Downsizing During Retirement: How to Make Fewer, Smaller Bathrooms Work

Note: I think downsizing is a smart financial move for a retiree. But it is an adjustment because it means fewer rooms and smaller spaces. The bathroom is a prime example. Chet Jenkins sent me this article. I hope you like it.

Downsizing to a smaller home during retirement makes so much sense for the single person or couple on a budget. The benefits include fewer expenditures and less maintenance. However, among the downsides of the decision is dealing with smaller or fewer bathrooms than you might be used to. Making do with cramped bathrooms or one bathroom is easier than you may think.

Maximize Storage Space Take advantage of any area with out-of-the-way storage potential. For example, under the sink or behind the mirror — that’s why you should start with the vanity — or in bathroom corners. You can even store some items, like spare toilet paper rolls, behind the toilet. Add shelves behind the door or on the wall. Just because you’ve downsized doesn’t mean you can’t remodel — and start with a storage-friendly vanity. Put some of the money you’ve made by selling a bigger home into revamping the bathroom to maximize storage space however you can. Even if you’re renting and can’t make big improvements, you can add storage-friendly cabinets and bins that won’t require tearing anything down.

Schedule Bathroom Use (to a Point)
If you share a cramped bathroom with one or more other people, you won’t have the freedom of using the bathroom whenever you want anymore. However, there’s a simple way to reduce those incidences of everyone wanting to use the bathroom at once: Make a bathroom schedule.

Unplanned toilet visits excepting, you can easily schedule whose turn it is to shower, bathe or get ready in the morning. Decide who gets to go first each day or rotate from one day to the next.

You will be surprised how less clutter will make things simpler.
You will need just half the space you are using now.

The best way to maximize space in a cramped bathroom is to keep clutter out of the way. This is especially true if you’re sharing a bathroom. Don’t clutter the sink or shower with bottles. Stick with the basics that everyone uses, such as soap and shampoo. Store your personal items, like toothbrushes, behind the mirror or under the sink whenever you’re not using them. If the space there is limited, create a toiletries basket for everyone in the home. Fill it with those personal items you don’t share and bring it in and out of the bathroom as needed.

Look on the Bright Side
Less space seems like a downside to living in a smaller home, but it really could be a positive. Spending less — or nothing — on your mortgage or spending less on rent is the most obvious advantage. When it comes to your smaller bathroom, you’ll:

• Spend less time cleaning. This is especially true if you have fewer bathrooms than before.
• Spend less on maintenance. Imagine: fewer drains to get clogged, fewer toilets to overflow or never stop running.
• Be more likely to keep it free of mold and mildew. Dirt is more obvious in a cramped bathroom, so you’ll need to keep countertops clear and clean so you can share the bathroom.
• Less to spend to make it more accessible. It’s a good idea for anyone, but especially for retired people, to think about making bathrooms more accessible in the event of injury or illness. A walk-in shower and hand rails to help you get off the toilet or enter the tub is a big expense and a hassle in multiple, large bathrooms. However, it’s an easier task to undertake in a small or single bathroom.Reflect to other times in your life where you might have shared small bathrooms before, such as when growing up or in college. You dealt with it then and you can definitely cope now.

It may take some getting used to at first, but you can happily live with one cramped bathroom during retirement. The kids are gone, so it’s just you and maybe a spouse, significant other or roommate to share the bathroom with. When grandkids and other guests drop by, introduce them to your toiletries basket and scheduled bathroom visit system. Everyone will get along just fine.

About the Author: Chet Jenkins is a contributing writer and retirement blogger. His articles on retirement living have appeared across the Web and in local publications.

Unhealthy Financial Decision for the Retired Life

Financing our homes needs to be done with care.

