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Most unusual retirement communities: There's something for everyone

Aaron Crowe Jul 29th 2010 @ 8:00AM EST Filed Under: Retire, Retirement Advice

Golf and playing cards aren't the only things to do in retirement. At least not at many retirement communities, which specialize in unusual activities or cater to retirees with the same interests.

"Just because someone is old doesn't mean they want to sit around and play Bingo and watch TV all day," said Don Shulman, general manager of Fox Hill Senior Condominiums in Bethesda, Maryland, in a telephone interview with WalletPop.

Baby Boomers and their children have moved more often and are spread across the country more, leaving retirees searching for a new sense of community and housing where they can be around people who share the same interests. From senior housing for hippies to people who want to live in high luxury, there are retirement communities for all tastes.

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Insider secrets to enjoying a long and happy retirement

Jennie L. Phipps Jul 26th 2010 @ 2:15PM EST Filed Under: Retire, Retirement Advice

Money is only a small part of what makes you happy after you retire, says blogger Sydney Lagier, a former certified public accountant who left the working world two years ago at the young age of 44 and now writes about the experience of escaping the grind for U.S. News & World Report.

Here are what she says are the seven secrets to retirement happiness.

Good health: Be healthy enough to enjoy yourself.
A significant other: It doesn't matter whether you're married or just living with a partner and enjoying life, so long as you have someone to share the good times.
A social network: Socialize not just with your children and grandchildren, but with plenty of friends and acquaintances as well.
Avoid TV: At least two studies confirmed that unhappy people watch the most TV.
Intellectual curiosity: Do things that keep your brain chugging along.
Don't be overly ambitious: If it's important to you to be the top dog, you probably won't like retirement.
Enough money: You don't have to be rich, but you need to be able to pay the bills. You won't be happy if you spend all your time worrying about where your next buck is coming from.

I thought this was a fine list. But since I'm not retired yet, I decided to seek out an expert opinion. So I walked down the street to Bob's house on the corner.

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Gallup Poll: Only 6 in 10 expect Social Security, but it's political hot potato

Jennie L. Phipps Jul 22nd 2010 @ 1:30PM EST Filed Under: Retire, Wealth

Six out of 10 Americans who aren't yet receiving Social Security believe they never will, according to a Gallup Poll conducted earlier this month. A similar number -- 56% -- of retired Americans now collecting Social Security believe their benefits will be cut.

Yet getting rid of Social Security or even reducing payments to current or soon-to-be recipients would be an incredibly hard sell. About 26 percent of retirees depend solely on Social Security. The National Center for Policy Analysis also calculates that Social Security provides one-third of the retirement income of the highest-earning households -- couples with pre-retirement incomes of $500,000 and singles who earned at least $250,000.

This year, according to the U.S. Census Bureau, about 16% of the population is 62 or older -- and most are eligible for Social Security. By 2020, 20% of the population will be 62 or older and by 2030 that number will peak at 30%. Running for office without the support of that chunk of the population is almost unthinkable.

For some options to reform Social Security, take a look at the American Academy of Actuaries' "The Social Security Game," where you can try your hand at coming up with alternatives. Personally, I'm in favor of pushing the retirement age a little higher and making everybody pay Social Security taxes on every dollar they earn, instead of capping payments. This year's cap is $106,800, which means a lot of high earners don't pay on a large portion of their income.

But if you think my ideas are bad ones (or even harbor some better ones), the actuaries offer lots of other alternatives that work and preserve this important safety net. Plus, you can always comment below.

Social Security's electronic payment system criticized

Jean Chatzky Jul 20th 2010 @ 4:30PM EST Filed Under: Banks, Retire, Technology, Banking - Checking Account

Last month, I wrote about a big move by the Treasury Department to make all payments from the U.S. government electronically. In the announcement, Office of Management and Budget Director Peter Orszag called the change a "win-win for the American public." Now, we're hearing from others with a different opinion.

Consumer rights groups, including the Consumer Federation of America and Consumers Union, have stepped forward to say that the real winner here could be banks and payday lenders.

