March 7, 2020
Interesting article on the TED Talk website by a neuroscientist who interviewed many people between ages 70 and 100 to understand what contributes to life satisfaction at that age. He discovered the importance of working, volunteering or doing some kind of meaningful activity in retirement, just on a more flexible schedule than when they were younger.
Harvard Business Review article about academic studies showing that living abroad can increase self-concept clarity. Not specifically a retirement article, but some great ideas if you’re looking for new meaning to your life after retirement.
This article in the New York Times parenting section brings up several important concepts that can help families manage their everyday finances and teach their kids about money.
The U.S. Small Business Administration’s SCORE program provides education and mentoring to people who are starting their own businesses. This article talks about how retirees can get involved in the program and help the next generation of business owners get started. It’s one great way to find meaningful activity in retirement.
Special tax breaks for people who are 50 or older — including catch-up contributions to retirement plans, as well as a higher standard deduction starting at age 65 and new rules for required minimum distributions (and how you can benefit from giving your RMD to charity). Some helpful reminders as you’re finishing up your taxes.
Some people who receive an inheritance or windfall actually end up being worse off financially than before they received the extra money, in part because they made decisions they would have never made with money they earned (such as quitting their job when they couldn’t really afford to do so). Advice by a financial planner in Forbes about key steps that can help you benefit from the inheritance and avoid expensive mistakes.
A great complement to this week’s blog post about keeping a level head during stock market volatility. This Forbes article goes into detail about the importance of diversifying your portfolio, especially as you get closer to retirement, including studies comparing market performance of different asset classes and types of investments.
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