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    The 250 Retirement Questions Everyone Should Ask
    The 250 Retirement Questions Everyone Should Ask
    The 250 Retirement Questions Everyone Should Ask
    Ebook198 pages2 hours

    The 250 Retirement Questions Everyone Should Ask

    By David Rye and Kori Bowers

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    About this ebook

    Plan well, and you will truly enjoy retirement.

    Plan poorly, and you could suffer a financial disaster. The 250 Retirement Questions Everyone Should Ask makes sure your retirement is enjoyable and worry-free.

    Filled with specific tips and abundant resources, this book is the quick-and-easy answer to your retirement concerns, including:
    • How much money do you really need to retire?
    • Is it better to sell your existing home and buy a cheaper one when retiring?
    • How can you keep taxes from devouring your estate?
    • What kinds of insurance do you need?
    • What are your best investment options during retirement?

    The 250 Retirement Questions Everyone Should Ask is all you need to make sure you plan correctly-and enjoy retirement!
    LanguageEnglish
    PublisherSimon & Schuster
    Release dateNov 1, 2007
    ISBN9781440516405
    The 250 Retirement Questions Everyone Should Ask
    Author

    David Rye

    An Adams Media author.

    Read more from David Rye

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      Book preview

      The 250 Retirement Questions Everyone Should Ask - David Rye

      1

      David Rye, M.B.A., and Kori Bowers, M.B.A.

      9781598692105_0002_001

      Avon, Massachussets

      Copyright © 2008 by David Rye and Kori Bowers

      All rights reserved. This book, or parts thereof, may not be reproduced in any form without permission from the publisher; exceptions are made for brief excerpts used in published reviews.

      Published by Adams Business

      An imprint of Adams Media, an imprint of Simon & Schuster, Inc.

      57 Littlefield Street, Avon, MA 02322. U.S.A.

      www.adamsmedia.com

      ISBN 13: 978-1-59869-210-5

      ISBN 10: 1-59869-210-0

      eISBN: 978-1-44051-640-5

      Printed in the United States.

      J I H G F E D C B

      Library of Congress Cataloging-in-Publication Data

      Rye, David E.

      The 250 retirement questions everyone should ask /

      by David Rye & and Kori Bowers.

      p. cm.

      ISBN-13: 978-1-59869-210-5 (pbk.)

      ISBN-10: 1-59869-210-0 (pbk.)

      1. Retirement—United States—Planning. 2. Retirement—

      Economic aspects—United States. 3. Retirement income—

      United States—Planning. I. Bowers, Kori. II. Title.

      HQ1063.2.U6R93 2007

      332.02400973—dc22                     2007015714

      This publication is designed to provide accurate and authoritative information with regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional advice. If legal advice or other expert assistance is required, the services of a competent professional person should be sought.

      —From a Declaration of Principles jointly adopted by a

      Committee of the American Bar Association and a

      Committee of Publishers and Associations

      This book is available at quantity discounts for bulk purchases.

      For information, call 1-800-289-0963.

      CONTENTS

      Introduction

      PART I: GETTING READY TO RETIRE

      1 Assessing the Basics

      2 Becoming Financially Independent

      3 Avoiding Debt Traps

      4 Finding the Best Places to Live

      5 Financing a Home

      6 Checking Your Retirement Account Options

      7 Minimizing Taxes

      8 Understanding Social Security

      PART II: INVESTING IN YOUR RETIREMENT INCOME

      9 Getting Started

      10 Investing in Mutual and Exchange-Traded Funds

      11 Investing in Stocks and Bonds

      12 Starting Up a Personal Business

      PART III: IMPROVING YOUR QUALITY OF LIFE

      13 Finding Great Travel Bargains

      14 Continuing Your Education

      15 Using Your Personal Computer

      16 Taking Care of Your Health and Well-Being

      17 Buying Recreational Property

      PART IV: PUTTING IT ALL TOGETHER

      18 Creating an Estate Plan

      19 Preparing Your Taxes

      20 Protecting Yourself with Insurance

      21 Finalizing Your Retirement Plan

      Appendix of Web Sites by Subject

      INTRODUCTION

      The numbers are huge—over the next five years, 67 million baby boomers will retire. Some are prepared to take the leap, but unfortunately, most of them are still seeking answers to their many questions about retirement before they retire. This book is tailor-made for individuals who have a common goal: to retire. It tells how to master the latest retirement fundamentals and techniques quickly, without wasting time chasing theoretical concepts. It’s full of real-world examples and advice, supplemented with a rich menu of easy-to-use Web sites that offer a wealth of additional information.

