retirees http://www.wisebread.com/taxonomy/term/3391/all en-US 5 Downsides of a Reverse Mortgage http://www.wisebread.com/5-downsides-of-a-reverse-mortgage <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/5-downsides-of-a-reverse-mortgage" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/new_house_drawing_000024284350.jpg" alt="Learning about the downsides of a reverse mortgage" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>A Home Equity Conversion Reverse Mortgage (HECM), more commonly known as a <em>reverse mortgage</em>, is often used as a means of income for retirees. For those age 62 or older, these loans can provide guaranteed income during retirement (See also: <a href="http://www.wisebread.com/6-ways-to-guarantee-income-in-retirement?ref=seealso">6 Ways to Guarantee Income in Retirement</a>).</p> <p>Though there are some similarities, reverse mortgages are not to be confused with home equity loans. Here, borrowers have to meet a minimum age restriction, hold the deed to their home, or have a relatively low balance that can be paid-off with a new loan. The home is then used as collateral for a new mortgage loan, up to $625,500 (or the lesser of the appraised value). But, instead of making monthly payments to the lender, the lender makes monthly payments to <em>you</em>, drawing on your home equity. It's a bit like purchasing an annuity using your home's value.</p> <p>Sounds good, right? Not so fast. Reverse mortgages come with some significant drawbacks for certain borrowers. Consider these negatives before taking out a reverse mortgage.</p> <h2>Downsides&nbsp;of Reverse Mortgages</h2> <p>On the surface, reverse mortgages probably sound like a pretty decent idea since the bank pays you, right? Well, in a report published by the Consumer Financial Protection Bureau (CFPB), between December 2011 to December 2014, the agency processed approximately <a href="http://files.consumerfinance.gov/f/201502_cfpb_report_snapshot-reverse-mortgage-complaints-december-2011-2014.pdf">1,200 consumer complaints</a> arising from reverse mortgages. Borrowers reported &quot;confusion and frustration over the terms&quot; and &quot;problems with loans servicing&quot; as culprits causing them to face foreclosure.</p> <h3>1. Unable to Refinance and Misleading Terms</h3> <p>It appears many borrowers enter into loan agreements without fully understanding the terms of the loan. Among the complaints received by the CFPB from borrowers and their family members was not being able to renegotiate. Borrowers felt they were paying a high interest rate and were being overcharged. Others said they did not realize their adjustable interest rate would increase so quickly.</p> <h3>2. High Upfront Costs and Interest Rates</h3> <p>In comparison to the costs for obtaining a regular home loan, reverse mortgage costs are higher due to the way loans are structured. They also have higher interest charges. Interest rates on reverse mortgages tend to be 1.5% higher than regular home loans. Final costs include closing costs, lender fees, mortgage insurance premiums, and finance charges.</p> <h3>3. A Burden on Heirs</h3> <p>Home equity loans aren't a great choice if you intend on leaving your home as part of an inheritance. That's because these loans not only draw on the value of your home equity, but they're also due immediately upon your death. If your plan is to leave the property to your heirs, they will have the option of paying the loan in full or paying 95% of the balance (if they wish for it to remain in the family). If they're unable to settle the debt with their own funds, the asset must be sold in order to repay the lender. Once the debt is settled, any remaining proceeds will go to the estate.</p> <p>But reverse mortgages are also due whenever you decide to sell the home &mdash; so if your retirement plans involve living anywhere other than your current residence, you'll have to fork over the balance of the loan as soon as you sell.</p> <h3>4. Facing Foreclosure When an Older Spouse Dies</h3> <p>When determining a borrower's eligibility for a reverse mortgage, age is crucial for two reasons:</p> <ol> <li>The borrower must be 62 or older, and<br /> &nbsp;</li> <li>The older a borrower is, the greater the loan amount he or she qualifies for.</li> </ol> <p>For this reason, many couples agree to only include the name of the older spouse on closing documents, not aware that the surviving spouse could face foreclosure if the other dies. According to CFPB, consumers reported that loan originators falsely assured them they would be able to add the younger spouse to the loan at a future date. Make sure you read the fine print and clarify this concern before signing on the dotted line.</p> <h3>5. Difficulty Qualifying for Other Loan Types</h3> <p>Borrowers cannot refinance a reverse mortgage. Reverse mortgages may also have a negative impact on a borrower's ability to qualify for other types of loans. Over time, the accrued interest on reverse mortgages drain any remaining equity in your home. Worse, some homeowners complained that they were unaware of the terms of these types of loans. Before entering into an agreement, seek the counsel of a trusted third-party reverse mortgage professional. Hud.gov offers a directory of HECM counseling agencies, however turning to members of your community to find a referral is recommended.</p> <p>Additionally, the CFPB report mentioned consumer concerns of encountering difficulty when attempting to repay loans. This included lenders failing to keep accurate records, and obstacles when attempting to prevent foreclosure &mdash; such as slow response times (critical during foreclosure), unresponsiveness, and receiving erroneous information or instructions.</p> <p>While a reverse mortgage can be a good source of cash flow during retirement, it nonetheless requires careful consideration for the critical reasons listed above. If you're still interested in a reverse mortgage, do your homework, and understand the resources at your disposal. (For example, on March 2, 2015, The Federal Housing Authority implemented <a href="http://portal.hud.gov/hudportal/documents/huddoc?id=SFH_FHA_INFO_14-66.pdf">new policies to its HECM</a> Financial Assessment to address consumer complaints.)