The issue at stake is that, while the Social Security Administration says that 83% of all Social Security and SSI beneficiaries receive their benefits by direct deposit, the elimination of paper checks may be forcing the rest into a situation that could put them at risk for expensive payday loans and high fees.

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Vacation homes sales on the rise again after serious slump

Amy Pyle Jul 20th 2010 @ 10:00AM EST Filed Under: Home, Real Estate, Retire, Mortgages

Americans are back in the second home market in significantly greater numbers, according to the National Association of Realtors.

In this country, where most of the sales occurred, half of the vacation homes purchased were in the South, followed by the West, Midwest and Northeast. Elsewhere, people clearly are looking for bargains. Among the favorite locales are several South and Central American countries, as well as Turkey and Croatia.

And one Panama vacation property company opting to crow about it neglects to mention that vacation home sales remain far below what they were before the recession began.

Vacation home sales rose 7.9% to 553,000 in 2009, from 513,000 in 2008, but that 2008 tally was down 30.8% from 740,000 in 2007. The plunge back then was largely attributed to a lack of equity from a primary home providing a convenient -- if perhaps ill-advised -- down payment for a second home. Clearly that remains a factor for many, just not for the three in 10 who paid cash for their vacation homes in 2009.

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73-year-old man in second career as flight attendant

Marc Acito Jul 20th 2010 @ 9:00AM EST Filed Under: Retire, Career, Retirement Advice

A week doesn't seem to go by without my getting an e-mail like this:

"I've sent out a million resumes for jobs I'm overqualified for, paying money that will barely cover my dog food bills and I don't get a nibble. Clearly I'm meant to be doing something else, but what?"

Perhaps we all need to consider a complete change. That's what 73-year-old Ian Bremner did 11 years ago when he retired from a career as a chemical engineer: "My boss said, 'If you don't sue us for age discrimination, we'll retire you with a pension.'" As a result, the British-born Houston resident found himself with a lot of time on his hands.

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Compared to running out of money, fear of death is no biggie

Sarah Gilbert Jul 7th 2010 @ 3:00PM EST Filed Under: Family Money, Retire

For older Americans surveyed by Allianz Life Insurance Co., death is not such a big deal. Not, that is, when it compares to the spectre of a dwindling bank account. In a poll of people between the ages of 44 and 75, 61% said that running out money was their biggest fear. The remaining 39% thought death was scarier.

With a couple of banking crises under our belts, we've become almost entirely focused on the monetary aspect of advanced age. The context is important. The poll of 3,257 people, released last month, found that a whopping 92% of respondents agreed that "the United States is facing a crisis in its retirement system," the AARP wrote about the report.

Continue reading Compared to running out of money, fear of death is no biggie

Choosing the best credit card for your age

Martha C. White Jun 29th 2010 @ 6:00PM EST Filed Under: Family Money, Retire, Credit Cards

You probably wouldn't realize it from the way credit card companies market to consumers willy-nilly, but there are big differences between the "ideal" credit card for a college grad and those marketed toward his or her grandparents. According to experts WalletPop interviewed by phone recently, you really need to keep in mind what stage of life you're in (young adult, married, senior and so on) when you shop for a credit card.

We consulted with Curtis Arnold, founder of CardRatings.com, and Gerri Detweiler, credit adviser for Credit.com, to ask them for advice and strategies consumers at seven critical life stages should use when they consider applying for a credit card.

Do you have the right card for your life stage? Read on. You may be surprised at what you learn.

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Don't let debt swamp your retirement

Jennie L. Phipps Jun 29th 2010 @ 12:00PM EST Filed Under: Borrowing, Credit, Debt, Real Estate, Retire, Saving Money, Refinancing

A friend of mine nearing retirement is looking longingly at a new Harley, but getting financing is going to be a challenge. He's contemplating refinancing his house and using some of the equity to buy the bike.

When he told me that, I didn't say anything, but I guess I didn't have to. My face must have done the talking. My friend is within 10 years of retirement. Unless he hit the lottery recently, he doesn't have a huge amount of savings and his job has been off and on the last year or two while the economy has been so lousy.

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