Tag Archives: Retirement

Retirement, Reviews, Technology

Boomers Home Income : “RentTheBackyard.com” Will Build & Rent Studio Apartment For You

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From a TechCrunch.com online article:

RentTheBackyard LogoRent the Backyard  works with a partner to build the apartment, finances the construction, lists the property, selects the tenant, collects the rent and serves as the landlord. In exchange for all that, it has an ownership stake in the unit and keeps 50% of the rent.

The startup also handles the permitting, which co-founder Spencer Burleigh said has become much easier with recent changes in California law. In fact, he pointed to stories about how these changes have led to skyrocketing applications (16 in 2016, 350 in 2018) to build “in-law” units in San Jose, which is where the startup is focused for now.

To read more click on following link: https://techcrunch.com/2019/07/18/rent-the-backyard/?utm_medium=TCnewsletter&tpcc=TCdailynewsletter

RentTheBackyard Online apartments diagram

Retirement, Surveys

Retirement Surveys: Most Retirees Experience Consistent Or Increased Happiness As They Spend Time With Friends, On Hobbies Or Travelling

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“Retirees are far more likely to cite positive attitudes and experiences than negative. Most retirees agree that they “are generally happy people” (91 percent), “have a close relationship with family and/or friends” (90 percent), and
“are confident in their ability to manage their finances” (88 percent). In contrast, relatively few retirees are finding that “everyday activities are becoming difficult” (28 percent), “having trouble making ends meet” (26 percent), and “often feel anxious and depressed” (20 percent).”

(From Transamerica  Center for Retirement Studies)

Retirees Enjoyment of Life Transamerica Center for Retirement Studies

Since entering retirement, 40 percent of retirees indicate that their enjoyment of life has “increased,” 39 percent say it has “stayed the same.” Nineteen percent of retirees say their enjoyment of life has “decreased” since they retired.

How Retirees Spend Their Time Transamerica Center For Retirement Studies

To read entire survey click link below:

Click to access tcrs2018_sr_retirees_survey_financially_faring.pdf

Retirement, Services, Technology

Boomers Retirement: “Umbrella” Is An Online Home Repair & Services Marketplace For Seniors

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From a Pymnts.com posted article:

Umbrella Boomer Community App 65+ Home repairs“Umbrella is an app that’s meant to connect these people with each other, through a marketplace with a membership model. The app lets seniors sign up for “jobs” and provide their services, like mowing a lawn or painting a fence.

The jobs are charged around $20 an hour, and Umbrella keeps $4 of that. The neighbors can choose to make less money, and the difference goes toward cheaper work for lower-income seniors.

Umbrella costs $199 a year to join. The startup was co-founded by CEO Lindsay Ullman and President Sam Gerstenzang. Both worked at Sidewalk Labs previously, among other places.”

Umbrella Boomer Community App 65+

Umbrella website: https://www.askumbrella.com/

To read more on article: https://www.pymnts.com/mobile-applications/2019/community-boomer-app-umbrella-raises-5-million/

Retirement

Top Retirement Cities: Flagstaff, AZ Enjoys Mix Of Students, Professionals & Retirees, Outdoor And Seasonal Activities

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From Kiplinger’s online article by Brendan Pedersen:

Flagstaff AZ Smart Places to RetireResidents can enjoy four beautiful seasons in Flagstaff, says Meg Roederer, of the Flagstaff Convention and Visitors Bureau. She graduated from Northern Arizona University (located at the heart of Flagstaff) 30 years ago and never looked back. “Between the student, professional and retirement populations, the city has a real vibrancy,” she says. Don’t be fooled by downtown Flagstaff’s sleepy western vibe. “It’s really a mountain-foodie town,” Roederer says. It has more than 200 restaurants and award-winning craft beers in abundance along a “brewery trail.”

At an elevation of 7,000 feet, this mountain town swaddled by sweet-smelling Ponderosa pine trees has plenty to offer retirees by way of outdoor activities, top-tier dining, volunteer opportunities and seasonable weather. Snowbirds, take heed: This is not the sun-bleached Arizona you may be thinking of. Despite its crisp lack of humidity, it regularly receives about 100 inches of snow every winter.