</p> <p><em>Have you considered a reverse mortgage? Why or why not?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/qiana-chavaia">Qiana Chavaia</a> of <a href="http://www.wisebread.com/5-downsides-of-a-reverse-mortgage">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/tips-for-avoiding-a-foreclosure-prevention-or-loan-modification-scam">Tips for Avoiding a Foreclosure Prevention or Loan Modification Scam</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/reverse-mortgages-the-best-way-to-eat-your-home">Reverse Mortgages: The Best Way to &quot;Eat Your Home&quot;?</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/should-we-all-just-stop-paying-the-mortgage">Should We All Just Stop Paying the Mortgage?</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/what-can-renters-do-if-their-landlords-are-in-foreclosure">What can renters do if their landlords are in foreclosure?</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/these-are-the-8-most-common-homebuying-mistakes-foreclosure-experts-see">These Are the 8 Most Common Homebuying Mistakes Foreclosure Experts See</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Real Estate and Housing downsides foreclosure HECM retirees reverse mortgages Fri, 15 Jan 2016 14:00:03 +0000 Qiana Chavaia 1638136 at http://www.wisebread.com 6 Cool Jobs for Retirees http://www.wisebread.com/6-cool-jobs-for-retirees <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/6-cool-jobs-for-retirees" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/000036819180.jpg" alt="Finding cool jobs as retirees to make extra money" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>While some of us will be lucky enough to have neither the need nor the desire to <a href="http://www.wisebread.com/4-reasons-early-retirement-might-be-financially-risky">work through retirement</a>, the truth is that a lot of retirees find themselves searching for employment.</p> <p>Whether you're thinking about your own future, or helping an older relative think about theirs, retirees can live and work outside the box. Here are some fun ideas for working in retirement.</p> <h2>1. Work in a National Park</h2> <p>National parks need all sorts of seasonal help, from gift shop workers to cooks and managers. If you love to travel and adore seeing the best that the United States has to offer, consider taking one of these jobs. Not only do you get to work in some of the most spectacular places on earth, but you'd most likely end up living nearby, too. Depending on the park and the job, you may even have housing provided or subsidized within the park itself.</p> <p>If this interests you, check out sites like <a href="http://www.coolworks.com/">Cool Works</a>. They don't just list jobs for retirees, but they have a lot of interesting jobs in a lot of interesting places.</p> <h2>2. Housesit</h2> <p>So many retirees want to travel, but a lot of people find that the cost is just too much once they are actually living off their retirement income. If you're willing to be flexible and do a bit of work in addition to your travel, housesitting could be the job for you.</p> <p>Housesitting isn't just limited to looking after the homes of people you know. Sites like <a href="http://www.trustedhousesitters.com/us/">Trusted Housesitters</a> help connect people who want to do this work with those who want it done. Many housesitting gigs are unpaid, but retirees who do this work often value accommodation savings while traveling.</p> <p>Some housesitting gigs come with extra work, like keeping up a small farm or caring for the home in particular ways. These are more likely to be paid, and will require you to have at least a minimum level of fitness to complete the tasks.</p> <h2>3. Consult</h2> <p>If you have an in-demand area of expertise, you might make a good consultant. Many observant people learn a lot about corporate structure, streamlining, finding good employees, and more during their working years. With some time and some focused effort, you can turn these observations into a thriving consulting business. Simply show people what you know, prove that it works and that it will help them, and you will be in great shape as a consultant.</p> <h2>4. Drive a Limo</h2> <p>Do you like to drive? If you're okay spending long hours in the car and have the physical capacity to help people with heavy luggage, you might have fun driving a limo in your retirement. You can choose to purchase your own vehicle, though many retirees find that it's easier to work for a company so that you don't have responsibility for the car and you don't have to get your own gigs.</p> <h2>5. Become a Tour Guide</h2> <p>Is there a place you love, or one you'd love to learn more about? Consider applying as a tour guide for that location. All sorts of places need tour guides: stadiums, factories, wineries, historical sites, and museums are only a few places to consider.</p> <p>Guiding requires you to spend quite a bit of time on your feet, and it can also require a lot from your voice. As long as you're comfortable in those two areas, and don't mind interacting with a lot of people, this could be a fun job for you when you retire.</p> <h2>6. Teach Fitness</h2> <p>There is a huge push right now to get seniors to exercise more. If you are fit and like working out, why not lead a class of your peers at the local gym? Teach other seniors athletic skills, like how to lift weights safely, do yoga, or have fun getting aerobic exercise, and make some money at the same time. It will help if you are already familiar with the discipline you want to teach and have any necessary certifications, though you can always pick these up along the way, too.</p> <p><em>Are you retired with a cool job? What do you do and how did you get into it?