Thrive - September by Tori Waltz

Retirement ready: Financial moves to make your savings last

Ensure a smooth transition to retirement by optimizing your strategy for lasting financial security

BY LEILA BEN ABDALLAH

With retirement on the horizon, you’ve probably had a long-term savings strategy in place for years. Ensuring you have enough savings will guarantee that you’re able to live out your ideal vision of retirement whether that’s traveling, exploring new hobbies, moving closer to family starting the company you’ve always dreamed of, or something else. Putting

in the work now or in early years of retirement can help make that a reality So while you may be daydreaming about this next phase of life, or perhaps already settled into retirement, here’s how to maximize your hardearned savings.

Before making any changes, take stock of your current financial situation. Use a retirement calculator (Nerdwallet has a good one available online) to gauge how long your savings will last based on your planned withdraw-

als. This snapshot will help you identify if you need to make any adjustments.

Should you find that you’re not on track with your savings goals, there are a number of options for you. Generally it is recommended contributing at least what your employer will match if you have an employer-sponsored 401(k) account. And if you’re over 50, you can start making catch-up contributions.

If you’ve maxed out your 401(k), there are plenty of investing options to pursue. Low-risk options like municipal bonds provide tax-free interest income, while riskier routes like a variable annuity can offer periodic payments from an insurer, as long as you make an initial series of payments.

Once you feel that you’re in a good place with your savings, you may consider estate planning to ensure your savings are leveraged appropriately as you age. The key elements of an effective estate plan are an advance directive, a power of attorney, a will, and establishment of trusts. Where many retirees only implement a simple will it’s important to have a detailed plan of the timing, speed, and privacy of asset management regardless of what’s included. What estate planning accomplishes is peace of mind when it comes to your assets. You’ll get to decide who can step in if you’re unable to make your intentions clear at any point, and learn how to minimize taxes.

Now comes the big question: What happens to your savings once you retire? The best part is that you get complete control You can either keep your savings in your 401(k) or transfer them to an IRA, which offers more

investment options if that’s what you’re seeking. If you choose to stay with your 401(k), you have the flexibility to take out either a regular monthly withdrawal or a larger lump sum, depending on your needs. For the eager retirees out there: Keep in mind that tapping into these savings before the age of 59 1/2 could result in an early-withdrawal penalty

Many financial advisors recommend retirees aim to replace 80% of their pre-retirement income to maintain a similar lifestyle in retirement.

With your personal plan in place for saving and withdrawing, figuring out when to unlock your Social Security is the key to reaping all your retirement benefits. If you’re able to, holding off even a few extra years can drastically increase your monthly allowance. According to official government recommendations, you can begin receiving your benefits at the age of 62, though waiting up to 70 can greatly increase the amount you can expect every month. And that’s not including the variety of special claiming situations you may be eligible for depending on certain circumstances. Visit ssa.gov to learn more

The path you pick is fully customizable for your lifestyle and goals. By refining your savings strategy, planning your withdrawals, and preparing for future costs, your finances will be golden in your golden years.

Throughouttheday,ourresidentssharemomentswithassociatesthatrangefromchatsoverbreakfast,tobondingover music,tomakingplanstoseethenewestartexhibitatanearbymuseum.Alloftheseinteractionsaddup—creatingan environmentwhereeveryresidentfeelsincluded,important,andlikeavitalpartofthecommunitybecausetheyare! These19+momentsofconnectionaresomethingthatseniorsmightnotgettoexperiencewhilelivingaloneathome, that’swhywemakethemapriorityineachofourcommunities.

SPOTLIGHTONSIGNATURE

LIVING

TheNewbury of Brookline: Elevating

Brain Health Through a Holistic Wellness

Brainhealthhas become acentral focusfor medical professionals andwellnessexperts, emphasizingthe importance of maintainingcognitive vitality at any age. At TheNewbury of Brookline, aKisco Signature community,weshare this commitmentbyprioritizing brainhealthinour dailyprogrammingand activities. Ourmultifaceted environmentisspecificallydesigned to supportand enhancebrain health,providing residentswiththe toolsand opportunities to thrive

At theheart of TheNewbury’s approach is TheArt of Living Well,our comprehensivewellnessphilosophy that drives ourcommunity’s evolvingprogramming.

