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Retirement/estate Planning

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Overview
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It is never too early or late to plan for the future. This section is designed to help you understand the challenges one faces when retiring from the workforce, help you figure out how much money you will need to sustain a comfortable lifestyle as you age, help you leverage your home for income and tax breaks, and help you understand the legal documents required to protect your assets and ease the distribution of your estate. Also in the mix are the best places to retire, and the challenges of downsizing. And for couples: how to cope with Empty Nest Syndrome. Last update: 3.31.21


Retirement Planning 
Money:
  • ​Are you a retirement have or a have not?, MoneyWatch
  • Best Way to Spend Money Safely in Retirement, Next Avenue
  • Budgeting for the 4 Phases of Retirement, Investopedia
  • Countdown to Retirement, A 5-Year Plan, NYTimes
  • Five Crucial Retirement Years For Your Money, CNBC
  • Fractional Scamming, Pension Life
  • Government pension funding disaster looming, Business Insider
  • Guide for Budgeting, Saving, Investing and Spending, MoneyGeek
  • How Big Your Retirement Fund Should Be At Every Age?, Washington Post
  • How Real Estate Adds to Retirement Income, US News
  • How to Budget for Retirement, Next Avenue
  • How Long Will Your Retirement Savings Last, CRR
  • ​Judging Financial Advisers, CRR
  • ​Managing Your Money When the Next Recession Hits, NextAve
  • MINT, a Free, Easy-to-Use Tool for Retirement Planning, Kiplinger
  • ​New types of pension plans for private sector workers, Pension Rights Center​
  • ​Pension De-Risking, Next Avenue
  • Preventing Debt from Surprise Medical Bills, Bankrate
  • Required Minimum Distribution for Retirement Funds, Kiplinger
  • Save for Retirement or Your Kids' College Education, NBC
  • Seven Ways To Keep Your Parents' Assets from Taxman, Next Avenue
  • Should Soon-to-Be Retiree Pay Off Mortgage, LATimes
  • Spending and Savings Guide During Retirement, CouponFollow
  • Spending Patterns of Older Americans, BLS
  • The 4% Rule on Retirement Savings Withdrawls, MotleyFool
  • The 4% Retirement Rule Increased to 5%+, MW
  • The Fear of Spending During Your Retirement Years, Kiplinger
  • What To Do When You Saved Enough To Retire, MotleyFool
  • Websites of note for financial planning: Next Avenue, US News, The Retirement Cafe

​Charitable Giving
  • Eight Tips for Charitable Giving, Ameriprise
  • How to Make Charitable Giving Part of Your Finances, NWMutual
  • What Retirement Means for Charitable Giving & Volunteering, NextAve
​
​Social Security:
  • Claiming Social Security at Age 62, MotleyFool
  • Dependence on Social Security is Striking, Squared Away
  • Social Security Claiming Guide, Center for Retirement Research at Boston College (Visit Insurance/Security/Fraud section for more on Social Security)
  • Social Security funding issues, Wikipedia
  • ​Learn more in ConfrontingAging's  Insurance/SS/Fraud Section

Health/Dental/Long-Term Care:
  • ​Estate/Long-Term Care Planning for Solo Agers, NextAve
  • Get Dental Work Before Retiring, Squared Away
  • Health Benefits of Putting Off Retirement, HarvardMed
  • Retiree' Health Care Costs Rising Fast, Fidelity
  • Retiring Abroad and Medical Insurance, Kaiser
  • Talk to Your Doctor About Your Bucket List, NY Times
  • ​​Learn more in ConfrontingAging's  Insurance/SS/Fraud Section
 
Marriage/Divorce: 
  • Can Retirement Ruin Your Marriage, WashPost
  • ​Divorce Very Bad for Retirement Finances, CRR
  • Emotional Playbook for Retirement Couples, NextAve
  • Empty Nest/Empty Marriage Syndrome: About, CNN, Examiner
  • How Couples Retire, CRR
  • How Does Divorce Affect Retirement Security, CRR
  • Preparing for the Unexpected Death of a Spouse, Next Avenue
  • Problems Couples Face in Retirement, Forbes
  • Second Marriage Estate Planning, Fidelity Investments
  • Seven Important Questions to Ask Your Spouse, Next Avenue

