5 Warnings About the Softer Side of Retirement

When you think about retirement, the planning stages seem to be pretty obvious and simple. You work all the years you want or need to, save some of your money, invest it wisely, and then at some point in time, you retire. Now after you do, life is easy, right? You might think so, but before you get surprised, let me give you some retirement warnings.

Retirement should be a great time in your life. But you'd better heed these 5 retirement warnings about things you might not expect.

Retirement should mean no more waking up at dawn, fighting the morning traffic, and dealing with a boss who you almost never agree with but have to deal with every day. Now you get to call the shots and enjoy life on your terms…finally! The plan seems perfect: work until about age 65 and then enjoy the good life of golfing, travel, gardening, and/or being a grandparent.

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Why Future Shock Is So Scary and What You Can Do About It

Back in 1970, Alvin Toffler wrote a best-selling book entitled “Future Shock”. The book is about our present. But that present was based in a world of 1970 and the author’s theories on what our future would be like.

Future shock is what happens when we're overwhelmed by change. That can be scary, but there is something you can do about it...plan ahead!

Future shock is about what happens to those who are overwhelmed by change. Change affects our products, communities, organizations, and even our patterns of friendship and love. Fifty plus years later, we are still experiencing future shock and we are no better off at dealing with it today, so long after Tolliver first coined that phrase. That’s because our future is very scary. It always has been, and it always will be. But why is that?

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Why Most Americans Do Not Prepare For Retirement

I just finished watching some really depressing information on CNBC today, information that I know is true, but still shocks the senses out of me when I hear and see it in detail. Americans do not prepare for retirement!

Have you done what you need to in order to prepare for retirement? Most Americans haven't prepared properly. Here's why and what can be done.

How it is possible that smart people like us (well supposedly smart, that is) just don’t take as much time looking at retirement as they do deciding what to order for dinner from Grubhub? That may be a small exaggeration, but you get my point. We tend to worry about retirement tomorrow a la Scarlet O’Hara in “Gone with the Wind”. So, why are Americans so unprepared for retirement?

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When You’re Playing Catch Up: Rules for Retirement Planning in Your 40s

So you’re now a forty-something. It kind of sneaks up on you, doesn’t it? Yesterday you were more concerned with what you’ll be doing on Saturday night and who you’d be doing it with, and today there’s the spouse, the kids, the bills, and all of the other stuff that being a grown-up entails. Yes, it sneaks up on you in a hurry and suddenly you’re worried about retirement planning in your 40s. Am I kidding?

If you're a 40-something and haven't saved much for retirement yet, it's time to focus. Retirement planning in your 40s isn't easy, but it can be done.

Believe it or not, the answer to that question is a resounding no, it’s no joke! That planning of your grown-up life after you stop working has to be done and focused on retirement now, if not even sooner than age forty. The sooner, the better!

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Will You Need to Pay Any Taxes in Retirement?

When you think about your retirement, what usually comes into your brain are all the times when you will sleep late, dress comfortably, and spend most of your time doing just about anything you want to do. The everyday grind of fighting traffic and the routine at work—and even worse the pressures of it—will be far behind you when you retire and you cannot help but think about the good things that retirement will bring. But is that all a reality?

It's important to plan ahead to minimize your taxes in retirement. Here is a list of income that is taxed as well as breaks you can use.

When you’re younger, you may spend some of your time trying to avoid paying taxes and stay up on all of the tax law changes to do it. Here are some of the ones everyone under 50 should know right now.

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What Do You Have in Common with a Squirrel?

Does the title here sound a bit odd to you? I mean, what do we have in common with squirrels? You see them all the time around here in spring and summer but almost never at this time of the year. They’re off keeping warm and relaxing, getting ready for spring I guess. And that’s my point here.

The squirrel has to prepare long in advance of winter to survive. Heed this lesson about preparing for retirement, and start right away!

There isn’t much squirrel activity now that winter has truly set in. Over the last several months, like just about every squirrel, the ones in my neighborhood got ready for the long winter ahead. This past week we just had a 20+ inch snowstorm and a well prepared squirrel can pretty much feel good if he did what we was supposed to do.

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An Overview of Medicare 2021

For today’s guest post on Medicare, please welcome Danielle Kunkle Roberts from Boomer Benefits.

As you are looking at the future and trying to plan, there may be a few fundamental necessities you know you need to budget for. Health insurance is most likely one of them. Every situation is different, whether you are retired and starting Medicare at age 65 or working and will start Medicare after. Previous income can affect your Medicare premiums, and the supplemental coverage you may choose can determine what you will spend on health coverage in a year.

Medicare costs and coverage can be confusing depending on the options you choose. Here's an overview of those costs and your options.

Medicare Costs

For most Medicare beneficiaries, Part A has a $0 monthly premium. However, if you have not worked at least 40 quarters in the United States, you will have to buy Part A. If you fall between 30-39 quarters, your premium will be $259 per month, and if you are lower than 30 quarters, it will be $471. Each time you are admitted into the hospital as an inpatient, there will be a $1,484 deductible per benefit period. Additional costs and coinsurance can occur while you are in the hospital.

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Take a Good Hard Look at Your Retirement Nest Egg

Most people refer to their retirement savings as their “retirement nest egg”. In theory that’s the money that is made up from the many sources of retirement income, the many eggs you should be socking away so that when the time comes, you have those eggs to “cook up” a great retirement. I say “should” because reality is that an awful lot of people are leaving their cupboard bare and for a million reasons are not preparing for retirement at all. In fact, I am ashamed to say I have friends and relatives who are in their prime earning years and still have not saved a single penny for retirement!

So much for having a very sage financial blogger in your inner circle!

Social Security was never meant to replace your retirement nest egg. Are you doing all you can to plan for a secure retirement?

You may have ignored retirement when in your 20’s or 30’s, but when you are still saying “la, la, la, la, la” about it in your 40’s and 50’s, you are in a boat that is sinking fast. So right now is a good time to take a good hard look at your retirement nest egg and start bailing!

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