Category Archives: Retirement

The Case for On-Again, Off-Again Retirement

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From my US News & World Blog

A funny thing happened on the way to retirement. It turns out that not everyone feels the all-consuming need to escape from the working world. Some people actually enjoy the benefits that come from working with others in a company environment toward a common goal. Staying engaged and involved mentally and physically can help senior citizens realize a more fulfilling and exciting second act. And for some, the working world offers an increasingly attractive option.

One obvious motivation for working longer is to counter the financial hardship brought on by a challenging and unpredictable economy. Sometimes we need to work longer than we hoped in order to save enough money, as witnessed in a study by the National Council on Aging that found pre-retirees, on average, delaying retirement by five years due to the impact of the recent recession.

But the appeal of working beyond retirement age is more than just monetary. The council’s United States of Aging Survey report found that of the 1 in 5 seniors still working either full- or part-time, 70 percent ranked enjoyment high on their list of reasons to stay in the workforce.

Here’s where it gets interesting. Although only 4 percent of retirees say they want to work full-time in retirement, 36 percent would like to go back and forth between periods of work and leisure.

Having successfully negotiated a career and satisfied the requirements of raising a family, retirement age historically meant exchanging the stresses of working for a peaceful second act filled with relaxing hours and happy pursuits. But while workers of days gone by may have exhausted their body in physically demanding occupations, today’s workers have many good years left to pursue new and exciting interests. That said, they do not want to miss out on the leisure time they have heard so much about.

One intriguing possibility is to work a bit, retire a bit, work a bit, and so on. For some, an on-again, off-again retirement can be just the ticket. Enjoy the engagement and stimulation provided within the job for a period of time, perhaps a few years. Interact with co-workers, complete projects, and learn new technologies. All the while you remain removed from the sometimes crippling stress of a working situation that you must stay with for better or worse due to financial and other requirements. You know it is for a limited amount of time. Then, when you are ready for the retirement side of the coin, you exit the job and chill a bit.

I find this combination attractive not just for the on-again, off-again aspect, but also for the opportunity to learn new things. Each new company has different processes, technologies, challenges, and opportunities. You meet new people and have new experiences that keep your mind engaged and stimulated.

There are risks when you decide to leave a job, especially as you get older. You may not immediately find something when you are ready to return to the workforce. But if you haveprepared for retirement and are not financially in jeopardy, the lack of an immediate position only means an extension of the retirement part of your on-again, off-again strategy.

And with 10,000 baby boomers reaching age 65 each day, smart hiring companies will have to take notice of this valuable pool of labor. With skills, experience, and a willingness to work, along with the fact that seniors do not actually cost more, older workers can hope to find their employment prospects improving. According to the book Managing the Older Worker: How to Prepare for the New Organizational Order, doubling your percentage of 55-year-old workers raises your business’s total compensation costs by a mere 1 percent.

An on-again, off-again retirement may not be for everyone, but it can provide a happy medium for some. It offers the opportunity to pursue one passion for a period of time and then head down the path toward another after a bit of time spent recharging in between. Each of us has to do what is right for our specific situation, but it is good to know there are some interesting options out there.

Dave Bernard is the author of I Want To Retire! Essential Considerations for the Retiree to Be. Although not yet retired, he focuses on identifying and understanding the essential components a fulfilling and meaningful retirement. He shares his discoveries and insights on his blog Retirement-Only The Beginning.

Everything You Ever Wanted to Know about Mobility Scooters, and Then Some

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Post by Emily Buchanan

As many of us know, old age makes it a lot harder to get around. Aching bones tire easily and, regardless of our willingness to participate in family activities, sometimes it seems easier to just stay at home. However, don’t let reduced mobility keep you housebound. If you’re unable to walk for long periods of time then a mobility scooter may be just the thing you need.

For one reason or another, these around town get-abouts seem to have a bit of a negative rep. And yet, they’re incredibly handy and economical! Allow me to convince you…

Post-op Recuperation

Being cooped up at home after an operation or during long-term sickness can be seriously boring. Being house-bound isn’t just bad for you physically; it’s also terrible for your state of mind. Therefore, a scooter could provide the valuable freedom you need during recovery.

Trips to the shops, some fresh air after lunch, a walk with the dog; this independence is not only integral to your happiness but will likely speed up the recovery process as a whole.

A Weighty Issue

Like the rings inside a tree trunk, age brings with it a couple of extra tires that are extremely difficult to shift – particularly if you are not well enough to exercise.

Therefore, if weight gain is making it harder to do the things you used to, a mobility scooter might be just the ticket. Whilst some will argue that this will only exacerbate the issue, a scooter may actually encourage you to exercise more often. After all, with the simplicity of travel, you can get to clubs and classes and meet people in a similar position.

Who knows, with that added incentive, you might start to notice a loosening of the waist band.

