The USDTA reports that when the economy took a dive in 2008, plans for second homes and nine-to-five freedom dissolved right before unbelieving eyes. According to AARP, many people kissed their retirement plans goodbye knowing they'd have to continue in the workforce for another decade or so. But those flexible enough to let go of Retirement Plan A still got to see their retirement dreams come true -- and on schedule.
Jumping in with both feet, these folks packed their bags and did something a bit daring; they headed overseas to call a number of places – Africa, Asia, Europe, Jamaica, Guatemala – home. In 2011, approximately 6 million Americans lived outside the U.S. in 160-plus countries, according to The Association of Americans Resident Overseas. Thinking of joining them?
- Written by Lily Gregory
Whether seniors are heading back to work because of financial reasons or retirement is too much of a bore, greater amounts of older citizens are working well into their sixties and seventies. Eighty-seven percent of pre-retirees who plan to work desire to stay mentally active, according to an AARP survey. Seventy-three percent of working retirees desire to remain productive or useful. Whatever your reasons for reentering the working class, the right “recareering” strategy makes the transition into the new chapter of your life exponentially easier.
Read more: Retiring from Retirement: How Seniors Can Reenter the Workplace
- Written by Chuck Guilford
According to author, Jeff Yeager, there's nothing wrong with being a "cheapskate." In fact, combining a frugal, low-consumption lifestyle with a fulfilling, income-producing avocation can help make retirement work for people with modest incomes. He advocates turning a passionate interest or longtime hobby into "selfish employment" to help make financial ends meet. Read more about Yeager's ideas for producing retirement income and saving money in this Marketplace article.
- Written by Chuck Guilford
With so many in their 50s and 60s needing the income and benefits provided by a good job and with the job market currently so tight for folks in this age range, what are some promising solutions for bridging the gap? In this New York Times Room for Debate feature five experts discuss the issue.
- Written by Chuck Guilford
Lately we've been hearing a lot about reverse mortgages and the benefits they may offer to cash-strapped seniors. Briefly, reverse mortgages are available as long-term loans to people over age 62 who own their own home. Typically, the homeowner receives a cash payment, either in a lump sum or as a line of credit, and is allowed to remain in the home. The loan (principal and interest) is repaid when the owner sells the house or dies. While this may sound attractive, these loans are subject to abuse, which can create unexpected problems, so if you're tempted, be sure to investigate thoroughly.