Keen On Retirement

Working in some capacity is becoming a regular part of retirement for more and more seniors. But when you're no longer relying on a job to pay your bills or support your family, the meaning of work can take on an entirely different dimension. Transitioning to an encore career can let you make your values and your personal goals a cornerstone of your retirement life. And even if you are comfortable with the size of your nest egg, a little extra padding never hurts!

When we set our monthly budgets or make a long-term plan for retirement, it's common to separate line items into three categories: needs, wants, and wishes. Then, we do the sensible thing and prioritize our needs. Once the mortgage, car payments, utilities, and grocery bills are covered, we move on to deciding if we can schedule a date night at that new restaurant. Maybe a weekend getaway will have to wait until next month.

Instead of looking for ways to stay "young at heart," this generation of retirees might just end up staying younger, longer. In his book The New Long Life, Professor Andrew Scott of the London Business School argues that the intersection of technology and longevity is going to fundamentally change how all of us approach life. Instead of a traditional three-stage journey from education to work to retirement, folks who stay healthier and more active as they age will have more power to shape and reshape themselves over multiple stages.

As excited as we all are to get back to eating in restaurants and gathering in grandma's living room, I hope seniors keep up with the outdoorsy habits and interests they developed over the past year. Pandemic or not, here are 4 reasons why spending time outside is always a healthy choice, especially for retirees who want to stay active and add some variety to their daily routines.

Folks on opposite sides of the political aisle don't agree on very much these days. But one area where Republicans and Democrats have found some common ground is the need for Americans to take more responsibility for their retirement planning. Corporate pensions are disappearing. Social Security won’t cover the bills. And many young folks face uncertain long-term prospects in our new decentralized post-pandemic workforce.

President Biden and Congress continue to float some pretty significant tax proposals, including last week’s package focused on corporate tax rates. On today’s show, we dig into items aimed at individuals, particularly some potential changes that could affect retirees this time next year.