I was given permission to publish this article relating to unhealthy financial decisions we can make in our retirement.  I thought it was a good reminder. Sometimes we need to go back and review the basics. Our financial health is very important.  b+

As  you get older, it becomes more important for you to evaluate each and every major financial decision that you make in depth. One large mistake  that might have set you back when you were younger but still able to  work could have some very serious implications for individuals that do  not have the same earning capacity as they once did. You will find that  there are many different small mistakes that you may be able to  tolerate, but also many big decisions with high stakes that should be  avoided if you can. A few of the different unhealthy financial decisions  that are commonly made by retired individuals include:

Loans With High Interest

One of the worst decisions that you can make as a retired individual,  is to take on loans with a very high interest rate. You will find that  loans with high interest rates can have very terrible long term  ramifications which should be avoided by you if possible at all. One of the specific types of loans that you should look to avoid as a retired individual  is a payday loan. Payday loans might make sense when you are young and have a lot of incoming income to help you out, but may not make as much sense down the line as a retired person, since you are not  going to have as much income to count on. This, plus the fact that payday loans can have interest rates as high as150%, it can be easy to see how low interest rates could potentially damage your finances, which are particularly vulnerable as a retired person.

Over Spending

Another common financially unhealthy mistake is overspending. As a  retired person, there is a lot that needs to be taken into account as  you figure out the amounts that you can reliably spend. Remember that if  you have a set amount of money that you have to work with throughout  your retirement, that you really look at the amount that you can spend  on a yearly basis and budget all the way down to monthly and weekly  spending to ensure that the money that you have saved for retirement  lasts. Far too often people will not plan far enough into the future,  and then be forced to live on programs like social security for the rest  of their life.

Not Budgeting

A huge mistake that many retired individuals make is not budgeting at  all. Spending wildly can put you into a bad place quickly. When  individuals first retire, many choose to go on extravagant vacations and  take trips that they have been looking at taking for years, without  taking the financial ramifications into account. Make sure that you do  not begin to spend just because you have recently retired, and have a  financial planner if need be there to help you to make smart spending  decisions.

Not Making Meaningful Investments

Far too many people believe that they will be able to live on their  savings and social security alone throughout their retirement. While  this might not be impossible for everyone, the fact of the matter is  that it is not very much for you to live on, especially if you are going  to be living to a ripe old age. Make sure that you appropriately plan  out a number of investments that you could potentially supply you with  income throughout retirement, even if the return on investment is a  small one.

Happiness Won 3 to 1 in 2011! What about today?

I published this article in 2011. I found it today while looking for another link.  It was a flash from the past and I could only think that things have changed in the last few years in such a drastic way. Those people that were turning 50 when the economic crisis hit 4 years ago are probably not feeling quite as depressed.  Maybe they have adjusted or maybe things were not a gloomy as the news and economist had them thinking. The truth was we did not know what would happen and the unknown is always disturbing. I just thought you might be interested in this.  Sometimes it is good to take a look back.

Grumpy Retirees: Harvard Reports Happiness Wins 3 to 1  (Retire In Style Blog 9/29/11)

Look around the room when a group of your friends are gathered together.  Would you say that out of 10 friends at least 7.5 of them are happy with their retirement?  Do those 7.5 get up in the morning  full of ideas and make every day a good one?  And what about the rest; do they act like grumpy old people?  

A poll done done by NPR in collaboration with the Robert Woods Johnson Foundation and Harvard School of Public Health, revealed that 1 in 4 retirees find that retirement is not as good as they expected. 

This poll was conducted in order to capture first-hand the perspective of those
who will shape the nature of retirement moving forward: people over age 50, including not only people who have retired, but also people who plan to retire (“pre-retirees”) and those who do not plan to do so. 

In an article published by the Harvard School of Public Health summarizing the poll they stated:

"Findings show that a large majority of retirees say life in retirement is the same (44%) or better (29%) than it was during the five years before they retired. Many retirees say their stress is less, their relationships with loved ones are better, their diet is improved and the amount of time they spend doing favorite activities is increased—yet 25 percent of retirees say life is worse."(Poll: Retirement and Health Summary. NPR, Robert Woods Johnson Foundation and Harvard School of Public Health)

There are two ways of looking at this--three are happy and that is good. But why are 25% of retirees unhappy with their lives?

In an article published on Blog Critics yesterday the possibility that  25% were unhappy before they retired was sited as a possibility.  I just wonder if that might not be true.  Not everyone gets up in good spirits.  They probably are not morning people.

But the poll revealed a lot more than just the "happy issue".  In my mind it raised the question about the mind set of those people over 50.  It seems that they do not think that the retirement they had dreamed about was going to happen as soon as they had hoped and some even thought it would never happen.  Issues with health care and affordable insurance and monthly income have them worried.  And 25% of those already retired are discontented in one way or another.

