Look at saving as making an investment in your future self. It’s self-care. You’re saving for “living,” not “retirement.” To me, that’s a better way to frame it, especially when retirement is a fuzzy concept at best.
Assess when, how and if you plan to retire. Many of us want to keep working beyond a traditional retirement age for the mental engagement as well as the money. You might be thinking of retiring from a primary career and launching an encore one or even starting a business. Once a year, think through your plans.
“The self-employed have an inspiring vision of aging and retirement,” Catherine Collinson, CEO and president of the nonprofit Transamerica Institute and Transamerica Center for Retirement Studies, told me. “Compared with employed workers, the idea of retirement isn’t as relevant, because they have far greater freedom to continue working — or retire — on their own terms.”
Work with younger generations. The real fountain of youth is the fountain with youth, according to Marc Freedman, founder of Encore.org. Find ways to connect with younger generations through mentoring, tutoring or coaching.
Many retirees do not have a plan. And for those who encounter retirement earlier than expected because of a health crisis or downsizing, facing the new reality can be rocky. Isolation and loneliness can emerge.
The Washington Post’s Color of Money Book Club pick: “It’s about fearlessly creating something new regardless of your age,” Hannon writes. “It’s scary. It’s risky. It’s hard work, and most entrepreneurs I have interviewed have told me that their only regret is that they didn’t do it sooner.”
“It enables them to earn income, continue saving for retirement and bridge savings shortfalls — with more free time for personal pursuits,” says
Catherine Collinson, CEO and president of the nonprofit Transamerica Institute.
The barriers to accumulating wealth for women are daunting. Recommendations from a Senate hearing and a think tank briefing. The financial challenges women face to achieve financial security in retirement can be huge, as a Senate Special Committee on Aging hearing and an Employee Benefit Research Institute (EBRI) briefing last week demonstrated starkly. And with the […]
How to Protect Your Retirement Portfolio in a Market Downturn. Make these moves now to safeguard your investments against volatility
With a tight labor market and an unemployment rate floating around 3.7 percent, there are signs that some employers facing worker shortages are more willing to rehire their retirees or other former employees. Executive-level retirees have always been sought after to boomerang back to former employers as troubleshooters. What’s different today is that there are […]