Retirement Considerations: Specifics on When and Where

While most Americans retire in or near the community they have been living, many consider a new locale.

Some move away with dreams of retiring in style, some hope to stretch their retirement dollars and some are simply forced by necessity. Whether you decide to "retire in place" or plan a move, here are three important considerations:

1. Your health and the health of your spouse. 2. Your finances and financial commitments. 3. Your desired lifestyle; what’s important to you and your family.

If your new location does not address these three areas of concern, then you should consider an alternative or staying put. Of course there are many other factors that could be taken into consideration but concentrating your efforts in these three will make it easier for you and your spouse to plan.

Start your planning early but plan in such a way that you can make changes should your needs change.

Things to consider when choosing a location in which to live during your retirement years:

1. Live within walking distance of basic amenities, such as health facilities, drugstores, supermarkets and banks.
2. Live within short driving distance of a hospital that has specialists in any area where you have major problems, such as heart, kidney, vision, arthritis, Alzheimer's, etc.
3. If volunteering is of interest to you, pick a community where there are opportunities.
4. If continuing your education is important to you, check the opportunities before moving.
5. If the arts are important, check the availability and locations of symphony, ballet, art museums, etc.
6. Check the crime rate.
7. Check the availability of public transportation so you can easily reach stores and the many other places you need to visit as you may not always be able to drive.
8. Choose a place that is on one level, has halls wide enough for wheelchair access, doorways at least 36 inches wide and has an outside entrance without steps.
9. Choose a place that has nonskid floors

Remember that what seems great for you and your spouse when you are in your early 60s may very well not work at all later in your retirement years.

More and more Americans are choosing to stay in or near the place where they currently live. There are financial, lifestyle and medical advantages to do so. For details on some of these advantages and modifications to your home you should consider review our information on aging in place .

If your health or the health of your spouse is or can be a problem, aging in place should be given strong consideration. In any case chose a location that is convenient to appropriate medical care.

If you’re considering a move and would like to check the cost of living in another area versus where you currently live, check out this cost-of-living calculator . For a more thorough comparisons, check out the PlacesRated website , which compares most major cities in every conceivable way including climate, educational facilities, sports teams, cultural advantages etc.

If you choose to move to another city or state, you’ll want to consider affordability and how tax friendly your new location might be. Also, the tax and estate planning consequences of a change in domicile — one’s fixed, principal and permanent home — are considerable, as RetireMentor Stephen Williams explains.

And if retiring abroad appeals to you, read my previous columns on what you need to know and seven questions that you should ask yourself before making such a move. And don’t think that by retiring abroad you can escape the long arm of the IRS, as this column on the Foreign Account Tax Compliance Act from fellow RetireMentor Aaron Katsman points out.

If you decide that you’d like some level of assisted care, click on these links for more information on retirement homes , retirement communities and nursing homes .

Disclaimer: Consultation with your physicians, financial advisers, accountants and attorneys are recommended in the areas where their expertise is of value. These recommendations aren’t appropriate for everyone.

Art Koff, Founder
www.retiredbrains.com
 

 

Temporary and Part-Time Employment Increases Dramatically

The country’s economic recovery is particularly beneficial for Boomers and older job seekers looking for employment, as estimates suggest that contingent (other than full-time) labor could increase its penetration from the 13% of employees several years ago to over 40% in 2014.

 “This is good news for boomers, older job seekers and retirees, as this demographic is often more likely to be hired on a part-time, temporary or project assignment basis,” said Art Koff, founder of www.RetiredBrains.com, a job and information service for Americans 45 and older.

“Many older workers do not require the company benefits of full-time employment,” said Koff. “They are often in a better position than their younger counterparts who must receive company benefits for themselves and their families.”

Depending on the hours worked, the length of the assignment and other factors, employers can save on contingency labor by avoiding having to pay company benefits. It is also a great deal easier and substantially less expensive to off-board contingency workers than full-time employees. And employers with a departmental or companywide hiring freeze can hire temporary employees from a different budget, thereby avoiding hiring freeze limitations altogether.

The number of Americans working part-time or temporary jobs for economic reasons (many because they are unable to find full-time jobs) more than doubled in 2013. It’s a trend that sees America catching up Europe, where employers use a much higher percentage of temporary and part-time workers than in the U.S.

According to a Workforce Management article by Irwin Speizer quoting a study, "73% of responding employers are planning to increase their use of contingent labor."

While jobs are still tough to find, there are ways for boomers, older workers and even retirees looking for work to maximize the opportunity. The key is knowing where to look and what to do to improve your chances of being hired once an opening is located. “Temporary employment and freelancing are two of the few sectors of the labor market that are growing rapidly and should be explored by all job seekers, regardless of age or the type of position that’s sought,” Koff said.

”Don't assume because you are an executive, a professional or in management that temporary jobs or project assignments are not for you,” Koff pointed out.

In 2013, firms like Kelly Services, Aerotek, Adecco and Manpower placed many thousands – including company presidents, lawyers, controllers, sales managers and senior level managers – in assignments that paid anywhere from $80,000 to several hundred thousand dollars a year. Boomers and older job seekers who have the skills and experience can often find project assignments and earn more than if they worked for a single company. These types of jobs usually provide no health insurance, sick days, vacation, retirement benefits, severance, access to unemployment insurance or stock options for top-level executives, all of which makes them a particularly good fit for many older job seekers who are more able to accept temporary or “retirement jobs” without benefits.

The web site Koff founded in 2003 now includes a job board that specifically targets temporary, part-time and project based jobs and seasonal employment.  www.tempandparttimejobs.com/ offers links to thousands of employment opportunities and “retirement jobs” for boomers, older job seekers and retirees. Jobs can be searched by job title, areas of experience and geographic preference The site includes seasonal jobs and jobs with both private and public companies as well as government.

Koff is a nationally recognized expert who often speaks on the issues and challenges that face boomers, retirees and people planning their retirement. He has appeared on NBC and been quoted in Business Week, USA Today, The Wall Street Journal, Money Magazine and many other major publications.

Art Koff
Founder