The New Retirement. Jan Cullinane

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      1 Not starting to save early enough/not saving enough (biggest regret for most).

      2 Holding too much debt (car loans, mortgages, credit card, educational loans).

      3 Not figuring out how much they'll need in retirement.

      4 Not knowing where their money was going prior to retirement to form a basis for a budget when they retired.

      5 Not knowing how to effectively invest their money.

      6 Not considering major life events, such as unexpected illness or death of a spouse.

      7 Claiming Social Security too early.

      8 Not making catch-up contributions to retirement plans.

      9 Retiring too early (not enough money) or not retiring earlier (to enjoy the gift of being in control of your own time).

      10 Not considering how they will use their time in retirement (what are they retiring to – not from).

      11 Not traveling more when they had the opportunity to do so.

      12 Not discussing, if part of a couple, their expectations for retirement ahead of time.

      13 Not enough diversity in their retirement portfolio.

      14 Buying/staying in a bigger house than they really need or one that is not aging-friendly.

       61% of retirees reported that “the pandemic has given them more appreciation for what makes life meaningful.”

       92% of retirees agree that “purpose is a key to a successful retirement.”

       67% of retirees said “spending time with loved ones provides them with the greatest source of meaning.”

       93% of retirees believe it's “important to feel useful in retirement,” and 87% said being useful “makes them feel youthful.”

       89% of retirees feel that “there should be more ways for retirees to put their talents and knowledge to use for the benefit of their communities and society.”

       Regarding finances of those not yet retired, a third are “contributing more to their retirement savings because of the pandemic” and a third plan to “delay retirement because of the pandemic.”

       Finally, 77% “wish there were more resources available to help them plan for an ideal retirement beyond just their finances.” (And that, of course, is a major purpose of this book.)It will be interesting to see how – or if – these beliefs and attitudes will change as we return to a postpandemic “normal” or a “new normal.”

       KIPPERS (kids in parents' pockets eroding retirement savings): Hint – save for your own retirement first. Kids have more time than we do to save for the future.

       SKIER (spending the kids' inheritance): SKIERs plan to spend all their money before they die … travel, have multiple homes, eat out, own luxury vehicles, and so forth.

       Kidults: Offspring between the ages of 18 and 25, often financially and psychologically dependent on their parents. They are caught in the transition between childhood and adulthood, also known as “adultolescence.”

       Splitters: Those who split their time between two (or more) homes. About 15% of adults over 50 own a second home, according to the Research Institute for Housing America.

       FANBY (find a new backyard): People who relocate multiple times, perhaps moving to a resort style area, then closer to children/grandchildren, then to an active adult community, and then a CCRC (continuing care retirement community).

       Freemales: Women who choose to be single (remove “spinster,” “old maid,” and “crazy cat-lady” from your vocabulary now).

       Wusband: Self-explanatory.

       Gray Divorce: Divorce among those 50 and older. The divorce rate in this age group has doubled over the past decade, and now makes up 25% of all uncouplings, according to Susan Brown, professor of sociology at Bowling Green State University. You may recall that Bill and Melinda Gates put out this statement after 27 years of marriage: “We no longer believe we can grow together as a couple in this next phase of our lives.” Two-thirds of gray divorces are initiated by women. Most common reasons for divorce from a survey of almost 2,400 recently divorced couples: falling out of love by one or both spouses (the most common reason); issues communicating (a close second); lack of caring, trust, or respect; a desire to move in a different direction because they had grown apart. For many, “'til death do us part” is no longer valid when life is long … and life is short.

       Returnment: Going back to work after leaving a primary career.

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