Friday, November 1, 2013

Preparing for retirement bottom line = Save more!

The past two months I have been lucky enough to spend a couple of weekends away with some of my women friends who are in their late 50s to early 70s. Since we are all about the same age, the discussion at times has been about retirement plans and finances. Most of us are married, one a widow and a few single. Most of us have had our own professional careers as well as having husbands with the same. Our stages of retirement planning and saving are quite different though. A couple of us are retired. One will retire soon. The others don't have any date in mind.

The discussion of retirement finances has been rather general although indicative of concerns and various questions. One person seems to have quite a good amount of money and travels a lot. Another has rental property income as well as no mortgage and a husband still working. However, another couple have 10 years left on their mortgage although they are already 63 and 67. We paid off our mortgage a few years ago although we plan to move to a more expensive housing market after retirement and this house is costly to live in until then.  Some of us will have pensions ourselves or through our husband's work. There is a lot of confusion about when it will be best to take Social Security benefits, how long to expect to live, and how spousal benefits work.

In other words, we are just as confused and in various states of preparation as most people our age.

The one thing that is clear though is that saving as much as possible should have been a priority even if quite a bit was saved! This article and its links may help anyone trying to sort this all out for themselves - Bad and Good Retirement News

3 comments:

  1. I am retired and I planned for it for 5 years...but really I was not ready when the time came. Mentally but not financially. But I made a trade off to live less extravagantly and leave the workforce early.

    One year in and things are going well. I am at the end of an 8 week travel adventure and still things are good. I travel less opulently but more. You can find my travel reflections at www.kellymacdonald.org

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    1. I don't think anyone is fully ready for the changes retirement brings. I love your blog!

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  2. The people in there must be enjoying much because of the many activities that you give them. I'm looking for 55 and over communities on long island that has facilities that encourage their occupants to engage in outdoor activities. Those things are really helpful for a healthy living.

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