lump sum retirement option by 20%. Word …

Pension: Eligible to draw anything? 
I worked at a Company for 22 years. I quit 13 years ago. I did receive all of my RSP and Stock. I will be 55 next August. Someone told me I am eligible …

Retirement and State Taxes 
I will retire this year from the USPS. I want to move to Arizona permanently. Will I have to pay Michigan State Taxes out of my Pension? And will I have …

Pension: can I remarry? 
Hello, My husband has it set up that I will draw his retirement if he dies. But if down the line I want to remarry will I still draw that retirement …

Pension: Can I get benefits? 
I worked at a company in cincinnati, ohio, from may 1970 to july 1980, which should have entitled me to retirement benefits. I have most of the pertinent …

In Debt? Who? Not Me! 
I guess I must have been living in la la land not to think about this before. Why would anyone ever think that I was in debt? Well, c’mon, everyone …

IRA from company 
I am 63 and in April will be eligible to invest in my company's IRA plan. I intend to continue working until I am 70. Should I join? Wendy Absolutely! …

Retirement Savings: How we Planned 
Making a decision on how to use our retirement savings has not been as difficult a decision as we had originally thought. Not knowing how many more …

Distribution of IRA  
I purchased an investment property for retirement 2 years ago. I paid 50% and carried a mortgage for the remaining 50% . With the way the economy seems …

Retirement Income changes... 
I retired from a County in California after 27 years and rely solely on my pension. My pension is 52% of my working income, about $2500 a month net income. …

Retirement and Taxes 
If you are 66 and continue working with full salary and draw social security, what percentage do you pay in income tax? Wendy Not a simple question …

Which retirement option to pick? 
I am wondering whether to pick a retirement option with a 10 year certain payment, or whether to take a chance on a contingent annuity? Wendy: Oh …

Early retirement benefit of deceased husband? 
He would have been 62 in 7 months, and I'm only 48. Can i receive his early retirement? Wendy: First, my condolences to you... what a shame, much …

Retirement: Rental income and Social Security benefits 
Is rental income included in earnings towards the $12,900 limit to receive full Social Security benefits? My medical corporation pays me rent for the …

Retirement funds
Lost in a Ponzi Scheme!
 
My employer has had me in a retirement plan with Three Oaks Currency Fund, LP for the last 12 yrs. I have recently found out the this was a Ponzi Scheme. …

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