      The book addresses all of the critical retirement questions that are on everyone’s mind. Can you afford to retire? How much money will you need? If you die first, will there be enough left over to support your spouse? Should you consider ways to supplement your retirement income? Should you sell your home and buy a cheaper one? How do you protect your estate from federal estate taxes? What kinds of insurance will you need and can you afford it?

      Also, retirement is supposed to be an enjoyable time. Enjoyment, however, requires disposable income, and that requires financial planning. Is that vacation home or recreational vehicle that you’ve always dreamed about practical? Can you afford to travel to your favorite places, and where do you look to find bargain travel deals?

      If it is handled right, retirement can be one of the most exciting chapters in your life. However, if your retirement is not planned correctly, it can unravel and you could suddenly discover that you don’t have enough money to continue living the lifestyle you’ve grown accustomed to. The lack of a solid investment plan or sudden unexpected medical expenses, for example, can devastate your savings. This book gives you practical, applicable advice so you can stay ahead of the curve.

      PART I

      Getting Ready to Retire

      Chapter 1

      ASSESSING THE BASICS

      Retirement has become a norm in our society. Millions of Americans long for the day when they can quit their jobs and turn to a life of fun and leisure. However, many will experience a delay in retirement. Contributing factors such as inadequate retirement savings, stagnating pension benefits, and certain cuts in retirement health benefits are just a few factors prolonging people’s retirement plans. Because of this, many potential retirees are choosing to work well into their retirement. In fact, a new Rose Community Foundation study of Denver metro-area residents ranging from 55 to 65 years old found that only 39 percent of the 1,021 people surveyed plan to retire. According to the Denver Post newspaper article entitled Most Boomers Not Ready To Retire posted on June 27, 2007, the majority are planning to work either part time or full time. The study went on to show that race, ethnicity, and income level all played a key role in these findings. The survey concluded that only 23.3 percent of African-American respondents plan to retire in 10 years as compared to 33 percent for Latinos and 37 percent of Caucasians.

      This generation wants choice. They almost demand choice, said Sheila Bugdanowitz, of the Rose Community Foundation, a philanthropic organization that focuses on programs catering to the aging and education. This chapter will provide questions and answers to help you with the many choices and decisions that need to be made in order to retire at your level of comfort.

      Question 1: Am I ready to take the leap and retire?

      If you answered this question with I think so or No, you’ve got a problem. You want to know that you are ready to retire. Sure, you may not have 100 percent of your retirement bases covered, but you should know what you do and don’t have covered. That will give you a chance to put together an action plan that addresses all of your issues. To help you get started, we have created a questionnaire that looks at some of the open questions you may face.

      Retirement Qualification Questionnaire

      Answer yes or no to each question. Maybe answers are not allowed.

      Il_9781598692105_0011_001 Do you have any children or other dependents that you must take care of after you retire?

      Il_9781598692105_0011_001 If yes, do you have a plan in place for how you’ll handle this?

      Il_9781598692105_0011_001 If you retire before you are eligible for Medicare (age 65), will you have medical insurance that covers you?

      Il_9781598692105_0011_001 Have you explored medical insurance options and cost?

      Il_9781598692105_0011_001 Do you know the basics about what long-term care insurance covers?

      Il_9781598692105_0011_001 Do you need life insurance? If you answered yes, then how much?

      Il_9781598692105_0011_001 Do you know how much money you’ll need to support a retirement lifestyle that’s acceptable to you?

      Il_9781598692105_0011_001 Have you identified the exact sources of income that you expect to receive after you retire?

      Il_9781598692105_0011_001 Do you have a financial contingency plan in place if one or more of your financial sources does not meet your expectations?

