The New Retirement E-Book

Jan Cullinane

• Herausgeber: John Wiley & Sons
• Kategorie: Fachliteratur
• Sprache: Englisch

Seitenzahl: 545

Veröffentlichungsjahr: 2022

Beschreibung

Craft your complete retirement plan with help from this straightforward and robust blueprint In the newly revised Third Edition of The New Retirement: The Ultimate Guide to the Rest of Your Life, best-selling and award-winning retirement author Jan Cullinane delivers an organized, engaging, and holistic treatment of retirement planning. With extensive updates and additions throughout, the book includes surveys, questionnaires, and worksheets to help readers understand and apply the critical steps affecting retirement planning. In this book, you'll also find: * Fresh and informative examples from real people about all aspects of their retirement journey, from savings and tax issues to location selection to second careers/remote work, and leaving a legacy * Thorough explorations of niche retirement lifestyles, established locations, and new retirement communities * Discussions of critical issues affecting potential and current retirees, including health, relationships, politics, climate, demographics, and working Perfect for anyone contemplating full or phased retirement, as well as for those who are already retired, The New Retirement, 3rd edition, is an invaluable handbook for planning the penultimate chapter of your life.

Leseprobe

Table of Contents

Cover

Title Page

Copyright

Dedication

Foreword

Acknowledgments

Introduction

CHAPTER 1: What Makes Retirement Successful?

A Brief Retirement History

The “New” Retirement

Expectations versus Reality

Working and Sense of Self

Why

People Decide to Retire

Retirement Timing for Couples: Same Time or Staggered Times?

Single and/or a Solo Ager?

Where to Retire

Retirement and Lifespan

Six Secrets for a Successful Retirement

Retirees' Regrets

Lessons from the Pandemic

Just for Fun

More Resources

CHAPTER 2: 168 Hours a Week

Lifelong Learning

Volunteering

Learn New Things/Hone Old Skills

More Resources

CHAPTER 3: Working in Retirement: It's Not an Oxymoron

Where the Jobs Are/Will Be

AARP Recommendations for Part-Time Jobs for Retirees

Companies That Welcome Mature Workers

Start Your Own Business – Know the Five Ps

Additional Suggestions

Real Estate

Education

Direct Sales

Seasonal/Temporary Work

Peace Corps Volunteer

Work from Home Customer Service/Virtual Assistant Jobs

Work Part Time with Health Benefits and/or Other Perks

Networking and Resumes and Interviews

Core Pursuits

More Resources

CHAPTER 4: What and Where Is Home?

Reasons to Stay Put … or Not

What We Can Learn from the 2020 U.S. Census

What Makes a Place Ideal?

Second Homes

International Relocation

What Do People Want in a Retirement Location?

Narrowing (or Expanding) the Possibilities

Food for Thought

Aging-in-Place Checklist

More Resources

CHAPTER 5: Locations, Locations, Locations

Low Cost of Living (U.S.)

Low Cost of Living on Steroids: Places That Pay You to Move There

Best Places for Active Retirees (2021)

Best Places to Retire Lists 2021 (U.S.)

Best Places to Retire Internationally (2021)

“Niche” Lifestyles

More Resources

CHAPTER 6: Forever Young

Nature (Genetics) versus Nurture (Environment)

