Even now, financial planners are urging people to work to 70, so they end up with more spending money than if they retire at the full retirement age of 66, or even earlier at 62. At 62, people can get small Social Security benefits, but each year they wait increases their monthly check about 8 percent. According to Munnell's research, retiring at 62, rather than 70, cuts the monthly benefit almost in half. A person who would receive a monthly Social Security check of $1,000 upon retiring at 70 would get $568 at 62. That's been a huge selling point for waiting to retire.
Phased retirement programs help companies retain experienced workers and let employees scale back working hours to explore other interests. As baby boomers hit retirement age, many are realizing they're not quite ready to quit work cold turkey. Whether you're worried about the size of your nest egg, leaving unfinished projects at the office or simply filling up the hours of the day, an abrupt shift from corner office to golf course can seem a daunting proposition.
Money looked across the country to compile their list and highlighted affordable smaller cities. They paid close attention to things like culture, taxes, activities and healthcare. The list highlights places with populations of 150,000-500,000 people. "When it comes to retirement, you find all those things in major cities, but the cost and congestion makes it really difficult," said Rosato.
It seems like another life. At the height of his corporate career, Tom Palome was pulling in a salary in the low six-figures and flying first class on business trips to Europe. Today, the 77-year-old former vice president of marketing for Oral-B juggles two part-time jobs: one as a $10-an-hour food demonstrator at Sam’s Club, the other flipping burgers and serving drinks at a golf club grill for slightly more than minimum wage.
Some people like big cities, some like small towns. The Milken Institute looks at factors including health-care, affordability, transportation, cultural and outdoor activities, employment and safety, and says these are the 10 best big cities to retire happily in. The best places to spend retirement in are safe and affordable, where people are healthy and generally happy. They’re places with economies that offer job opportunities for those nearing retirement age, and with living arrangements that suit the needs of people ages 65 and older.
Retirees looking to Nevada can find rugged Western beauty without high West Coast prices. One of Nevada’s biggest draws for many is that it has no state income tax and no inheritance tax, leaving retirees with more money to enjoy. “Low taxes are the underlying driving factor of anybody I talk to that is considering a move to Nevada from California,”
Retirement today is not the same as it was for our parent’s generation. The generation today does not want to fade away into woodwork. They want to live a full life after retirement. They want to maintain an active lifestyle and not be dependent on their children. Hence retirement planning takes on a very important role...
Many couples dream of being joined at the hip when they're no longer working. A more satisfying approach may be 'parallel play.'