This philosophy is rooted in theninedimensions of wellness:emotional,physical, occupational (purpose), social,creative, intellectual,mental, nutritional, and happiness. By focusing on thesedimensions,wecreate an environmentthatfosters independence,well-being, andasense of purposefor ourresidents.

Amongthe many components of wellness,emotional andmentalconnections areparticularlysignificant. Research indicatesthatbrain health flourishesin apositive environment, wherecreativethinking, motivation,and intellectual adaptability areencouraged. At TheNewbury,wedesignour programs to promote optimism, self-confidence,and positive energy,helping residents buildcognitive resilience

Scientificstudies suggestthatintellectually

Approach

stimulatingactivities mayhelpestablish a“cognitive reserve,” enabling thebrain to adapttoage-related changesmoreeffectively.Withthisunderstanding, The Newburybecomes ahub forpersonalgrowth andmentalstimulation.Our residents benefit from educationallecture series, immersive literary andculinaryprograms, and unparalleled culturalexperiences. Collaborations with prestigious institutionslikeThe Museum of FineArtsBostonand theBoston Symphony Orchestrafurther enrichour residents’ lives, offering unique opportunities to engage with experts andenjoy exclusive experiences. Forus, wellness is more than just an activity;it’sa wayoflife. We arededicated to integrating brainhealthintoevery aspect of ourcommunity,ensuringthatour residents have theopportunity to live full,vibrant lives. At The

NewburyofBrookline, we believe that nurturingthe mindiskey to living well,and we arecommitted to making brainhealthanessential part of ourresidents’ everyday experience

Residents of The Newburyhaveaccesstoa varietyofactivities andeventsthatencourage

Discoveraholisticwellnessapproachinseniorliving whereevery dayisanopportunity to livewelland thrive. Schedule your personal tour andlearn more by calling617.380.4334 or visitlifeatthenewbury.com.

Encore! The path to a rewarding

career in your second act

Two inspired women share their secrets to finding fulfillment in retirement.

RBY CHRISTINE LAVOSKY

etirement is bliss. Until it’s not. Sixty percent of retirees derive meaning from their work according to a 2021 study in the International Journal of Qualitative Studies on Health and Well-being. The drive to achieve a higher level of self-actualization doesn’t suddenly fade away after one wraps up their career

Yet, most retirees enjoy the relaxation that comes with the end of workplace responsibilities at first. A sense of relief sets in after decades of churning out work

From corporate employee to entrepreneur

In the words of Karen Poirier founder and CEO of Embrago, “When you’re working in [a] corporate career for so long you hit a point where you’re depleted and all you want in the world is just to get away from that, to be able to rest, to not have this unnatural, constant flow of work.”

Poirier, now in her mid-50s, spent the earlier days of her career in the marketing world. Working always energized her, so it’s no surprise that after leaving her 30-year career in marketing, Poirier only took a brief respite to rest and reflect before embarking on her next venture.

The feeling of constriction in her traditional bras, fitted with underwire and tight chest bands, motivated Poirier to start her own business, Embrago. Her product is a wearable garment and a breakthrough in femtech replacing traditional bras’ tight chest band with a floating support system that adapts to natural hormonal and digestive changes.

Poirier a self-described full-busted woman who always needed to wear a bra that gave her full support, created this innovative solution to provide comfortable support for herself and other women.

Such an ambitious product doesn’t come without its trials and tribulations. Over the five years Poirier spent developing Embrago, she faced no shortage of challenging moments. And yes, there were times she thought she should give up, that she was crazy and even worse, that she had wasted years of her life chasing a fool’s errand But throughout it all, she remained steadfast because although she learned valuable skills from her marketing roles that she would use later at Embrago starting her femtech bra business was her true passion.

The way Karen described it, working during retirement isn’t necessarily about having a lighter schedule, but working in a different way “When you work for something you believe in it’s not that you work less,” she explains, “but because you’re driving it yourself, you have the freedom to choose when you work.”

