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How to Make Your Money Last - Completely Updated for Planning Today: The Indispensable Retirement Guide - Softcover

Quinn, Jane Bryant

 
9781982115838: How to Make Your Money Last - Completely Updated for Planning Today: The Indispensable Retirement Guide
Softcover
ISBN 10: 1982115831 ISBN 13: 9781982115838
Verlag: Simon & Schuster, 2020

Inhaltsangabe

NOW COMPLETELY UPDATED to reflect the changes in tax legislation, health insurance, and the new investment realities. In this “highly valuable resource” (Publishers Weekly, starred review) Quinn “provides simple, straightforward” (The New York Times) solutions to the universal retirement dilemma—how to make your limited savings last for life—covering mortgages, social security, income investing, annuities, and more!

Will you run out of money in your older age? That’s the biggest worry for people newly retired or planning to retire. Fortunately, you don’t have to plan in the dark. Jane Bryant Quinn tells you how to squeeze a higher income from all your assets—including your social security account (get every dollar you’re entitled to), a pension (discover whether a lump sum or a lifetime monthly income will pay you more), your home equity (sell, rent, or take a reverse mortgage?), savings (how to use them safely to raise your monthly income), retirement accounts (invest the money for growth in ways that let you sleep at night), and—critically—how much of your savings you can afford to spend every year without running out. There are easy ways to figure all this out. Who knew?

Quinn also shows you how to evaluate your real risks. If you stick with super-safe investment choices, your money might not last and your lifestyle might erode. The same might be true if you rely on traditional income investments. Quinn rethinks the meaning of “income investing,” by combining reliable cash flow during the early years of your retirement with low-risk growth investments, to provide extra money for your later years. Odds are, you’ll live longer than you might imagine, meaning that your savings will stretch for many more years than you might have planned for. With the help of this book, you can turn those retirement funds into a “homemade” paycheck that will last for life.

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Über die Autorin bzw. den Autor

Jane Bryant Quinn is a leading commentator on personal finance. She is author of the bestselling Making the Most of Your Money NOW, Smart and Simple Financial Strategies for Busy People, and Everyone’s Money Book. Quinn has written for Newsweek, The Washington Post, Bloomberg, Woman’s Day, and Good Housekeeping. An Emmy Award winner, Quinn’s own program ran on PBS. She has also been a regular correspondent for the CBS Morning and Evening News. Her personal finance column currently appears in the AARP Bulletin. She lives in New York City and blogs at JaneBryantQuinn.com.

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Chapter 1: The Joy and Challenge of Life After Work 1 The Joy and Challenge of Life After Work
Now that you can do whatever you want, what do you want to do?

Retirement challenges us like nothing else. We have to reinvent our lives. One day we’re part of the vast American workforce—living by the clock, attacking new projects, and focusing our minds and skills. The next day we can sleep until noon if it pleases us. Then we bound out of bed, free at last, ready for coffee and lunch and… what?

Successful retirement—whenever it occurs—turns out to be work of another kind. The future now is almost as blank a slate as it was when you were 18 and wondering what was going to happen to you. Fifty years later, you’re fortified with knowledge and experience but with no place to take it. You might have a partner in life, children, grandchildren, status in your community, and a dog that loves you. Still, you have seven days a week and 52 weeks a year to fill. No sane human being can watch that much television or play that much golf. Maybe you’ll be able to stay at work well past normal retirement age, perhaps with shortened hours. But the last day of work can’t be held off forever. You need an action plan to transition into this new phase of life.

You also need a financial plan to make the most of the income and savings that you have available. That’s what most of this book is about. “Money can’t buy happiness,” they say, but it sure can buy food, shelter, heat, phone service, streaming movies on all our new devices, and gas for the car. A little extra buys plane tickets, ball games, concerts, and long-term peace of mind. It’s hard to be happy if you’re always worried about the bills. Learning how to stretch your available income and rightsize your life are the first steps toward retiring well. Even if retirement seems far away, steps you take now—to save and invest—can greatly improve your standard of living when your paycheck eventually stops.

But before I talk money, I’d like to talk about the nonfinancial challenges of life after full-time work. They’re huge and, for most people, unexpected. We fling ourselves into leisure as if a grand vacation lay ahead. But permanent vacations can get pretty boring. When we were working, we had a sense of accomplishment and a place in the world, even if—at the end—we couldn’t wait to quit. Now, having shut that door, we need another place. What are we retiring to?

