If you live on this planet your chances of being part of the "American Money Attack" is very high. This means your retirement check has been altered from bad business investments, IRS bulldozers, housing market crash, health emergencies, college payments, and much more.
In this #Cherry Village Apartments blog we are listing some financial considerations for growing with wisdom, knowledge, and understanding. Good Luck!
By 50, hopefully, you are saving seriously for retirement with a good sense of how much you'll need to retire comfortably. Think creatively about the ways you'll want to lead the next 30 to 40 years and how you'll do it.
1. Make a plan. There's more to preparing for retirement than just socking away the maximum allowed contribution in your 401(k) — which happens to be $24,000 in 2015 for people 50 and older. Take steps to consolidate your finances and pay off debt as well as to begin thinking about where you'll want to live.
2. Estimate how much money you’ll need to retire. There are many useful retirement calculators online to help you rough this out. It’s good to have an idea of if you want to stay in your house or move into a smaller and more convenient community. Many considerations such as shopping, eating out, gifts, helping family in need, and much more that become a drain on your reduced income after retirement.
3. Catch up on your savings. If you were hit by the recession or experienced a financial setback in your 40s — such as a divorce or an extended illness — you may need to research how to catch up on your savings. Fortunately, federal law allows people 50 and older to sock away more in their employer-sponsored retirement plans than younger people.
A MetLife Foundation study found that four out of five boomers will continue to work well past traditional retirement age. If this is your plan, then you'll want to take steps now to stay sharp in your career. You may also want to use this stage of your life to try something entirely different and switch fields, perhaps going from a corporate job to a nonprofit.
Making a decision on reinventing yourself and enjoying life at the same time has it's challenges. Seek advice from people you trust and admire. This means you don't want to lose any friendships over a debate on what is best for you. Start by exploring your dreams and everything that makes you happy. Once you make that list, it is very possible, the new you is will reveal what job you should do or what business you should create. The key is take time and sit quietly in a calm and relaxed space, feel good about yourself, and have faith your will be guided to the best personal and professional lifestyle for you.
According to the U.S. Bureau of Labor Statistics, the number of people working past age 70 has been increasing dramatically and shows no sign of slowing. Here are ways to stay in the workforce, either full-time or part-time:
1. Keep working full-time if you want and are able to do so. Be inspired by these workers over 75 who love what they do.
2. Look for part-time work. Follow these tips to find gigs and part-time work.
3. Balance leisure and work. Working after 70 doesn't have to mean all work and no play. Try these ideas for having both.
© Twin Cities Public Television - 2015. All rights reserved.