Writing a new chapter Western Massachusetts-based author and retired nurse, Nancy J. Fagan, echoes Poirier’s statements. After working as a nurse for about 30 years and as an IT administrator for about five years (both at Baystate Medical Center in Springfield, Mass.), Fagan now spends her days at her writing desk immersed in worlds of her own conception. At the moment, she’s hard at work on three novels and has published a multitude of short stories, medical articles, and personal essays.

Although she lives by her own schedule, she sticks to a very rigorous routine for no other reason than the simple fact that she’s passionate about her writing career

“I’m up [at] five six o’clock I try to read one or two poems a day, and then I start writing. If I’m writing a book or a short story, I will write all day,” she says. “I treat it as a full time job, so it produces a lot. I often work Saturdays. I sometimes work Sundays, but it’s because I want to.”

Fagan had to leave the workforce at the age of 47 when she developed rheumatoid arthritis “I worked really hard on my health for a couple years. And when I got better I thought “What am I going to do now? I had always written. I published since I was in my 20s, nursing articles and stuff. And I thought you know I’d really like to write fiction, so that’s when I went back to school,” she recounts.

60% of retirees derive meaning from their work

At the age of 58, she started out with a couple classes at a community college then applied to Mount Holyoke College, was accepted into their Frances Perkins Scholars Program, and earned her bachelor’s degree in English. She went on to pursue her master’s degree in creative writing at Vermont College of Fine Arts and graduated in 2022.

Following your passion

Fagan encourages other retirees to follow their dreams and not pigeonhole themselves into a certain definition of vocation or success. “[Your] passion could be babysitting your grandchildren. It could be knitting. It could be art,” she says. “As we get older we have to decide how we want to spend our time, and the answer is different for every person.”

Poirier advises anyone considering an encore career but unsure where to start to envision a 10-year-old version of yourself and ask yourself, “What are the things you love? What are the things you’ve missed? What are the things that feel wrong?” She stresses the unique value every individual human brings to the table the inimitable perspective and gifts nobody else in the world has.

Karen Poirier founder and CEO of Embrago

Nancy

Fagan, author, journalist, and retired nurse

Alwaysatyourservice.

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Finding your forever home: Navigating retirement living in New England

A guide to choosing your ideal location based on cost, community, and health care.

HBY TORI WALTZ

ome is where the heart is but by the time you reach retirement, your heart might be tugging you in different directions. Whether you’re eager to be near family, seeking a peaceful retreat, or looking for a vibrant social community, finding the perfect place to settle down during retirement involves a lot more decision-making than simply picking a spot on the map. Luckily, New England, with its mix of picturesque towns and lively cities, offers options to suit any retiree’s needs

Health, connection, and longevity

There are three traits that the best retirement spots tend to have in common: excellent health care, a strong sense of community, and a culture centered around healthy living.

Take Blue Zones for example These regions, known for their high concentration of centenarians, emphasize factors like eating a healthy diet, physical activity, and participation within the community on a daily basis. In places like Okinawa, Japan one of the five globally recognized Blue Zones residents enjoy remarkable health and longevity, with Okinawan women having the longest disability-free life expectancy in the world.

While New England doesn’t have any official Blue Zones yet, many of its states and cities embody these same qualities, making them appealing choices for retirees seeking to enhance or even elongate their lives.

Massachusetts, for instance, offers a life expectancy nearing 80 years well above the national average of around 76 years, according to the CDC, largely due to its excellent healthcare system. Similarly states like Vermont and Rhode Island prioritize health through walkable communities and abundant outdoor activities, promoting active lifestyles that contribute to residents’ well-being. Connecticut and Maine also shine in this regard, with access to locally-sourced food and above-average fruit and vegetable intake supporting overall health. Meanwhile, New Hampshire excels in sleep quality, with nearly 69 percent of adults getting at least seven hours of rest each night an essential factor for longevity

Renting vs. owning

The decision of whether to rent or own can also significantly impact your retirement budget. On one hand renting offers flexibility and lower upfront costs, which can be ideal if you prefer not to commit to a long-term property or if you’re still exploring your ideal retirement spot.