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/sarah-winfrey">Sarah Winfrey</a> of <a href="http://www.wisebread.com/6-cool-jobs-for-retirees">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-earn-extra-income-as-a-courthouse-researcher">How to Earn Extra Income as a Courthouse Researcher</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/book-review-work-less-live-more">Book review: Work Less, Live More</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/book-review-cash-rich-retirement">Book review: Cash-Rich Retirement</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/book-review-retire-on-less-than-you-think">Book review: Retire on Less Than You Think</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/tiny-nestegg-retire-abroad">Tiny Nestegg? Retire abroad!</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Job Hunting Retirement jobs for retirees part time jobs retirees seasonal jobs working seniors Wed, 26 Aug 2015 21:00:28 +0000 Sarah Winfrey 1533295 at http://www.wisebread.com How to Earn Extra Income as a Courthouse Researcher http://www.wisebread.com/how-to-earn-extra-income-as-a-courthouse-researcher <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/how-to-earn-extra-income-as-a-courthouse-researcher" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/male_female_employees_000021487391.jpg" alt="Man and woman making money as courthouse researchers" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Are you someone who has always been intrigued by a challenge or finding the needle in the haystack? A courthouse or title researcher does just that. This little-known job is popular among <a href="http://www.wisebread.com/5-financial-pitfalls-stay-at-home-parents-should-avoid">stay-at-home moms</a> and retirees. Getting started takes time, but the business is steady.</p> <h2>What Is a Title or Courthouse Researcher?</h2> <p>A courthouse researcher is an independent contractor who researches public records to gather information for their client. You could be researching anything from genealogy, property records, titles, probate cases, tax liens, or even criminal records.</p> <p>While a courthouse or title researcher is considered a work-at-home job, sometimes it might be necessary to actually go into the county courthouse to conduct the research, while other times you might be able to find the online version of the records you're looking for. If you have to do research in a courthouse, you are governed by their hours, which are usually between the hours of 9 a.m. and 5 p.m. and on weekdays only. The good thing is that you're able to be flexible with your own hours, especially when you're able to work from your home.</p> <p>No specific degree or education is required to become a courthouse researcher, which can make it appealing to anyone who is looking for supplemental income. Some companies will help to train you, but you'll want to be familiar with a courthouse setting and where they keep their records. You can always ask for assistance within the courthouse, too.</p> <h2>Average Salary for Courthouse Researchers</h2> <p>The income you can expect for being a courthouse researcher varies greatly by the companies you work for and your speed. Speed and accuracy are incredibly important in this field, and the faster you're able to find and collect a record, the faster you're able to move onto the next one. As an entry level researcher, you might be making about $0.25&ndash;$0.30 a record. Once you're able to get comfortable in the position and have learned how to quickly locate records, you can expect earnings to increase. As of April 2015, the <a href="http://www.simplyhired.com/salaries-k-court-researcher-jobs.html">average annual salary</a> of a courthouse researcher is $48,000.</p> <p>Some jobs might require that you travel to neighboring county courthouses, which will add additional costs in the way of mileage and fuel fees. If you keep track of your mileage, it makes a good deduction when you file your taxes.</p> <h2>Where to Find Jobs</h2> <p>Keep in mind that some companies have a non-compete policy, so that you are only able to work for them. The most common companies that hire for this type of job are listed below. (Some may not be hiring in your area right now, but keep checking with them if you're unable to find something that works for you.)</p> <ul> <li><a href="http://ameristarusa.com/careers.aspx?nset=0401&amp;hdr=3&amp;tpl=careers">Ameristar</a></li> <li><a href="http://www.deltadocument.com/">Delta Document</a></li> <li><a href="http://www.wolfgangresearch.com/Pages/default.aspx">Wolfgang Research</a></li> <li><a href="http://sunlark.com/">Sunlark Research</a></li> <li><a href="http://www.findanheir.com/Employment.aspx">Find an Heir</a></li> <li><a href="https://www.courthousedirect.com/">CourthouseDirect.com</a></li> <li><a href="http://www.work4jbs.com/">Jellybean Services</a></li> </ul> <p>Seasoned researchers have also found it useful to get to know the employees at the local courthouse, network, and leave a business card. According to one researcher with years of experience, it's not uncommon to get work in this field by <a href="http://www.1099mom.com/2011/09/i-want-to-be-courthouse-researcher.html">checking the bulletin boards</a> found at the entrances and common areas of the courthouse itself.</p> <p><em>Does becoming a courthouse researcher interest you?