Planning to Retire

It's never a good idea to retire in a year when your portfolio is down. But baby boomers willing to save more, spend less, and work longer should still be able to retire. Yes, it will require some sacrifice and a heaping portion of the "B"-word—budgeting. Here are seven difficult, but not impossible ways to get your retirement plans back on track.

Spend less. Thrifty living is a necessity. Two-thirds of workers and 59 percent of current retirees say they have reduced their spending in the past two months because of fear over the economy, job stability, or rising prices, according to a Harris Interactive and Principal Financial Group online survey of 1,179 employees and 625 age 60-plus retirees. The top areas for cutbacks were media subscriptions, gym memberships, land-line phone services, lawn services, and television services.

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Seniors who saw their nest eggs gobbled up by the stock market this year aren’t exactly rushing to deck their halls with expensive new merchandise. More than half of workers (53 percent) and 49 percent of retirees plan to spend less money on holiday gifts this year, both up significantly from 29 percent last year, according to a recent survey. But, like all Americans feeling the pinch, retirees are looking for inexpensive ways to enjoy the holiday. Here are a few ideas.

Frugal gifts. This year’s gifts are more likely to be small and thoughtful trinkets than the expensive and sometimes even ostentatious items shared during past holidays. Some 52 percent of workers and 41 percent of retirees say they will spend less money per gift, according to a Principal Financial Group and Harris Interactive online survey of 1,179 employees and 625 age 60 and older retirees. Sharing a beloved book or DVD, passing down family heirlooms, or offering a favorite food or photograph can personalize the gift exchanging experience without jeopardizing your savings.

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When President Bush retires in January he will trade in his quarters at 1600 Pennsylvania Avenue for a four-bedroom, four-and-a-half-bath house in the Preston Hollow neighborhood of Dallas. The 49-year-old single-story house also boasts a wet bar and fire place.

The county appraises the 8,500-square-foot home atop 1.1 acres at nearly $2.1 million, but the light-red brick house sold for considerably more, the Dallas Morning News reports. Bush family accountant Robert McCleskey purchased the house with a $3,074,000 loan issued by the Community National Bank in Midland that must be paid in full by October 2012. The property carries an estimated annual tax bill of approximately $44,000.

The Bushes lived in Dallas from December 1988 through January 1995, before moving to the Texas Governor's Mansion in Austin, Texas. According to a White House statement, the couple will also continue to use the Crawford, Texas ranch.

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Retirement allows you ample opportunity to do the activities you enjoy. Many retirees report spending increased amounts of time traveling, eating out, exercising, volunteering, working on hobbies, watching TV, browsing the internet, conversing with family members, and even sleeping. In fact, a new survey found that there is only one major activity that some retirees engage in less often after exiting the workforce: sex.

Some 22 percent of retirees report having sex less often now that they are retired, according to an AARP survey of 1,064 married adults age 55 to 75 who are retired or living with a retired spouse. But there is a gender difference. Men (25 percent) are significantly more likely than women (19 percent) to say they are having less sex after retirement.

Romance, however, does not appear to fade away among retired couples. Most retirees (77 percent) say they are just as romantic as they were before retirement and another 12 percent report feeling even more romantic without the stress of work.

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