In some cases, renting may even save you money. The average cost for a two-bedroom apartment in Boston is around $4,400 per month, while the average cost of living in a New England retirement community ranges from $3,300 to $4,790 monthly, and includes services like housekeeping and health care.

On the other hand, buying a home can be a sound investment, especially in a region like New England where the housing market is appreciating. In 2023, Manchester, Nashua, and Concord, N.H., all ranked in the top 10 of the Wall Street Journal/Realtor.com fall index of emerging housing markets. These areas have seen significant year-over-year increases in home values, with the combination of Manchester and Nashuas’ median home value rising by over 7.2 percent and Concord’s by 7.1 percent. In areas like Hartford, West Hartford and East Hartford, Conn the year-over-year increase was even higher, with home values jumping by over 10 percent.

By investing in a home in one of these growing markets, you could also be building a valuable legacy for your loved ones. Estate planning is something that every retiree should consider and selecting a property with strong ROI potential can not only help secure your financial future but the future of your family for generations to come. Where should you settle down?

The perfect location depends on your lifestyle, budget, proximity to loved ones, and the community you want to be part of.

There isn’t a one-size-fits-all solution when it comes to choosing the ideal retirement spot. The perfect location depends on your lifestyle, budget, proximity to loved ones, and the community you want to be part of That said, there are certain areas within New England where retirees tend to thrive the most.

Burlington, Vt.: Burlington offers a mix of urban and rural living, with beautiful views of Lake Champlain, a strong sense of community and a focus on healthy living and recreation. Plus, it’s home to the topranked hospital in the state, the University of Vermont Medical Center

New England’s community-oriented culture is another element adding to the region’s charm. Whether you’re diving into a local book club, tending to a community garden, or exchanging smiles with neighbors during your morning stroll, there are countless ways to stay connected with those around you. Breaking down the cost

Of course, living in one of these desirable communities comes with a price tag, which can vary widely depending on the town or city you choose.

While it’s true that the cost of living in New England tends to be higher than the national average with Massachusetts and Connecticut ranking second and ninth most expensive states to live in respectively, according to Forbes Advisor— there are still plenty of affordable options available throughout the region It all comes down to knowing where to look

Location matters

Coastal and urban areas like Boston, with a median sale price of $2.8 million, and Nantucket, at $2.6 million are among New England’s priciest areas to live according to a PropertyShark report and it isn’t difficult to see why With their rich history, vibrant cultural scenes, and picturesque settings these locations are highly sought after, driving up the cost of living.

That being said, if you’re willing to trade bustling cityscapes and ocean views for a more tranquil style of living, consider exploring inland towns like Franklin, Mass., and Burlington, Vt Comparatively, these areas offer a more budget-friendly retirement lifestyle with median home prices around $730,00 and $465,000, respectively and still provide the charm and quality of life New England is known for

Portland, Maine: If you’re an outdoor enthusiast, Portland’s coastal charm might be your perfect match. Nestled along Maine’s rugged shore, it’s a playground for hiking and fishing, with the highly-rated Maine Medical Center close by Plus, residents enjoy the small-city benefits and culture without the overwhelming nature of larger hubs.

Mystic, Conn.: Mystic delivers a quintessential coastal experience. The town boasts peaceful, safe neighborhoods and top-rated hospitals. With around 37 percent of the population over the age of 65 retirees are in good company here

North Kingstown, R.I.: Located along picturesque Narragansett Bay North Kingstown is famous for its scenic villages like Wickford and its warm, welcoming community With a median home price of $530,000, it offers a relatively affordable New England lifestyle considering its offerings and proximity to the water

Lenox, Mass.: For a tranquil retreat in the Berkshires, look no further than Lenox Surrounded by nature and close to cultural attractions like Tanglewood, Jacob’s Pillow The Mount, Chesterwood, and more this serene town offers a thriving arts community There’s also a significant retiree population nearly half of the residents are over the age of 65

Regardless of which destination you choose as your retirement haven, remember: in New England, you’re never more than a short drive away from the beach, mountains, or city The region’s interconnected charm ensures that adventure and connection are always within reach.