It is that time of year for thunderstorms and the College World Series in Omaha Nebraska. At the end is some historical information on the College World Series.
The topic for this week comes from an article in Time magazine. It gives great information and 5 steps to consider to improve this situation. Take the data with a grain of salt since it is difficult to predict the future. The 5 steps make sense.
Why Retirees are in Trouble - Time
Information:
1) Boomers are Piling into Retirement: 13% in 2012 growing to 18% in 2020
2) The projected year to reach a balance of $0: Medicare = 2026, Social Security = 2033
3) People aren't saving enough income, % disposable income saved: 1970 = 13%, 2013 = 5%
4) Medical Expenses Rise, % out of pocket 70 year old pays: Today = 8%, 20 years from now = 15%
5) Wages aren't closing the gap in 2011 dollars: 1973 = about $15/hour, 2010 = about $16/hour
How to Prepare:
1) Work Longer and delay when you collect Social Security benefits
2) Pool resources - live together with family or friends
3) Auto-deduct retirement savings from your salary
4) Use lower cost mutual funds
5) Tap into the equity of your home by either downsizing or a reverse mortgage
College World Series - Wikipedia
Since 1950, the College World Series (CWS) has been held in Omaha, Nebraska. It was held at Rosenblatt Stadium from 1950 through 2010; starting in 2011, it has been held at TD Ameritrade Park Omaha. Earlier tournaments were held at Hyames Field in Kalamazoo, Michigan (1947–48) and Wichita, Kansas (1949). The name "College World Series" (CWS) is derived from that of the Major League Baseball World Series championship; it is currently an MLB trademark licensed to the NCAA.
On June 10, 2009, the NCAA and College World Series of Omaha, Inc., which is the non-profit group that organizes the event, announced a new 25-year contract extension, keeping the CWS in Omaha through 2035. A memorandum of understanding had been reached by all parties on April 30.
The new contract began in 2011, the same year the tournament moved from Johnny Rosenblatt Stadium to TD Ameritrade Park Omaha, a new ballpark across from CenturyLink Center Omaha.
1947 – Eight teams were divided into two, four-team, single-elimination playoffs. The two winners then met in a best-of-three final in Kalamazoo, Michigan.
1948 – Similar to 1947, but the two, four-team playoffs were changed to double-elimination tournaments. Again in the finals, the two winners met in a best-of-three format in Kalamazoo.
1949 – The final was expanded to a four-team, double-elimination format and the site changed to Wichita, Kansas. Eight teams began the playoffs with the four finalists decided by a best-of-three district format.
1950–1987 – An eight-team, double-elimination format for the College World Series coincided with the move to Omaha in 1950. 1950–1953, a baseball committee chose one team from each of the eight NCAA districts to compete at the CWS. Through 1987 the College World Series was a pure double-elimination event. That ended with the 1987 College World Series.
1988–1998 – The format was changed beginning with the 1988 College World Series, when the tournament was divided into two four-team double-elimination brackets, with the survivors of each bracket playing in a single championship game. The single-game championship was designed for network television, with the final game on CBS on a Saturday afternoon.
Before expanding to 64 teams in 1999, the Division I tournament began with 48 teams, split into 8 six-team regionals. The winner of each regional advanced to the College World Series. The regionals were a test of endurance, as teams had to win at least four games over four days, sometimes five if a team dropped into the loser's bracket, placing a premium on pitching. In the last two years of the six-team regional format, the eventual CWS champion – (LSU in 1997 and Southern California in 1998) – had to battle back from the loser's bracket in the regional to advance to Omaha.