I can only compare this attitude to the one that people take when selling their house in this market.  They cannot get past the value of their house now as compared to what it was worth 4-5 years ago.  I hear them saying "I am not going to come down that much...I am so far down from where I was I just can't see that MY house is worth that little."  They cannot face the reality of our recession economy.  

Retirement is not the end of the journey. It is just a cross roads. You can turn this way or that depending on the choices you make.  Asking yourself if you are happy doing what you are doing is only smart no matter the economy.  But in the end the retiree will be the one deciding what to make of the years to come.  For those of us that were raised by depression parents, the image of parents working to live and enjoying life in simple ways, the answer is very clear.  We know that money is not the answer to happiness.  The financial part is a matter of making do with what you have.  But happiness happens inside your mind.  They are probably not related as much as we think. 

In an article published by Bob Lowery on his blog called Satisfying Retirement, he talked about living on less--a lot less.  Bob knows what he is talking about because he has done it for many years.  He teaches retirees how to live on less.  People give up cars, pay off the mortgage by downsizing and carry no credit card debt.  Coupons and online shopping help cut the cost for necessities and make the non-essentials more affordable.  He touts living off the grid with no cable TV.  The list goes on and on.  He thinks life is good and he quoted one person as saying, "I have less money than when I worked but I enjoy my life even more."

So could it be that some people over 50 are grumpy and full of gloom and doom because they are now and have always been dissatisfied with what they have?  Have they been yearning for the grass on the other side of the fence?  Couldn't it be that their lives are actually wonderful in so many ways and they just can't see the good side of it all?  But most importantly what would it take to keep that 25% happy?  Maybe there would never be enough.  It is just a thought. 

b

FYI:  I do realize that poverty and life circumstances can make life simply unbearable for many people.  It is my belief that we cannot abandon humans that have run into situations beyond their control.  It is people like me with adequate income and good health that I speak to.  

Thank you for reading.

A similar article: Article first published as Poll Shows Many Retirees Happy, But What About the Rest? on Blogcritics.

Related articles

• Poll: Seniors Disappointed By Golden Years (npr.org)
• How to Retire...Live on LESS Than You Have (retireinstyleblog.com)
• Just a Few Good Reasons to Retire by Erik Braunitzer (retireinstyleblog.com)
• Good News...life on Venus is wonderful! 50 is the new 40! (retireinstyleblog.com)
• Cell Phones...a luxury or necessity! (retireinstyleblog.com)

Impossible to feel down in the dumps in Dubai!

I cannot imagine feeling down in the dumps when I am traveling. But this guest post on Dubai tells us about the place where it is simply impossible.  I like that. 

Take from the
 At The Top - Burj Khalifa, Dubai
 Image by A. Decardy at Some Tech Sense

There's no need to feel down in the dumps in Dubai. Not when you have the Burj Khalifa, the world’s highest skyscraper right on your doorstep! And a trip to the top costs a mere $27 (AED 100) or thereabouts. Cheap at the price for a stunning, awe-inspiring hour-long view that will soon have the spirits soaring way out across the Arabian Desert.

The Burj Khalifa took six years to build at a cost of $1.5 billion and on a clear day, reputedly, you can see some 60 miles in all directions from the 'At the Top' observation deck, taking in desert as well as the warm waters of the Persian Gulf. At over 800 metres tall, the building has more than 160 floors, 57 elevators and 8 escalators, and around 26,000 glass panels.

No building in modern history has aroused so much curiosity and intrigue, says the Burj Khalifa website. Visitors begin their vertical ascent to the observation deck in a high-speed elevator, travelling at 10 metres per second. As the doors open, floor-to-ceiling glass walls provide a breath-taking unobstructed 360-degree view of the city, desert and ocean.  By night, sparkling lights and stars compete for the visitor's attention. You can even shop At the Top and take home a truly unique souvenir.

It's barely a stone's throw from the tallest skyscraper to one of the most spectacular fountain displays to be seen anywhere in the world. Dubai's dancing fountains are simply breathtaking. The fountains, covering a distance of about a thousand feet, combine water, light and sound in an unforgettable display.

