“many people are poorly prepared for unexpected expenses” in later life, the study notes. Even worse, about one in five retirees (19%) and one in four retired widows (24%) experienced four or more shocks during retirement. The good news: Many older adults who get hit with stealth expenses appear to bounce back.
• Replacement costs. Big-ticket buys—a new furnace, updated appliances, a fresh coat of house paint—can put sizable dents in your nest egg. But most people don’t consider that these outlays can follow them into later life or that such costs can continue to add up for decades. A contributing factor: Many retirees underestimate their life expectancy.
• Relatives in need. This can hit you from two sides: aging parents feeling a financial pinch and younger family members who suddenly find themselves in a bind. With the latter, perhaps it can be an adult child who gets laid off or divorced, or a grandchild who needs help with tuition.
• Required distributions. Most people know that, after reaching age 70½, they must begin withdrawing funds from tax-deferred accounts (like IRAs). What they fail to understand are the ripple effects from these payouts. Required minimum distributions can, first, push you into a higher tax bracket and, second, translate into increased Medicare Part B premiums (which are tied to annual income).
Voyage (is) building the technology to deliver on the promise of self-driving cars. Our first service offers residents safe, autonomous transportation anywhere in their community at speeds up to 25 MPH. This approach lets us solve real transportation challenges today, while setting the foundation for our long-term vision: developing a technology that can drive anyone, on any road, at any time.
Our vehicles are equipped with the best sensors available, giving us a 360-degree picture of the world hundreds of meters from the car. We extensively leverage machine learning to develop state-of-the-art perception models, and have built a rich data pipeline that allows us to continuously improve based on real-world driving. Our multiple sensor modalities give us great perception, while improving the safety and operational redundancy of our autonomous service.
I built a frame out of ash wood. Then I hand-formed and welded body panels onto the frame. I re-engineered the brakes, the steering and the clutch system to fit properly, and I hand-formed the grille out of aluminum. The seats I built out of plywood, foam and vinyl that looks like leather. When I started, I had no idea how to do any of this.
Dave Hinz, 75, a retired former software company co-owner from Harbor Springs, Mich., on what he calls his homemade 1936 A.J. Speciale, as told to A.J. Baime.
After I retired in 2005, I found a photo of a beautiful Bugatti online. I made the mistake of telling my friends that I was going to build a car just like it. I had no experience in metal forming. I knew nothing about car mechanics. But I had made this statement, and I was the butt of so many jokes, I had to try.
That’s why Kamber created Senior Planet, a tech-themed community center that preps seniors to hack their way through a world conspiring to keep them sidelined. The glass door reads “Aging with Attitude.” With its sleek grays and wood tables, it rivals the WeWork next door in the Chelsea district of Manhattan.
Kamber is pretty exciting, but the place itself is a beehive. By the time he and I sat down to talk, I’d already bought some fingerless gloves from one of its graduates, Madelyn Rich, a fiber artist and entrepreneur who’d paid for her recent Caribbean cruise with her holiday glove sales, mostly online. In a computer lab, a class was learning to use Google Calendar and Google Hangouts. Rachel Roth, a white-haired sophisticate in aviator glasses, wheeled in a cart of her sea-salt-dusted chocolate almonds called Opera Nuts—she hawks them online and through West Elm, Pottery Barn, and Williams Sonoma—and doled out some samples to the staffers in her signature Chinese-takeout-box packaging.
From a HarvardMagazine.com online archive article:
Six factors measured by age 50 were excellent predictors of those who would be in the “happy-well” group–the top quartile of the Harvard men–at age 80: a stable marriage, a mature adaptive style, no smoking, little use of alcohol, regular exercise, and maintenance of normal weight. At age 50, 106 of the men had five or six of these factors going for them, and at 80, half of this group were among the happy-well. Only eight fell into the “sad-sick” category, the bottom quarter of life outcomes. In contrast, of 66 men who had only one to three factors at age 50, not a single one was rated happy-well at 80. In addition, men with three or fewer factors, though still in good physical health at 50, were three times as likely to be dead 30 years later as those with four or more.
The book examines the lives of a group of Harvard men who have been studied from their college years all the way to retirement and, in some cases, death. Its cornerstone is the Grant Study, a longitudinal investigation conceived in 1937 and launched at Harvard in 1939. With funding from dime-store magnate W. T. Grant, researchers signed up 268 members of the classes of 1941 through 1944, in their sophomore years, for an in-depth, lifelong study of “normal” adult development.
The increase in longevity is disrupting the 20th-century retirement model. Our longer lifespans, though a blessing in many respects, has been a shock to the collective system. While Social Security and Medicare provide cushions, too few people have adequate savings and investment to support lifelong needs. The shift away from pensions and defined benefit plans has exacerbated insecurity. People need to work and earn longer to survive and thrive in a world of rapid change. As we come to grips with the opportunities and challenges of longer lives, what will 21st-century retirement look like? What policies and practices should be implemented to enhance wealth, health, and engagement for a better future?