      Il_9781598692105_0011_001 Have you developed a retirement plan that clearly identifies what you want to accomplish before and after you retire?

      Il_9781598692105_0011_001 Have you created an estate plan that includes the necessary legal documents such as a will?

      Il_9781598692105_0011_001 Have you reviewed your retirement plan with anybody who is qualified to offer you expert advice?

      If our retirement questionnaire created more questions in your mind than answers, then you may want to concentrate your efforts on the questions in the book that address your specific concerns.

      Question 2: My friends keep telling me it’s important that I become a millionaire before I retire. Is it?

      That is more of a rhetorical question in line with what your level of comfort is during retirement. The following questions in this book will help you to understand if you truly need to become a millionaire before you retire.

      Question 3: What is the greatest fear people have when they retire?

      There’s no question that the biggest fear for people when it comes to retirement is financial. Will they have enough money to support themselves and their dependents throughout their retirement years? According to Forbes magazine, most people fail to meet their monthly expenses within the first year after they retire.

      Many retirees fail because they didn’t have plans or specific goals before they retired. Be careful not to fall into that same trap. You can head off the biggest fear by saving enough money to retire comfortably.

      Question 4: What do people who successfully retire have in common?

      We can’t repeat it enough. To be successful, you have to have a financial plan. We’ve outlined six steps that people who have successfully retired proactively took to ensure the financial success of their retirement.

      Step #1: Diversification Strategy

      Before you invest in anything, decide how you want to diversify your portfolio. Your diversification plan should be in place before you make your first investment. You can read more about diversification planning in Chapter 9.

      Step #2: Emergency Fund

      Create an emergency fund. Unexpected expenses can include uninsured medical costs, auto repairs, and unemployment. Your goal here may be to pay all your monthly bills without relying on future cash sources such as bonuses or credit to cover routine expenses. Make sure you have insurance to cover disability, health, life, automobiles, and your personal property.

      Step #3: Credit Cards

      Be careful with how you use your credit cards. If you use credit cards to pay for everything and struggle to pay the monthly balance off, then you have a challenge. Consider changing your spending habits so that you can pay off high-interest credit cards each month before you begin investing.

      Step #4: Retirement Accounts

      If you have retirement accounts such as IRAs, make sure you’re making full independent contributions to these accounts before you start investing in anything else. If you have a pension plan in place with your current employer, make sure you know exactly what it will be worth before you retire. For example, if you have determined that you’ll need $50,000 of income a year to retire, and you feel confident that you can, on average, earn 10 percent on your investments, then you’ll need $500,000 in your retirement account.

      Step #5: Own a Home

      If you don’t own a home, buy one. It is one of the best tax shelters you can get, and unless you are in a depressed area of the country, you should enjoy appreciation on just about any home you buy, particularly if you are willing to buy in a low market and wait to sell until the market is in an upswing. The other thing to consider when purchasing a home is to buy the lowest priced home in the neighborhood. This can yield the highest appreciation for the owner and all the expenditures in necessary repairs, maintenance, and upkeep will render more profit to you in the end because you have more potential for appreciation.

      Step #6: Invest

      Learn all you can by reading and studying everything you can get your hands on about investing. Learn about short-term and long-term investment options so that you can decide which investments are best for you. Read more about investments in Chapter 9.

      Question 5: What is a retirement plan, and how do I get one started?

      A retirement plan is the road map that will lead you into retirement. To begin your plan, you need to determine a good tool that you can use. There are literally hundreds of Web sites that have been created to assist individuals in all aspects of retirement planning. Some offer specific retirement advice or special services, while others offer information exchanges between yourself and others. We’ve listed several of the better sites in our appendix to give you an idea of what’s out there and to assist you in your retirement planning efforts.

      One particular favorite is Fidelity Investments’s Web site because it offers several services that are available to individuals, even if you are not a Fidelity client. To access the site, enter www.fidelity.com in your browser. On the top of their home page, select the Retirement and Guidance option. It is a good starting point and provides you access to a complete menu of basic retirement issues that you may want to review.

      Question 6: What are some good sources that I can use to help me prepare for my retirement?

      Many sources are available to help you prepare. We’ve listed some of our favorites for your convenience. If you

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