Share

Gainesville Florida Estate Planning & Elder Law Blog

Tuesday, March 10, 2015

10 Facts that may surprise you about retirement

Many retirees are ready for the freedom and stress-less lifestyle that retirement brings, but there are other aspects  that could be unexpected. Most retirees have substantial health concerns, financial woes and free-time is only fun if you can make good use of it. Here are 10 ways that retirement might just surprise you.

  • It can be difficult to spend down your savings. After years of collecting enough money to comfortably retire it can be inherently challenging  to spend down that money and watch the nest egg that you acquired get smaller and smaller each year.  “They are going to feel like they spent a lifetime accumulating this pile, and the idea of spending this down is just repulsive to them,” says Alicia Munnel, director of the Center for Retirement Research at Boston College. “For anyone who is retiring, I would give them permission to spend their money,” she advises.
  • You still need investment growth. Accumulating just enough money to retire is not your final goal. You must also lay out a plan to make that money last as long as you do. “You need to understand how you can minimize risk in the portfolio, but you also need a component of that strategy that gives you growth,”  says Laura Mattia, a certified Financial planner and wealth management principal for Baron Financial Group. This fundamental growth factor in your investing strategy will help you stay ahead of both inflation and taxes.
  • It's common to rely on Social Security. Social Security is a momentous source of income for many retirees. Approximately 86% receive income from Social Security and Social Security payments make up at least half of the retirement income of 65% of retirees, and comprise 90% of retirement income for over 36% of retirees. The monthly average retirement benefit was around $1,300 as of December 2014.
  • Medicare does not cover everything. Steep health care costs don't go away once you qualify for Medicare. While Medicare will cover a large amount of your medical bills, there are still a few prevalent services that it doesn't. For example, Medicare won't cover any visits to the optometrist or the dentist, along with the costs of hearing aids.  Medicare will also only cover up to 100 days in a nursing home. Retirees who require any additional long term care will have to pay for it out of pocket. And while most preventative care services are covered by Medicare with no cost-sharing requirements, if something of concern is found, then additional tests and procedures will mean that copays and coinsurance will apply.
  • You may spend a lot of time alone. Without a job to spend your nine to five at, you may find that you spend much of your time alone. Approximately 44% of Americans ages 65 and older now live alone, according to the U.S. Census Bureau. Unless you begin volunteering or make a point to socialize often, you are at a high risk to become bored and lonely.
  • Many retirees are dating. If you end up divorcing or outliving your spouse, you will once again find yourself single. While just over 50% of Americans ages 65 and over are currently married, the rest are either divorced, separated, widowed, or even never married according to census data. Some of these single seniors have begun meeting and dating new people, again. There are even a large variety of online dating services that specifically serve the senior population.
  • Moving is difficult. While making the move to the sunbelt is an attractive prospect, most retirees don't relocate for their retirement. On average 5.7% of Americans age 65 and older actually moved between 2009 and 2013, and those who did often relocated to the same state, or even county, found the Census Bureau. Only 1% of retirees actually retired to a new state. Moving far away usually means leaving behind all of your family and loved ones, making it difficult to reconstruct your life in a new place.
  • You will need help from others. While aging is an expected part of retirement, one losing their independence is not usually a welcomed change. There may come a day when you can no longer drive, climb a ladder to clean your gutters, change a light bulb, or shovel the driveway. You may also eventually need help preparing meals and bathing. Although the start of your retirement is full of new adventures, it is also a smart time to make plans for later, when you may no longer be able to take care of yourself.
  • Retirees watch a lot of TV. Most retirees spend over half of their down time watching television. Seniors ages 65 to 75 tune in for about 4 hours on weekdays, while those 75 and over watch TV for an average of 4.2 hours every day, according to the 2013 American Time Use Survey by the Bureau of Labor Statistics.
  • There is no need to hurry. Compared with the rest of the population, retirees between the ages of 65 and 75 spend much extra time lingering over meals, working on their home or garden, and shopping, found the American Time Use Survey. Retirees also tend to spend more of their time relaxing, reading or volunteering than their younger counterparts. 

Archived Posts

2019
2018
December
November
October
September
August
July
June
May
April
March
February
January
2017
December
November
October
September
August
July
June
May
April
March
February
January
2016
December
November
October
September
August
July
June
May
April
March
February
January
2015
December
November
October
September
August
July
June
May
April
March
February
January
2014
December
November
October
September
August
July
June
May
April
March
February
January
2013



The Law Office of Sam W. Boone, Jr. assists in Gainesville, Florida and the surrounding counties.

*The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.*

* I have read and accept the disclaimer **


The hiring of an attorney is an important decision that should not be based solely upon advertisements. Before you decide, ask us to send you free written information about our qualifications and experience. Additionally, the comments, statements and articles contained herein are general in nature and should not be relied upon as a basis for any legal opinion, action or conclusion on the part of the reader with respect to any particular set of facts or circumstances.

© Sam W. Boone, Jr., P.A. | Disclaimer | Law Firm Website Design by Zola Creative



© 2019 Sam W. Boone, Jr., P.A. | Disclaimer
4545 NW 8th Avenue, Suite A, Gainesville, FL 32605
| Phone: 352-374-8308

Estate Planning | Advanced Estate Planning | Elder Law | Special Needs Planning | Probate / Estate Administration | Asset Protection | Guardianships | Pet Trusts | Planificación de Bienes | Planificación Avanzada de Propiedad | Reviews | About Us | Resources

Attorney Web Design by
Amicus Creative