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New Jersey Rated 2024’s 2nd Worst State to Retire In

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the staff of the Ridgewood blog

Ridgewood NJ, with more than 3 in 10 Americans feeling anxious about retirement, the personal-finance website WalletHub today released its report on 2024’s Best & Worst States to Retire, as well as its 2024 Retirement Savings Survey.

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Inflation Has Eroded Retirement Plans Values by an Average of $16,200

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the staff of the Ridgewood blog

Ridgewood NJ, stocks up but you are still feeling a little poorer ? Americans’ nest eggs are getting clobbered by “Bidenflation”.

Continue reading Inflation Has Eroded Retirement Plans Values by an Average of $16,200

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How to Adjust to the Emotional Side of Retirement

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Retirement is about more than just leaving your job and enjoying a life of leisure. It’s also an emotional time, and there are many adjustments to be made as you transition away from your career. While it may feel freeing at first, it is also often a slower lifestyle than you are used to, so you might find yourself wondering what you have gotten yourself into. Luckily, there are a few ways to make the transition smoother for you and thrive during retirement.

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Archdiocese of Newark to Hold Collection to Aid Retirement Needs to Eligible Catholic Religious Institutes

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the staff of the Ridgewood blog

Newark NJ,  the National Religious Retirement Office (NRRO) announces that on Dec. 10-11, 2022, the Archdiocese of Newark will hold the annual Retirement Fund for Religious collection in parishes throughout the archdiocese.

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Rising Costs of Living :1 in 5 Retirees Plan to go Back to Work This Year

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the staff of the Ridgewood blog

Ridgewood NJ, after a surge in retirement during the early months of the pandemic, the rate of retired workers returning to the job market has slowly been increasing over the past year. And as the labor shortage drags on, more opportunities have become available for those looking to come back to work, especially in a part-time capacity.

Continue reading Rising Costs of Living :1 in 5 Retirees Plan to go Back to Work This Year

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SURVEY: Fears of contracting COVID-19 is the most cited reason among unemployed Americans still not job hunting

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Ridgewood NJ, ResumeBuilder.com recently released a survey that discovered what’s stopping Americans from job hunting.

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Practical Tips That Will Help You Prepare For Your Upcoming Retirement

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Retiring early is the dream of many but the truth is that the dream is unachievable unless you carefully plan for your future. It’s not easy planning for your retirement but that isn’t to say that it’s impossible. With the right guidance and knowledge, you can have your future set up for you in just a few years.

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Kearny Bank Survey: Affording retirement is greatest financial concern of New Jersey residents

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the staff if the Ridgewood blog

FAIRFIELD NJ, Affording retirement is the most significant financial concern of New Jersey residents. That’s the key finding from the recent Kearny Bank Personal Finances Poll, an online survey conducted recently by Fairfield-based Kearny Bank.

With 1006 responses collected, the survey indicates that more than one quarter of respondents (27.2%) consider being able to afford retirement their most pressing financial worry. Other frequently cited issues include Healthcare (17.4%), Housing (12.8%), and Daily expenses/inability to save (12.6%). Of note, “Other” – which incorporates a range of issues faced by New Jersey residents – was selected most frequently by 16.7% of those completing the survey. Rounding out the survey are Education (10.7%) and Transportation (2.7%).

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WalletHub Study: New Jersey Ranks as 2019’s 5th Worst State to Retire

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the staff of the Ridgewood blog

Ridgewood NJ, To help retirees find a safe, enjoyable and wallet-friendly place to call home, WalletHub compared the 50 states across 46 key metrics. The data set ranges from adjusted cost of living to weather to quality of public hospitals.

Retiring in New Jersey (1=Best; 25=Avg.)