Housing/Transportation:
  • Driving--Buy/Lease etc., MoneyGeek
  • ​Living Overseas, International Living
  • Living Overseas, Put Money Worries Behind, Huffington Post
  • Living Overseas, What You Need to Know, CBSNews
  • Retirement Living Information Center, Widget Magazine
  • Ten Things to Consider When Relocating After Age 50, NextAve
  • Why You Should Consider Moving Away from Your Grown Kids, NextAve

Other Issues:
  • ​Elder Orphans, Single and Living Alone, Psychology Today, Next Avenue
  • ​Five Common Threats to Your Retirement, Kiplinger
  • ​Frightening Retirement Findings, The Motley Fool
  • Frugal Senior's Guide, Investopedia
  • Fulfillment in Retirement, Next Avenue
  • ​Getting the Most Out of Retirement, Huffington Post
  • Having Purpose in Life Even When You Retire, USAToday
  • ​History of Retirement from Early Man to AARP, NY Times
  • ​​How to Retire Without Regrets, Washington Post
  • Journey through the Six Stages of Retirement, Investopedia
  • Planning Against the Survivor Trap, Kiplinger
  • Planning Ahead for Longer Lifespans, Barrons
  • ​Popular Retirement Blogs, Squared Away
  • ​Powers of Attorney Surge in  UK, LondTimes
  • Navigate Post-Retirement Life at www.agefriendly.com
  • Retirement Planning Tool, Squared Away--The Boston College Center for Retirement Research
  • Seven Deadly Sins of Retirement Planning, CheatSheet
  • ​​Six Major Retirement Paths, Next Avenue
  • ​Stress is One Reason People Retire, Squared Away
  • Taking the Mystery Out of Retirement Planning, US Department of Labor​
  • ​Ten Retirement Lessons from a Retirement Pro, MarketWatch
  • The Ten Commandments of Retirement, US News
  • Transitioning into Retirement, Everyday Health, USA Today, Forbes (also see Positive/Successful Aging section)
  • Unretirement, NY Times 
  • ​Veterans Planning Information, Care.com
  • What Happens to Your Debts After You Die, AARP
  • When is it the Right Time to Retire, Next Avenue
  • Working Wives Pay Price to Retire with Husbands, Boston College
  • Worklife Imbalances Spur Retirement, CRR 

​Leveraging Your Home for Income and Tax Breaks
  • Taking Advantage of home equity: National Council on Aging
  • Reverse Mortgages--Are They Worth It: Money/CNN
  • Tax Breaks for Seniors: Senior Discounts

8 Books for a Happy Retirement Next Avenue
  • Happy Retirement: The Psychology of Reinvention by Professor Kenneth S. Shultz
  • How to Retire With Enough Money by Teresa Ghilarducci
  • The 5 Years Before You Retire by Emily Guy Birken
  • The Retirement Maze by Rob Pascale
  • The Couples’ Retirement Puzzle by Roberta K. Taylor and Dorian Mintzer
  • The Encore Career Handbook by Marci Alboher
  • Second-Act Careers by Nancy Collamer
  • Getting the Job You Want After 50 for Dummies by Kerry Hannon


Estate Planning
Organizing:
  • Make a list of all physical items that you own worth $100 or more.
  • Make a list of non-physical things you own such as brokerage accounts, 401k plans, IRA assets, bank accounts, life insurance policies, credit cards and other debt. Include all pertinent information.
  • Make a list of any organizations (membership, charitable) that you belong to or regularly contribute money.
  • Make sure the beneficiaries are listed exactly as you want for all of your financial assets. Most can be setup with a “transfer-on-death” feature to avoid probate.
  • Create important estate documents including a Will, Living Will, Durable Power of Attorney, Healthcare Surrogate, and Living Trust.
  • Find ways to minimize paperwork and consolidate financial accounts to make managing assets easier.
  • Select an Estate Administrator who will be responsible for following the rules of your will in the event of your death.
  • Have a conversation--about your estate, and your wishes and desires as you grow older--with the people you have designated to manage your affairs when you no longer can. ​

Related Issues​:
  • How to Have the Inheritance Talk with Parents, TheWeek
  • How to Talk to Your Parents about Their Estate, MarketWatch​
  • Leaving Inheritance Without Causing Family Strife, NextAvenue
  • Stepmothers and Estate Fights, Next Avenue

