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Updating Your House for Old Age
Tweet Share on Facebook July 3, 2008 CommentMy 89-year-old grandmother recently had a new washer and dryer installed on the ground floor of her house so that she will no longer have to navigate the stairs to do her laundry in the basement. And several years ago she had grab bars installed in the shower to prevent her from slipping, which is one of the most common home alterations for older homeowners, according to the National Association of Home Builders.
Like my grandmother, 89 percent of people over age 50 wish to remain in their own homes indefinitely, AARP found. But sometimes seniors need to make minor remodels so they can stay in their home longer. The most common (and affordable) remodels for older homeowners are:
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Are Your Retirement Savings on Target?
Tweet Share on Facebook July 1, 2008 Comment (21)Employees aren't sure how much of their salary they should replace in retirement. As part of an online test on retirement income, MetLife Mature Market Institute and GfK North America asked, "What percent of preretirement income do experts think retirees need to use as a benchmark for determining the amount of annual income needed in retirement?" The chart below shows the responses of workers between the ages of 56 and 65 who plan to retire in the next five years.
They're right to be confused. There is no correct income replacement rate for everyone. An adequate level of income depends on retirement expenditures, retirement age, gender, asset allocation, and the percentage of savings that is annuitized, according to the Employee Benefit Research Institute.
