13 Financial Resolutions for Retirees in 2013

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Retired couple resolutions 2013Being retired means not having to worry about waking up early to get to work. But with retirees facing unprecedented financial challenges, you shouldn't quit on making smart resolutions to make your money work as hard as it can for you.

Let's take a look at 13 resolutions designed specifically for retirees.




For more smart money advice:


Motley Fool contributor Dan Caplinger doesn't expect to retire for a while yet, but he has his own resolutions to follow up on. You can follow him on Twitter @DanCaplinger.

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jhon.ingazi

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June 20 2013 at 3:54 AM Report abuse rate up rate down Reply
MONTOOTH

Lots of good advice here. I retired at 58 in 2010. I think folks who are planning to retire sometime this year should definitely pay off all debt before they retire or have a definite plan and cash to do so as soon after they retire as possible. Also, I carry a mortgage--as a single person in the 25% marginal tax bracket, the interest deduction/taxes, etc., makes for a nice tax bill reduction and I get to live in a nice home that's building equity/value--I think of it as diversification of assets. Annual budgets and tracking expenses is a must. Folks should live on what they'll get in guaranteed income before they retire to see if they can do it. That's what I did. I'm taking a small stipend from my investments, but my pension covers all living expenses and my investments are growing. For singles, new research shows that taking Social Security benefits at 62 vs 66, 70, really doesn't matter much. In addition, if your AGI is over 25K, you'll pay taxes on 85% of the SSA benefit--its a matter of diminishing returns to wait to take SSA (if you're single) at full retirement or later.

January 10 2013 at 10:56 PM Report abuse rate up rate down Reply
Randy

Just thought I'd pass along some advice my broker
gave me today... I called him this morning and asked
him what I should be investing in as I feel interest
rates are going to be rising as they did during the
late 70's early 80's. So I told him I thought we ought
to be looking to get out of bonds and finding a
safe haven in which to invest. I asked him, “Should
we move to precious metals, foreign currency
or what?”
He responded, "If the current President is
in office much longer, canned goods, water and
ammunition are probably your best bet."

January 09 2013 at 9:47 AM Report abuse +1 rate up rate down Reply