1999-2002 – With some 293 Division I teams playing, the NCAA switched to a 64-team, Regional field in 1999, with 8 National (super) Seed teams, divided into 16 four-team regionals (each team seeded 1 to 4), with the winners of each of the 16 "Regionals" advancing to eight two-team, best-of-three-format "Super Regionals". The eight Super Regional winners advanced to the CWS in Omaha, NE. In 2008, a number-4-seeded Regional team, the lowest seeding possible (akin to a #13-16 seed in college basketball's March Madness) – the Fresno State Bulldogs – won the CWS championship, against the Bulldogs of the University of Georgia, winning two of three in the championship series. While the CWS format remained the same, the expanded field meant that eight super regional champions would advance. The 64-team bracket is set at the beginning of the championship and teams are not reseeded for the CWS. Since the 1999 College World Series, the four-team brackets in the CWS have been determined by the results of regional and super-regional play, much like the NCAA basketball tournament. Prior to 1999, the pairings for the CWS were not determined until after the completion of the regional tournaments.
2003–Present – The eight super regional champions advance into two, four-team brackets. The eight super regional winners are not reseeded for the CWS. Those two brackets play double-elimination with the bracket winners then meeting in a best-of-three championship series. Also, in 2003, the tournament returned entirely to cable television on ESPN, which had been covering all of the other games of the CWS since 1982 (and a partial schedule since 1980).[4] The championship final became a best-of-three series between the two bracket winners, with games scheduled for Saturday, Sunday, and Monday evenings. In the results shown here, Score indicates the score of the championship game(s) only. In 2008, the start of the CWS was moved back one day, and an extra day of rest was added in between bracket play and the championship series.
Showing posts with label Preparing for retirement. Show all posts
Showing posts with label Preparing for retirement. Show all posts
Sunday, June 22, 2014
Wednesday, January 7, 2009
Preparing for Retirement
Retirement is about being prepared both financial and non-financially. Here is some advice for getting ready for it. Below are 7 points that I found on Motley Fool that are very good advice.
1. Plan your typical post-retirement day. When will you wake up? How will you start your day? How much time will be spent doing things on your own, as opposed to with your partner? Aside from household bills, how will you spend most of your money shopping? Going out to eat?
Now plan a year. Answer such questions as these: How many months will you spend at home? Will you spend the winters in Florida? How much time will you spend visiting family?
After you each do this exercise, compare notes. You may see where you and your partner's goals are aligned and where they chafe. It's not too early to begin troubleshooting.
2. Talk about timing. Will you retire at the same time? When? Resentment can arise if one spouse is perceived as retiring "too early," since the financial impact of that decision can be significant. Talk about the criteria you'll use in deciding.
3. Set goals. Write a list of your individual goals, and then write a list of shared goals. Just seeing the ideas in print can fuel conversation and identify potential sources of conflict. Strive for a balance of both individual and shared goals.
4. Know thyself. If you have always defined yourself by your vocation, then know that having "nothing to do" may make you feel lost and miserable, feelings that you can then pass along to your spouse. Think of what will make you feel valuable and productive in your retirement years, and include it on your list of goals.
5. Set boundaries. What results when the "me and you against the world" mentality collides with the "more-the-merrier" mind-set? Feelings of rejection, annoyance, and jealousy, to name a few. Discuss finding a balance.
6. Define household roles. In retirement, the domestic landscape changes. How will household responsibilities be reallocated? Make sure that having more time doesn't translate into more time to micromanage. Conflict is inevitable if tasks your spouse has always handled alone are now up for your discussion -- and unsolicited advice.
7. Get specific about your plans. "We'll travel" could mean he wants to drive around the country in an RV while you want to lounge on the beach in Spain. Both technically fall under the category of "travel," but they involve different experiences, outlays of money, and time.
Plan the interpersonal aspects of your retirement, and you'll find that the gold in "golden years" isn't all about money. It's about enjoying the time we have with the people we love.
1. Plan your typical post-retirement day. When will you wake up? How will you start your day? How much time will be spent doing things on your own, as opposed to with your partner? Aside from household bills, how will you spend most of your money shopping? Going out to eat?
Now plan a year. Answer such questions as these: How many months will you spend at home? Will you spend the winters in Florida? How much time will you spend visiting family?