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/linsey-knerl">Linsey Knerl</a> of <a href="http://www.wisebread.com/how-to-earn-extra-income-as-a-courthouse-researcher">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/22-websites-that-will-pay-you-to-write-for-them">22 Websites That Will Pay You to Write for Them</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-things-you-must-know-about-money-before-you-take-a-side-job">10 Money Moves You Need to Make Before You Take a Side Job</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-make-money-as-a-chat-or-forum-moderator">How to Make Money as a Chat or Forum Moderator</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/15-great-jobs-that-dont-pay-much">15 Great Jobs That Don&#039;t Pay Much</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/get-paid-real-money-from-virtual-work">Get Paid Real Money From Virtual Work</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Extra Income Job Hunting courthouse researcher retirees side job work-from-home Fri, 29 May 2015 13:00:10 +0000 Linsey Knerl 1433907 at http://www.wisebread.com Best Money Tips: Income Ideas for Seniors http://www.wisebread.com/best-money-tips-income-ideas-for-seniors <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/best-money-tips-income-ideas-for-seniors" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/senior-5149897-small.jpg" alt="senior" title="senior" class="imagecache imagecache-250w" width="250" height="167" /></a> </div> </div> </div> <p>Welcome to Wise Bread's <a href="http://www.wisebread.com/topic/best-money-tips">Best Money Tips</a> Roundup! Today we found some fantastic articles on income ideas for seniors, frugal gifts for Mother's Day, and signs it's time to look for a new job.</p> <h2>Top 5 Articles</h2> <p><a href="http://onecentatatime.com/income-ideas-for-senior-retired-elderly/">21 Income Ideas for Senior and Retired Persons</a> &mdash; To make some extra income, seniors and retired persons can register with temporary employment agencies. [One Cent At A Time]</p> <p><a href="http://bargainbabe.com/frugal-gifts-for-mothers-day-may-2013/">Frugal Gifts For Mother's Day</a>&nbsp;&mdash; This Mother's Day, consider giving your mom a mix cd or homemade photo coasters. [Bargain Babe]</p> <p><a href="http://financialhighway.com/5-signs-its-time-to-look-for-a-new-job/">5 Signs It's Time to Look for a New Job</a> &mdash; It may be time to look for a new job if you have no hope of advancement. [Financial Highway]</p> <p><a href="http://www.consumerismcommentary.com/8-scientifically-proven-principles-of-happiness/">8 Scientifically Proven Principles of Happiness</a> &mdash; Buying experiences instead of things and thinking about what you aren't thinking about can help make you happy. [Consumerism Commentary]</p> <p><a href="http://www.thesimpledollar.com/2013/05/07/the-frugal-childs-birthday/">The Frugal Child's Birthday</a> &mdash; It is possible for your child to have a cheap but fun birthday party. Consider buying some inexpensive water guns and having a water gun party! [The Simple Dollar]</p> <h2>Other Essential Reading</h2> <p><a href="http://www.savvysugar.com/Uses-Club-Soda-30394321">10 Extraordinary Uses For Ordinary Club Soda</a> &mdash; Did you know club soda can be used to remove rust? [PopSugar Smart Living]</p> <p><a href="http://www.freemoneywisdom.com/what-can-you-do-if-you-cant-keep-up-with-the-rent/">What can You do if You can't Keep up with the Rent?</a> &mdash; If you can't make the rent for the month, ask your landlord for an extension or ask for an advance on your paycheck. [Free Money Wisdom]</p> <p><a href="http://parentingsquad.com/19-loving-gifts-of-service-for-mom">19 Loving Gifts of Service for Mom</a> &mdash; If you need something to do for your mom this Mother's Day, prepare dinner or schedule a spa day for her. [Parenting Squad]</p> <p><a href="http://www.stretcher.com/stories/12/12may07m.cfm?slider">Preventing Summer Crime</a> &mdash; To prevent summer crime, put your lights on timers or get a &quot;Beware of Dog&quot; sign. [The Dollar Stretcher]</p> <p><a href="http://www.freemoneyfinance.com/2013/05/our-communication-and-entertainment-changes.html">Our Communication and Entertainment Changes</a> &mdash; It is often best for your wallet to go with bundled services. [Free Money Finance]</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/ashley-jacobs">Ashley Jacobs</a> of <a href="http://www.wisebread.com/best-money-tips-income-ideas-for-seniors">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/is-six-figures-really-that-much">Is Six Figures Really That Much?</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/getting-by-without-a-job-part-2-boost-income">Getting by without a job, part 2--boost income</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/are-you-underpaid-how-to-figure-out-what-salary-you-deserve">Are You Underpaid? How to Figure Out What Salary You Deserve</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/book-review-work-less-live-more">Book review: Work Less, Live More</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-dumb-habits-that-are-keeping-you-from-earning-more-money">10 Dumb Habits That Are Keeping You From Earning More Money</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Career and Income best money tips income retired retirees seniors Wed, 08 May 2013 10:00:35 +0000 Ashley Jacobs 973945 at http://www.wisebread.com Book review: Cash-Rich Retirement http://www.wisebread.com/book-review-cash-rich-retirement <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/book-review-cash-rich-retirement" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/cash-rich-retirement-cover.jpg" alt="Cover of Cash-Rich Retirement" title="Cover of Cash-Rich Retirement" class="imagecache imagecache-250w" width="105" height="160" /></a> </div> </div> </div> <p><a href="http://www.amazon.com/gp/product/0312377401?ie=UTF8&amp;tag=wisbre08-20&amp;linkCode=as2&amp;camp=1789&amp;creative=9325&amp;creativeASIN=0312377401">Cash-Rich Retirement: Use the Investing Techniques of the Mega-Wealthy to Secure Your Retirement Future</a>&nbsp;by Jim Schlagheck.</p> <p>Do you need a kick in the pants to get you saving for retirement?&nbsp; Do you need someone to wave their arms and run around screaming that your whole future is at risk, in order to motivate you to put some serious money aside and take the time to learn how your 401(k) works?&nbsp; If so, this is the book for you.</p> <p>It's fascinating to read this book in conjunction with <a href="/book-review-work-less-live-more"><em>Work Less, Live More</em></a>, which I checked out of the library the same day.