Tags: retirement | planning | finances | money

NYT: Don't Believe the Hype, Many Seniors Doing Quite Well Financially

By    |   Tuesday, 16 June 2015 07:00 AM

Senior citizens are taking it on the chin big-time, as the Federal Reserve's low-interest policy is cutting into their fixed-income returns, right?

Not exactly, according to The New York Times.

"Most Americans suffered serious losses during and after the recession, knocked off balance by layoffs, stagnant pay and the collapse of home values. But apart from the super-rich, one group’s fortunes appear to have held remarkably steady: seniors," write reporters Dionne Searcey and Robert Gebeloff.

"Supported by income from Social Security, pensions and investments, as well as an increasing number of paychecks from delaying retirement, older people not only weathered the economic downturn that began in 2007 but made significant gains, a New York Times analysis of government data has found."

And who among us in our golden years is faring best? Those aged 65 to 74.

"While there are plenty of individual exceptions, as a group they are better off financially than past generations and may well enjoy a more successful old age than future ones, even those merely a decade younger," Searcey and Gebeloff say.

Elsewhere on the old-age front, many of us who have enjoyed successful careers have a tough time with retirement. All the sudden we have huge blocks of free time without a strong purpose to guide us.

Nanci Hellmich of USA Today offers several strategies to make a smooth transition into retirement.
  • Take advantage of what may be your best chance to spend as much time as possible doing what you really want, psychologist Mary Languirand, co-author of "How to Age in Place," told her. "Some people know exactly what they want to do, and where, and with whom. Others—often those who had to devote a lot of time and effort to responsibilities and duties that didn't necessarily make them happy—need time and 'permission' to break old habits and create new patterns," Languirand said.
  • Get your finances in order, socialize and pay attention to your health. Without good health it's hard to enjoy anything.

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Senior citizens are taking it on the chin big-time, as the Federal Reserve's low-interest policy is cutting into their fixed-income returns, right? Not exactly, according to The New York Times.
retirement, planning, finances, money
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2015-00-16
Tuesday, 16 June 2015 07:00 AM
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