After you each do this exercise, compare notes. You may see where you and your partner's goals are aligned and where they chafe. It's not too early to begin troubleshooting.
2. Talk about timing. Will you retire at the same time? When? Resentment can arise if one spouse is perceived as retiring "too early," since the financial impact of that decision can be significant. Talk about the criteria you'll use in deciding.
3. Set goals. Write a list of your individual goals, and then write a list of shared goals. Just seeing the ideas in print can fuel conversation and identify potential sources of conflict. Strive for a balance of both individual and shared goals.
4. Know thyself. If you have always defined yourself by your vocation, then know that having "nothing to do" may make you feel lost and miserable, feelings that you can then pass along to your spouse. Think of what will make you feel valuable and productive in your retirement years, and include it on your list of goals.
5. Set boundaries. What results when the "me and you against the world" mentality collides with the "more-the-merrier" mind-set? Feelings of rejection, annoyance, and jealousy, to name a few. Discuss finding a balance.
6. Define household roles. In retirement, the domestic landscape changes. How will household responsibilities be reallocated? Make sure that having more time doesn't translate into more time to micromanage. Conflict is inevitable if tasks your spouse has always handled alone are now up for your discussion -- and unsolicited advice.
7. Get specific about your plans. "We'll travel" could mean he wants to drive around the country in an RV while you want to lounge on the beach in Spain. Both technically fall under the category of "travel," but they involve different experiences, outlays of money, and time.
Plan the interpersonal aspects of your retirement, and you'll find that the gold in "golden years" isn't all about money. It's about enjoying the time we have with the people we love.
Wednesday, February 20, 2008
Preparing for Retirement Expenses
In the past some wisdom was that a retiree during retirement needed about 70% of their pre-retirement income. I think this is wrong and under estimates what will actually be needed. I think you need to plan for a higher amount. The key difference now is the future cost of medical expenses that are growing much faster than inflation. It is better to plan for a higher level of expenses and have money left over than come up short.
Bottom Line: Save early, save often, & get professional help.
Most Americans Unprepared for Retirement by David Goldman
A majority of American workers will not be able to maintain their current standard of living after they retire, according to a report released Tuesday.
The Center for Retirement Research (CRR) estimates 61% of households are "at risk" of being unable to live the way they would like and pay for their health care when they get old.
CRR considers consumers to be "at risk" if their savings, Social Security and pension benefits combined will fall at least 10% short of the income needed in retirement to support the same standard of living they enjoyed while working.
Previous reports have considered health care to be a cost that retirees factor in by "rearranging their basket of consumption" - that is, spending less on consumer goods.
CRR's study assumes that people want to spend the same amount on goods in retirement that they do now and that they consider health insurance and the added health care costs associated with growing old to be an additional expense.
"People take the notion of health care for granted," said Andrew D. Eschtruth, associate director for external relations at CRR. "The basic assumption of this report is that retirees think they will eat the same kind of foods, travel the same - or more - and buy the same clothes."
If that's the case, then there is cause for concern. Health care costs continue to increase dramatically, far outpacing wage increases year over year.
Additionally, out-of-pocket health care costs for most consumers rise significantly upon retirement. The report assumes that people recognize the burden of health care costs once they retire; however, those retirees to whom the added expense comes as a surprise will have to reduce their spending on consumer goods and spend much more on health care.
Many workers do not have a realistic estimate of how much they will need to spend on health care when they retire, according to a 2007 study by the Employee Benefit Research Institute (EBRI).
The study shows that 84% of employees estimated they and their spouse will need to accumulate less than $250,000 for retiree health costs, 32% of whom thought they would need less than $100,000.
But according to the EBRI, couples will need to save about $300,000 in retirement to cover health expenses, assuming they live to average life expectancy and Medicare benefits remain at current levels. For those who live to 95, that amount jumps to $550,000.
Why are people so inadequately prepared? With the shift from traditional pension plans to 401(k)s, the burden of preparing for retirement has shifted from employers to the employee.
