~~~ Overcoming Retirement Regrets ~~~
I often hear about the problems of my 80-plus-year-old friends. Most have some kind of health issue, some minor, some debilitating. Some have run out of savings and are trying to live on Social Security alone.
The ones who still have money defy the premise that the elderly spend less. They often spend more, not just for health care, but for “vacations.” Yes, retired people still believe they need vacations. They go on expensive cruises, spend significant time at resorts or travel, eat at classy restaurants, remodel and update their homes, etc. Rich or poor, if they can scrape up the money, they all try to visit their far-flung children, grandchildren and even great grandchildren.
Those with the largest financial problems agree that they spent their savings too early and too fast. They didn’t think they would live as long as they have, and they thought that when elderly they’d want to spend less, just as their own parents did, often forgetting that their parents suffered through the Great Depression and didn’t have cellphones, cable TV, computers, multiple cars or nearby entertainment, and were basically homebound with relatives living nearby.
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~~ 5 Tax Scams to Watch Out For ~~
As if it isn’t hard enough to get their paperwork done by April 15, taxpayers must also worry about preventing their identities — and refunds — from being stolen.
- The Internal Revenue Service released its annual list of the “Dirty Dozen” scams taxpayers should watch out for this filing season. This year, the agency is drawing attention to a series of ploys that use the IRS name to create a sense of legitimacy. “These schemes jump every year at tax time,” IRS commissioner John Koskinen said in a statement. Fraudsters can face steep penalties and interest charges and possible criminal prosecution.
Here’s a look at some of the most prevalent scams:
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~~ 8 Secrets for Success From Early Retirees ~~
A fair number of people, it seems, believe that “early retirement” is an unachievable financial goal for most Americans, or that it isn’t worth doing because retirement is akin to having no purpose in life.
That was the gist of some emails and comments written by MarketWatch readers in response to my recent column about Mr. Money Mustache, a blogger in Colorado who retired at age 30. (Read: Retire early — 35 years early.)
Mr. Money Mustache is still in the early years of his retirement. But he is by no means alone in his achievement of financial independence via strategic spending and saving.
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