8 Realities of the New Retirement

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I rarely participate in these comments, but I really have to share my story with 1 company which has tremendously helped me. I just turned 74, many obstacles have come in the way of my retirement including a divorce a few years ago which really hurt me financially, to be honest I had this feeling that my savings and SS income were not going to be enough. Months and months of research and dealing with big banks - nothing but a big headache and they wanted to charge an arm and leg - I was considering a standard home equity loan but then I started reading about reverse mortgages. Long story short, i found this company while searching online - reverse mortgage lenders direct - they were able to automatically compare lenders for me and quote me a fantastic quote. I am not saying you need to do a reverse mortgage (for me this has been excellent and recommendable) but if you do here is their number 877 700 0534 - you can find the site online search for reverse mortgage lenders direct.

jasonjohnson833 of CA 9:16AM May 29, 2012

@ "We've Been Screwed"
Really? You're upset that there are saving vehicles provided by employers? You took 13 YEARS off from the job market. Now, if you maxed out your IRA every single year, you may be sitting a little differently; however, I am sure you didn't do that. I am planning on retiring at age 59 (currently 26) and I am saving money at ~20% of my gross wages (between 401 and roth IRA). The reason that people may not retire is because they decided to prioritize things above their own retirement (new car, new house, new furniture, kid's college fund, etc). These are all choices we make and the stark reality is we have to live with them.
Back to the article...
Know the best way to plan for retirement if you're under age 35.... DON'T PLAN ON SOCIAL SECURITY. It will not be there for the next generation. For those fortunate enough to start pulling out the monies, why would you wait? Great, the benefits go up as you defer drawing on it but who's to say when something may happen to you (death, illness, etc) or the funds that were "alloted" to you (government tapping the social security program for funding).

JJ of WI 8:09AM August 20, 2010

To DD of Georgia - Sorry but I cannot relate to anyone who retires in their 50's; like yourself, I will only have whatever accounts I put aside out of each and every paycheck. No pension; no employer health benefits. Targeted retirement age (supposing a company will allow me to keep working) - 70!

ss of GA 7:34AM August 12, 2010

Lake Weir Living just posted a new video of America's Toy Friendly Community in Central Florida. We are building homes for Boomers. Visit the Video Blog: http://www.lakeweirlivingblog.com

lakeweirliving of FL 7:32PM July 26, 2010

My dad, who is now 76, retired 20 years ago, after putting in 20 years with the company (not government) he worked for. He received a company pension and, at the time, free health benefits for him (a small cost covered my mom). Healthcare has since now become something he has to pay for, but it's still through the company so it's relatively affordable.
When my dad retired, IRA's and all that crap weren't THE expected way to retire. He has lived modestly on his pension all these years, never had to work another day.
On the other hand, I went back to work at age 40 after being a SAHM for 13 years and then facing divorce. My chances of having enough to retire on in my IRA are quite slim. I'll be working many years after the age which my dad retired.
So who has really gained from this retirement account BS other than our employers who invest our money? It sure won't be me. And I'm not alone. There are millions of Americans who face the same grim reality that retirement may not be in our future like it was in our parents' and grandparents' day.

DD of GA 1:25PM July 26, 2010

As the article points out, Boomers & empty nesters have less saved for retirement & need to rethink how & where to have a 2nd home or retire. Boomers can still have fun and play hard. My community, Lake Weir Living, in Central Florida is a "Toy-Friendly" Community (55 miles to Orlando), for Boomers frustrated with oppressive HOA restrictions & fees. New homes with no HOA and toy-fitted garages for "Toys" (boats, motorcycles, RVs, campers...). LWL Blog for videos:
http://www.lakeweirlivingblog.com

Neil Schuster of FL 5:57PM July 22, 2010

FYI - Strategies mentioned in the article can be modeled now using the "Social Security Income Planner" web-site (URl- http://ssincomeplanner.com) for different Marital Scenarios. Thx.

JASUBA LLC of NJ 3:51PM July 09, 2010