To read more click on link below:

https://www.kiplinger.com/article/retirement/T047-C000-S002-flagstaff-arizona-a-smart-place-to-retire.html

Retirement

Boomers Retirement Abroad: You Can Escape State Tax In Seven States, But Never The IRS

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From a Forbes.com article by Larry Light. Interview with Rick Kahler, founder of Kahler Financial Group, in Rapid City, S.D.:

Retiring Abroad Tax Consequences

“You have nothing to worry about if you live in one of the seven states with no income tax: South Dakota, Wyoming, Nevada, Washington, Texas, Florida and Alaska.”

The best way to escape paying taxes to a state you no longer live in? Move to a state with no income tax first before relocating abroad. You must prove to your old state that you have left and have no intention of ever coming back.

This means moving for real—cutting as many ties to your old state as possible and establishing as many as possible in your new state. You will want to sell your home, close bank accounts, cancel any mailing addresses, change healthcare providers and health insurance companies (including Medicare), be sure no dependents remain in the state, and register to vote and get a driver’s license in the new state.

Read more by clicking link below:

https://www.forbes.com/sites/lawrencelight/2019/07/09/how-to-escape-the-american-tax-man-when-you-retire-abroad/#7f37e40d574e

Finance, Retirement

Retirement Myths: Expenses & Taxes Will Decrease While Savings, Social Security & Work Will Be Adequate

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From Seeking Alpha article:

 

  • Myth #1 – My Expenses Will Be Cut In Half!

    One of the greatest myths for future retirees is that expenses will drop when you retire. Some think their living expenses will virtually cut in half overnight.

    However, that is usually not the case. In fact, oftentimes retirees spend more in retirement (especially in the first few years) than they did during their working days. Why is that?

  • Myth #2 – Social Security Will Provide for Most of My Retirement Needs

    Many people are led to believe that they’ll manage to live just on Social Security in retirement. In most cases, however, that’s just not doable. Today, Social Security pays the average recipient only $1,461 a month in benefits. Over the course of a year, that’s $17,532. Meanwhile, the average retired household spends $46,000 a year. So there is a pretty large disconnect between the two. Property taxes alone in some blue states amount to what some receive all year in Social Security payments.

  • Myth #3 – I Can Just Keep Working

    Surveys show that many people nearing retirement would prefer to continue working to close any gaps they feel they have in their retirement funding. Or they want to continue working because they have no plans for their free time after they retire. Regardless of which reason, they want to keep working- and it does provide a dual benefit- it gives a further boost to your nest egg while at the same time reduces the number of years you’ll need to live off it.

  • Myth #4 – It’s Too Late To Start Saving

    They say the eighth wonder of the world is compound interest. And it obviously has a bigger effect the earlier you start saving, but you’re never too old to take advantage of its power to grow your money.

    Aside from compounding, the IRS gives other incentives to save for those nearing retirement. IRAs, 401Ks, and other tax-advantaged plans give investors that are 50 and older the ability to make ‘catch up’ contributions. Those Traditional and Roth IRAs can make an additional $1,000 each year per investor. 401Ks and like plans can add $6,000 as a catch-up.

  • Myth #5 – Taxes Will Be Much Less In Retirement

    As you’ve seen in previous points, where we show your need to save more, invest more, and possibly work more – you will probably not be reducing your overall income that much. So if your income isn’t going to drop, then you shouldn’t assume with any honesty that your tax bill will drop.

    The Trump tax cut reduced rates, but removed certain deductions. Even if we call it a wash, not many would bet that rates would drop further from here. The easy bet would be to wager they will only rise from here.

Seeking-Alpha-Logo

Read article by clicking here: https://seekingalpha.com/article/4273061-common-retirement-myths-debunked

Retirement

Perils Of Retirement Investing: Victims Of Ponzi Schemes Often Wait For Up To A Decade To Receive Any Repayments

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“After investment frauds break open, how much and how fast investors will get repaid depends in large part on the arsenal of professionals—usually lawyers or accountants—called in as trustees to pick through the wreckage.”

Ponzi Scheme WSJ     If the investment sounds to good to be true, it almost certainly is. Katy Stech Ferek of the Wall Street Journal writes a comprehensive article on the tedious and expensive work of law firms, accountants and investigators in tracking down and facilitating the repayment of funds to victims of Ponzi schemes. Click on the link below to read more in the WSJ:

http://tinyurl.com/y2k6l6s6