8 Secrets to Successful Retirement

Do you want to know a secret?

Have you heard those rumors that retirement is almost impossible to achieve? We have a few secrets to share straight from the lips of those who know, because they’re retiring now.

Retirement will come sooner than you think – 65 is the traditional age to retire but many people plan to work past age 65. But the truth is 61 is the average current age of retirement, so it’s closer than you might expect…

… Unless it doesn’t come at all, as many retirees are still working at least part-time. So just because you’re officially retired from a full-time career, you may still be doing some type of work.

Retirement may last longer than you expect. Most people spend about 20 years in retirement, but medical advances mean life expectancies are getting longer.

Seventy five percent of your income isn’t enough. That used to be common wisdom, but if you don’t earn a lot of money then you could need as much as ninety percent of what you earn annually in retirement.

Have you heard Florida isn’t the retirement mecca? Based on everything from healthcare quality and cost of living to taxes and crime, Wyoming is now the best place to live if you’re retired.

Almost three out of four retired Boomers don’t work at all, but those who are working aren’t always doing it for a paycheck. Some want to stay active, keep their minds sharp and have a purpose. Oh, and of those who aren’t working, half sight health reasons as to why they don’t. And speaking of that…

Healthcare should be your biggest concern. The average reoccurring cost for Medicare beneficiaries is almost $2,000 per year and at age 85 or older nursing home costs average more than $24,000; some pay over $66,000. Medicare premiums and deductibles are about $3,000 a year. Nursing homes cost between $24,000 to $60,000 per year. And in fact, a retired couple may need up to $220,000 for healthcare costs over the course of retirement.

And finally, perhaps the biggest secret of all – federal retirement benefits are still relevant. Although people use pensions, IRAs, 401k’s and investments, Social Security is STILL a top income source for retirees. In fact, the average retired worker receives over $1,200 every month!