Sense of financial security in retirement will elude anyone who worries about what will happen to them when someone else dies. Whether the risk is loss of investment expertise, the absolute loss of income (e.g., because a pension benefit has no survivor benefit), the loss of assets to probate and estate taxes, or other circumstance of financial loss, providing for survivors is an element of financial security in retirement. (more…)

The Medicare program still pays for acute health care for all older Americans, although it faces the same structural shifts as Social Security and, therefore, faces the same threats to programmatic stability. Attempts to incentivize health maintenance organizations (HMOs) to expand the traditional Medicare benefits package by providing dental, chronic prescription drug, and other therapies not otherwise included in original Medicare have not worked well and are declining. The expense of most acute care provided to retirees by their own physicians, in hospitals of their own choosing, is still covered by Medicare at rates for which providers are still willing to work. (more…)

There are at least two schools of thought with regard to the basic principles involved in planning for retirement spending. The first, and most common, approach poses the problem as a seemingly simple determination of the retirement income needs of a retiree relative to pre retirement income. This is typically expressed as a “replacement rate,” in which a retiree targets a given fraction of his or her pre retirement income level as an amount adequate to sustain a desired lifestyle without working. Often, a particular level of income is given as a rule of thumb (e.g., 80% of pre retirement income). (more…)

If you have plan to spend your retirement time outside US, there are some factors to consider due to country-specific restrictions, changes in national banking regulations, and changes to work like in a foreign country. You may also consider if it might affect your benefits, and whether your benefits may be taxable. If you plan to retire outside the United States, you may be affected as you benefit from social security benefits abroad. (more…)

The most obvious thing that happens when people retire (or retire early) is that they give up earning a living. However, when people quit working, they give up a lot more than their pay check, and frequently it is the loss of these other things which causes the most difficulty. (more…)

You are the only one who can determine whether or not you will have enough to live on after you retire. You will not know much money do you need to retire, before you retire you take the time to find out the answers to a few questions. Neither will worry about the situation or taking the point of view that you will cross that bridge when you get there help much. Once you have the facts you can begin to plan for your future security. (more…)

The key to good medical care in retirement is a family doctor. Most people reaching retirement age will have had a physician of their own for years, and will have developed a strong and loyal attachment to him. By earning the family’s confidence, the doctor will serve as a trusted advisor capable of treating and preventing disease, and of mobilizing all the health resources that a community has to offer. (more…)

Most people have a general idea of what it costs them to live, or at least they know whether or not they have anything left over after the bills are paid each month. The thing most people do not know is HOW they spend their money - how much they spend for such important items in everyday living as food, clothing, shelter, health, income tax, recreation, and transportation. (more…)

There are three programs designed specifically for older American volunteers that are sponsored by ACTION, an independent agency of the Federal Governments. They are the Foster Grandparent Program (FGP), the Senior Companion Program (SCP), and the Retired Senior Volunteer/Program (SVP). (more…)

About one out of every four women (42-56 years old) does some volunteer work. The women volunteers average 24 weeks per year and during their weeks of volunteerism, they average 6 hours per week in this activity.

As with the older men, these averages hide a wide range of variability in the number of weeks women volunteer. (more…)