Some workers aren't saving enough to prepare themselves for their golden years. Also, 30% of employees simply fail to sign up for 401(k) plans, according to insurance company Nationwide.
"A lot of people say, 'Oh yeah, my company told me to sign up for my 401(k); I'll do it tomorrow,' and they forget to sign up," said Eschtruth.
As a result, the government passed the Pension Protection Act in 2006 to encourage businesses to automatically enroll employees in their retirement plans.
But there are steps beyond saving that people can take to make make retirement planning easier and more affordable.
"Good physical health matters a great deal," said Paul Ballew, senior vice president of consumer insight and analytics at Nationwide. "Physical and financial health are connected, as being healthy lessens your chance of having high, unexpected medical expenses."
Households planning for retirement are also encouraged to seek professional advice."Save early and often, and take advantage of what's available to you," said Ballew. "But also speak to a professional who can help you achieve an adequate investment strategy for your golden years."
Bottom Line: Save early, save often, & get professional help.
Most Americans Unprepared for Retirement by David Goldman
A majority of American workers will not be able to maintain their current standard of living after they retire, according to a report released Tuesday.
The Center for Retirement Research (CRR) estimates 61% of households are "at risk" of being unable to live the way they would like and pay for their health care when they get old.
CRR considers consumers to be "at risk" if their savings, Social Security and pension benefits combined will fall at least 10% short of the income needed in retirement to support the same standard of living they enjoyed while working.
Previous reports have considered health care to be a cost that retirees factor in by "rearranging their basket of consumption" - that is, spending less on consumer goods.
CRR's study assumes that people want to spend the same amount on goods in retirement that they do now and that they consider health insurance and the added health care costs associated with growing old to be an additional expense.
"People take the notion of health care for granted," said Andrew D. Eschtruth, associate director for external relations at CRR. "The basic assumption of this report is that retirees think they will eat the same kind of foods, travel the same - or more - and buy the same clothes."
If that's the case, then there is cause for concern. Health care costs continue to increase dramatically, far outpacing wage increases year over year.
Additionally, out-of-pocket health care costs for most consumers rise significantly upon retirement. The report assumes that people recognize the burden of health care costs once they retire; however, those retirees to whom the added expense comes as a surprise will have to reduce their spending on consumer goods and spend much more on health care.
Many workers do not have a realistic estimate of how much they will need to spend on health care when they retire, according to a 2007 study by the Employee Benefit Research Institute (EBRI).
The study shows that 84% of employees estimated they and their spouse will need to accumulate less than $250,000 for retiree health costs, 32% of whom thought they would need less than $100,000.
But according to the EBRI, couples will need to save about $300,000 in retirement to cover health expenses, assuming they live to average life expectancy and Medicare benefits remain at current levels. For those who live to 95, that amount jumps to $550,000.
Why are people so inadequately prepared? With the shift from traditional pension plans to 401(k)s, the burden of preparing for retirement has shifted from employers to the employee.
Some workers aren't saving enough to prepare themselves for their golden years. Also, 30% of employees simply fail to sign up for 401(k) plans, according to insurance company Nationwide.
"A lot of people say, 'Oh yeah, my company told me to sign up for my 401(k); I'll do it tomorrow,' and they forget to sign up," said Eschtruth.
As a result, the government passed the Pension Protection Act in 2006 to encourage businesses to automatically enroll employees in their retirement plans.
But there are steps beyond saving that people can take to make make retirement planning easier and more affordable.
"Good physical health matters a great deal," said Paul Ballew, senior vice president of consumer insight and analytics at Nationwide. "Physical and financial health are connected, as being healthy lessens your chance of having high, unexpected medical expenses."
Households planning for retirement are also encouraged to seek professional advice."Save early and often, and take advantage of what's available to you," said Ballew. "But also speak to a professional who can help you achieve an adequate investment strategy for your golden years."
Thursday, February 7, 2008
Tips for a Successful Retiring
Preparing for retirement includes non-financial issues. The below article does a good job of providing insight for making retirement more successful.