Jolly Holidays

For many older people, a mobility scooter is simply not an everyday concern. If you’re lucky enough to fall into this category then celebrate your vitality with a brisk walk in the park. Before you do, consider this: renting a mobility scooter on holiday…

Holidays offer the unique opportunity to explore a new culture by immersing yourself in the sights and sounds of a different country. Sometimes, this can be a little tasking for older people, particularly if it’s necessary to walk long distances – which, more often than not, it is.

Don’t let fatigue stop you from soaking up the experience. Scooter rentals are big business in America; partly because their tourist-trap towns and cities are vast and partly because US residents like the ease a mo-scoo provides. The last thing anyone wants on holiday to be restricted, so enjoy the freedom of 8 mph and really get to grips with a new place.

Physical Requirements

Unlike motorised wheelchairs, mobility scooters offer no upper body support. Therefore, bear in mind that users must be able to keep themselves upright and they must be able to steer and maneuver the scooter. As such, it isn’t for everyone, especially the severely disabled.

If your upper body is in any way compromised, you may be more suited to a motorised wheelchair. Don’t fear, there’s plenty of information online about choosing a vehicle that’s right for you.

The Rules

For the novices among us, it’s important to get the legal stuff out the way

Firstly, to use a motor scooter in the UK you must be suffering from a temporary or permanent physical disability. Secondly, drivers of mobility scooters do not need to hold a driving licence and whilst insurance is not legally required, it’s strongly advised. After all, if you crash or it gets stolen or a freak flood sweeps it away, you’ll be pleased you organised some cover. There are plenty of providers to choose from and I’d personally recommend Chartwell.

There are two classes of disability scooter in the UK; class 2 and class 3 (strangely, there is no class 1). Class 2 scooters are not for road use (unless there is no pavement) and have a maximum speed of 4 mph. Class 3 scooters can be used on both the road and pavement and their maximum speed is 8 mph. Sure, these speeds aren’t breaking any records but, you know, you’ll get a small sense of satisfaction taking over cyclists.

Oh and last but not least, class 2 scooters do not need tax discs but class 3 mobility scooters do and they must be registered with the DVLA – probably because they burn some serious rubber.

I hope this article has helped you think more about the potential of mobility scooters. If you use one or are considering it, please share your experiences below!

8 Scary Retirement Facts

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From my US News & World Blog

For the next 20 years, about 10,000 baby boomers will turn 65 each day. Some have been preparing diligently for their retirement by building savings, and are looking forward to having the freedom to do what they want to do when they want to do it. Other boomers may not have begun to contemplate how retired life will look because they are caught up in living for today. As this massive generation crosses into what has historically been retirement age, they will face many new realities, and they may not all be pretty.

The recent economy has not been cooperative for investors attempting to build a nest egg. Those nearing retirement age have the most to lose if the market declines and limited years to continue contributing to retirement accounts. At the same time, the average life expectancy continues to rise, which is even more years of retirement baby boomers need to save for. Here are eight startling retirement facts to ponder:

1. One in six older Americans lives below the poverty line, which is $22,350 for a family of four, according to the U.S. Department of Health and Human Services. That amount is not much for a single person, let alone a family of four.

2. The current ratio of working age citizens between 15 and 64 to those over age 65 is 5:1. By 2050 this ratio will drop to 3:1. This means we will have a smaller proportion of working people supporting increasing numbers of retirees.

3. The ranks of senior citizens are growing rapidly. There are now around 40 million senior citizens, but that number is expected to increase to 89 million by 2050. The aging population will impact everything from housing and health care to travel and employment.

4. The cost of assisted living facilities has risen to a national median rate of $3,300 per month, which works out to be $39,600 per year. The highest median rate is in Alaska at $6,813 per month.

5. Americans 55 and older now account for 20 percent of all bankruptcies, with the majority due to medical and funeral expenses. In addition, older Americans tend to have more credit card debt than younger Americans. Without delaying retirement, it will be hard for baby boomers to get ahead of their growing debt.

6. Due to the recent economic downturn, baby boomers born between 1948 and 1954 will need to save an additional 4.3 percent of their annual pay to counteract the impact of the financial and housing crisis in 2008 and 2009, according to Employee Benefit Research Institute calculations. For many people this will require working beyond traditional retirement age in a job market already tight and challenging for older workers.

7. Successful retirement planning requires consistent saving to provide for a time when income is no longer generated from your job. However, 35 percent of Americans say they don’t contribute to retirement accounts like a 401(k) or IRA, according to a 2009 CareerBuilder survey.

8. Age discrimination on the job is an increasingly common occurrence as more seniors remain in or re-enter the job force. In a recent study published in the journal Research on Aging, 63 percent of older adults say they have experienced discrimination.

Dave Bernard is the author of I Want To Retire! Essential Considerations for the Retiree to Be. Although not yet retired, he focuses on identifying and understanding the essential components of a fulfilling and meaningful retirement. He shares his discoveries and insights on his blog Retirement-Only The Beginning.