Financial independence is just as important as physical independence. While you need to take steps to ensure that you are able to take care of your physical needs, the same goes for your money. Here is some advice to staying financially independent during your retirement years. There are many things that can happen in life that can rock our financial world. Even if you have a cushion built up, nothing is for certain. Just ask those who invested with the stock market or other investors before the financial crisis erupted. What you can protect is your good name and financial...

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Everyone will retire from work one day. People are living longer so when you retire, you could live another twenty or thirty years beyond that. Will you have enough money to live comfortably? Here is some advice on how to determine how much money you need for your retirement. Most people retire at 65. Some, who are fortunate, can technically retire from their jobs earlier than that if they have 30 years invested. They can’t draw their social security if it is too soon, but they can receive their pension if they have one. Even so, that money probably won’t be...

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As we age, we often need help with everyday activities. We might also have health conditions that require monitoring or treatment on a regular basis. Seniors who need such services sometimes end up in nursing homes because they have no one to provide them. If you have a loved one who needs some assistance but is capable of living on his or her own, assisted living might be the answer. Assisted living communities provide housing for senior citizens, as well as certain services that they may need. These often include:

Meal preparation

Housekeeping

Laundry

Recreational activities

Emergency services

Assistance with bathing, grooming and dressing

Medication management

Home health services

Assisted...

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With the economy in decline and with unemployment on the rise, what was once a dream for baby boomers may not yet become a reality. Retirement may have to be put off until well over the age at which most baby boomers had hoped to fulfill their dreams. However, for those just starting out in the business world, retirement can be realized no matter what age. According to some statistics, approximately 40% of baby boomers do not feel they will have secured enough money to retire. In fact, most of them may work well into their 70s....

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Long-term care isn't a subject that we generally enjoy talking about. It's difficult to even think about the possibility that we and the ones we love might need someone to look after us in our golden years. But as life expectancy continues to rise, so do the chances that we will require long-term care one day. Long-term care takes a number of different forms. It's not limited to stays in nursing homes (although that's a significant component). Sometimes the elderly can do most things for themselves, but need help with certain activities such as bathing, housekeeping or medical needs. These needs...

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Early retirement was once a popular option for older workers. Some chose to leave the workforce early due to declining health, while others felt financially secure and were ready to experience the freedom of retirement. But today, early retirement has become a less viable option for many. One of the most prevalent concerns of those who consider early retirement is health care. Medicare is not available to them until the standard retirement age, so they are likely to end up uninsured. If you’re in excellent health, this may not affect you very much. But those who are nearing retirement age often...

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As the economy has worsened, not only have retirement funds dropped in value with the market, but also many people have been tempted to tap savings as a way to cut debt or otherwise shore up their finances after a job loss. Still more have found that employers have dropped matching contributions to shore up their own finances. Worry about retirement seems to be widespread. A January survey by the National Institute on Retirement Security noted that 83 percent of Americans are concerned about their ability to retire. Yet the worst thing you can do is tap or give up...

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This is a question plaguing many baby boomers today. For those on the cusp of retiring, statistics show they plan on working longer. For those who have decided to retire, the decision may carry long-term consequences. If you have a 401K plan, the maximum annual contribution you can make in 2009 is $16,500. However, if you are over the age of 50 you can contribute a total of $22,000. If you have an IRA, you can contribute up to $5,000, and for individuals 50 years or older, another $1,000 can be added. The problem with retiring now...

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With the future of Social Security unclear, fewer and fewer workers having a company sponsored pension plan and health care costs continuing to increase, being financially prepared for retirement looms as a significant challenge for many. With the significant fluctuations of the stock market as well as the potential for a long-term economic down turn there are many things that need to be considered as you plan for retirement. Here are some basic strategies to consider:

Investors in their peak earning years should take full advantage of employer-sponsored retirement plans, individual retirement accounts and potentially annuities.

Asset allocation should be age appropriate...

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Shift gears instead. Many people who long for an early retirement are really just tired of their jobs. Rather than choosing a life of leisure (which can get boring), you may want to start a new career. Besides, early retirement is a tough act to pull off financially. If you retire at age 55 and are lucky enough to live to age 95, that’s 40 years of living off your savings — more years than you spent working! Social Security and Medicare don’t kick in until age 65; or 62 at the earliest. How much do you think your grocery...

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There are many rules of thumb about how much money you should withdraw from your retirement accounts every year. One of the more popular ones is that you should withdraw 4 percent of your retirement funds each year. Another one is you will need approximately 70 to 80 percent of your last year’s working income to carry you through retirement. These are good generalities however you need to evaluate your specific situation and circumstance to come up with a plan that works for you. The reality is that everyone’s retirement goals are different and should be planned based on specific needs,...

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