Another Retirement Income Strategy to Avoid “Money Death”
February 11, 2012 by MJP
Filed under Retirement Income
After the black swan market events of 2008-2009, baby boomers and financial planners continue to search for new strategies for providing a secure retirement income. I have written about many of them, including the “Failsafe Retirement” plan that we are using. This week I read about another combination strategy for avoiding what the authors refer to as retirement “money death.”
Finding the Best Strategy for Social Security Spousal Benefits
January 28, 2012 by MJP
Filed under Social Security
Based on the emails and comments I receive, there is lots of confusion and uncertainty about how to maximize total Social Security retirement benefits for a married couple. The best strategies allow the couple to leave nothing on the table when collecting benefits now and in the future, including when one spouse dies. I have previously written about the key concepts of Social Security spousal benefits.
Annual Retirement Financial Performance Review for 2011
January 4, 2012 by MJP
Filed under Retirement Planning
Now that 2012 has arrived, it’s time to review our retirement planning and financial performance for 2011. Annual performance metrics can be painful to examine when you are in your 60′s because the windows of opportunity are shrinking. If the numbers are bad, the recovery options may be limited to either working longer or accepting a diminished retirement income. So lets look at the data and see where we stand.
Retirement Planning and Lack of Trust
December 9, 2011 by MJP
Filed under Retirement Planning
I don’t trust many of the institutions and individuals who operate in the financial world. It recently occurred to me that much of my retirement planning is based on that lack of trust. There are plenty of examples of this.
Are You Part of the Great Retirement Rethink?
October 28, 2011 by MJP
Filed under Retirement Planning
Bloomberg today published yet another article on the sad state of retirement affairs for many baby boomers. The point of the article is that things have changed for our retirement – and they are not going back. The author characterizes this as “the great retirement rethink.”
You Have Alternatives to Big Banks and their Fees
October 10, 2011 by MJP
Filed under Mortgages, Debt, and Credit
After more than two decades as customers, Mrs. P and I dropped Bank of America completely – including mortgages – in 2010. Even if we hadn’t changed then, BOA’s announcement that it will begin charging a monthly fee for using a debit card would have caused me to dump them now. Citi is moving in the same direction with more fees and all of the other big banks are sure to follow.
Will You Leave Your Children an Inheritance?
October 7, 2011 by MJP
Filed under Retirement Planning
Is the baby boomer generation concerned about leaving an inheritance to their children? A recent article discusses that topic and interviews boomers who have considered the issue themselves. My speculation and belief is that: (a) many boomers won’t have anything to leave, even if they wanted to; and (b) they shouldn’t worry about leaving an inheritance anyway. Personally, I have adopted a hybrid position on this issue.
Is Your Retirement Calculator Telling You Lies?
October 5, 2011 by MJP
Filed under Planning Tools
There are dozens of retirement calculators available online for the casual user. Some of them are published or sponsored by companies that want to sell you stocks or stock mutual funds. Because of this, retirement calculators may give you feedback that is overly optimistic. This false optimism arises because the calculator plugs in expected market return data that probably is no longer valid.
Boomers Trapped by Mortgages
September 7, 2011 by MJP
Filed under Mortgages, Debt, and Credit
The news continues to be bad about folks who are close to retirement age and their debts. It seems that some boomers are just slow to understand that the more they borrow now, the longer they will have to work to pay it off, if they can keep working. I don’t get it. Maybe some of you can explain it to me, after considering the recent statistics.
Reverse Mortgage Risks and Benefits in a Nutshell
September 1, 2011 by MJP
Filed under Mortgages, Debt, and Credit
Much continues to be written about the use of reverse mortgages as a source of retirement income. Also, reverse mortgage products are aggressively promoted by the companies that offer them. That by itself should raise a red flag for those considering them. With so much invested in marketing these products, you have to suspect that a reverse mortgage is a much better deal for the lender than for the homeowner-retiree. That means, of course, that they are a very expensive way to generate retirement income.