Epigenetics

Telomeres

Mitochondria

SHIELD for Our Bodies, Minds, and Spirits

More Resources

CHAPTER 7: Dollars and Sense

Retirement by the Numbers: Basic Cheat Sheet for Being Prepared

Expenses in Retirement

Saving for Retirement

Funding Your Retirement

Social Security

Pensions and Defined Contribution Retirement Accounts

Working in Retirement

Investments

Reverse Mortgages

More Resources

CHAPTER 8: The Taxman Cometh

Sell Your Home and Avoid Income Tax on the Gain

Don't Forget the Impact of State Taxes When Deciding Where You Want to Live

More Resources

CHAPTER 9: Money Saving Tricks and Tips

More Resources

CHAPTER 10: The Final Chapter

Regrets

Tom Sawyer, Steve Jobs, and Eulogies

Values and Purpose

Retirement Re-Do

Put Your Money Where Your Values and Purpose Are

Ethical Wills/Legacy Letters/Forever Letters

More Resources

References

About the Author

Index

End User License Agreement

Guide

Cover Page

Title Page

Copyright

Dedication

Foreword

Acknowledgments

Introduction

Table of Contents

Begin Reading

References

About the Author

Index

End User License Agreement

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The New Retirement

The Ultimate Guide to The Rest of Your Life

Third Edition

Jan Cullinane

Copyright © 2022 by Jan Cullinane. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

Published simultaneously in Canada.

No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, [phone], fax [phone], or on the web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, [phone], fax [phone], or online at http://www.wiley.com/go/permission.

Limit of Liability/Disclaimer of Warranty: While the publisher and authors have used their best efforts in preparing this work, they make no representations or warranties with respect to the accuracy or completeness of the contents of this work and specifically disclaim all warranties, including without limitation any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives, written sales materials or promotional statements for this work. The fact that an organization, website, or product is referred to in this work as a citation and/or potential source of further information does not mean that the publisher and authors endorse the information or services the organization, website, or product may provide or recommendations it may make. This work is sold with the understanding that the publisher is not engaged in rendering professional services. The advice and strategies contained herein may not be suitable for your situation. You should consult with a specialist where appropriate. Further, readers should be aware that websites listed in this work may have changed or disappeared between when this work was written and when it is read. Neither the publisher nor authors shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

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Library of Congress Cataloging-in-Publication Data

Names: Cullinane, Jan, author.

Title: The new retirement : the ultimate guide to the rest of your life / Jan Cullinane.

Description: Third edition. | Hoboken, New Jersey : Wiley, [2022] | Includes index.

Identifiers: LCCN 2022010301 (print) | LCCN 2022010302 (ebook) | ISBN 9781119838159 (paperback) | ISBN 9781119838173 (adobe pdf) | ISBN 9781119838166 (epub)

Subjects: LCSH: Retirement—United States—Planning.

Classification: LCC HQ1063.2.U6 C85 2022 (print) | LCC HQ1063.2.U6 (ebook) | DDC 646.7/9—dc23/eng/20220314

LC record available at https://lccn.loc.gov/2022010301

LC ebook record available at https://lccn.loc.gov/2022010302

Cover Design: Wiley

Cover Image: © Westend61/Getty Images

To Roger, my sounding board, cheerleader, and supporter extraordinaire.

Foreword

by Kerry Hannon

– Best-selling author of Great Pajama Jobs, Never Too Old to Get Rich, and Great Jobs for Everyone 50+, career/retirement strategist

Demographic transformation and population aging are occurring at a blistering pace around the world. Increasingly, our lifespans are topping 100 years, and this will become increasingly commonplace in the years to come.

That's the backdrop for my curmudgeonly views on retirement. I am not a fan. At least not in the way it has been approached in the past.

I guess you'd have to say I'm the anti-retirement expert. I routinely remark: Let's retire the word retire.

I say this for myriad compelling reasons. In large measure, it's spurred by deep-seated financial concerns. A striking number of Americans have little saved for retirement and do not have access to an employer retirement plan to help them sock away funds for their future financial security.

The ability to choose to retire is tangled in thorny financial choices and more than a little crystal ball gazing.

How much longer will you be able to work from a health perspective and in an ageist workplace culture that resists retaining older workers? How will you pay for healthcare after you leave your employer's plan? Importantly, how will you create a life in this chapter that balances your budget and allows you to embrace new challenges and meaningful experiences?

For many people, the decades that lie ahead, should they step out of the workforce in their 60s or are not financially prepared, are a daunting prospect.