According to the website FlashyDubai, the fountain can spray 22,000 gallons (83,000 litres) of water in the air at any one moment in many different combinations and patterns. More than 6,600 lights and 25 colour projectors have been installed. The beam of light shining upward from the fountain can be seen from over 20 miles away. Apparently it's also visible from space, making it the brightest spot in the Middle East and possibly in the entire world.

Visitors looking at the Dubai skyline often can scarcely believe that only a handful of decades ago the area was practically nothing but desert. Oil, of course, changed everything in the United Arab Emirates, not least of all in the city itself. Now the country is one of the best places to do business in. Big international banking is there, too, household names such as HSBC, for example, providing the sorts of business banking services which have turned the country into an international trading hub.

Dubai enjoys one of the best locations in the world, says the Dubai Department of Tourism & Commerce Marketing. Situated halfway between Europe and Asia, few destinations take more than eight hours direct flying time to or from Dubai. Just overnight from London, four hours from Nairobi, three hours from Mumbai, eight hours from Hong Kong and a direct flight from the United States or Australia, Dubai is definitely a destination of choice for vacationing, living and business.

The tourism authority says, “Dubai offers a range of hotels to suit every taste, whim and budget! From the glitzy, opulent and of the most expensive and only seven star hotel in the world all the way through to the very affordable. Then there are the resorts in the desert where tourists can experience unmatched peace and tranquillity. Whatever the choice, it will definitely be an unforgettable stay as a tourist or business traveller. “Dubai is ranked the second world’s most popular destination for shopping after the United States and ahead of popular shopping destinations like Singapore, France, UK, and Hong Kong among others. With a long history as a trading hub, today Dubai is synonymous with shopping. From souk to shopping mall, Dubai has it all - duty free, gold, electronics, textiles, cars - and is a true shopper’s paradise. Perfect for the shop-o-holics and for retail therapy!”

Useful Resources:

Go here for more on the Burj Khalifa.

Click here for more info on Personal Banking in Dubai.

Click here for further information on Dubai's dancing fountains.

Check out Dubai Department of Tourism & Commerce Marketing here.

5 Different Looks at Retirement Expenses from Money Ning

Keep Your Retirement Garden In Order

I was reading an article on US News and World Report called 5 Retirement Expenses Many People Forget. It interested me because the author cited some information I don't think I have ever written about before. We really don't want any more surprises than we need after retirement. This is a time when our income is frozen and our ability to earn more is shrinking as the years pass.  I thought you would be very interested.

The article was written by a money website owner that likes to keep things simple:

David Ning runs Money Ning, a personal finance site that shares money moves you can make to significantly increase your chances of having a comfortable retirement. He likes to share simple changes that anyone can make, such as picking the best online savings account and figuring out whether a 0 percent balance transfer credit card makes sense. (US News and World Report)

Here were the things Ning shared:

1. Some thing don't respond to inflation. Wow, I don't know if I had ever thought about that. I had always seen inflation as all pervasive and BAD! In many states taxes is limited to a certain percentage point each year and we all know that an established loan will not inflate. Why worry about those if you don't need to.
2. As we grow older some of our expenses will disappear!  While I am very aware that my husband and I are spending less now, I had never thought of us as being typical. If you divest yourself of expenses or pay off a loan, those expense simply go away.  How cool is that.
3. Your gross income will not all be your. I had a cousin that forgot that he would still owe taxes in retirement. I don't know if that is typical but you need to keep it in mind. You will still pay taxes.
4. Surprises will happen! Broken cars, illness, house up keep or a leaky roof can be your undoing if you don't keep something back for that inevitable rainy day.
5. You are going to change. I have often said that retirement is a new beginning. We learn to love different things and find that we want to do things we did not even dream of before retirement. Keep that in mind when you think about expenses.

Ning has it right I think. He knows about the flexibility we need in order to live a fulfilling retirement. Just because we quit working does not mean that our life is frozen in time. 

I encourage you to go over to his blog.  His advice is simple and right on the mark. Money Ning by David Ning is a website for all ages.

b

Note:  I originally saw this information on a website called Rescue Alert of Ca. I thank them for pointing me in the right direction.

