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How to save money by retiring overseas: advice from an expert

Tom Barlow Jun 21st 2010 @ 3:00PM EST Filed Under: Retire, Wealth, Travel, Retirement Advice

So your 401K has been hammered and you'll have to work to the age of 100 to afford retirement? Not necessarily, according to Kathleen Peddicord, an expert on retiring to less expensive places outside the U.S. There are, she told me, spots only a few hours of plane time south of the U.S. where an American could find a lifestyle much like at home for only $1,200 - $1,500 a month. If you're willing to 'go native', you could "live very well for under $1,000".

Peddicord, author of the new book How To Retire Overseas, now lives in one such place, Panama City, Panama. She told me in a phone interview that, while not the bargain it once was, lodging, food, utilities and medical care are up to U.S. standards there, yet far less expensive.

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Social Security and government payments go all-electronic

Jean Chatzky Jun 14th 2010 @ 8:30AM EST Filed Under: Banks, Retire, In the News

Mailboxes not needed for government checks

Today the Treasury Department will announce that all payments from the U.S. government will be made electronically to consumers. So people receiving Social Security, Supplemental Security Income, Veterans, Railroad Retirement and U.S. government benefit recipients will receive benefits either through direct deposit into a bank account or through Treasury's Direct Express debit card.

"Today's announcement is a win-win for the American public because it makes government more convenient and cost-effective while generating significant savings for the country," says OMB Director Peter Orszag about the program that is estimated to save the government $303 million in the first five years - including $48 million annually on postage. "This is precisely the type of smart, streamlined improvement that this Administration is committed to making across government to boost efficiency and modernize how we do business."

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10 memberships worth the money

Bonnie McCarthy May 26th 2010 @ 7:00AM EST Filed Under: Bargains, Family Money, Retire, Saving Money, Shopping, Travel

Membership has its privileges, the question is -- are they worth it? Unequivocally, the answer is a resounding ... maybe! Ultimately, the value of anything depends on how much you use it. If you pay $399 for a Disneyland annual pass and go once, that's an expensive trip. If you buy the same pass and go 200 times you'll be paying $1.99 per day --a deal! You might be singing It's a Small World in your sleep, but you will have received your money's worth.

WalletPop has rounded up ten types of memberships worth the cost, including one you literally can't afford to miss. Whether you consider yourself a "joiner" or not, sometimes paying for privilege really does add up in your favor.

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MyMoney website: A one-stop bonanza of financial information

Lita Epstein May 21st 2010 @ 3:00PM EST Filed Under: Borrowing, Budgets, Credit, Insurance, Retire

One-stop site for government personal finance information

Ever wish you could find one place to go for basic financial information about anything? If that's your wish, you'll find all that you need at the government's newly launched MyMoney.gov website, which was developed with financial information from 12 Federal agencies, departments and bureaus that make up the Financial Literacy and Education Commission.

"As America recovers from the most severe financial crisis since the Great Depression, it's critical that we strengthen every aspect of our financial system," Treasury Deputy Secretary Neal Wolin said in a press release announcing the launch of the site. "Financial education and access is a priority for this Administration, and we're pleased to provide this critical resource to help Americans find free, reliable and unbiased information that can help inform their daily financial decisions and plan for the future."

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Ten ways to pay the bills after you retire

Jennie L. Phipps May 19th 2010 @ 10:00AM EST Filed Under: Budgets, Retire, Retirement Advice

Dad probably has two sources of retirement income - a pension and Social Security. Sure, he has a savings account, but chances are, he's like my mother-in-law. All of that money is in certificates of deposit and U.S. savings bonds and he hasn't spent any of it in years.

But those of us who will retire next aren't going to be so lucky. U.S. News and World Report lists the 10 largest sources of retirement income with the troubled Social Security program at the top of the list with 34% of soon-to-be retirees planning for it to be their major source of income.

Besides Social Security, the other major sources of revenue that U.S News lists are:
401(k), IRA, Keogh. About 45% of Americans believe these accounts will be a significant contributor to their retirement income.
Pensions. Only 23% of current workers expect to receive retirement pensions.
Stocks and stock mutual funds. After the Great Recession, only 20% of current workers think they'll be investing in stocks during retirement. Just 14 percent of current retirees are invested in stocks.
Savings accounts and CD. Nearly 22% of current workers think these conservatively invested accounts will augment other revenue in retirement.
Home equity. 20% - down from 30% before the real estate meltdown - believe they can live off the value of their homes.

