Each week Living The Retirement Lifestyle will bring you the top retirement news from around the world. In this the first edition of Retirement News we’re reporting from the French Alps where we have a retirement home (hence the image for this edition) and these are some favourites we’ve read.
Retirement News Week Commencing 21st October 2019
Let’s get started with what we’ve found for you this week from casting our net on the topic of “retirement”
Can $180,000 really last 65-year-old, soon-to-be retiree until 100?
This was the question asked of Pete Dunn of USA Today by reader Donna
“I’m now 65 and on the verge of retiring. I am reluctant to retire but am feeling it is time to leave my position for various reasons. I hope to continue working part time if I find a job where I do not feel chained to an office each day for a committed amount of time”
The answer might not be what you expect given how so many people are saying you need at least one million in your retirement savings at the time of retirement to see you through to the end of your days
You can read the full article here
Using Virtual Reality to Plan Your Actual Retirement
According to this article V.R. and online visual aids are giving workers a better idea of how much they need to save for their retirement
Picture this: You are in the country, on a trip through a pleasantly green, rolling landscape dotted with trees. It has a slightly dreamlike quality.
But this is no dream. It’s a visualization of your financial life, in which you work to save for a retirement you hope will come one day. And there are decisions to be made
Suddenly, you’re stopped …
This is where the new virtual reality aid can help you make the decision. Time to read on to see how this can help you plan your next step
Up until now we have used a more traditional retirement income calculator such as the one in our book “Living The Retirement Lifestyle” but this would look to open up a whole new world for us all
Would be interested to know what you think. Good idea or not?
Your Uber Driver Is ‘Retired’? You Shouldn’t Be Surprised
Older Americans are taking non traditional jobs in greater numbers it seems…
We especially liked this article as we travel a lot and were introduced to “Uber” when we visited The United States (at the time it wasn’t well known in the UK other than central London). Our very first experience was being driven by a retired doctor who told us he did it part time to supplement his retirement income and so he could play golf more without dipping into his savings. His wife liked golf too so she was also a “Uber” driver…
Dave Zarrow, featured in the article, who lives in Reston, Va., figures he spends about 20 hours a week in his 2017 Camry driving for Uber . Although he and his wife are retired and do have sufficient funds to live on Dave goes on to say that his part time “job” has allowed them to continue the same lifestyle they had before they took retirement and doesn’t erode their savings.
Here’s the story and a discussion about whether Dave should be the kind of person we should be worrying about…
Like Gary 64, who has spent three years driving for rival Lyft. Once a self-employed business coach and ski instructor, Gary worked in corporate sales for several years, then got laid off in his 50’s.
He has struggled to find steadier work ever since. “Nobody’s interested in someone my age,” he said.
And we get it because that was us too albeit our story was as a result of the 2008 recession all but destroying our retirement nest egg
Where Will Your Income Come From in Retirement?
Here’s what you need to know about the most common sources of retirement funds according to Motley Fool.
Most of us depend on a paycheck to provide the funds we need to cover costs of living. But when you retire, your paycheck ends even though you still need a source of support.
While different retirees may have their own unique income streams, such as money from alimony or from real estate investments many don’t and will rely on social security, retirement savings and pension income traditionally
The article goes on to say…
“As you near retirement, you should also make sure you know where your money will come from and confirm you have enough of it before you leave work. If you fear you’ll fall short, consider working a few extra years, or relocating in retirement to a lower cost-of-living area so your money stretches further “
Definitely worth a read to get your head round the things you should have done and can be doing depending on what position you are in as you read this
Whilst the article addresses the more traditional sources of retirement income we know that there are many more ways to add to your income in retirement some of which we discuss in our book and in future articles we will be adding here
Thanks for joining us in this the first of our Retirement News and hope you will become a loyal reader
Tell us what you like/don’t like and what you would like to see more of and just remember an important take away…
None of what we share constitutes financial advice in any way, shape or form! That’s between you and your financial advisor
Happy reading until next time…
And if you haven’t yet picked up a copy of our book “Ultimate Retirement Lifestyle” you can grab your copy here