Related articles

• Afraid You Won't Enjoy The Same Lifestyle When You Retire? (cashnetusa.com)
• 5 Retirement Expenses Many People Forget (money.usnews.com)
• How to Withdraw Retirement Funds Before Age 59 (money.usnews.com)
• You Still Have Time to Add to Your Retirement Savings (ally.com)

5 places Overseas That Are Ideal for Retiring

Have you ever arrived from a dream in the morning thinking about where you would love to retire? If you have, I can almost guarantee you have let your mind wander to a foreign country. What would it be like to live in an ancient city or on a sunny shore? Could you actually do that? Well the answer is a definite resounding yes...yes you can. People from around the world move to foreign shores to become expats in their retirement...a lot of people.

In my dreams this morning I thought about Panama or Spain. Then my mind wandered to the wonderful Kohs in Thailand. Island living can be the best for some people. I have always thought that Bulgaria would be interesting and I love the idea of living in a place like the Bahamas. However, dreaming is one thing and actually making that dream come true is another. Before you even begin, you need to think how you will manage your financial affairs if you live overseas. You need to remember that having an international bank account is also important. Do your homework and dream on.

1- Bahamas The Caribbean lifestyle has a lot of appeal because of its relaxed vibes. I visited the country many years ago for a very short period of time. The people were on island time and I liked that a lot. The natural beauty of a tropical climate is always appealing.  The cost of living in the Bahamas may not be as low as some developing nations but the Bahamian dollar is on a par with the US dollar so moving back to the states later is not a big problem. And I will tell you that there is nothing in this world more beautiful than that beautiful clear water.  WOW!

2- Spain  Spain has a beautiful coastline on the Costa del Sol. The Mediterranean is like a magnet attracting people from northern Europe. Anyone that lives in Europe knows that this is the destination for those seeking a respite from the cold North Atlantic. In fact, I suppose that a lot of writers disregard this area because it is one of those "been there done that" locations. HOWEVER, I absolutely love it. The food, international atmosphere and beautiful location are just perfect.

from Tourism of Thailand

3- Thailand This country is a great draw for expats. The tax advantages and low cost of living make it ideal for Westerners. Winter tourist from Europe, Africa and the Middle East find the simplicity of island life or life in north Thailand to be perfect.  I have been to Bangkok and Koh Samui.  The island of Samui was charming beyond belief.  I could see myself spending a lot of time on that tiny island. The island of Phuket and the northern Thailand city of Chang Mai are the Thai people's favorite. They will always ask you if you have been to those places in polite conversation.The Thai people are the most charming lovely people I have ever known. 

4- Bulgaria I am told that Bulgaria is becoming more and more popular for British retirees.  This is one of those places that boasts a beautiful historic past. The capital of Sofia dates back to the 8th Century B.C. and has a population over 1,250,000. It is the capital of the country. It seems Bulgaria has it all. There are many ski resorts, opportunities for cultural experiences, and of course, there is the Black Sea. What more could anyone want? A visit to the Bulgarian Travel Organization will provide you with more information than you could ever want. 

5- Panama I dream of that part of the world. The idea of a tropical climate with a high standard of living yet still affordable should be the ideal. Panama has some very appealing advantages for retirees. For example, if you buy a home valued at $200,000, you can have a resident’s visa AND be property tax free if you make it your sole residence.  

I found several things you should think about before making this kind of decision in a Forbes article.  They mentioned things like language, climate, medical care, ease of acquiring residency, tax laws, cost of living, crime and most important of all, how you can keep your money safe.    

The world is your apple and if you are nearing retirement, this may be the time for you to begin making those "trial runs" to countries around the world. Take a vacation to see if you can find your ideal overseas retirement spot. Remember there are over 200 countries on this earth. There is probably someplace that is just perfect for you. 

b

Related articles

• Spain top of the list for retiring abroad (gateway-homes.co.uk)
• Best Countries for Americans to Live Abroad (mint.com)
• 5 Ways to Pay for Retirement Overseas (money.usnews.com)

5 Great ways to ensure debt free retirement…..

Wipe our Debt (Photo credit: Images_of_Money)

Filed under:  When the experts speak...

