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According to official figures, 53% of married couples and 74% of unmarried Americans count on Social Security for at least half of their retirement income. Almost half of those unmarried persons rely on Social Security for virtually all of their income. In real numbers that means probably living on less than $1,300 a month.  Enough has been written about the problems facing Social Security and the dwindling funds meant to support it. Demographic factors, government's use of the money intended for Social Security for other purposes, and the politics of it all could spell a shaky future ahead for something that virtually all older Americans receive. Various dates have been published, but most predict there will not be enough money to pay full benefits beginning in the next 12-17 years. Small Cost-of living adjustments were made this year, but disappeared for most because of an increase in Medicare Part B costs that matched the increase (strange how that happe...

Let's review. Retirement means you: 1)  Stop getting a regular paycheck 2)  Give up employee health insurance 3)  Say goodbye to coworkers and companions 4)  Don't get paid when you take a vacation 5)  Have to fill an extra 8 hours a day on your own 6)  Must find ways to feel productive  7)  Are your own financial safety net Of course,  all seven negatives can befall you without  retirement being the cause.  Your company  may downsize, be purchased by someone that loves automation, fails to please stockholders or owners, moves its factory to Mexico, or tries to sell a product the Internet has made obsolete. Now, you are  unemployed, which is like retirement, except you are under serious pressure to end your forced lack of work as soon as possible. You want to go back to work. You need to go back to work. You spend every waking (and sleepless moment) thinking about work.  So, all a bit tongue in cheek, right?...

If only that were possible. Except for knowing you will die at some point, life doesn't come with a guarantee, and that includes retirement.  After 17 years of experience, there are a few key concepts I'd be glad to share. Maybe I can help you eliminate some of the risks involved, though there is no guarantee. 1) Numbers All sorts of numbers will determine the extent to which your retirement is satisfying: figures in your budget, income, outgo, the size of your investments and pension or IRA, the age you decide to start Social Security, and how you spend the hours in a day. Not completely under your control but still important is how long you will have good enough health to do what you like to do. Days and nights spent in front of a TV or in an easy chair aren't very satisfying if you have other options.  2) Assumptions No one really know what the government will do with Medicare, Medicaid, or Social Security payments, or what will happen to the health insurance markets. In...

First published a few years ago, the discussion about the fate of the American middle class and the growing economic inequality in this country has not gone away, in fact it has intensified. I'd welcome your thoughtful comment on this issue. There has been a lot written recently about the decline, if not outright impending disappearance, of the middle class in many countries around the world. The original premise was that hard work and perseverance would result in a comfortable lifestyle and a   satisfying retirement . That vision included decent retirement funds, health care coverage at an affordable cost, a home, a car or two in the garage, and enough money to send kids to college. It assumed that each generation's standard of living will be better than the one before. In reality, that picture began to go out of focus at least 15 years ago. The dot.com stock market crash of the late 1990's damaged the hopes and dreams of many. It exposed the true risks of...

For the majority of us the last effects of the 2008-09 recession are in our rear view mirror.  Unemployment rates are low and inflation seems to be under control. Interest rates on investments remain miserable, but decent returns are available with a little bit of risk. Housing prices have rebounded in most part of the country. That allowed Betty and me to move just about two years ago to be closer to our grandkids. We have been in the new house just long enough that my thoughts to turn to what maintenance should be considered, now and in the future. Owning a house means owning the problems that come with that property.  Delayed maintenance never got this bad Unfortunately, over the years I have become the master of delayed maintenance. If something isn't dangerous, leaking, or unusable, I find it much too easy to wait.   We know that something will require fixing but decide it can wait a while longer. That toilet is more difficult to flush, but it still works. The f...

A growing trend among retirees is the desire to remain in one's home as long as possible. In fact, a recent study quoted by AARP shows 87% of those 65+ want to age in place for as long as it is safe. Even among those 10 years younger, 71% would opt to stay put. Familiarity and community ties are the biggest draws. Even so, the market for retirement communities remains strong,  such as Jimmy Buffett's new retirement community approach . Sun City communities and other planned offerings have adjusted to a more active lifestyle and the positives of providing care that includes nursing home facilities.  The ability to choose between staying home or moving to a retirement community or coop housing setup is a new development. In part, it has occurred because there are more options available to receive medical care in one's home. With nursing facility costs out of reach for many retirees, it is good news that other choices exist. For purposes of this post, let's assume you woul...

Retirement is about movement. Movement from employed to unemployed. Movement from restrictions imposed by others to restrictions imposed by you. Retirement is about change. Change in how your day is structured. Change in your relationships. Freedom. If you are getting close to retirement, or have recently taken the big step, it is natural to wonder "What have I gotten myself into? What happens now?"  Some of my earliest posts on  Satisfying Retirement  dealt with the  Three Phases  of retirement and some answers to those questions. I have reworked the original material a bit and present again for your review.  When I stopped working in June 2001 little did I know that just a few months later the events of September 11 would make what I had done for a living very difficult. While air travel had become increasingly unpleasant over the previous decade, 9/11 would make that unpleasantness close to unbearable. Those of us who flew for a living were suddenly...

No, it is not the massive increase in ACA premiums for those who must buy on the individual market. Nor is it the similar increase in deductibles and copays for the health insurance that the 80% of us who get coverage through our jobs must face.  No, it is not the consolidation of the industry, where a handful of companies control our options. Nor, is it the immoral increases in life-saving drug costs. No, it is not the inability of our political "leaders" to arrive at a solution that works for those in need. Heavens, they refuse to even talk with each other, preferring threats and slurs instead. Nor  is it the slow acceptance by most of us that our health is primarily dependent on choices we make in diet, exercise, and lifestyle.  The Number One problem with our health care future is.....uncertainty. Retirement is a period in our lives when we welcome many changes, new opportunities, new directions, a new sense of the possible. We take back control of the clock...

From the archives. First published three years ago, these thoughts continue to be appropriate as 10,000 people a day retire. According to many  retirement advice  experts, $1,000,000 is the minimum you need in your investments accounts to have a satisfying retirement. Others say you need something north of $2 million to rest easy. As regular readers know, I tend to push back against such generalizations. How someone can draw a line in the sand and tell you what you must have or must do without knowing you and your situation is poppycock (I love that word!).  I offer suggestions and advice based on my experiences and feedback from readers, but I hope I am never guilty of telling you "my way or doom." That being said let me offer some thoughts on how the non-millionaires among us can still retire and enjoy a fulfilling and stimulating life. Again, I will say these are thoughts from me. They may not work for you, or you may have even better ideas which I since...

The interest in having a happy retirement is pretty much universal. While the bulk of my readership comes from America, Australia supplies a  healthy percentage of S atisfying Retirement  readers. Maybe that is why I was contacted not long ago by a fellow from that country who wanted to share some interesting survey results with me. David Schneider pointed me to the results of an ageism research project that shows real and pervasive discrimination against Baby Boomers trying to reenter the work place. While I have no comparable study for the U.S. or other countries, I assume there is a similar problem in any developed country. A few of the results of the study include these sobering findings: * More than one in three people over-50 (35%) have no choice but to apply for new work or embark upon a career change later in life – half of them because they need the money. So, factoring in what we know about Western culture and its tendency to marginalise those who are ...