</p> <p>Where that book goes way beyond the classic notion of retirement at age 65, suggesting that not just retirement, but <em>early</em> retirement, is readily available to almost anyone--if they're willing to live frugally and maybe keep on doing a bit of work on the side--this book is the complete opposite. &nbsp;</p> <p>Schlagheck scarcely talks about early retirement, and it doesn't even seem to imagine that anyone might do any work to earn money after they retire.&nbsp; It's all about straight-up retirement:&nbsp; You work to retirement age, and then you quit.&nbsp; And, it warns, if that's your plan, you may be in for an unpleasant surprise.&nbsp; Not only is your retirement in &quot;grave danger,&quot; the <em>whole system</em> of retirement is on the verge of being a failed experiment.</p> <p>Schlagheck sees two sources of danger.</p> <p>The first is the &quot;coming demographic storm&quot; of baby boomers all getting set to retire at once.&nbsp;&nbsp; Not only are they all going to want to get their social security payments at once, they're also going to be taking their pensions (from old-line businesses and from state and local governments) at once.&nbsp; Plus, they're all going to stop accumulating investments, and switch to selling them instead.&nbsp; With everyone trying to get their money at once, Schlagheck sees a real danger that they won't all succeed.</p> <p>The second is a set of foolish ideas about investing.&nbsp; You cannot, he says, safely rely on capital gains for your investment returns; reliable long-term returns are largely going to come from income:&nbsp; dividends, interest, and rents.&nbsp; In addition, you can't&nbsp; get adequate diversification simply by dividing your investments among American companies of different sizes (a generous helping of S&amp;P 500 seasoned with some mid-cap and small-cap funds).&nbsp; You need to diversify both internationally and among asset classes (stocks, bonds, REITs, etc.).</p> <p>I actually agree with most of what Schlagheck says, especially about his focus on income in your investment portfolio and on the kinds of investments you ought to be focusing on.&nbsp; In addition to the excellent chapters on investing, he's got a good chapter on health insurance, some interesting thoughts on long-term care insurance, and lots of good detail about complicated subjects like annuities (that aren't so well covered other places).</p> <p>Where I have a problem is in the way he's trying to work the reader up into a tizzy.&nbsp; The book could not have been printed before the digital age, because in the days of metal type the printer would have used up his entire supply of exclamation points before getting halfway through the manuscript.&nbsp; Every page is splashed with italics warning you of a threat or urging you to action.&nbsp; The repeated exhortations to &quot;save, save, save&quot; become wearisome, and the drumbeat warning that your retirement is in danger don't become more compelling with repetition.</p> <p>Still, if you or someone you know is just blithely assuming that retirement will take care of itself, a wake-up call like this may be just what you (or they) need.&nbsp; The information is right on, even if I got an unusually vigorous workout for my eye-rolling muscles as I plowed through the cautions, dangers, perils, warnings, and urgent urgings. &nbsp;</p> <p>For the right person, though&nbsp;<a href="http://www.amazon.com/gp/product/0312377401?ie=UTF8&amp;tag=wisbre08-20&amp;linkCode=as2&amp;camp=1789&amp;creative=9325&amp;creativeASIN=0312377401">Cash-Rich Retirement</a> by Jim Schlagheck is a fine book.&nbsp; Excellent content.&nbsp; Just a little strident for my tastes.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/philip-brewer">Philip Brewer</a> of <a href="http://www.wisebread.com/book-review-cash-rich-retirement">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-5"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/book-review-retire-on-less-than-you-think">Book review: Retire on Less Than You Think</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/book-review-work-less-live-more">Book review: Work Less, Live More</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/book-review-the-only-investment-guide-youll-ever-need">Book review: The Only Investment Guide You&#039;ll Ever Need</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/book-review-the-little-book-of-common-sense-investing">Book review: The Little Book of Common Sense Investing</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/join-the-rentier-class">Join the rentier class</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Retirement book review books dividends interest investing investments rents retire retirees retirement benefits retirement funding retirement planning review Mon, 28 Apr 2008 13:08:05 +0000 Philip Brewer 2046 at http://www.wisebread.com Book review: Work Less, Live More http://www.wisebread.com/book-review-work-less-live-more <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/book-review-work-less-live-more" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/work-less-cover.jpg" alt="Cover of Work Less, Live More" title="Cover of Work Less, Live More" class="imagecache imagecache-250w" width="124" height="160" /></a> </div> </div> </div> <p><a href="http://www.amazon.com/gp/product/1413307051?ie=UTF8&amp;tag=wisbre08-20&amp;linkCode=as2&amp;camp=1789&amp;creative=9325&amp;creativeASIN=1413307051">Work Less, Live More: The Way to Semi-Retirement</a> by Bob Clyatt.</p> <p>Early retirement is a topic I've always been interested in.&nbsp; The particular version of it that this book deals with--living well on less money, as a means to getting by without having to work at a regular job--is not only interesting, it's the life I'm living.&nbsp; Allowing for the fact that it's aimed right at my own personal sweet spot, I liked it even better than I expected.