For nearly two decades, I have been concerned, speaking, and writing about the looming elder poverty crisis in this country. That crunch is evolving as Baby Boomers retire and are faced with longevity without the savings to support the years ahead, including surging medical costs, particularly at the end of life. My mother died recently on the cusp of turning 92, and I can assure you, her annual living and healthcare costs in her last few years were staggering.

Experts at Fidelity have estimated that about 15% of the average retiree's annual expenses will be used for healthcare-related expenses, including Medicare premiums and out-of-pocket expenses.

According to the Fidelity Retiree Health Care Cost Estimate, an average retired couple age 65 may need approximately $300,000 saved (after tax) to cover healthcare expenses in retirement.

Clearly, that figure comes with provisions that depend on when you step out of the workforce and your health, luck, and so on.

But a successful retirement involves far more than whether you will outlive your money or whether you have saved adequately. To me, work in some fashion engages the mind and provides a social connection and network that is vital to healthy aging.

This doesn't necessarily mean full-blown work scenarios. Part-time, seasonal, contract or consulting positions, a side entrepreneurial gig, can all serve as a financial safety net.

That income is the fourth leg of the retirement stool along with retirement savings, personal savings, and Social Security. Meantime, work can also provide future retirees the ability to delay tapping Social Security retirement benefits.

Social Security's rules essentially give you an 8% bigger benefit for each year you postpone claiming benefits after your full retirement age (currently 66 to 67), until age 70. Put another way, if you're now 66 and wait until 70 to start claiming, you'll see 32% larger benefits than if you filed at your full retirement age.

Jan Cullinane's enlightening new book highlights the significance of a holistic approach to retirement. I'm pleased she includes vital advice on the role working longer can play.

“For some, a long and (hopefully) rewarding job/career, followed by non-working years is the retirement goal,” Cullinane writes. “For others, retirement is more of a process, perhaps involving several forays into and out of alternative projects, pastimes, and careers/jobs.

Many people hope to do a ‘phased transition’ to retirement and combine more leisure time with work, and some insist they will never retire. Some want to retire by age 55. Others want to be part of the FIRE movement – financial independence, retire early – where the goal is to live on your own terms by the time you're in your 30s or 40s”.

The New Retirement: The Ultimate Guide to the Rest of Your Life is a persuasive reminder that retirement is vastly different today than in previous generations and will continue to mutate. But it can be a time of great adventure and purpose if you carefully prepare the foundation for a period of life that may outlast your primary working career.

Different flavors of ice cream is a metaphor for how we all seek different things in the next chapter of our lives.

Cullinane shows us that it is possible to step away from a career and create our own bespoke retirement chapter. She provides solid resources and actionable steps for those nearing retirement as well as those decades away to begin to plan intentionally and embrace the rich possibilities ahead.

For me, the new story of retirement for those who have saved adequately is that it will be in fact a sequence of shifts over time as one calibrates and re-jiggers the puzzle of our next phase from a practical and a deeply personal perspective that centers on that cosmic question we all grapple with: What ultimately matters in a life well led?

As my friend Ken Dychtwald, psychologist, gerontologist, and founder and chief executive of Age Wave, a consulting and research company, told me: “During this transitional period, some people feel unsettled, anxious, or bored, but eventually they realize that ‘I can be fresh. I can be new.’”

A 2021 study by Age Wave, Edward Jones, and the Harris Poll found that most retirees say that all four pillars – health, family, purpose, and finances – are crucial to optimal well-being in retirement, which is common-sense to me. And retirees, when compared with younger Americans, are far more likely to say that “having a sense of purpose” in life is essential to achieve peak well-being.

One of the big takeaways from the report: being useful makes retirees feel youthful. I like that notion. (And it's far cheaper than Botox.)

It plays into my concept that, if you're financially secure, this should be a time of life of engaging in the world, moving to something new, certainly not fading away, or, ahem, retiring, in the timeworn sense of the word.

