A study conducted by the University of Michigan surveyed about 20,000 individuals in the US aged 55 years and older. It asked questions about life satisfaction. ‘One of the first questions we asked was . . . whether money makes people happier in retirement,’ reports researcher Michael Finke. ‘The answer was yes—in fact, quite a bit happier.’
The good folk at YourLifeChoices have looked at retirement affordability again, but have also, in their latest quarterly Retirement Affordability IndexTM, provided some expert advice about what the Australian government needs to consider in its retirement income review.
Many senior Australians want to continue working beyond their Age Pension age. Being active in the paid workforce beyond this point can be good for both your financial position and your mental health.
So, what’s in the news about retirement finances? I’m developing the habit of every now and again checking out what’s happening in that area. I Googled ‘retirement finances news’ to see the latest findings and share some of what I’ve found. Here are 5 things I learned online that could be helpful as you look at your finances for retirement.
The biggest difference for Australian seniors who are ‘legally blind’ is that they can be paid the full rate Age Pension without any means-testing.
In this quarter’s YourLifeChoices Affordability IndexTMyou’ll find information about building your nest egg; the negatives of negative growth and how to best secure your lifestyle when you stop work—and more. It’s a worthwhile read for those planning retirement or in retirement.
Couples fight about money. In fact, one study discovered it was the ‘number one issue couple’s fight about.’ And it discovered that ‘money fights’ were the second leading cause of divorce—behind infidelity.
Residential aged care is needed when a senior can no longer be adequately cared for at home. As a general rule, this happens when a senior can’t safely walk around indoors alone and/or who can’t remember to go to the toilet.
What are your housing options when you retire? Will you still have a mortgage? Is downsizing the answer? The current quarterly YourLifeChoices Retirement Affordability IndexTM will help you understand these kinds of issues.
Almost a quarter of Australians are forced to retire. There are three main reasons: loss of work, and not being able to find another job; personal health issues; or becoming a personal carer—usually for a family member. So, if this is you, what can you do? Here are 5 strategies that will help you take charge of your situation.