&nbsp; It reads like the author started following me around a year ago, figured out exactly what questions I needed answered, then carefully and thoughtfully wrote a book to answer them. &nbsp;</p> <p>The book is aimed at people interested in &quot;semi-retirement,&quot; by which he means people who want to (or have to) work less, but who aren't in a position to (or don't care to) stop working altogether.&nbsp; There are an increasing number of people in that situation:</p> <ul> <li>people who are burned out on their old careers</li> <li>people whose skills no longer match the job market</li> <li>people who want to spend more time with their families</li> <li>people who want to focus on interests (art, music, writing) that don't pay enough to support them</li> </ul> <p>About half the book is about money, because for most people, money is the limiting factor in making the sort of lifestyle choices the book is talking about. &nbsp;</p> <p>There's a chapter on frugality (which is necessary before semi-retirement, to free up cash for saving and investing, and then necessary after semi-retirement, to make that modest portfolio last).&nbsp; It's got some good information on how to include less-than-annual expenses (like major home repairs, replacing a car, and so on) in your planning.</p> <p>There's a chapter on investing, with a focus on asset allocation and setting up a portfolio that will earn a good return without too much volatility.&nbsp; It starts with basics, like low-cost index funds, then expands on it just a bit (adding investments whose values aren't strongly correlated with those, to help stabilize your portfolio's value).</p> <p>There's a really good chapter on figuring out how much of your investment portfolio you can safely spend each year.&nbsp; It covers a lot of the same information I cover in my article on <a href="/how-much-do-you-need-to-retire-how-much-can-you-spend">How much you can spend in retirement</a>, and ends up in about the same place, but he's got an interesting twist that I think is really valuable.</p> <p>Others who have looked at this have concluded that you can probably spend about 4% of your capital the first year, and then increase the amount you spend each year by enough to keep you even with inflation--and expect that the return on your investments will add up to enough to maintain your portfolio indefinitely.</p> <p>There are several negatives with this strategy.&nbsp; If you have a bit of good luck in the market--especially good luck early--your portfolio might grow quite substantially.&nbsp; In that case, just growing your spending to match inflation might seem a little meager.&nbsp; On the other hand, if you have some serious bad luck in the market, continuing to take the inflation-adjusted draw could burn through your capital very quickly.</p> <p>The intuitive solution is to go ahead and step up your withdrawals in good years, while cutting back slightly in bad years.&nbsp; (Cutting back drastically might be even better, but most semi-retirees are already living frugally enough that it might not be practical to cut back to just 4% of a portfolio that was sharply reduced after a severe downturn in the market.)</p> <p>What Clyatt has done is put some numbers to that intuitive solution.&nbsp; He proposes that you feel free to spend 4% of your portfolio each year:</p> <ul> <li>In a good year, you get the full benefit of your portfolio growth. &nbsp;</li> <li>In a so-so year your 4% might just barely (or not quite) match inflation, but a semi-retiree can probably deal with that.</li> <li>In a poor year, your 4% might shrink so much as to produce an actual decline in the amount of money you can spend.&nbsp; In that case, Clyatt says, you can go ahead and spend 95% of what you spent last year, putting a floor under the amount your available cash can shrink from one year to the next.</li> </ul> <p>And here's where Clyatt provides some real value.&nbsp; That 95% value isn't arbitrary.&nbsp; He tested it.&nbsp; If you'd started following this strategy for any 40-year period since 1927, you'd not only <strong>not</strong> have run out of money, your portfolio would have at least maintained its value.&nbsp; Over 10, 20, and 30 year periods you'd sometimes see a decline in value, but no instance when the portfolio ran dry.</p> <p>For me, just that analysis is worth the price of the book.&nbsp; The stuff on taxes is just a bonus.</p> <p>The rest of the book is about other aspects of being a semi-retiree.&nbsp; There's stuff on finding the right work--meaningful, remunerative, and not as stressful as the full-time work you're semi-retiring from.&nbsp; There's stuff on dealing with no longer being part of the work-a-day world.&nbsp; There's stuff for couples, if one or both of you is suddenly spending a lot more time at home.</p> <p>It's worth comparing this book to Timothy Ferriss's <a href="/book-review-the-4-hour-workweek">The 4-Hour Workweek</a>.&nbsp; The &quot;work less&quot; theme runs through both of them, but Ferriss focuses on making a bit of money from something other than a regular job, and then on convincing your regular employer to let you turn your regular job into one where you don't need to show up all day every day.&nbsp; Clyatt doesn't have anything about that second&nbsp; part (dealing with your boss), and a different focus on the first (work that's meaningful and low-stress, rather than maximum return for minimum hours).</p> <p>I've also previously reviewed <a href="/book-review-retire-on-less-than-you-think">Retire on Less Than You Think</a>.&nbsp; It's a good book, but it's focus is largely on how a retiree can live cheaply without much loss in standard of living--and I was a little underwhelmed by the insight that you can retire on less money through the magic of spending less.&nbsp; (If you--or perhaps your spouse--needs to internalize that message, it's a great book.)</p> <p>If you've already got that part down, then <a href="http://www.amazon.com/gp/product/1413307051?ie=UTF8&amp;tag=wisbre08-20&amp;linkCode=as2&amp;camp=1789&amp;creative=9325&amp;creativeASIN=1413307051">Work Less, Live More</a> may be a better choice for you.