At this point, the most important decision she can make is to continue working until age 70 and wait to start her Social Security benefits at that age. Based on estimates from the Quick Calculator on Social Security's website, if she had retired at age 65 and started collecting her Social Security benefit then, her monthly benefit would roughly be about $1,500 per month, or close to 36 percent of her monthly salary. But if she keeps working until age 70 and starts Social Security then, her monthly income will increase to about $2,050, or close to 49 percent of her monthly salary.
Decluttr is easy to use. Grab an unwanted item, check that Decluttr buys it (for instance: CDs are great, old clothing is not), and enter its barcode into Decluttr’s “valuation engine” or use your Decluttr smartphone app (iOS and Android) to scan your item directly. You’ll receive an instant price quote that you can accept or decline with no obligation. If you accept, just pack your items into a box large enough to fit them, slap a free Decluttr shipping label on it, and bring it to any authorized UPS location (including drop boxes, if your box contains fewer than 25 items). Decluttr issues your payment the day after your item arrives by PayPal, direct deposit, or paper check. There’s no practical limit to the number of items you can sell: each order is technically limited to 500 items, but you can create as many orders as you like in any given timeframe.
Schmansky says a client of his wanted to move from Detroit to Florida for the warmer weather. Despite Florida not having an income tax, the client discovered that the overall cost of living in Florida — including utilities and property taxes — was too high for him. Instead, he settled in less expensive Knoxville, Tenn., where the weather is still milder than in the upper Midwest.
If you’ll be withdrawing money from retirement accounts such as IRAs and 401(k)s, you’ll owe income tax. If you’re younger than 59-1/2, you’ll also face a 10% penalty, but there are ways to avoid it. Be sure to familiarize yourself with the “72-T” rule. This rule outlines a precise process for distributing retirement funds such that you avoid the 10% penalty on early withdrawals.
Got excellent writing and editing skills? Then you’re in a good position to sell your talents online. Editorial services would usually only need a working computer and some Internet connection. There are tons of people willing to hire freelancers. At Odesk, for example, there is huge demand for writers who can produce quality articles, product reviews, web copy, and other kinds of written content.
She could continue working if she found work that was flexible, enjoyable and keeps her physically and socially active, working with people whose company she enjoys. Easier said than done, I know, but that's the goal. She might take some consolation in evidence that suggests working in your retirement years enables you to keep your wits longer and be healthier.
Make a realistic schedule that works for you. Some home-based businesses are based in the field whereas other home businesses require work output through the computer. Regardless of what kind of home based business you run, you need to understand that the days of three hour lunches on the company dime are over. You are in charge, which means you alone dictate if you are going to make money or not.