​Important Legal Documents
  • Durable Power of Attorney is a legal document that gives another person the legal authority to make decisions in the case you have an incapacitating medical condition. Each state has its own requirements and form.
  • Health Care Surrogate is an advance directive that enables you to appoint another adult to make decisions on your behalf when you are unable to do so. It is usually recommended that you appoint someone who knows your wishes, and is willing to carry them out, especially regarding your personal, religious, moral and cultural beliefs. If you are incapacitated, your health care surrogate will have the authority to make all of the medical decisions regarding your health care, including decisions about when to withhold or withdraw life prolonging procedures.
  • Living Will, also called a Directive to Physicians or Advance Directive, provides your physician with instructions regarding procedures that are meant to prolong your life. Your physician and health care surrogate are required to follow all of the directives.
  • ​Revocable Living Trust (inter-vivos) is a legal document created during a person's life that allows easy transfer of assets without going through the process of probate. Probate refers to the general administering of a deceased person's will or the estate of a deceased person without a will. The court appoints an executor named in the will or an administrator if there is no will, to administer the process of collecting the assets of the deceased person, paying any liabilities remaining on the person's estate, and distributing the assets of the estate to beneficiaries named in the will or determined by the executor.
  • Will/Last Will and Testament is a legally enforceable declaration of how a person wishes his or her property to be distributed after death.
  • Ethical Will is a document designed to pass ethical values from one generation to the next. This is not a legal document. It's a heartfelt expression of what matters most in your life. The information is usually shared with family and community while the writer is still alive.

​HOUSING--Downsizing/Upsizing/Renting vs Buying

There are a number of reasons to downsize. The main four: the children are gone and maybe a spouse too, and you want to live in a smaller space; you need more money for retirement; you want to move to another location to reduce housing costs, be closer to family, or live in a more favorable climate; you need to move for health reasons.

But downsizing isn't always as simple as it seems. At issue is a fragile real estate market where many home owners are getting less for the sale of their home. At issue are the emotional demands of leaving one place for another, changing lifestyles, and clearing out decades' worth of possessions.

A support resource to consider is a Senior Move Manager, who can help organize and manage the downsizing process. Regardless, for many retirees, the experts say that it can pay to downsize before health and/or financial issues cloud the picture. The Boston College Retirement Center provides an online tool to help you figure out if it is economically feasible to do so.
  • AARP Downsizing (HomeFit) Guides and Video
  • Getting Rid of Possessions is Harder Than You Think: Next Avenue
  • ​Hoarding--What to do and What not to do, Next Avenue
  • Housing Options​
  • ​Should you buy or rent when downsizing? Chicago Tribune, Kiplinger, AARP, Consumer Reports 
  • ​Upsizing to a New Home, CBS News
  • What to Save For Your Children, Next Ave/Huffington

Best Places to Retire 
  • Milken Institute
  • US News and World Report
  • AARP
  • Money/Time
  • Bankrate
  • Kiplinger
  • BBC
  • CNBC
  • MSN/International Living
  • CBS
  • Cost of Living Calculator--Compare Different Cities, CNN
  • Cost of Living Calculator--Compare Different Cities, MoneyGeek
  • AARP Livability Index
  • LPL Research Retirement Index
  • Live and Invest Overseas
  • Best Places in the World to Retire/2017
  • ​Expat Calculator--Find Cities in Your Budget
  • Insights on Retiring Abroad
  • State Tax Rates
  • ​10 Places in US to Retire on $1,000 per month
  • ​10 College Towns for Retirees

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    • Caring for Elderly Parent
    • Eating & Exercise
    • Emerging Technology & Concepts >
      • End of Life Options/Issues/Grieving >
        • VSED Primer
    • Entrepreneurship
    • Health Challenges
    • History of Aging >
      • Ancient Egypt, India, China
      • Before 1500
      • 1500s & 1600s
      • 1700s & 1800s
      • 1900s & 2000s
      • Early New England (1600s)
      • Quest To Look Young
      • Books
    • Housing Options & Aging in Place Guide
    • Insurance, Security, Fraud
    • Intergenerational Programs
    • LGBT
    • Positive/Successful Aging
    • Retirement/Estate Planning
    • Science of Aging
    • Support Resources
    • Travel
  • About
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