The new retirement movement needs books like Jan's because, as a respected retirement specialist, her advice is realistic and honest. It resonates. She understands the demographic reality of longevity and shows us the positive pathways to create financial security and a future of opportunity and joy.

Acknowledgments

“… some things just take time. You can't produce a baby in one month by getting nine women pregnant.” I came across this Warren Buffett quote while writing this book, and it resonated with me. Although a book will often have just one name on the cover, it's truly the work of many talented, dedicated, smart, and generous people. And, I'd like to thank them.

I appreciate the anecdotes and comments contributed by friends, acquaintances, and people who have retired or are planning to retire who willingly shared their experiences, thoughts, stories, challenges, and wisdom. And thanks to the CPAs, CFPs, and other experts who shared their technical knowledge.

The people at Wiley are phenomenal. A huge thank-you to Senior Acquisitions Editor Kevin Harreld, Senior Managing Editor Susan Cerra, Assistant Editor Samantha Enders, Editorial Assistant Samantha Wu, and Wiley Creative Services. They are dedicated, enthusiastic, and provide prompt and excellent advice. Much appreciation to Kerry Hannon, who wrote the Foreword to the book, and who is a great source of wisdom.

Finally, endless thanks to my agent, Linda Konner. I was told she's the best, and is she ever!

Introduction

If you're reading this, congratulations and welcome! Congrats for recognizing the importance of thinking about and planning for retirement in a holistic way, and welcome to the book that's going to help you in your journey.

You may be considering this book for a number of reasons:

You may be one of the 10,000 people who will reach the age of 65

every day

until 2030, when all Boomers will be at least 65.

You may be among the approximately 12 million households in which the primary wage earner says he/she “aspires to retire” by the age of 55.

You may be among those who left a primary career (by choice or not) and are technically “retired” but looking for more information about health, wealth, relocation, and second careers.

You may have a YOLO (you only live once) approach and want to live life to its fullest.

You may be a digital nomad, wanting to work on your terms, and looking to combine a remote job with an ideal place to live.

You may want to not run out of money before you run out of life.

You may want a book that contains both solid and specific lifestyle and financial advice.

You may want to find out how to make a difference, have a purpose, and leave a legacy.

Your life may have been transformed by Covid-19, and you're ready to make some changes.

You may define yourself as married, always single, widowed, divorced, a person of color, and/or LGBTQ+. This book is for everyone.

You may want to create more than just a financial plan – you're looking to create a life plan.

You may subscribe to this advice from a wise academic friend of the author: “If you read a book or go to a conference and pick up one or two good ideas you can integrate into your life, career, or relationships, it's a success.”

This book is different because it combines all the following aspects into one readable, actionable book:

It explores health issues, lifelong learning opportunities, opportunities for working after leaving a primary career, and what to do with 168 hours a week.

It describes specific retirement locations, as well as how to age in place successfully (including reasons why you should

not

age in place).

It lays out a blueprint for sound financial planning.

It provides concrete suggestions for meeting others, deepening existing relationships, having purpose, and leaving a legacy.

It is unbiased – the goal is a

Consumer Reports

approach to retirement.

It is easy to read, practical, and interactive. It can be read cover to cover, or individual chapters can be accessed for specific topics. The use of subheadings, bulleted lists, quotes, and humor make it extremely reader-friendly.

It includes worksheets, references, and helpful forms.

The author continues to support the readers and provide relevant information through the book's Facebook page, Twitter, LinkedIn, and the author's web page.

“Big-box” retailers like Target, Walmart, Costco, and Amazon thrive because so many people want one-stop shopping. This book provides the same type of service to you, the reader.

At the end of each chapter, you'll find a list of additional helpful resources, including checklists, websites, and books.

This book will be invaluable to those who are looking to make the rest of their life the best of their life.

Like the old L'Oréal commercial, you should read this book “because you're worth it.” Ready to get started? Let's go!