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.’
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.
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.
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.
Downsizing into an apartment or independent living unit is an attractive option for many retirees. And it may mean having cash to spend on travel and lifestyle. Or to escape monthly mortgage payments.
When are you thinking of retiring? I assume that if you’re reading this there’s the thought that somewhere down the road, maybe soon, you will retire. But have you really thought through the when? What would have to happen before you could?