I
came upon an article entitled “Lies We Tell Ourselves About
Retirement” written by David
Ning who “ runs
MoneyNing, a personal finance site that shares money moves you can
make to significantly increase your chances of having a comfortable
retirement. “ He offers some things to consider when creating
one's destiny that might be time honored “givens” that today
really aren't. The full text of the article can be found at
http://finance.yahoo.com/news/lies-tell-ourselves-retirement-173845934.html
In the next posts I'm going to look into some of what he talks about, do some internet searching on the topic and report back here. Ning writes that one “given” was that, “Everybody works until full retirement age.” but, “in recent years there has been a surge in the proportion of people who expect to work past 65, but the reality is that a significant number of people will stop working well before the traditional retirement age.” At Ask.com, I followed U.S. Census information because I wanted to know what the recent retirement age numbers were. According to the count in 2010, the average retirement age was 62 years which is a low in a decades long decrease in age. Since the payment of full benefits of Social Security and some other retirement plans is at the same time moving upward from an average of 65 years toward as high as 67 years, the implications supporting Emerson's suggestion to live “a considered life” in the “retirement to pension payments” gap years finds a renewed wisdom. In simpler, less philosophical terms, consider strategies that will either secure income or reduce expenses for those “gap” years in case you end up having to live through them.
In the next posts I'm going to look into some of what he talks about, do some internet searching on the topic and report back here. Ning writes that one “given” was that, “Everybody works until full retirement age.” but, “in recent years there has been a surge in the proportion of people who expect to work past 65, but the reality is that a significant number of people will stop working well before the traditional retirement age.” At Ask.com, I followed U.S. Census information because I wanted to know what the recent retirement age numbers were. According to the count in 2010, the average retirement age was 62 years which is a low in a decades long decrease in age. Since the payment of full benefits of Social Security and some other retirement plans is at the same time moving upward from an average of 65 years toward as high as 67 years, the implications supporting Emerson's suggestion to live “a considered life” in the “retirement to pension payments” gap years finds a renewed wisdom. In simpler, less philosophical terms, consider strategies that will either secure income or reduce expenses for those “gap” years in case you end up having to live through them.
An
informative article on the U.S. News website entitled 'Take
an Early Retirement Test Drive” by Joe Udo talks about the gap
years beginning in early retirements during one's fifties. Some
expenses that can be reconsidered after leaving work include :
“Transportation.
You won’t have to drive to work anymore and could save a lot of
money on gasoline and parking. By eliminating one vehicle, you would
save even more on car payments, insurance, repairs, and maintenance.
Clothing.
Work clothes can be expensive, and you won’t need them after you
retire.
DIY.
You can “do it yourself” instead of paying for conveniences such
as getting a car wash and hiring a gardener. You will have much more
time to do everything in retirement and can often avoid paying
someone else to do it. And if you don’t know how, you have plenty
of time to learn.
Saving.
Since you’re already in retirement, you don’t have to save for
retirement, but you should still maintain an emergency fund in case
you need it.” The straight forward presentation with which Udo
treats this and other early retirement issues in the article make it
a very good read. The link is: http://money.usnews.com/money/blogs/On-Retirement/2012/10/04/take-an-early-retirement-test-drive
Next: Considering the “given” that "the Jones have everything!"
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