7 Tips for Retiring With Your Spouse by Emily Brandon
When couples first marry or have a child, the transition can be a bit bumpy. But once you adjust to your new routine, you often end up happier than you were before. The same goes for couples in retirement. The first months are often fraught with conflict.
A 2007 Fidelity study of 500 married couples ages 33 to 70 found that in more than 3 in 10 couples, husbands and wives gave completely different answers when asked at what age they would retire, what they expected their lifestyle to be, and whether they intended to work in retirement.
Some advance planning can help couples ease into retirement. Here are some topics for discussion.
Be prepared for staying home together
After years of spending mostly nights and weekends with your spouse, seeing him or her all day every day can be stressful. "If they are both retiring at the same time, they are faced with perhaps having to be in each other's faces, especially couples who have had a history of marital conflict," says Amy Pienta, a researcher at the University of Michigan.
Couples need to rework their old routines. "They have not been together much during the day, and so they have to renegotiate how much closeness or separateness they want in their activities," says Maximiliane Szinovacz, director of the Gerontology Institute at the University of Massachusetts-Boston. Szinovacz suggests coming up with zones of responsibility for household chores so you are not constantly stepping on your spouse's toes--or arguing about the best way to make the bed or load the dishwasher.
Get separate hobbies
Retiring to your home from a job where you felt important or needed, and where your opinion mattered, can make you feel your skills are no longer apt. "Work on your own projects in the basement or the garage, so you can be master of your domain in something you are interested in," recommends Scott Holtzman, a psychologist and author of Secrets of Happily Married Men, or claim a spot in the yard as your garden plot.
A part-time job or volunteer work outside the home can also make you feel more autonomous. "People seem to be happier and the marriage seems to go better when they have either a post-retirement job or are volunteering on a regular basis in some sort of civic engagement after retirement," says Phyllis Moen, a sociology professor at the University of Minnesota.
Both spouses should pursue their own interests just as they did when employed. "You both have to figure out something that you can still bring to the marriage that you can talk around over dinner," says Maryanne Vandervelde, a psychologist and author of Retirement for Two. "It tends to make it more interesting and more vibrant."
Keep hanging out with your friends
"People end their careers sometimes thinking that their buddies at work are their friends, and the truth is you never know when you retire if those people are your friends," Vandervelde says. Many office relationships fade away when you retire. But friendships outside the marriage are vital to a happy retirement. "It's important that you maintain social relationships," Moen says. "You need to think about making or nurturing relationships with other people." If you don't have many existing relationships outside the workplace, you can form new ones by joining a local organization, forming a coffee group, getting a consulting job, or volunteering.
Discuss where you want to live
There's a reason the TV show Green Acres has endured for decades. "There are lots of couples where one enjoys city living and one says, 'Let's cut our expenses and move an hour away,' " Vandervelde says. Nancy and Haines Gaffner, 68 and 74, respectively, ran a New York tech business before selling it and moving to Santa Fe, N.M. "I think that actually living in the place temporarily is a very good idea," says Nancy Gaffner, noting that they had no family or friends in Santa Fe before trying it out. "We rented a place out here for the month of February for two years before we were sure."
You should also consider the cost of living, proximity to family, availability of healthcare, access to cultural activities, and, of course, the weather. "We immediately got involved here meeting people and joining organizations that we thought we would be interested in," says Nancy Gaffner, which helped ease their transition. Now she helps with fundraising for several arts organizations, paints oils, plays tennis, skis, hikes, and takes literature courses at a local college. "But if she is thinking about traveling the world and he wants to spend retirement on the golf course with his buddies in town, there will need to be some compromises," says Szinovacz.
Budget time (and money) for the grandkids and your parents
When Margaret Moore, 68, a retired assistant superintendent of a school district in Bellevue, Wash., has friends over for dinner, "all of us talk about our aging parents. It's a major portion of life for fairly young retirees." Moore frequently discusses the health of her mother, 94, and mother-in-law, 93, and her guests share information about good retirement facilities for their parents. On other evenings Moore hosts Sunday dinners for five grandchildren who live nearby.
