Your New Retirement Number: $58,000

En español | Financial experts seem to speculate endlessly about boomers’ projected lifestyle in retirement based on their savings and spending patterns. Now a new survey that polled recent retirees about their standard of living has found that, for some, you don’t need a lot of money each year to retire comfortably and live happily. According to the survey by Baltimore-based investment firm T. Rowe Price, recent retirees report living on 66 percent of their pre-retirement income on average – $58,000 …

How to Enjoy a Vacation With Your Adult Children

Family vacations run the gamut from a mountain cabin shared with mice and other creatures to a retirement celebration in Hawaii. As we jump on planes, trains and automobiles for multigenerational summer sojourns, what can we do to guarantee five-star success? I consulted three experienced family vacationers who’ve traveled near and far with adult children and grandchildren in the toddler-to-teen range. All agree that planning is essential. Who pays for what – transportation, meals, rentals, activities – must be discussed …

How to Retire the Cheapskate Way

Jeff Yeager – aka “the Ultimate Cheapskate” – is AARP’s savings expert and host of the weekly Web show The Cheap Life, produced by AARP and airing on YouTube. He’s also the author of four popular books about frugal living, including his most recent, How to Retire the Cheapskate Way. Jeff will be a guest on AARP Live on Thursday, June 19, so we sat down with him in advance to chat about retirement planning and living, cheapskate-style. What does it mean …

Free Resources for Managing Your 401(k)

Need help with retirement? The do-it-yourself investor can find plenty of online resources to help with retirement and other types of financial planning. Fidelity Investments in Boston offers a variety of tools, including some to help you devise a plan to pay off debt or decide whether to convert to a Roth IRA. Baltimore-based T. Rowe Price’s Retirement Income Calculator can project how much you will need in retirement vs. how much you will have, while Valley Forge, Pa.-based Vanguard’s Retirement …

Honey, I Took Social Security Too Early

Deciding when to take Social Security is one of the most important retirement planning decisions people make – and many retirees say they got it wrong. As many as 38 percent of 573 retirees surveyed by the Nationwide Financial Retirement Institute, a unit of Nationwide Mutual Insurance, say they regret taking their benefit early, which locked in their lower monthly payment for life, and wish they had waited. When you look at the differences in their monthly payout, you can understand their remorse. Those …

Is It More Stressful to Care for a Spouse or a Parent?

By Lauran Neergaard and Jennifer Agiesta of the Associated Press WASHINGTON (AP) – More Americans may wind up helping Mom as she gets older, but a new poll shows the most stressful kind of caregiving is for a frail spouse. The population is rapidly aging, but people aren’t doing much to get ready – even though government figures show nearly 7 in 10 Americans will need long-term care at some point after they reach age 65. >> Connect with other …