By Karen Damato
June 2, 2017

What does “retirement” mean to you? Blogger Susan Leader has a gripe about a retirement gift she found cringeworthy because it implies a very different view of the next stage of life than the one she holds. (I’m curious what you would think of this present.) The transition to retirement may be easiest if you have a clear sense of what you want your life to look like after you step back from work—and if you and your spouse, if you are married, have similar visions. It can help to think of your path in terms of six types of retirees identified by author Nancy K. Schlossberg; for instance, you might be a “continuer” or an “adventurer” or a blend of the two. And this quiz or these talking points might be handy to get a conversation going with your partner about your respective hopes and dreams. With summer upon us, maybe that’s a talk to begin on a lazy day at the beach or in your car on a warm-weather road trip.

Best wishes,

Karen

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THIS WEEK’S RETIREMENT NEWS, INSIGHTS AND ADVICE

There’s an Easy Way to Save an Extra $100,000 by Retirement

Take a few minutes to examine the expense charges of the funds in your retirement accounts, contributor Walter Updegrave suggests. He did the math and found that shifting into low-cost funds can pay off big—really big—over time. Even better: You boost your nest egg without having to take more investment risk or swear off a favorite treat to stash more dollars into savings. MONEY

She Retires. He Doesn’t. Why Retiring Together Makes Sense (Usually).

The timing of his and her retirements can be a thorny issue for couples. Columnist Glenn Ruffenach offers pointers on coming up with a schedule that works for both of you. Start the conversation early and don’t assume that your timetable will be right for your partner as well. THE WALL STREET JOURNAL

4 Essential Tax Tips for Second-Act Entrepreneurs

Pre-retirees who leave a corporate job to strike out on their own typically don’t know how to manage their finances as entrepreneurs, writes Joshua Waldman, a job-search specialist and blogger. He’s got tips to help tame the paperwork monster and get all the tax breaks you are entitled to in a self-employed encore career. NEXT AVENUE

The Most Cringeworthy Retirement Gift I Received

Recent retiree Susan Leader says her favorite going-away gift was the stream of complimentary emails from clients and colleagues on her departure from the financial-services industry. “But there was one gift, that the sender had touted as a ‘retirement surprise,’ that had me gagging when I opened the box,” she writes. Can you guess? MONEY

Which IRA Is Best for MeTraditional or Roth?

Traditional individual retirement accounts and Roth IRAs are in some ways mirror images of each other: The first delivers its big tax advantage upfront, while the second gives you the tax payoff at the back end. Neither is hands down better for everyone. Lawyer and writer Dan Caplinger explains how to choose. THE MOTLEY FOOL

Medicare Is Finally Fixing a Major Identity Theft Risk

It’s about time! The government is moving to replace Social Security numbers on people’s Medicare cards with a randomly generated ID number, addressing a significant security risk for seniors, Elizabeth O’Brien writes. The bad news: The changeover is still a ways off. MONEY

7 Tips to Maintain Social Connections in Retirement

Having a network of friends and family is key to a healthy and happy retirement, research shows. But that can be tricky if most of your social connections are at the office. Writer Emily Brandon has suggestions. No. 1: Expand your social circles before retirement to ease the transition. U.S. NEWS

An Expert Explains the Right Way to Be Emotional About Your Investments

Finance pros talk about investing in super-rational terms, but it’s okay to let your emotions and desires play a role as well, writes behavioral finance professor Meir Statman. The trick is balance. Say you’re uncomfortable with an advisor’s suggestion to put half of your stock-market money in foreign shares; maybe compromise on 25% rather than simply avoiding overseas stocks, he suggests. MONEY

After 42 Years, Swarthmore’s 1975 Class President Graduates

Charles “Kip” Davis just did something he didn’t do when he was the president of Swarthmore College’s Class of 1975: He finished his senior thesis and got his degree. His story is encouraging for anyone thinking of returning to college in retirement…or taking another shot at some other endeavor from earlier in your life. “It was liberating to have those doubts and that sense of lacking something go away,” the 63-year-old New York resident said. PHILLY.COM

 

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