&nbsp; It doesn't skimp on the frugal living part, but it assumes you can figure a lot of that stuff out for yourself.&nbsp; (It does have a good section on health insurance for early retirees.)&nbsp; If you've ready to deal with the details of being a semi-retiree--or planning to be one--this is a great book.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/philip-brewer">Philip Brewer</a> of <a href="http://www.wisebread.com/book-review-work-less-live-more">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/book-review-retire-on-less-than-you-think">Book review: Retire on Less Than You Think</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/book-review-cash-rich-retirement">Book review: Cash-Rich Retirement</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/book-review-reinventing-collapse">Book review: Reinventing Collapse</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/book-review-happier">Book review: Happier</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/book-review-ragnars-guide-to-the-underground-economy">Book Review: Ragnar&#039;s Guide to the Underground Economy</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Frugal Living Career and Income Retirement balance book review books frugality retire retirees review Tue, 22 Apr 2008 13:12:46 +0000 Philip Brewer 2031 at http://www.wisebread.com Book review: Retire on Less Than You Think http://www.wisebread.com/book-review-retire-on-less-than-you-think <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/book-review-retire-on-less-than-you-think" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/retire-on-less-cover.jpg" alt="Cover of Retire on Less Than You Think" title="Cover of Retire on Less Than You Think" class="imagecache imagecache-250w" width="92" height="140" /></a> </div> </div> </div> <p>Halfway through Fred Brock's book <a href="http://www.amazon.com/gp/product/0805073744?ie=UTF8&amp;tag=wisbre08-20&amp;linkCode=as2&amp;camp=1789&amp;creative=9325&amp;creativeASIN=0805073744"><cite>Retire on Less Than You Think: The New York Times Guide to Planning Your Financial Future</cite></a>, I was mentally drafting a review that would call it good but kind of basic for most Wise Bread readers. Then it clued me in to an oddity of federal law that could make the difference between keeping or losing my health insurance. That one bit is not only worth the price of the book, it could easily be worth my entire life savings. Actually writing the review, I realized the book is full of bits like that. I happened to know most of them already, but I've been studying this stuff for years. I have to say this is a must-read book for anyone who hopes to retire before they're 65.</p> <p>[Updated to add: A revised version of this book has come out since I wrote this review. Check out <a href="http://www.amazon.com/gp/product/0805087303?ie=UTF8&amp;tag=wisbre08-20&amp;linkCode=as2&amp;camp=1789&amp;creative=9325&amp;creativeASIN=0805087303"><cite>Retire on Less Than You Think, Revised Edition: The New York Times Guide to Planning Your Financial Future</cite></a>.]</p> <p>Brock spends nearly a third of the book on one rather obvious idea: You can retire on less <em>if you spend less money! </em>This will, perhaps, not be a great revelation to the average Wise Bread reader. To be fair, though, the book is aimed at affluent New Yorkers (and affluent folks from other east and west coast cities) who would be shocked at the notion that they might live anywhere other than where they do. Perhaps it is important for those readers that he so patiently makes the case that you can spend less money without reducing your standard of living at all--and that you can spend <em>a lot </em>less money if you're willing to make only slightly more drastic changes in the way you live.</p> <p>In fact, the best parts of this book are in this area, because Brock talks about actual people who have retired on less money than some people might consider possible. He covers a pretty wide range from barely frugal at all to pretty darned frugal (such as Elton Pasea who saves enough of his $1200 a month from social security and a pension to take annual bicycling vacations in Europe).</p> <p>Brock goes to quite a bit of effort to debunk the notion that you'll need to be able to replace 70% or 80% of your pre-retirement income from savings or your pension in order to retire. Rather, you need to replace that fraction of your <em>spending</em> (which had better be less than your income, if you're hoping to retire early).</p> <p>After making the case that early retirement is within the reach of almost anyone who lives on less than they earn, he gets into the good stuff. There's a chapter on simplifying your life that's good, if a bit basic. A chapter on deciding where to retire with some good resources for finding someplace affordable and some sound advice on choosing to live near family and with access to things you want to do. There's a section on analyzing your assets, with some good info about <a href="/reverse-mortgages-the-best-way-to-eat-your-home">reverse mortgages</a> for people who own a house. There's a chapter on health insurance that had that great tidbit for me. It rounds things out with a chapter on social security and then some worksheets, suggested resources, and an excellent index.</p> <p>(The tidbit for me, by the way, had to do with the the federal law HIPAA. That's the law that prompted all of your doctors and pharmacies to start giving you privacy notices. It also assures that, if you change employers and go from one group plan straight to another, the new plan can't exclude coverage for preexisting conditions. (I knew that part.) It also (and this was news to me) requires insurers to offer coverage to anyone who has left a job, continued their coverage under COBRA, and then exhausted the COBRA coverage. I'm still covered under my employer's insurance as part of my severance package, but I hadn't been planning on exhausting the COBRA coverage--I'd been planning to use that only as a back-up in case I had trouble finding insurance. I didn't understand that by getting an individual policy earlier, I'd lose access to guaranteed, non-cancelable insurance! That one point is probably of interest to only a small number of people, but it's critically important to anyone leaving a job and not yet eligible for Medicare.)