Understanding Your Retirement Needs

It does not matter how old you are.  If you are currently working in a job that has you gainfully employed you should be thinking about your retirement.  Many people will think that because they are young and not even close to retirement age that they do not need to worry about it.  This belief is the furthest thing from the truth.  There are many different things you should worry about and understand before retiring.  If you do not have certain items and situations set into place by the time you retire you could find yourself needing a loan for bad credit.  That would not be a good place to be considering that retirement should be joyful and fun.  The article below will help you to understand what your retirement needs should be.

After Retirement Plans

Most people after retirement wish to live the same kind of lifestyle as they were living when employed while others do not care if the lifestyles they have changes so they have the opportunity to retire.  That is all a personal preference.  When thinking about this decision it is important to include housing costs, as well as how much traveling you plan to do and basic living costs such as a car, fuel, food, clothing and entertainment.

Current Income

Another very important fact to consider is how much your current income is bringing into the household.  After retirement most people will want to continue living the lifestyle that they currently have.  In this case you should be secure in the fact that your current pension will give you the same amount of income every month as you are currently making.  If it is not going to you might want to reconsider your thoughts of retiring or plan on taking up a part time job that will help to supplement your income.  It is also important to put a little of your monthly income back into your retirement account.  This will be able to help you when the cost of living increases as it always does year after year.  If these precautions are not taken it is possible that your credit will take a negative hit.  When this happens it is almost impossible to obtain a long and you will end of looking into loans for bad credit borrowers.

Social Security

Often times when a person is considering retiring he or she will depend on the savings account and their social security check instead of a pension.  However many people do not know how much to expect in social security every month and have no idea how to find this out.  Each year everyone is sent a statement from the Social Security Administration.  This statement will show you an estimate of what you social security income will be every month if you choose to retire at that time.  You should remember that these are not actual figures but an estimate.  You should not depend on the exact amount listed.

There is not a set age limit required for you to retire it will all be a personal decision.  You should keep in mind all of your financial needs before you make the step into retirement.  When you retire it should be a fun and carefree time of your life.  By being prepared the correct way you should be able to enjoy this time of your life with no worries.

This is a guest post by Janice Thompson.

Investing in Real Estate after Retirement is Advisable

Real Estate Investing

Retirement is a stage when you can no longer work hard, so it is the best time to invest in real estate, provided you do not owe any debt. The value of housing has taken a hit but prices will return as the economy improves, so it is a great idea to invest in real estate. However, since after the recent economic meltdown people are unable to afford to pay the huge amount of money for investment, they are obtaining mortgage. But when they default on their mortgage, they go for mortgage refinance. Nevertheless, before investing in real estate, consider some factors so that your investment proves to be a right decision.

Location: This is one of the most important factors to be taken into account while investing in real estate. Having a house in good location and at good neighborhood is extremely important after retirement. Make sure the house you buy is close to hospitals, post office, shopping malls, and police station. Many over retirement homes in over 55 communities are selected because they have great desirable locations.   Also, buy a house that is close to your friends and relatives.

Design: This is another important factor to be considered. Before buying a house, check out the design of the house, if possible. Make sure, the house has all the essential facilities, such as laundry. Also ensure that the rooms in the house are proportionate.

Services: After retirement, people seek for comforts and services. So if you are planning to invest in real estate after retirement, make a list of all your preferred services and specific requirements. While looking for a house, make sure, your preferred services and requirements are available near your house. For example, home maintenance, nursing aids, and other significant services.

People mostly stay away from investing in real estate after retirement since it requires huge amount of money to invest. But there are several advantages that you must know. So let us have a look at each of them.

Ownership feeling: Owing a house is really a special feeling and that is the reason why people try to buy a house in their life. Having an own house gives you a feel of ownership that matters a lot in old age.

Can implement your personal choice: All individuals have certain dreams and desires which they want to implement after retirement. At this stage people look forward to own a house and decorate it as per their choice. Not only this, they also want to renovate the house or make some modifications according to their comforts. And this is only possible when you have your own house.

Avoid paying rent: Buying a house is a better option than paying rent to the landlord.  Senior apartment communities are expensive.  This will save you money, which you can spend for your other interests. You may invest in the education of your grand children or in a luxurious life in your dream city.

Earn some extra cash: If your new house is spacious enough, you can think about utilizing the space in various ways to earn money. You may set an office to start a business of your own or rent a room or two and earn a considerable amount each month.

In the meanwhile, many senior citizens are falling into debt because of the recent financial upheaval and economic devastation. So they are looking for some resources or grants that can help them with financial assistance.

Home Buyer Training Classes:

State community action partnership agencies conduct training classes for people who are going to invest in real estate for the first time. Depending on the program, these agencies even aid first-time home buyers with down payment assistance programs.

Conclusion:

Thus, it is to be concluded by saying that investing in real estate after retirement is a good option since the value of housing is incessantly increasing. So investing in real estate can secure the path of your financial future. However, before investing, keep the mentioned factors and advantages in mind.

This is a guest post by K. Craig who is a financial writer associated with various finance related Communities. He has been providing advice on debt relief since 2007 and also written some great articles on bankruptcy, mortgage refinance, credit counseling, credit repair, debt management, personal injury and so on.

Best Small Towns to Live in Maryland

Maryland small townMaryland Small Towns

With four seasons this New England state of Maryland has several small towns  which we consider the best to live or retire in. Here are three towns from our list of the best small towns in Maryland.

1. Easton

Located along Maryland’s eastern coast, Easton has approximately 10,000 residents and is know for its excellent health care system and its cultural activities including a historic theater and art venues.  Easton offers four seasons and a variety of outdoor activities. The Chesapeake River offers a nice location for sailing, fishing or boating and the town presents seven scenic golf courses that are noted throughout the region as some of the best holes in New England. The Eastern shore offers retirement and 2nd homes as well.  Chesapeake Active Adult Living Community, a Del Webb 55 Plus community is located in Easton MD and should be checked out if you are 55+.   Easy commute to Washington DC, Baltimore and Annapolis from the Eastern Shore.

2. Crofton

The town of Crofton was originally a gated community that surrounds a large scenic loop that encompasses two elementary schools, a country club and a town hall. One year Crofton was named one of the 100 Best Places to Live in the US.  The Crofton Parkway is designed for bicyclists and joggers who long for outdoor exercise and fresh air offered in Crofton. The area is a safe community with an exceptionally low crime rate. Crofton is only thirty minutes away from Baltimore MD which makes it a desirable place for city dwellers wishing to slow down a bit. Crofton’s population is about 28,000.

Photos of Tilghman Island, St. Michaels
This photo of Tilghman Island is courtesy of TripAdvisor

3. Tilghman Island

Another desirable small towns along Maryland’s eastern shore lies the picturesque town of Tilghman Island, the so-called Pearl of the Chesapeake Bay.  The area is considered to be unspoiled and a place where one goes to unwind and relax. The town is filled with quaint spots for shopping and dining, City walk sightseeing, the Tilghman Watermen’s Museum and is a working watermen’s village with excellent fishing, an excellent retirement activity.  Take a visit to Tilghman Island for a peaceful getaway to check it out.

See our page for the top 7 best smalls towns in Maryland for more towns to consider.  Also check out our Maryland Retirement Communities to see 55+ communities in Maryland.