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Strategies for a Smooth Retirement on a Fixed Income

(NewsUSA) - When making financial plans for retirement on a fixed income, remember that your retirement life at the beginning is not how it will continue indefinitely. A CERTIFIED FINANCIAL PLANNERTM professional will assist you in creating a smooth retirement plan that best fits your needs over time. "Your retirement will evolve in phases as your priorities change," says Cary Carbonaro, CFP.® "One of the most important things you can do right now is understand how your retirement will change and then budget for those different phases."

Carbonaro suggests thinking of retirement in three phases:

  • Early: The early years of retirement are the years when most retirees enjoy good health and are free of work and child-rearing, allowing travel and other activities to play a larger role in the budget.
  • Middle: This phase can be considered a slowing-down and transitional phase for many. Changes in health, legacy and other goals will impact financial plans and budgeting.
  • Late: Late retirement is when healthcare and other similar issues take priority.

Regardless of your phase of retirement, it's important to consider all your sources of retirement income. For most people, these include savings, investments and Social Security. Some people also have a pension plan from a former employer.

Keys to successful financial planning on a fixed income include:

  • Organizing withdrawals. You can choose to withdraw from retirement accounts monthly, but other options are annual, semi- annual or quarterly. Set up a plan that meets your needs.
  • Budgeting. Your fixed-income budget will likely evolve, but it is important to have a plan in place so you can balance money for fun and adventure with a cushion for unexpected retirement expenses that could drain your savings.
  • Considering costs. One often-overlooked expense when planning a retirement budget is the taxes on retirement account withdrawals. Carbonaro recommends withholding at least 20% to 25% of a withdrawal for taxes.

When developing a financial plan, retirees on a fixed income should also factor in the need for long-term care, which might involve paying for personal assistance with bathing, dressing and taking medications.

Caring for adult children also is becoming a more common source of costs for retirees. Census data suggest that more than one-third of adults aged 18 to 34 are living in their parents' home. In some cases, the situation is reversed, and retirees find themselves moving in with their adult children, either as a matter of preference or because of the expense of long-term care.

For more information on financial planning strategies on a fixed income, visit LetsMakeAPlan.org.

 

BookTrib's Bites: Cold Case, Murder Case, Christianity, Casino Legend

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Hooker Avenue "Hooker Avenue"
by Jode Millman

 Amid a violent Hudson Valley thunderstorm, Jessie Martin discovers a woman lying unconscious in a roadside ditch. The badly beaten victim, Lissie Sexton, a local prostitute, claims she's escaped the attack of a killer.

Jessie's more than a casual driver who passes by; she's a criminal-defense attorney. And Lissie is more than an ordinary hooker; she's the key witness in a cold case under investigation by Jessie's estranged longtime friend, Detective Ebony Jones. And now Ebony can't find her witness. Jessie's new boss has sent Lissie into hiding. If Jessie reveals Lissie's location she compromises her client, her firm and her professional ethics. If she doesn't, she risks alienating not just Ebony, but the entire police department backing her. Purchase at https://amzn.to/35HKsgk.

To Kill a Ghost"To Kill a Ghost"
by J. Warren Weaver

When Erik's grandfather is murdered on the front steps of his home, Erik is forced to put medical school on hold and deal with his grieving family. When the case runs cold and things don't seem to add up, Erik finds himself leading his own investigation into the grisly murder.

As Erik becomes embroiled in escalating acts of violence, a message from beyond the grave activates his hidden skills -- a set of skills carefully planted in him by his grandfather, Victor. By the time Erik realizes what is happening, he is involved in drug-dealing, kidnapping and organized crime. Unexplained murders seem to follow him, but the deepest secret is still to come. Can Erik face the truth about Victor's past and how it affects his own future? Purchase at https://amzn.to/3uSUd3W.

Awake Beloved and Arise"Awake Beloved and Arise"
by Linda Huntzinger Calhoun

From a variety of voices, "Awake Beloved And Arise: Transforming Suffering Into Strength" tells compelling true stories of the difficult challenges life can bring. It explains why life is sometimes so hard and provides powerful inspiration to help us deal with our own trials and be stronger because of them.

From CEO to high school dropout, each of us faces unique challenges on our personal journey. Drawing on her experiences as a leader in Personal and Professional Development, as a Christian spiritual instructor at the County Jail, and from her own life as a single mother while suffering a disabling illness, the author gives practical tools and motivation to help us develop into the person God wants each of us to become. Purchase at https://amzn.to/3ufgsCb.

If Not You, Then Who? We're?Going Green!"If Not You, Then Who? We're Going Green!"
by David and Emberli Pridham

The Inventor's Fair is finally here, and this year's theme is "Going Green!" Noah has been tinkering for weeks but he's worried: can one invention make a difference? Join Noah to learn about the different ways we can all go green and make the world a better place.

If you like fun, informative, and factual kid's books such as "The Magic School Bus," then you'll love the new STEM series "If Not You, Then Who?", a recent Amazon bestseller geared for four- to eight-year-olds. The books are fun to read for both adults and children and can be read on multiple levels. Purchase at https://bit.ly/3yJZU3M.

NOTE: BookBites is presented by BookTrib.com.

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