Category Archives: Active Adult Living Financial Tips

Budget Friendly Travel Hacks

Whether you plan to travel for the holidays, or you’re daydreaming about a summer getaway, traveling in your 50’s and beyond is an exciting time for adventure. Maybe you’re an empty nester, or recently retired, but wherever you find yourself, now is the perfect time to pull out the map, and start setting some goals. While jet-setting to Tahiti, might be a little extravagant, there are a few savvy strategies to get you out and exploring the world, or maybe your home state that won’t exhaust your resources.

Take Advantage of Senior Discounts
Becoming eligible for senior discounts may not always feel like a privilege, but when it comes to scoring deals on travel, dining, and shopping, you might find your boomer status can really work in your favor. Beyond just getting the “early bird special”, Many airlines, hotels, and car rental agencies offer reduced rates, and incentives for those 55+, and if you’re a retired veteran, additional discounts may also apply.

Financial Reasons to Continue Working after Retirement

Financial Reasons to Continue Working after Retirement

For some older adults, retirement does not mean playing golf all day and sipping iced tea at the beach. For these older adults, it means continuing working after retirement. This is because, some retirees, although they don’t want to work, do so for financial reasons. Here are some of these financial reasons.

  • Inadequate savings – Many boomers put off saving for retirement, and this becomes an issue when it is time for retirement. It means they have to continue working or get another position in order to ensure retirement without financial worries.
  • Delaying the receipt of Social Security – Full retirement age is 67. If you wait till you are 67 to collect social security, you are assured of a larger sum of money than if you were to collect social security before 67. Most seniors prefer working till they reach full retirement age because then, they can build up their nest egg and this ensures a comfortable retirement.
  • The need for health insurance – Medicare coverage does not begin till you are 65. The cost of medications can take up quite a lot of money. So, this means if you retire before you are 65, you will not receive health insurance. However, if you retire from one job and take up another, with health benefits, you can apply for health insurance. Then, you can use your workplace health insurance, as well as, Medicare’s coverage to ensure lower medication costs.
  • Loss of value of investments – Sometimes, older adults continue working after retirement because they have lost money in various investments. The stock market, for instance, is extremely volatile. This volatility can affect your investments. For example, if the housing market is in a downward trend, you can be in a bad financial situation if you were planning on selling and moving to an active adult community. You may have to postpone this dream until you have covered your losses.
  • Receiving the pension while working – Some companies enable their employees to retire, and provide a pension. The same company will then rehire the employee. This allows the employee to receive pension checks while working, which will help increase his/her savings, which allows him to save up more for retirement.

Money is a big worry for many retirees. However, this worry can be alleviated if you are continually working after retirement.

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The Right Time to Claim Social Security Benefits

Making the decision of the age of claiming social security benefits can be difficult. Should you do it as soon as you retire or wait longer so that you can get larger monthly checks? It is important to consider your options before you make your move because once you do it, there is no going back. Here’s how you can decide….

What is a Reverse Mortgage?

Understanding Reverse Mortgage and its Suitability

If you are considering buying a home, a reverse mortgage may sound like an attractive option. It will help with your finances without you having to pay taxes. Getting a reverse mortgage does have its pros and cons. However, this move may be worth a deeper look to some of you irrespective of this factor.

A Few Factors to Consider When Buying a Home

If you are close upon retirement, or if you have already retired, you may be considering purchasing a home. There are some great homes on the market, and you need to strike when the prices are down. However, this does not mean you should place your bid immediately. Instead, here are a few simple tips that will help when buying a home in an active adult community.

Research and Do your Homework

Buying a home is a major investment. It is also a risk you have to take if you wish to own your home. Maybe, you are a previous homeowner, and understand the gravity of this undertaking. However, although you may know more than a first-time buyer, you still need to do your homework thoroughly when buying a home.

4 Things That Can Destroy Retirement Plans

You may be planning for a comfortable retirement where you have absolutely no money worries. However, there are things that can destroy your comfortable retirement plans. Here are four of them. Try and avoid them in order to enjoy every minute of your retirement.

Early Withdrawal of Retirement Funds

It can be very easy to withdraw money from your retirement account or your 401(k) before retirement age. However, try and avoid this. When you withdraw money before retirement age, you not only lose out on savings but also many years of compounded growth. Think twice before you withdraw money before retirement. You will need this money far more than you do now once you are retired.

Protecting Yourself Against Identity Theft

Protecting Yourself Against Identity Theft

Identity theft is becoming one of the fastest-growing crimes in America. Millions of people are losing their vital information and more. Identity thieves commonly target seniors, and this is why great care should be taken in order not to get caught in this trap.

What is identity theft? This is when your personal information is stolen and exploited. For example, if your credit card or social security numbers are stolen, identity thieves use this information to use your credit card and social security. They take out huge loans, spend money on your credit cards, and commit various other crimes under your name.

Happy elderly couple in love near new house. retirement concept.

Planning for Retirement in your 50s

Retirement seems miles away when you are in your 30s and 40s. However, it comes upon you faster than you think. Most people do not plan for retirement. They will also tell you that they regret not doing so. So, if you haven’t started planning for retirement yet, here are a few things you can do when planning for retirement in your 50s.

Retirement Projections

Using a retirement calculator, you can project how much you will have once retired, depending on your savings and investments at the current period. There are a few online retirement calculators that provide you a broad overview. Keep in mind; most of these calculators are not 100% accurate. If you need accurate figures, you should seek the assistance of a competent retirement planner.