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6 tips for making most of Social Security

Jennie L. Phipps May 5th 2010 @ 2:00PM EST Filed Under: Retire, Saving Money, Tax, Wealth

Who would have thought that it was going to be Social Security instead of the commune or the millions we made in real estate supporting us Baby Boomers in our old age?

What a bore.

Gallup researchers released a poll last week showing that even though confidence in government is at a low ebb, an increasing number of people nearing retirement plan to rely primarily on Social Security in their old age. About 34% of soon-to-be retirees think Social Security will be their major source of support, up from 25% in 2004.

Some naysayers swear the system will collapse soon under its own weight, but don't forget, there are 77 million Baby Boomers getting old in a crowd - a political heatwave that even the most determined reformers of the program will have trouble shoving aside for years to come.

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Study: Longer life can bring pension money woes

Ira Teinowitz May 5th 2010 @ 8:00AM EST Filed Under: Retire, Retirement Advice

Could Americans be in danger of growing too old, so old in fact that they outrun their retirement savings?

That is the conclusion of a new Government Accountability Office study, which suggests that Americans are increasingly worried about the prospect it could happen to them.

"Today, couples both aged 62 have a 47% chance that at least one of them will live to their 90th birthday," said the study, prepared for the Senate Special Committee on Aging.

"In addition to the risk of outliving ones' assets, the sharp declines in financial markets and home equity during the last few years and the continued increase in health care costs have intensified workers concerns about having enough savings and how to best manage those savings in retirement."

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When will you retire? Maybe not as soon as you think

Jean Chatzky Apr 29th 2010 @ 11:00AM EST Filed Under: Retire, Retirement Advice

How old will you be when you retire? Will you be 55 or 60? Will you be 65 or 70? And is the number you've settled on today larger than the one you might have picked a year or three ago?

The market may have come roaring back -- as I write this, the Dow Jones Industrial Average is over 11,000, 68% higher than its March 2009 low. And many people who have continued to contribute to their retirement accounts have seen a return to 2007 levels. But the number of people who are planning to postpone retirement is up 24% in the past year, according to the Retirement Confidence Survey from the Employee Benefits Research Institute. The top two reasons? The poor economy (29%) and a change in employment (22%).

Retirement Expert Bill Losey, author of Retire In A Weekend, isn't surprised. He's heard those reasons -- and two other biggies from the clients he's helping transition into retirement. The first is that many people got "significantly more defensive in their investing in the last year so their portfolios are still 10% to 25% off their highs. They haven't participated to the extent that they would have if they had left well enough alone."

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Best places to retire: with so many lists, here's how to decide

Andrea Chalupa Apr 21st 2010 @ 2:00PM EST Filed Under: Retire

best places to retire - how do they make the lists?

Checking out "best places to retire" lists is like taking a cross country road trip to obscure American towns: Lubbock, Tex. Manhattan, Kansas. State College, Penn. Why would anyone want to live out their golden years in a seemingly random town? And in the first place, why are there so many lists?

"First off, everybody knows that lists and ratings are popular. People just love that stuff," says Mike Alfred, the CEO of BrightScope, a 401k rankings and research company. "There are so many people in this country who won't be able to retire where they spent their working career. A lot of people have to consider if they can ever retire if they continue to live in Manhattan or San Diego."

These best-of retirement lists -- as random an assortment of towns and cities as they may appear -- actually focus on places that provide job opportunity for senior citizens, usually in the government, education, and health care sectors. And then, of course, there's the weather, cost of living, and social activities. (AARP has a complete list of what it looks for in determining top retirement destinations).

Alfred's favorite best-of-retirement lists are the ones that focus on places abroad, where the dollar can go farther, like this one from WalletPop. He says Americans should consider saving money and ensuring quality-of-life by looking in countries off the beaten path, like Nicaragua, for instance.

Saving money is a major factor in determining top retirement town rankings. With 43% of Americans reporting they have less than $10,000 saved for retirement, according to a recent survey by the Employee Benefit Research Institute, they need the lists to locate the most affordable options. As WalletPop found out in this man-on-the-street video, some people have no idea how much they should even be saving for retirement. "At a high level, a lot of people just won't have a lot of money to retire," says Alfred.

Continue reading Best places to retire: with so many lists, here's how to decide

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