In the United States, 54 percent of people in their 60s and 70s provide financial support to their children, according to a study by HSBC Group, the Oxford Institute of Aging, and Harris Interactive. In addition, more than a quarter of 70-somethings have provided practical support with cleaning, shopping, cooking, and everyday tasks to a relative or friend and 13 percent have provided personal care like bathing, dressing, and nursing. "We're really the sandwich generation," Moore says.
Plan for the possibility of an unexpected retirement
A lot of workers don't retire voluntarily. "Many men are given buyouts quite unexpectedly, and that's something they weren't planning for and neither were their wives," Moen says. "They need to be planning for unexpected contingencies like downsizing or layoffs."
It can be hard to find another job if you're laid off in your 50s or 60s. "When you do go back to work, the hourly wage is about 25 percent less, and the newer job is less likely to have both pension benefits and health benefits," says Richard Johnson, a principal research associate for the Urban Institute. "If one spouse is laid off and the other still has a job, the other spouse tends to work longer."
Some employees have to leave the workforce earlier than planned because of health problems. "While there is this tendency for married couples to retire together, when one becomes sick that tends to keep the other one working because he or she needs to work to pay the bills," Johnson says.
Talk with each other about money
Couples also need to consider the ages at which they will become eligible for pensions and Social Security, and when they can begin making penalty-free withdrawals from retirement accounts. "Because husbands tend to be older than their wives, the wives will be eligible later for everything," cautions Szinovacz.
Nearly half of both men and women say they are in agreement with their spouse or partner about saving for retirement, according to a Harris Interactive/Wall Street Journal online survey, but almost a quarter of working adults say they have never discussed how much they need to put aside. Those who took the time to talk to their spouse were most likely to be on the same page.Waiting to claim Social Security can increase benefit amounts. And couples in particular have various options for maximizing their benefit.
7 Tips for Retiring With Your Spouse by Emily Brandon
When couples first marry or have a child, the transition can be a bit bumpy. But once you adjust to your new routine, you often end up happier than you were before. The same goes for couples in retirement. The first months are often fraught with conflict.
A 2007 Fidelity study of 500 married couples ages 33 to 70 found that in more than 3 in 10 couples, husbands and wives gave completely different answers when asked at what age they would retire, what they expected their lifestyle to be, and whether they intended to work in retirement.
Some advance planning can help couples ease into retirement. Here are some topics for discussion.
Be prepared for staying home together
After years of spending mostly nights and weekends with your spouse, seeing him or her all day every day can be stressful. "If they are both retiring at the same time, they are faced with perhaps having to be in each other's faces, especially couples who have had a history of marital conflict," says Amy Pienta, a researcher at the University of Michigan.
Couples need to rework their old routines. "They have not been together much during the day, and so they have to renegotiate how much closeness or separateness they want in their activities," says Maximiliane Szinovacz, director of the Gerontology Institute at the University of Massachusetts-Boston. Szinovacz suggests coming up with zones of responsibility for household chores so you are not constantly stepping on your spouse's toes--or arguing about the best way to make the bed or load the dishwasher.
Get separate hobbies
Retiring to your home from a job where you felt important or needed, and where your opinion mattered, can make you feel your skills are no longer apt. "Work on your own projects in the basement or the garage, so you can be master of your domain in something you are interested in," recommends Scott Holtzman, a psychologist and author of Secrets of Happily Married Men, or claim a spot in the yard as your garden plot.
A part-time job or volunteer work outside the home can also make you feel more autonomous. "People seem to be happier and the marriage seems to go better when they have either a post-retirement job or are volunteering on a regular basis in some sort of civic engagement after retirement," says Phyllis Moen, a sociology professor at the University of Minnesota.
