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I especially agree with the point about moving to a place where you don't know anybody. My area is a retirement destination and I've seen what the first point talks about what can happen-we see it. As for me, We moved to our retirement location 11 years age, so when I retire in three years I will already be connected.
The second point that I strongly with is taking Social Security too early. IMO for most it doesn't matter as much when you hit that "break even" age as what your monthly income is. Waiting three years can increase your monthly benefit by 24%
Guess you missed the posts saying that taking or not taking SS early is a personal choice/decision often dictated by individual circumstances and desires.
As for the moving factor, that, too, is an individual choice. When I retired we movede to a place neither of us had ever lived before and the only person we "knew" was our realtor. She's now a close friend and we have many other friends and acquaintances here now.
Like everything else in life, it all depends. My wife and I were both military brats and moved often. I moved even more during my own eight years of active duty. Fitting in and making friends was nothing new to either of us and both of us had lived in similar places in the past.
All these "expert" and "helpful" articles on the many facets of retirement planning and doing are, in the final analysis, just one or more peoples' opinions. Thanks, but we prefer to trust in our own prior experience and whatever intelligence we possess. So far, so good!
Guess you missed the posts saying that taking or not taking SS early is a personal choice/decision often dictated by individual circumstances and desires.
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I did read the posts, but the thread was so far along my (studied) opinion would have been lost.
I do agree with the personal decision option. With that said I think it smart to wait-if one can. The moving to a new area friendless. Works for some and disaster for others as my APS coworkers can testify.
I am not sure if I agree that this is a "great" article. Strike that. I know I do not agree that this is a great article. Can't a big time magazine such as USNWR find someone who has a bit more knowledge of senior issues and retirement? Can't they find someone besides a 20 something "writer" to present information on senior issues and retirement? Can't they do something besides regurgitate the same old pap? No, I guess not.
So I decided to actually read this article instead of just scanning it quickly. It would be difficult to write anything more simplistic and still be wrong and not provide any useful information.
Instead of warning against moving and starting a new lifestyle, maybe miss 20 something could have also mentioned that you only live once. Once retired it is a great time to try some different things such as moving and starting new hobbies and making new friends. Does M20S really need to caution that it might take some effort to find a new dentist or an auto mechanic? I wonder if M20S is still living at home with her parents.
M20S needs to warn people to consider vesting. That is out of date. Since 2006, the Pension Protection Act set a minimum schedule which includes full vesting in 6 years or less. M20S could have passed on some facts instead of warning about something that really has not been an issue for 7 years.
M20S warned about not retiring prior to being able to receive health benefits especially prior to 65 for Medicare. How about some facts? She did mention that employers need to extend benefits through COBRA for 18 months. She neglected to mention that you have a grace period and need not sign up before retiring. I retired with 6 months to go before Medicare. I would have paid several thousand dollars for that COBRA coverage. Instead I held my application and never needed to apply. If I had needed to apply I could have sent in my money and application and my coverage would have been from the date I retired. M20S needs to do a bit more research to understand the issues.
M20S warns seniors not to forget about taking minimum distributions. Ever heard of anyone with that issue? You would have to be invested with Joe's Bar and Grill and Investment Company. Any reputable institution that handles 401k/403b investments is used to providing this service. They perform the calculations, notify the investor and setup a payment schedule.
For being so short, this article is even worse than I initially thought.
The second point that I strongly with is taking Social Security too early. IMO for most it doesn't matter as much when you hit that "break even" age as what your monthly income is. Waiting three years can increase your monthly benefit by 24%
You ought to pay attention to the Trustees who say that your benefits are apt to be cut by 25% down the line. Buying junk bonds can get you 24% as well. The problem is how long..
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