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TIMELY RETIREMENT NEWS, INSIGHTS, AND ADVICE

RETIRE WITH MONEY COMMUNITY INSIGHTS

This week in our Retire with Money Facebook group, members discussed end-of-life wishes in the context of the burial plans of one member's father. Someone posted the link to the Conversation Project, a resource to help families discuss topics related to death and dying. Check out their tips for getting the conversation started, and their new guide to end-of-life planning in the time of COVID-19.

WHAT WILL MY SAVINGS COVER IN RETIREMENT?

Planning for retirement can be tricky; after all, there's no way of knowing for sure how much money you may need. You can start by estimating how much you may spend each year in retirement. You probably won't spend as much each year in retirement as you do during your working years, so you'll only need to replace part of your income in order to maintain your lifestyle in retirement. As a general rule of thumb, you can estimate that your savings (including a pension, if you have one) should provide a yearly income equal to about half of your pretax, preretirement income. Your Social Security benefits may cover the rest of your annual retirement expenses, but it depends on your spending and lifestyle. The age at which you claim Social Security benefits can have a significant impact on your monthly income too. Click below to see if you are saving enough for retirement.

See if you're saving enough

Investing involves risk, including risk of loss.
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An Intergenerational Friendship Formed During COVID-19

The story of one 65 year old and the friendship he made across the generational, racial and gender divide.  NEXT AVENUE

5 Things to Know if You're Considering Filing for Bankruptcy

Experts expect a big uptick in bankruptcy filings amid pandemic-induced financial woes. REAL SIMPLE

Here's How to Do a Portfolio Checkup

After the stock market hit a milestone last week, it's time to evaluate what you own and see if any changes are warranted. HUMBLE DOLLAR

Uncertainty Can Hold Unexpected Pleasures

What the ancient philosophers can teach us about living in this moment. THE ATLANTIC

Elizabeth O'Brien is deputy editor at Money. She has covered retirement and health care for nearly a decade. A Brooklyn resident and mom of two boys, she navigates the alphabet soup of Medicare and the New York City subway system with equal ease. You can email her at elizabeth.obrien@money.com and follow her on Twitter at @elizobrien.