Both spouses should pursue their own interests just as they did when employed. "You both have to figure out something that you can still bring to the marriage that you can talk around over dinner," says Maryanne Vandervelde, a psychologist and author of Retirement for Two. "It tends to make it more interesting and more vibrant."
Keep hanging out with your friends
"People end their careers sometimes thinking that their buddies at work are their friends, and the truth is you never know when you retire if those people are your friends," Vandervelde says. Many office relationships fade away when you retire. But friendships outside the marriage are vital to a happy retirement. "It's important that you maintain social relationships," Moen says. "You need to think about making or nurturing relationships with other people." If you don't have many existing relationships outside the workplace, you can form new ones by joining a local organization, forming a coffee group, getting a consulting job, or volunteering.
Discuss where you want to live
There's a reason the TV show Green Acres has endured for decades. "There are lots of couples where one enjoys city living and one says, 'Let's cut our expenses and move an hour away,' " Vandervelde says. Nancy and Haines Gaffner, 68 and 74, respectively, ran a New York tech business before selling it and moving to Santa Fe, N.M. "I think that actually living in the place temporarily is a very good idea," says Nancy Gaffner, noting that they had no family or friends in Santa Fe before trying it out. "We rented a place out here for the month of February for two years before we were sure."
You should also consider the cost of living, proximity to family, availability of healthcare, access to cultural activities, and, of course, the weather. "We immediately got involved here meeting people and joining organizations that we thought we would be interested in," says Nancy Gaffner, which helped ease their transition. Now she helps with fundraising for several arts organizations, paints oils, plays tennis, skis, hikes, and takes literature courses at a local college. "But if she is thinking about traveling the world and he wants to spend retirement on the golf course with his buddies in town, there will need to be some compromises," says Szinovacz.
Budget time (and money) for the grandkids and your parents
When Margaret Moore, 68, a retired assistant superintendent of a school district in Bellevue, Wash., has friends over for dinner, "all of us talk about our aging parents. It's a major portion of life for fairly young retirees." Moore frequently discusses the health of her mother, 94, and mother-in-law, 93, and her guests share information about good retirement facilities for their parents. On other evenings Moore hosts Sunday dinners for five grandchildren who live nearby.
In the United States, 54 percent of people in their 60s and 70s provide financial support to their children, according to a study by HSBC Group, the Oxford Institute of Aging, and Harris Interactive. In addition, more than a quarter of 70-somethings have provided practical support with cleaning, shopping, cooking, and everyday tasks to a relative or friend and 13 percent have provided personal care like bathing, dressing, and nursing. "We're really the sandwich generation," Moore says.
Plan for the possibility of an unexpected retirement
A lot of workers don't retire voluntarily. "Many men are given buyouts quite unexpectedly, and that's something they weren't planning for and neither were their wives," Moen says. "They need to be planning for unexpected contingencies like downsizing or layoffs."
It can be hard to find another job if you're laid off in your 50s or 60s. "When you do go back to work, the hourly wage is about 25 percent less, and the newer job is less likely to have both pension benefits and health benefits," says Richard Johnson, a principal research associate for the Urban Institute. "If one spouse is laid off and the other still has a job, the other spouse tends to work longer."
Some employees have to leave the workforce earlier than planned because of health problems. "While there is this tendency for married couples to retire together, when one becomes sick that tends to keep the other one working because he or she needs to work to pay the bills," Johnson says.
Talk with each other about money
Couples also need to consider the ages at which they will become eligible for pensions and Social Security, and when they can begin making penalty-free withdrawals from retirement accounts. "Because husbands tend to be older than their wives, the wives will be eligible later for everything," cautions Szinovacz.
Nearly half of both men and women say they are in agreement with their spouse or partner about saving for retirement, according to a Harris Interactive/Wall Street Journal online survey, but almost a quarter of working adults say they have never discussed how much they need to put aside. Those who took the time to talk to their spouse were most likely to be on the same page.Waiting to claim Social Security can increase benefit amounts. And couples in particular have various options for maximizing their benefit.
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