Eventually, when you look back on your transition from work to retirement, you’ll think of it as perhaps the most creative period of your life. Most of us still need an active sense of social worth. But instead of getting it from a workplace, ready-made, we have to make it ourselves. The challenge is to discover new interests, new places, and new friends. Your weeks should fill up again with projects, meetings, entertainments, family visits, and events—activities you choose yourself, to gladden your days and give purpose to your life. You’ll probably take on these projects at a leisurely pace. You won’t want to be busy every minute. But neither will you want to look at a daily calendar that’s blank.

It takes time to move from the worker role to the role of engaged individual citizen. How long the transition takes will depend on your personal initiative and will. The faster you can bury the old “workplace you” and rise to a new “liberated you,” the more content you’re going to be.

Not everyone moves into retirement willingly. You might lose your job and spend some unhappy weeks or months rehashing that stressful time. Your health (or your spouse’s health) might be dicey, which, for now, completely occupies your mind. The departure from work might have been so sudden that you had no time to prepare emotionally.

Widows, widowers, and the divorced face similar problems. They’ve been forcibly “retired” from married life and now face their own blank slates.

No matter how you get there, you (and your partner, if you have one) will have to figure out how to build another life. The questions will be the same for everyone.

Who are you, anyway?

For so much of our lives, we identify ourselves with our jobs. “I’m a lawyer.” “I’m a teacher.” “I’m an operations manager.” “I work for IBM.” Those who have young children might also say “I’m a mother” or “I’m a father.” Our jobs and family responsibilities give us meaning. When we quit, or the children grow up, there’s an instant loss of status that few of us are truly prepared for. We’re in a new role—that of citizen-retiree. It’s an empty vessel until we fill it up.

What are you going to do with the rest of your life?

A 3G retirement (golf, gossip, and grandchildren) isn’t always enough, cute as the grandchildren are. Most retirees today are vigorous, mentally alert, and eager to jump into something active and interesting. We have skills, smarts, and dreams. At work, we were accomplishing stuff, even if we got tired of it. As parents, we had the critical job of raising responsible adults. But what are we accomplishing now? Loss of meaning and purpose throws some retirees into depression, even those who thought they couldn’t wait to start a leisured life. If you spend your hours in front of a laptop or TV set, you’re likely to—quite literally—bore yourself to death. You’ll need all your imagination and energy to discover a new role.

Where will you find friends?

When you worked, you made social contact simply by doing your job every day. You had people to chat with or complain about, customers to call on, and lunches with colleagues. When your job ends, however, your workaday friends are likely to fall away. You need to get out of the house and do things, not just for fun and intellectual interest but for the social companionship, too. Women are better at this than men, but it can be a challenge for both.
THE FIVE STAGES OF RETIREMENT
The gerontology researcher Robert Atchley studied the transition from working life to leisure. Retirement, he said, is a process, not an event. Some people hustle through the stages. Others take months, even years, to reach serenity. The better you manage the first stage, the faster your progress is likely to be.

Stage 1: Preretirement. You gradually disengage from work. You’re still doing your job, but your imagination moves ahead. You talk with friends about their own plans for life after work and ask retired friends what they’re up to now. You put together a budget to see if, and when, you can afford to leave your paycheck behind. If you’re married, you have many talks with your spouse about how you each expect retirement to work—your hopes and fears, where you’ll live, what you’ll do with your time, whether you’ll both retire at the same time and, if not, what the expectations will be. You think about what you might do next. If you hope for part-time work, now’s the time to start making the contacts. There might be a project you can do for your current employer or others in your business. If you’re being laid off, do your best to think about your next life, not your past one. You’re not “unemployed” (bad place), you’re “semiretired” (better place). Forward is your only choice.

Stage 2: The Honeymoon. You’re free! No more deadlines or office stress. You’ll do some of the things you’ve been meaning to get to—clean the closets, paint the porch, take...

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Verlag
Simon & Schuster
Erscheinungsdatum
2020
Sprache
Englisch
ISBN 10 
1982115831
ISBN 13 
9781982115838
Einband
Taschenbuch
Anzahl der Seiten
432
Kontakt zum Hersteller
Nicht verfügbar
Verantwortliche Person
Simon and Schuster Netherlands BV
info@simonandschuster.nl

Herculesplein 96
Utrecht
3584 AA
Niederlande