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Retirement

The mental health risks of retiring

January 25, 2022 By Liz Weston

The late Pamela Hixon of Leipsic, Ohio, was eager to retire from her job running a hospice agency. Soon after she quit, however, Hixon spiraled into depression and anxiety. She sought help from counselors and her pastor, but it wasn’t enough. Six months after retiring, she took her own life.

“She lost purpose, she lost significance, she lost a sense of meaning in her life,” says her son Tony Hixon , a Findlay, Ohio-based wealth manager who wrote about the experience and how it transformed his financial planning practice in a book, “Retirement Stepping Stones: Find Meaning, Live with Purpose, and Leave a Legacy.”

Overall, retirees are a contented bunch and many report being happier in retirement than they were at the end of their careers. Older adults are less likely than younger people to experience major depression, says Brent Forester, president of the American Association for Geriatric Psychiatry.

In my latest for the Associated Press, how to manage the challenges of retirement and how to get help.

Filed Under: Liz's Blog Tagged With: mental health, Retirement

Tuesday’s need-to-know money news

January 11, 2022 By Liz Weston

Today’s top story: Crushing student loan debt prompts parents to consider postponing their retirement. Also in the news: Who should and shouldn’t consider using a personal loan to pay off holiday debt, the number one insurance claim filed by homeowners in the winter, and will employees be able to travel more this year?

Crushing student loan debt prompts parents to postpone their retirement
A federal program allows parents to borrow the full amount of a college education for their child, which could take decades to pay off.

Who should — and should not — consider using a personal loan to pay off holiday debt
How best to get a personal loan if it makes sense for you.

The number one insurance claims filed by homeowners in winter
If a winter weather disaster strikes would you know what to do?

Will you be able to travel more this year?
Working remotely from abroad is still a roll of the dice—should you do it, or just unplug?

Filed Under: Uncategorized Tagged With: employee travel, holiday debt, Personal Loans, Retirement, student loan debt, winter home insurance claims

Wednesday’s need-to-know money news

January 5, 2022 By Liz Weston

Today’s top story: More than half of travelers have the same New Year’s resolution. Also in the news: Saving on a new car from the factory, how to travel to Super Bowl LVI on a budget, and how to help your parents navigate health care in retirement.

More Than Half of Travelers Have the Same New Year’s Resolution
Remote work options will enable many people to travel in ways they couldn’t in the past.

Order a New Car From the Factory and Save
Waiting a few weeks or months gets you the vehicle you want, and perhaps a better price.

How to Travel to Super Bowl LVI on a Budget
If you splurged on tickets to the big game, here’s how to save on your flights and hotel.

How to Help Your Parents Navigate Health Care in Retirement
Try these tips to be the best advocate for your parents when and if they need your help.

Filed Under: Liz's Blog Tagged With: car shopping, health care, Retirement, Super Bowl LVI, travel

Monday’s need-to-know money news

January 3, 2022 By Liz Weston

Today’s top story: How to help your parents navigate health care in retirement. Also in the news: What to buy (and skip) in January, borrow a 2022 money goal from a finance nerd, and would you relocate for $10K?

How to Help Your Parents Navigate Health Care in Retirement
Try these tips to be the best advocate for your parents when and if they need your help.

What to Buy (and Skip) in January 2022
New tips for the new year.

Need a 2022 Money Goal? Borrow One From a Finance Nerd
Set yourself up for success by setting reasonable goals, breaking them down into smaller steps and being persistent.

Would You Relocate for $10K? Should You?
Before you pack your bags, read the fine print, talk to your employer and assess your own deal-breakers.

Filed Under: Liz's Blog Tagged With: elderly parents, health care, January shopping, money goals, relocating, Retirement

Why a 401(k)-to-IRA rollover could be a mistake

December 21, 2021 By Liz Weston

If you leave a job or retire, you’re often encouraged to roll over your 401(k) or other workplace retirement account into an individual retirement account. That might not be the right move.

In my latest for the Associated Press, why having more investment choices isn’t necessarily better.

Filed Under: Liz's Blog Tagged With: 401(k) rollover, IRA, Retirement

Thursday’s need-to-know money news

December 16, 2021 By Liz Weston

Today’s top story: A year-end checklist to make the most of retirement age. Also in the news: How the government’s next step to fight inflation could impact savers, myths about iBuyers, and why you shouldn’t spend a dollar to save a nickel on gas.

A Year-End Checklist to Make the Most of Retirement Savings
Age brings unique opportunities and obligations, including some important year-end tasks that can help you make the most of your money.

Inflation Keeps Surging: Government’s Next Step Could Impact Savers
Fed officials project as many as three 0.25 percentage point interest rate hikes in 2022.

The Property Line: Don’t Be Misled by These Myths About iBuyers
They aren’t responsible for runaway house prices and can lessen some seller pain points. So why all the hate for iBuyers?

Don’t Spend a Dollar to Save a Nickel on Gas
It’s about the worst time possible to buy any car unless you absolutely have to.

Filed Under: Liz's Blog Tagged With: car buying, iBuyers, inflation, Retirement, savers, year-end checklist

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