Simple Ways to Create a Happier Retirement
by Steve Vernon, FSA
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Are you interested in learning how to improve your financial security and happiness in retirement without having to save thousands of dollars? By taking some easy-to-understand steps, you can increase your retirement happiness and financial security -- and reduce your anxiety about retirement -- according to several surveys and reports.
Does this sound like it may be too good to be true? It's not. So let's piece together the results from different surveys and reports to support the steps you can take. Please keep reading for this issue's helpful articles and stories.
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Social Security filing tactics you need to consider
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Now that the April 29, 2016, deadline has passed for implementing the " file and suspend" option for boosting married couples' Social Security benefits, what can couples do to enhance their retirement income? Is it still worth spending time to figure an optimal claiming strategy? The answer is a resounding yes! Read here to learn about two common scenarios where an optimal claiming strategy can significantly boost lifetime income for married couples.
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Can you answer this key retirement question?
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How much retirement income can your savings generate? This is a critical question, and answering it correctly can help you estimate if you have enough money to retire. Get it wrong, however, and you might retire too soon, increasing the odds that you'll run out of money during your retirement.
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This retirement savings account can be a super-IRA
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Looking for tax-advantaged retirement savings? A health savings account beats both an IRA and non-matched 401(k) contributions, provided you're eligible. Read here to see why.
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New fiduciary rules might have a big impact on your retirement planning
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Consumer advocates claim the new rules will save retirement investors billions of dollars each year, but many in the financial industry argue that the new rules will harm American workers, particularly savers with small accounts. Here are three posts that will help you understand the key issues:
If you're working with a financial adviser, ask now how the recommendations you get will best serve your goals and circumstances. Don't be shy -- it's your money and your retirement.
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Retirement planning tips for an older divorcee
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At first blush, you might think retirement advice aimed at a 65-year-old divorced woman doesn't apply to you. But even if you're not in that category, "Janet's" circumstances are typical for many women in her situation, and maybe someone you know is in a similar spot. And regardless of your sex or whether you're happily married or have never been, her story offers guidance that can help anyone approaching retirement with less-than-perfect resources.
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Figuring your spouse into a key annuity question
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When a recently retired pension actuary asked his colleagues a question about retirement income strategy, it pays to listen to their answers. After all, these people have spent their careers designing and operating employer-sponsored defined-benefit pension plans.
The actuary was wondering if he should elect a joint and survivor annuity for his spouse, given that he's eligible to receive a monthly income from a traditional pension plan. You might also face this choice if you're buying a lifetime payout annuity from an insurance company.
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You might be seriously wrong about how long you might live
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How long do you think you'll live? It's a tough question for sure, but it's a critical piece of your retirement planning that will help let the implications of aging sink in regarding your finances and lifestyle. If you're like many people, however, you suffer from two common misunderstandings about your longevity. Read here to learn more.
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Americans are living longer -- and working longer
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We're living much longer than prior generations, but we can't afford to keep adding years at the end of our lives when we're fully retired and no longer working. Therefore, it only makes sense to work longer and delay starting our Social Security benefits. The first story shares evidence that more people are delaying their Social Security benefits and summarizes the advantages of this strategy. The second post shares similar evidence that more people are working longer, which will help them live long and live well.
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Voices of experience about successful retirements
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To mangle a Yogi Berra quote, you can observe a lot by just watching successful retirees. TIAA's " 2016 Voices of Experience" survey offers valuable insights into the steps that happy, satisfied and smart retirees took to successfully prepare for their post-work life. Their experiences provide a checklist for anyone who's interested in doing the same. One post covers overall retirement planning, while the second post focuses on financial strategies.
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Thanks for your interest, and stay tuned for future newsletters that explore how to best live the rest of your life. Best regards,
Steve Vernon
Rest-of-Life Communications
P.S. If you think this newsletter will help a friend, please pass it along.
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