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I retired 2 yrs. ago, & had only been retired 2 mo.'s when one of the former company I had worked for, called & asked me to do some consulting work for them. Needless to say I came out of retirement. Since then, I have been contacted by several other company's wanting me to do work for them. They are all paying top dollar. My only question is, where were they 10 or 15 yrs. earlier.
Oh, & by the way, there are a lot of good paying jobs out their. The only reason they brought me back is, because there is not a younger generation coming up to do the work. Truth be known, my personal openion is, the younger generation does not want to get their hand's dirty.
I'll quit now before I get on my soap box.
I would add...
PAY OFF YOUR HOUSE BEFORE YOU RETIRE!!
My taxes and insurance per month are less than a 1 bedroom apartment and you have to live somewhere
PAY OFF ANY OTHER DEBT AND THEN DON'T GET ANYMORE!
Maybe a car payment but that should be it.
FRONT LOAD YOUR HOUSE MAINTAINENCE!
If you know you need new windows, roof, furnace, etc. Get them done while you still have good cash flow.
LEARN ABOUT THE SERVICES AND DISCOUNTS THAT ARE AVAILABLE TO SENIORS IN YOUR AREA
Most cities have a senior center of some sort and can help with what is available to retired people
MAKE SURE YOU HAVE A PLAN TO FILL YOUR TIME.
Part time work, grandchildren, volunteerism, social clubs, hobbies, sports, etc to fill your time with meaningful activity that is free or inexpensive to help maintain yourself physically and emotionally
The biggest take-away , for me, was that persons might really need coaching at this level.
If you do;
Look for an individual that you trust; that comes with a proven track record and results over time from someone's opinion you trust and respect.
If this web-article was needed, then there is a huge opportunity out there, and my fear is it gets filled by very unscrupulous individuals ....
Honestly, folks...if you had to read this article to know these "7 things," then you are doomed from the get-go...what a waste of internet space...90% of the people in this country don't even have anywhere close to what they need for retirement resources...stop worrying about Obama...the baby boomers will be living into their late 80's and going broke doing it (because they didn't save anywhere near enough) - well after Obama is gone...
I've been retired since mid '95 and have maintained my economic status and actually gained somewhat. The biggest items you have to deal with are 1) governmental spending at every level and the taxes these result in and, 2) the inaccuracy of the CPI and any income adjustments made using that number. For the former, if you attend township, city council, school board, etc. meetings, be prepared to hear the expression, "If you can't afford to live here, you should move". Do your best to ignore the fools. For the price increases, the only solution is to recognize that they will likely be closer to twice the quoted values. Plan for it!
Basically, keep your investments conservative, do not rely too much on financial advisors; you are the one responsible and many times they are no better than the proverbial dart board, and watch your expenditures. Is that new car, trailer, camera, etc. really wise? Do you need that vacation home?
PROTECT YOUR ASSETS FROM THE COST OF A LONG TERM CARE ILLNESS. Investigate your alternatives to shift the risk from self insuring everything to limiting the risk. Possibilities include long term care insurance, hybrid life insurance with long term care riders, hybrid annuity with long term care multiplier. Medicare and Medicare supplements limit long term care coverage to a maximum of 100 days. These plans are underwritten based on health. So find out what alternatives you may still have available.
Without a protection plan, someone could need long term care, has to pay the costs out of pocket and then recovers only to find that they are now short of funds to live on for the individual and/or spouse. Remember, health changes that can leave folks uninsurable (temporarily or permanently) can happen anytime. For some, such a health change occurs at the same time long term care begins - like with Christopher Reeves spinal injury. Others have a health change which will result in the need for long term care a decade or more later - like Michael J. Fox with Parkinson's disease. As part of retirement planning, be sure to include protection the retirement nest egg from a long term care event.
Jerome Krasnow, MBA
Insurance agent , specializing in long term care insurance products
Retirement can be a struggle---costs ever increasing and with more time to do things their can
be more "wants" for cash to do so. Budget! and be disciplined! Even tho our own Senate (Reid)
won't produce a budget...required by law....it's the best way to evaluate & stay on target for any household--(retired or not!). Another good bet for good mental health AND the added benefit of a
little more income is to work part-time....or on a temporary assignment job. Both provide self
satisfaction of earning...plus the benefits of being part of a productive workforce which increases income, even if it's a small amount. These tips are being shared from someone who has "been
there" for awhile and has learned some things the hard way. YES WE CAN! But it can remain
challenging! (which meeting challenges is probably a good thing, overall).
With best wishes to each of you who may be considering your retirement possibilities or are already part of us millions. Reminder, too---always keep abreast of what our Government is up to--because much of Fed. spending and our economy ups and downs severally impact the
retired populus. (these tips from someone in Texas....a truly GREAT state) :)
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