Tag Archives: Financial Independence

Longevity changes everything — why you should think twice about Early Retirement

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Here’s my latest MoneySense blog, entitled Why you should re-think Early Retirement. This is a topic I’ve been researching for several months, going back to some blogs I wrote on Mark Venning’s ChangeRangers.com, which challenges readers to “envision the promise of longevity.” He also sensibly counsels that we should “plan for Longevity, not for Retirement.”

As you can see by clicking through to the blog (also reproduced below), some of this message was articulated in a speech delivered Wednesday evening at the Financial Show, and which I also gave Monday night at the Port Credit chapter of Toastmasters.

By Jonathan Chevreau

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I recently delivered a talk about how longevity changes everything. I began by showing the front cover of the latest Bloomberg Business magazine, which shows a woman celebrating her 173rd birthday. Continue Reading…

Weekly wrap: Retirement is fun — who knew? And a plea to seniors to “unretire”

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Cheerful old man having a great timeSheryl Smolkin’s Retirement Redux site passes on recent financial institution surveys that show The Majority of Retirees Enjoy Their Lifestyle. Well I should hope so, after spending decades slaving and saving for this pivotal life event!

But in this weekend’s lead editorial, on behalf of the Canadian economy, the Globe & Mail begs the nation’s seniors  to “please don’t retire yet.”  It invokes Sun Life’s Unretirement index survey reprised in Friday’s blog here at the Hub. Well, actually, Mr. Economy, there’s a lot of age prejudice in the workplace and people don’t always choose to retire.

For those just starting on their journey to financial independence, take heart from Punch Debt’s declaration that saving up The first $100,000 is the hardest. I dare say your first million is no walk in the park either!

Via Sliced Investing, The Chicago Financial Planner (aka @rwohlner) provides this primer on hedge funds.

This may not be as recent but I found an entry at Investopedia.com to be eternally relevant: it’s entitled Two Roads: Debt or Financial Independence. I choose door number 2! Continue Reading…

Reflections From The Early Days of Spending In Retirement, Part 2

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By Patricia Gass,

Special to the Financial Independence Hub

sunset-landing

As we return to reality from our 3-week vacation “high,” I’m hoping to make the happy feelings last as long as possible.

After all, that’s what a great vacation is all about!

So, better late than never, I’m diving in to review the state of our spending for 2014. Scary task (especially given our recent travels) but someone’s got to do it.

Yes, we really did have a “spending plan” last year and will do so again religiously this year. How else do you think one achieves financial independence? Do you know that few people realize what they’ve spent in their first year (or even few years) of retirement?

Beware overspending in the early days

Nothing can derail a happy retirement more quickly than overspending in the early days. While looking ahead is certainly important (tough to fix what you’ve already spent!), you can really learn a lot by sizing up what happened each year. To supplement my “quick and dirty” monthly reviews, an annual review will give me a better perspective of our overall, longer term habits. Continue Reading…

Maybe you just THINK you want to retire?

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senior gentleman working on laptop outdoors

By Jonathan Chevreau

My latest MoneySense blog has been posted, titled Maybe you just think you want to retire?

The word “think” needs to be emphasized, since the point is that I’m not so sure baby boomers really want to retire anymore, at least not in their 50s or early 60s. I actually had written this particular blog before reading and reviewing some books about Encore Careers and Second Acts, such as last week’s review of Unretirement.

Of course, this entire website is dedicated to the proposition that there is a difference between traditional “full-stop” retirement and Financial Independence, or “Findependence.” To us, Findependence sets the stage for one’s true calling in life, which is why the six blog sections here at the Hub now include one called Encore Acts. From where I sit, it’s a lot easier to launch an Encore Act once you have a modicum of Financial Independence established.

For the full blog, click the red link above.

For archival purposes and the convenience of one-stop shopping, the piece is also included below: Continue Reading…

10 Planning Steps to Take Within 10 Years of Retirement

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Roger Wohlner, The Chicago Financial Planner

By Roger Wohlner, The Chicago Financial Planner 

The ten years prior to retirement are when a lot of people start to take a hard look at their retirement readiness. This makes sense, as you are likely in a position to make some decisions about what your retirement lifestyle will look like.

This is also a good opportunity to deal with any retirement shortfalls while there is still some time to make adjustments. Here are ten planning steps to take within 10 years of retirement.

Maximize your retirement savings

The ten years prior to retirement will be among the highest-income years of their careers for many retirement savers. This is a time to maximize your contributions to your 401(k) plan, to IRAs or to a self-employed retirement plan. While these contributions will not have as many years to compound as those made in your 20s and 30s, these late-career retirement contributions are still important.

Review Social Security Continue Reading…