2008 will cement its place in history as the birth of a global financial crisis as the rise in consumer living costs stirred with heavy cuts in employment and income reductions for the average hardworking family.  The traditional model of family finance peaks at retirement when there is the beautiful moment of the release from work and life’s pressures, providing a harmonious time to enjoy the easy life with your pool of sustainable assets and trust fund savings.

Although this has been the real dream for many, the level of family debt has risen steadily over the past decade leading to deeper questions surrounding financial management and living within your means. Many have now retired with debts that have blunted the thrill of retirement, whilst in contrast; good financial planning will invaluably aid your goal to retire debt free. 

Here are five methods to consider within contemporary financial management. 

1. 1. Preparation andContingency Planning.  Living within the means of your income should include providing 10% of shared gross income into a contingency fund; this can then be used for the unexpected scenarios of divorce, illness or business failure. If a tough situation like this arises then acquiring swift finance is both challenging and costly in the longer term. This contingency fund further provides you with a useful savings trust if it is not required in your hour of need. 
2. Tax Efficiency and Re-balancing debts. The levels of debt can be reduced by meticulous planning and monitoring of tax payments to ensure only obligatory payments are made on your income and assets.  Business debt and rental property for those on the higher tax bracket can be removed from taxable income and should be a slimmer priority for those in the higher tax bracket.
3. Constructing a Budget. The budget construction should be methodically planned on an annual basis considering all incoming and outgoings and representing the disposable income available on all monetary investments. A budget plan can also shine a light on your largest outgoings and identify where changes in cash flow could be made. Tracking your spending can also be highly valuable when identifying the cash flow changes over a significant period of time. 
4.  Prioritizing Debt and Earning. All debt is bad debt, but categorizing the importance of each debt based on interest is one way to prioritize payments. Paying of the smallest bills first can allow you to avoid future interest, and is a useful debt reduction strategy as you will also accomplish removing a bill from the list of outgoings.
5. Prioritize Importance and Monetary Philosophy. Capital investment after covering the necessary areas of education, food and maintenance should consider a philosophical approach to spending.  Whilst there is the pressing urge to acquire that new wide screen TV, a weekend away with your partner could become a far more valuable investment for the relationship strength it provides and an ability to make tough decisions as a team.

Author Bio – James Barnett is a writer on behalf of Cooper Matthews analysing contemporary wealth management for families across the UK.

This is a sponsored informational post.

Related articles

• The Circles of Life...a different look at financial mangagment (retireinstyleblog.com)
• Myths and Realities of a Reverse Mortgage (retireinstyleblog.com)
• Gossiping about: When will YOU retire? Infographic (retireinstyleblog.com)
• Permission Granted: You Are Allowed to Guard Retirement Money (retireinstyleblog.com)
• Retirement: Don't Count on Me (Your Parents)...I am NOT a retirement plan! (retireinstyleblog.com)

Myths and Realities of a Reverse Mortgage

The following article was sent to me by Reverse.Org and I am publishing it as information. I do not endorse reverse mortgages or any type of mortgage plan for that matter. I just think that being informed is the only way to go. I did not receive any financial consideration for publishing this.

I was actually surprised at the way it works.  b

Myths and Realities of a Reverse Mortgage

As with many financial products, reverse mortgage loans can be complicated and there may be a number of misconceptions about how the product works.

A reverse mortgage is a loan available for homeowners aged 62 and over. It  allows you to access a portion of the equity you’ve built in your home.  The loan proceeds can be used for a variety of expenses including car repairs, medical expenses, travel, debt, home improvements etc. 

Reverse mortgage loans are insured by the Federal Housing Administration (FHA), and are different from other types of mortgage loans because the borrower uses the loan proceeds to pay off any existing mortgage and does not make monthly mortgage payments.  

So what are the other myths vs. the realities?

