Rethink Your Retirement Income

Submitted on Sat, 11/29/2014 - 7:00 am

Many retirees can live well on less than what the financial-planning industry tells them. Here's how to look beyond the formulas.

Expensive illnesses, long-term care and extreme longevity can suddenly throw retirees' estimated income needs out of whack. When the Society of Actuaries interviewed middle-class retirees in focus groups earlier this year, "they were managing very carefully, adjusting their spending where they needed to and trying not to draw down" their savings, Ms. Levering says. "But they were not planning for shock events."

Men's Sheds movement helps men find sense of purpose when they retire

Submitted on Wed, 03/05/2014 - 12:00 am

Men's Sheds movement helps men find sense of purpose when they retire. Men’s Sheds began in Australia and are ‘the shed at the bottom of the garden’ but larger, well equipped with tools and benches and run by a bunch of guys as an inclusive, practical, unprogrammed domain of shared space, work and leisure. They can be for individual pursuits or community projects and they can offer people greater purpose, achievement and social interaction.

The other retirement plan: Work past 65

Submitted on Fri, 02/21/2014 - 12:00 am
Many of Americans assume they’ll find a part-time job or start a consulting firm after they retire. Anthony Webb, the New York-based economist for the Center for Retirement Research notes that there’s a bit of self-delusion at work here. “The truth is that when people leave their ‘lifestyle jobs’, they end up leaving the workforce pretty quickly,” Webb says. “It’s well documented that all the ‘bridge jobs’, the consulting gigs, the part-time work lasts perhaps a year or two, but not longer.” Don’t fool yourself.

Americans seeking softer retirement landing

Submitted on Thu, 01/02/2014 - 12:00 am
“They say you have the retirement party one day and you come back to work the next,” said Mary Jo Finchum, spokeswoman for the Muscatine, Iowa-based company. Stanley is among the U.S. employers that have offered workers a softer landing into retirement, allowing them to scale back hours as they prepare to take the plunge and move into part-time positions once it’s official. “It’s really the best of all worlds,” said John Sayles, a 79-year-old planner at Stanley who cut his hours before formally retiring in 2003, but who has continued to work part time in the decade since.

Are you saving too much? Here's how to look beyond the formulas.

Submitted on Wed, 12/25/2013 - 3:25 pm

The only hard-and-fast rule for how much retirement income you will need is that there is no hard-and-fast rule. The financial industry's typical rule of thumb—which states that retirees need to save enough to be able to replace 75% to 85% of their preretirement income every year after they stop working—isn't really useful for many people. New research shows that many retirees can live well on less than that but others rack up higher expenses through travel, expensive hobbies or medical costs that can't be avoided.

What's the Best Way to 'Test Drive' a Retirement Before You Leave the Office?

Submitted on Mon, 12/23/2013 - 3:31 pm

Apple computer stores and car dealerships let you "try before you buy." What if you could do the same with retirement?

With this issue in mind, we posed the following question to The Experts: What's the best way to "test drive" a retirement before you leave the office?

This question relates to the latest Encore ...


More Than Half of Americans at Risk of Not Covering Essential Expenses in Retirement

Submitted on Wed, 12/04/2013 - 12:00 am

Fidelity’s latest research reveals many Americans are behind on retirement preparedness, with 55 percent in fair or poor condition. The report also provides a list of six ways to accelerate savings to catch up and be better prepared.