Posts Tagged With ‘ boomer retirement planning ’

 After your kids left, being an “empty nester” would have taken some getting used to. When children leave home, some couples enjoy a second honeymoon. Fast forward to today, and you’re embracing the senior citizen phase of retirement with your significant other. Just as in those earlier years, this new phase demands adaptation. However, there’s a striking parallel: the sudden decline in responsibilities and concerns. You may have bid farewell to the workforce, enabling you to indulge in late mornings, daytime naps, or early bedtimes if that suits your fancy. Home maintenance burdens disappear... Continue Reading

When we were young, many of us engaged in a lot of physical activity. I was involved in several sports, including softball, track, football, soccer, and bowling, to name a few. But as I aged, other interests took over. I was lucky my children loved sports, so I coached them and continued to coach until I was in my forties, both at work and in the community. From personal experience, I know that physical activity is essential for maintaining health and well-being at all ages. When I retired, I took up walking as my exercise of choice. I have friends who go to the gym once a week. I tried that but... Continue Reading

Five years before retirement, start thinking about some options. If you like to keep busy and/or enjoy the social aspect of working, consider starting a business or taking on a seasonal or part-time job. Returning to work or starting a new business are viable options for seniors. Returning to Work: Seniors can go back to work to earn extra money for unexpected expenses or vacations..A steady job helps us maintain social interaction. We have fewer friends after retirement, and going back to work helps us socialize and make new connections.. This is important for mental and emotional well-being. We... Continue Reading

Yesterday I suggested some things that you could think about as you plan for your retirement. Many of us who retire find returning to education or discovering something new is a great way to continue a lifetime of learning. I know many who regret that they did not have the chance to go to college or university. If you want to pursue a degree or diploma, many colleges and universities offer free or discounted tuition for those over 65. There are many online courses that are free or low-cost for seniors so if you’ve always wanted to learn more about a certain topic, there are many online courses... Continue Reading

Retirement is stressful and a big decision. So, it is very important that you don’t make other big decisions close to the day you actually retire. Planning everything for retirement may not always work, as you may not think rationally in the months leading up to it. So, don’t make choices while worried or distracted and start planning, if you can, at least five years before you retire. With a five-year horizon prior to retirement, you can acquire a solid grasp of whether your intended lifestyle is sustainable, assess any impending financial obligations you will carry into retirement, and anticipate... Continue Reading

You have retired or are considering retirement. Over the years, you have developed and honed the skills you have used in your life and your career. Your career is over, but you still have the skills and life goes on. One question you should ask is: How I could apply my skills that contribute to the greater good?  The first step is to identify the things you care about. The second is to think about the world around you, your homes, communities, and the world at large. While envisioning an ideal future world, ask yourself:  What are your talents? How can you use your skills to support a cause?? What... Continue Reading

Failing to consider our purpose in life isn’t a new problem. When I was young, I never took the time to consider my future. I knew people who did plan, found purpose, and lived their plan. I now realize that thinking about the future when I was younger would have been a good idea. However, I plodded through life, became successful and only started thinking about purpose and the future when I retired. When I retired, I looked around and saw that many people who retired did not live long. I soon realized that was because they did not have a purpose. Once I started thinking about finding a purpose... Continue Reading

 Retirement, the much-awaited phase of life, can truly be a breeze! While financial comfort is important, it’s just a piece of the puzzle that makes up a happy and fulfilling retirement. Surveys, including a recent one from the Alliance for Lifetime Income, reveal that many Americans worry about outliving their savings. However, let’s not forget that retirement can also be a time of excitement and adventure if we plan how we’ll spend our newfound freedom. Besides, who needs stress and boredom when there are so many possibilities waiting? Sure, some studies suggest that retirees... Continue Reading

Addressing the issue of insufficient retirement savings among Canadians requires a collaborative approach involving individuals, employers, and policymakers. Here’s a breakdown of how each group can contribute to improving the situation: Individuals: Individuals need access to financial education and resources to develop a better understanding of personal finance, budgeting, and retirement planning. This includes learning about the importance of saving early, managing debt, and making informed investment decisions. Encouraging individuals to create realistic budgets and prioritize savings... Continue Reading

Over the past decade, new research has shed light on the financial situation of Canadians aged 55-64, revealing concerning trends regarding their savings. According to recent studies, 44% of Canadians in this age group have less than $5,000 saved, and an alarming one in five workers have no savings at all. This data highlights a significant financial challenge faced by a substantial portion of the Canadian population, particularly those approaching retirement age. Comparing this data with the situation ten years ago, it is evident that there has been a considerable decline in savings among Canadians... Continue Reading