• Myth No. 1: The lender owns the home.You will retain the title and ownership during the life of the loan, and you can sell your home at any time. The loan will not become due as long as you continue to meet loan obligations such as living in the home, maintaining the home according to the Federal Housing Administration requirements, and paying property taxes and homeowners insurance.
• Myth No. 2: The home must be free and clear of any existing mortgages. Actually, many borrowers use the reverse mortgage loan to pay off an existing mortgage and eliminate monthly mortgage payments.
• Myth No. 3: Once loan proceeds are received, you pay taxes on them.Reverse mortgage loan proceeds are tax-free as it is not considered income. However, it is recommended that you consult your financial advisor and appropriate government agencies for any effect on taxes or government benefits
• Myth No. 4: The borrower is restricted on how to use the loan proceeds. The cash proceeds from the reverse mortgage loan can be used for any reason. Many borrowers use it to supplement their retirement income, delay receiving social security benefits, pay off debt, pay for medical expenses, remodel their home, or help their adult children. You’ve worked hard for this asset and prudence along with budgeting should be the proper approach to enjoying proceeds received from your reverse mortgage.
• Myth No. 5: Only poor people need reverse mortgages.  The perception of the reverse mortgage as an assist for the “poor” borrower is changing - many affluent senior borrowers with multi-million dollar homes and healthy retirement assets are using reverse mortgage loans as part of their financial and estate planning, and are working closely in conjunction with financial professionals and estate attorneys to enhance the overall quality and enjoyment of life.

For more information on reverse mortgages feel free to visit the site reverse.org.

© 2012 Genworth Financial Home Equity Access, Inc. 10951 White Rock Road, Suite 200, Rancho Cordova, CA 95670. NMLS # 3313, (800) 218-1415 or (916) 636-0183. AK #AK3313, AZ #BK-0908847.  

For a complete list of licensing information visit: genworth.com/reverse/licenses

Building a Satisfying Retirement by Bob Lowry (book review)

When I read book I like,  I can hardly wait to tell you all about it.  I never write about I book I don't like because I will never finish what does not interest me.  I'm funny that way.  So, because I want to tell you about Building a Satisfying Retirement by Bob Lowry, you know right away that this small book was good.

Background:

Lowry writes a blog called Satisfying Retirement. 

Bob Lowry is a very interesting man.  He and his wife retired when his wife was 48 and he was 52.  It was soon after the climate following 9/11 made it very clear that remaining in business was becoming impossible. They were 10 years away from their retirement goals at that time.  He and his wife have been featured on CNNMoney in an article called Live well on less: 6 ways to save in Retirement. The CNN article gave the background information not available in the book.  I thought it was especially telling when they pointed out that the Lowry's did not retire without a nest egg. It is important to understand where they were financially before they began the Satisfying Retirement lifestyle:

With $850,000 saved, they were short of their $1.2 million target. To retire a decade earlier than planned, they calculated that they needed to live on $45,000 a year, less than a third of their $150,000 income.

Building a Satisfying Retirement 
This book is one of those books that makes you feel that retirement is possible if you are willing to make the sacrifices that are necessary.  Lowry wrote the book in the first person taking the reader step by step through three steps that lead to the stability of retirement and then explains how you can shape you life once the euphoria has lifted.

I was especially interested in the financial section of the book.  "Building Financial Peace of Mind" asks you some pertinent questions...

1. When do I want to stop working? 
2. Is my financial house in order?
3. How are my health and my health coverage?
4. Do I want to work after retirement?

I loved the quote "A goal without a timetable is just a wish list."  He does not give you a financial formula...you need to find that yourself or consult an expert...but he does give you all the things to consider when you plan for retirement.  I think you will find some very important reminders about what the reality of retirement is.  His point is that if you are not financial sound and can live on what you have, you will not be as happy as you should be.  Then he will help you wrap your mind around what that means.

The section on creativity resonated with me.  His words were inspiring.  "Creativity - a Must for a Satisfying Retirement"  He said "[creativity] does not have to be anything to do with painting, writing sculpting, or any of the things we usually think of as being creative.  Rather it is seeing the familiar in a different light."  If you are one of those people that think "bored" is an okay place to be, you need to read this chapter.  It may let you see yourself in a new light.

Other chapters included suggestions for building a stronger relationship with your partner, living simply, using time management and working after retirement.

Summary
It is so refreshing to read a book or blog about successful retirement by someone that is actually walking the talk.  Bob tells you about what he knows for sure.  He is well read, articulate and above all interesting.  Building a Satisfying Retirement is available on Amazon for $3.99 in ebook form.

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