</p> <p><a href="http://www.amazon.com/gp/product/0805073744?ie=UTF8&amp;tag=wisbre08-20&amp;linkCode=as2&amp;camp=1789&amp;creative=9325&amp;creativeASIN=0805073744"><cite>Retire on Less Than You Think</cite></a> by Fred Brock. It's a short book--you could read it in an afternoon. But in addition to advocating for the idea that a simplier life lets you follow your bliss--to retirement or where ever else it might lead you--there are dozens of bits of information that could spell the difference between a happy retirement and having to go back to work in your old age.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/philip-brewer">Philip Brewer</a> of <a href="http://www.wisebread.com/book-review-retire-on-less-than-you-think">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/book-review-work-less-live-more">Book review: Work Less, Live More</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/book-review-cash-rich-retirement">Book review: Cash-Rich Retirement</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/book-review-the-only-investment-guide-youll-ever-need">Book review: The Only Investment Guide You&#039;ll Ever Need</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/book-review-reinventing-collapse">Book review: Reinventing Collapse</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/tiny-nestegg-retire-abroad">Tiny Nestegg? Retire abroad!</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Frugal Living Retirement book review books frugal life frugality retire retirees retirement planning review Wed, 03 Oct 2007 12:15:10 +0000 Philip Brewer 1243 at http://www.wisebread.com Tiny Nestegg? Retire abroad! http://www.wisebread.com/tiny-nestegg-retire-abroad <p><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/wisebread_imce/china_flag_large.jpg" alt=" " width="224" height="150" /></p> <p>Can&#39;t afford to live on your pension or Social Security in the U.S.? Why not find a cheaper place to live? No, not Canada - the other communist mecca... that&#39;s right, China!</p> <p>Ha ha! I know I&#39;ll get all kinds of flack for that one. I&#39;m just kidding, Comrade, don&#39;t take me seriously! I know China isn&#39;t communist anymore.</p> <p>NPR, my favorite news source, <a href="http://www.npr.org/templates/story/story.php?storyId=9348962">offered up a story yesterday</a> filed by Keva Rosenfeld, whose mother-in-law (I&#39;m not sure if it is mother-in-law per se so much as his partner, Karen Murphy&#39;s, mother) has chosen to retire in China, finding it much too difficult to live off of $400 a month in the United States. Interestingly enough, the old gal (she&#39;s 75) has chosed Shanghai, arguably the most expensive city in China, to spend out her remaining days.</p> <p>Although the story promises some amusing tales of generational misunderstandings, it&#39;s much shorter than it should be, told from Keva&#39;s viewpoint, as he goes to Shanghai with his wife for a visit with his mother-in-law. There is a short discussion about how small a dingy the Shanghai apartment is, but little about how and where she shops for groceries, if she has learned to barter for her gorceries, if she has made any friends, or what it&#39;s like to live in Shanghai knowing absolutely no Mandarin AT ALL. Where does she go for health care? How does she explain what she needs in an emergency?</p> <p>China is a place you can&#39;t really avoid hearing about these days, so I hate to add to the hullabaloo. Slate featured a couple installments about traveling to China for <a href="http://www.slate.com/id/2131601/">medical treatments</a> a while back. </p> <p>Having lived in China, I can attest that unless you live in a big city like Shanghai or Beijing or Shenzhen, you&#39;re likely to have a hard time adjusting as an American. Not that the big cities are easy, either. Things are made immeasurably more difficult if you don&#39;t have any language skills. However, although Keva can be heard in the NPR story suggesting that no one in Shanghai speaks English, this is most certainly not the case.</p> <p>I&#39;d be really curious to know if this will be a trend among the Baby Boomers (Murphy&#39;s mother is not a boomer, but I can see boomers doing this), or if living in China is really more for people like Ms. Murphy&#39;s mother, who is described as a &quot;bohemian&quot;. And if Westerners start moving en masse to China, will it still be a viable place to live on less than $500 a month?</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/andrea-karim">Andrea Karim</a> of <a href="http://www.wisebread.com/tiny-nestegg-retire-abroad">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-10"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/book-review-cash-rich-retirement">Book review: Cash-Rich Retirement</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/book-review-retire-on-less-than-you-think">Book review: Retire on Less Than You Think</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/social-security-is-not-a-ponzi-scheme">Social Security Is Not a Ponzi Scheme</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/why-taking-social-security-could-cost-you-thousands">Why Taking Social Security Could Cost You Thousands</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-more-exciting-affordable-american-cities-to-retire-in">4 More Exciting, Affordable American Cities to Retire In</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Retirement baby boomers China elderly nestegg pension retire retirees Shanghai social security Thu, 05 Apr 2007 15:20:25 +0000 Andrea Karim 459 at http://www.wisebread.com