VIDEO ON MSN MONEY
My retirement got blown away when IBM laid off all their older employees...
58 years old was a little late to start looking for work...?
Their new dress code worked well for them..No Gray Hair...
I will live for today. I have seen is many friends who did what ALL the experts tell them just to drop dead the first year after they retired.
Enjoy your life if you can.
When planning for retirement I have a few simple rules; live within your means, create a budget, stay out of debt, have a rainy day fund, have short-term and long term goals, and develop an investment and retirement strategy.
I think these same rules would also work when you retire. The most important thing you can do to have a comfortable retirement is have a plan.
I can understand to try and limit all expenses, but some may not be possible.
The article mentions not to have a mortgage and that sounds great if you can. But what if you rent or still have a lot left on your principle...stop renting or default on your mortgage!? I think it is more advisable to just live within your financial means. If your mortgage payment is less than renting then do the mortgage.
It's really quite simple (barring the unforeseen) if you have $40,000 a year to live on don't spend $41,000. No matter how you spend your money whether on a house, car, travel, hobbies, etc..
He should be prosecuted and punished for "crimes against humanity" - his music!
With memory care facilities running about $6K/month, long term care insurance seems like a good idea but you need to purchase it in your 20's. If you wait until you are in your 50's and thinking about retirement, the cost of the premiums will be prohibitive.
Also remember, you don't qualify for MEDICADE until you have drained all your assets (except your house? Not sure about that) down to under $2K.
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If you worry about money after the streetlights come on, these actions may help you rest easier.