  • 42nd – Adjusted Cost of Living
  • 33rd – Annual Cost of In-Home Services
  • 42nd – WalletHub ‘Taxpayer’ Ranking
  • 45th – Elderly-Friendly Labor Market
  • 28th – % of Population Aged 65 & Older
  • 46th – Health-Care Facilities per Capita

For the full report, please visit:
https://wallethub.com/edu/best-and-worst-states-to-retire/18592/

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Working Past 70: Americans Can’t Seem to Retire

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U.S. seniors are employed at the highest rates in 55 years.
By
Ben Steverman
July 10, 2017, 4:00 AM EDT

More and more Americans are spending their golden years on the job.

Almost 19 percent of people 65 or older were working at least part-time in the second quarter of 2017, according to the U.S. jobs report released on Friday. The age group’s employment/population ratio hasn’t been higher in 55 years, before American retirees won better health care and Social Security benefits starting in the late 1960s.

And the trend looks likely to continue. Millennials, prepare yourselves. Better yet, consider this and this, so you have a choice in the matter when your time comes.

https://www.bloomberg.com/news/articles/2017-07-10/working-past-70-americans-can-t-seem-to-retire

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3 Tips For Women Worried About Outliving Their Retirement Nest Egg

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Few things make retirees more nervous than the possibility their savings could run dry.

May 21,2017

the staff of the Ridgewood blog

Ridgewood NJ, And the situation can be even more troublesome for women, who are at greater risk of outliving their money because, on average, they live longer than men. In fact, women over the age of 65 are 80 percent more likely than men to spend their retirement years impoverished, according to a study by the National Institute on Retirement Security.

“Many women don’t realize just how long they may live in retirement and how long their savings need to last,” says Beth Andrews, founder of Networth Advisors (www.bethandrews.info), a financial-planning firm that recently launched the Woman’s Worth® program with the goal of improving the retirement outlook for female clients.

“These days, it’s not unusual for someone to live into their 80s or 90s, and even past 100,” Andrews says. “Your retirement, in other words, could last many more years than you ever imagined.”

Women typically face situations men don’t.

“Just think of it this way,” Andrews says. “Most men die married. Most women die single. Generally, that means men will have someone who’s caring for them right up to the end. Women will be left to care for themselves.”

She suggests a few steps women should consider to reduce their risk of running out of money before they run out of life:

Delay Social Security. You can claim your Social Security benefits as early as age 62, but if that’s your plan you might want to reconsider, Andrews says. Taking Social Security early means you permanently will receive a lower monthly payment. Unless a personal situation forces your hand, she says, it may be better to wait until you reach your full retirement, which is from 66 to 67, depending on when you were born. If you can put off claiming Social Security until you are 70, those monthly payments would grow even more.
Plan for inflation. Too many people – women and men – think in terms of today’s dollars when they are trying to plot out how much money they will need in retirement. As decades pass and the cost of living rises, those dollars are going to buy a lot less — so it’s essential that you factor inflation into your retirement planning, Andrews says.
Take care of your health. This one might not sound like a financial issue, but medical bills and long-term care expenses can gobble up savings quicker than nearly any other expense. Regular exercise and healthy eating can go a long way toward keeping both your body and your savings account fit.

“There are other things you’ll want to consider as well,” Andrews says. “For example, you may want to put off retirement and keep working longer than you originally planned. The important thing, though, is that you start thinking about what your retirement plan is and what you need to do to help make sure it doesn’t fall apart.”

About Beth Andrews

Beth Andrews, a CPA and Certified Financial Planner®, is founder of Networth Advisors LLC (www.bethandrews.info). As an experienced financial advisor, she specializes in the areas of retirement planning, retirement distribution planning, tax strategies, investments and insurance. Beth offers investment advisory services through AE Wealth Management (AEWM), LLC.  Networth Advisors and AEWM are not affiliated companies. She and her husband Todd, a retired millwright for US Steel, have been married for 23 years and live in Eighty Four, PA near their family. Andrews received her accounting degree from Indiana University and started as a financial advisor in 1997.  She founded Networth Advisors to help clients accumulate, protect and enjoy their wealth.