Geoff Williams – The News Desk

This Is How Much You Should Budget to Live in a 55 and Older Community | Retirement

6Dec

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Money

This Is How Much You Should Budget to Live in a 55 and Older Community | Retirement

Many people like the idea of living in a retirement community – particularly one aimed at adults 55 and older that offers amenities such as fitness centers, swimming pools and cooking classes. These communities often resemble country clubs more than senior living. Oftentimes, however, this lifestyle comes at a steep cost.“Most people way, way underestimate the costs of needs and long-term care during retirement,” says Thomas Mitchell, a certified financial planner and the senior vice president at OneAZ Wealth Management in Phoenix.So how much should you budget to live in a 55-and-older retirement community? Here’s a look at what these communities include and the costs to expect.What Is a Retirement Community?A retirement community is a neighborhood or housing complex designed for older ad...

Checklist for Handling the Death of a Spouse | Retirement

2Dec

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Money

Checklist for Handling the Death of a Spouse | Retirement

Life and bills go on, which anyone who loses a spouse quickly discovers. You may be emotionally gutted, but the electric still needs to be paid. There are also plenty of documents you’ll need to collect, forms to fill out and numbers to call, all at a time when finances may be the last thing on your mind.If you have lost a spouse, consider this financial checklist.Financial Checklist for When a Spouse Dies If your partner left a will, find it. Ask your spouse’s employer about any benefits you might be entitled to. Request copies of the death certificate. Contact your insurance companies and update them as needed. Contact the Social Security Administration, or give your spouse’s Social Security number to the funeral home and ask them to do it. That is what usually happens, according t...

How to Earn $50K, $70K and $100K Per Year in Retirement | Retirement

9Nov

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Money

How to Earn $50K, $70K and $100K Per Year in Retirement | Retirement

As you get closer to retirement, you may realize that you have plenty of money to sustain you during your golden years. Or you might discover that you’ve fallen short. Either way, you’ve probably determined that you’d like to have a certain amount of cash to live on every year, whether it comes from savings, Social Security or a part-time job.For those looking at specific retirement income numbers, here are some ideas on how to earn $50,000, $70,000 and $100,000 per year, in retirement.How Much Savings Will Earn $50K, $70K or $100K in Interest Per Year?To cut to the chase, if you want your interest to earn $50,000, $70,000 or $100,000 per year, you’ll need to have approximately $1.25 million to $2.5 million in savings or retirement accounts. If you're aiming for somewhere in the middle, l...

10Aug

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Money

Reasons You Shouldn’t Retire | Aging

You may be dreaming of making the leap into full retirement bliss, but it’s important to be realistic. For a number of reasons, you may need to keep working. Perhaps you need to continue building savings or it’s just too early – not everyone can afford to retire at 40. Maybe you really love your work.Whatever your situation, here are some reasons you shouldn't retire yet: Your work gives you purpose. You don't have a post-retirement plan. You haven't organized your life for retirement. You're not in agreement with your spouse. Your social life may suffer. You will lose out on higher Social Security benefits. You can't afford health care. The stock market won't allow it. You don't have enough money to retire. Your Work Gives You PurposeSteve Davis, CEO of Total Wealth Academy in H...