4-Minute Money Ideas
About This Show
The “4 Minute Money Ideas” audio article is based on weekly articles that Douglas Goldstein, CFP® writes in “The Jerusalem Post.” In easy-to-understand language, Doug explains retirement planning, investment basics, how to invest an inheritance, and how to open a U.S. brokerage or IRA account when you live in Israel (or anywhere outside the United States). If you follow Doug’s investment advice in the newspaper, or whether you learn about financial planning and investing from his many books, you’ll enjoy these very short podcasts.
Most Recent Episode
Do You Have to Stop Working When You Reach Retirement Age?
3 days ago
Do You Have to Stop Working When You Reach Retirement Age? By Douglas Goldstein CFP® - helping olim handle their U.S. investments from Israel Does reaching retirement age mean you have to stop working? In Israel, the official retirement age for a man is 67. For women, it fluctuates between 60 and 62, depending on date of birth. Retirees until the age of 70 (or 69 for a woman born before 1950), are eligible for a state pension, but entitlement is affected by additional sources of income. From 70 onwards, a state pension is given regardless of other income. So what is the best age to retire? Before making a decision, ask yourself the following questions: Are you physically able? As you age, your regular routine may become tiring. You may also develop health issues that make working full time difficult. So before you decide to keep on working, make sure that it’s realistic. In your retirement plan, make provisions for the possibility that future health problems may affect how long you can work. Why do you want to keep working? Do you want to keep working because you fear outliving your savings? If so, working as long as possible lets you amass more savings, and have fewer years of withdrawals. But what if you don’t have to keep working for income? If your desire to keep working is based on factors such as wanting to maintain routine or enjoying the contact with your colleagues, there are other solutions. Perhaps you could work part-time or find a hobby that will provide a social life. It’s not only about money Before making your decision, meet with your financial planner, tax advisor, and pension planner to discuss your estimated streams of retirement income. At the same time take all relevant issues into account, and make your final decision after considering both the financial and emotional factors. For more information about how to decide when to retire, read chapter 5 of The Retirement Planning Book. Click here for a free download. Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd. www.profile-financial.com. He is a licen