Forbes likes to publish online slide shows in the personal finance domain. A recent slide show topic: “10 Terrible Pieces of Retirement Advice.” I read it and take issue with some of it. Let’s see if you agree or disagree with Forbes or with me.
Social Security retirement benefits are a target of fiscal cliff spending cut advocates. One specific proposal is to modify how cost of living adjustments are made to annual Social Security retirement benefits. I don’t get it.
It is estimated that 10,000 baby boomers are retiring every day. Most will depend heavily on Social Security retirement benefits. Particularly for a married couple, the decision on when and how to claim Social Security can be complex. This has resulted in the launch of services designed to advise you on how to maximize Social Security retirement income, based on your individual circumstances. I like the concept and will probably use one or more of these services when I approach full retirement age. I turn 62 next month but I already know I will not claim that early.
Have you read about the “4-box strategy” for matching your retirement income to your retirement expenses? You should because it makes sense for the careful planner worried about retirement income survival.
A researcher (Ph.D. in Economics) with the National Graduate Institute for Policy Studies has recently published a provocative paper on how to most efficiently produce retirement income. A somewhat radical conclusion is that for a 65 year old married couple using a 4% withdrawal rate to meet retirement spending needs, bonds (or bond funds) should not be part of their retirement portfolio.
Time again for a brief update of our retirement portfolio performance and net worth progress. Monitoring and quantifying these changes is my way of systematically evaluating whether we are improving the financial aspects of our retirement readiness.
Have you made any significant financial mistakes over your lifetime? Are you willing to admit them? Apparently lots of middle class Americans would answer “yes” to both of these questions, at least in an anonymous telephone survey.
Millions of boomers have resigned themselves to working longer – age 70 or later – so that they can eventually afford to retire from the work force. Is this wishful thinking? Recent research from the Employee Benefit Research Institute suggests that it may be. I don’t bring this up to make folks feel more depressed than they already are. Rather, it is better to face reality now than to be surprised then crushed by it later.
I am in a state of transition in my political views about economic issues. For many years, most of what I wrote and said about national economic matters would have put me squarely in the “fiscal conservative” category. But some of that is changing. I wonder if it is changing for other baby boomers?