Work & Retirement

 The number of older borrowers increased by at least 20 percent between 2012 and 2017. Some of these borrowers were borrowing for themselves, but the majority was borrowing for others. The study found that 73 percent of student loan borrowers age 60 and older borrowed for a child’s or grandchild’s education. ...

By Danny Smith

 

Remember back in the 1960s when folk rock was big? One of my favorite tunes from that era is Pete Seeger’s “Turn! Turn! Turn!”  He was inspired to write it after reading passages from the Old Testament.

According to Pete, he came up with the melody in about 15 minutes, then added the slightly altered biblical words and recorded it. The rest is history. The Byrds covered Seeger’s version, making it the group’s second number one hit. (“Mr. Tambourine Man” was their first.)

The tune lyrically speaks to the fact that to everything there is a season. I believe that life’s lessons prove those words to be true. I further believe that when it comes to planning for a successful retirement, there is a time to take risk and a time to take risk off the table.

What do You Need, What’s Guaranteed?

When people engage me as their advisor, after helping them estimate how much income they will need to retire, one of the first questions I ask is, “How much of that income do you want guaranteed?” The answer is usually, “Well, all of it, or as much as we possibly can.”  

One way to do this is to allocate a portion of your retirement assets to a certain type of annuity contract called a Single Premium Immediate Annuity, or SPIA for short. SPIAs are issued by insurance companies and are designed for people with a guaranteed income objective for a certain number of years or for the remainder of their life, or joint-lives in the case of couples.

Some SPIAs have an inflation option that increases the annual payout every year. With this option, payments in the early years of the SPIA will be less than they would have been without the inflation option, but go up every year over the selected payout period.

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Over the years, the team has built homes, a water filtration plant, guest housing for mission teams, churches, basketball courts, and smaller projects. This year, the team worked on a construction project and provided a women’s Bible study and Vacation Bible School for 60 children.  ...

When I fly over Ohio or over the United States or wherever, and I look down and I see all those lights of the city – street lights, house lights, automobile lights at nighttime – I realize under every one of those lights there is a story. ...

We know, we know. Downsizing and Decluttering are big buzzwords right now. And for those of us moving toward retirement or who are already there, they're the topics we're discussing with family and friends. This post from Extra Space Storage points out a ton of useful things to think about if a move may be in your future. ...

Emergencies don’t end when retirement begins. A single home or auto repair – say, you need to replace your roof or get a new transmission – can strike a devastating blow to the budgets of fixed-income retirees who don’t have money set aside for just such calamities. ...

We all know people who dive head-first into retirement with seemingly little thought to whether or not it's the best time for them to stop working. Simply put, they haven't done their homework. Don't be like them. Consider these suggestions before taking the big step into retirement. ...

Whether you’re a grandparent, the face of retirement is changing. Many of us nearing the end of or already retired from our primary careers want to remain active and engaged in the community.

Retirement today isn’t defined by idle time; it’s an opportunity to experiment with a second act, whether volunteering, working part-time or turning a hobby into a small business. Everyone benefits — both those who stay active and socially engaged in retirement as well as their communities that are made better from their expertise, time and passion.

A Second Chance, a Second Calling

That’s the idea behind Encore Cleveland, launched in 2013 by the Cleveland Foundation to connect and fund a network of organizations that match experienced Greater Clevelanders with an array of meaningful opportunities in the community.

“Looking at the data, 30 percent of the Cuyahoga County population will be age 55 or older by 2030,” says Kathy Hallissey, Cleveland Foundation program director, leadership development. “These people have decades of career experience and knowledge under their belts. What if we could harness their time and talent to fill needs in the community? That’s what Encore Cleveland aims to do.”

Encore Cleveland programs — offered through more than nine nonprofit partners — include volunteer positions, paid positions and educational programs to help Greater Clevelanders discover their next chapter.

How does a one-day volunteer project sound? Or a paid fellowship at a nonprofit organization? Or maybe you want to learn how to launch your own business.

Encore Cleveland offers something for everyone. Get to know the opportunities available through Encore Cleveland and find one that fits your interests and schedule. To learn more, visit ClevelandFoundation.org/Encore, call 216-391-9032 or email [email protected].

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