Men may now be living longer than ever, but, from a location standpoint, retirees are doing anything but staying put.
Women still live longer than men, but the gap has narrowed, as the lifespan of males has increased consistently over the past few decades. This means the chances are now greater that a married woman will spend more time in retirement with her spouse than as a widow.
Retirees are making the most of their time together by branching out to new territory. It used to be that people up north braved formidable winters throughout their working lives, then retired to Florida or Arizona. Now, there are spots all over the country that attract retirees with affordable living options, in addition to moderate year-round temperatures.
[CLICK HERE to read the article, “Fewer Retirees are Living Alone” from U.S. News & World Report, Feb. 19, 2016.]
[CLICK HERE to read the article, “Americans less prepared for longer lives” from Palo Alto Online, March 4, 2016.]
Wyoming has become a trendy destination for retirees seeking low taxes, good weather, soothing hot springs and a low crime rate -- not to mention attracting the grandchildren with trips to Yellowstone and Grand Teton national parks.
On the other side of the country, retirees over the age of 60 in Columbia, South Carolina, can take free classes at the University of South Carolina. Housing is also affordable, costing a retiree with a paid-off mortgage an average of $367 a month.
CLICK HERE to read the article, “The 10 Best States for Retirement” from Fox Business, March 1, 2016.]
That’s not bad, considering the average Social Security benefit for retired workers was $1,335 per month in 2015. With a well-thought-out retirement income strategy, you could live comfortably. Having time to enjoy retirement with a spouse is great, as is the ability to travel the country together, but couples should still have a contingency retirement income plan for whichever spouse lives longer.
One study concluded that, despite the smaller gap between genders, about half of women over age 65 will still spend at least 10 years without a spouse. We make a point of talking about the potential for this scenario with all of our clients. If you’d like to learn more about retirement income strategies that may be suitable for you, please give us a call.
[CLICK HERE to read the article, “Social Security Basic Facts” from Social Security Administration, Oct. 13, 2015.]
[CLICK HERE to read the article, “10 Best Places to Retire on Social Security Alone” from U.S. News & World Report, Oct. 14, 2014.]
The U.S. Census Department recently released data showing that for people age 55 and older, housing is their greatest expense. It’s important to have a plan to reduce this expense once you’re retired, especially since -- at later ages -- health care expenses are likely to increase.
Perhaps the most influential factor in retirement today, and certainly in the future, is our longer life expectancy. It’s one thing to talk about longevity in statistical terms, but it’s far more important that we look at this reality up close and personal and create a strategy for it.
“A closer look at spending patterns of older Americans” from U.S. Bureau of Labor Statistics, March 3, 2016.]
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