AARP Purpose Prize Contest To Recognize Exceptional People Over 50. It’s never too late to make an impact on someone’s life and with the AARP Purpose Prize millions of people, over 50, are doing just that. To date, more than 100 Purpose Prize winners have been recognized for their outstanding contributions and the positive, social impact of their work. The Purpose Prize was created by Encore.org in 2005 as a vehicle to celebrate exceptional individuals over 50, who have utilized their wealth of life experience to encourage continued and innovative social good in their communities. “The AARP Purpose Prize is all about a new story of aging — focusing on experience and innovation and the idea that our aging population is an untapped resource full of possibilities,” said AARP CEO Jo Ann Jenkins. We’ve been receiving nominations and applications from great people, doing excellent work, across a broad from all over the country. Reviewing their work has been inspiring and a little humbling, as well. The people nominated don’t merely muse about making a positive change – they’re actually doing it. Over the next couple of months, the AARP Purpose Prize jurors will winnow down the field to just five winners, each of whom will be awarded $50,000 by AARP and one winner will also receive the Andrus Prize for Intergenerational Excellence named for AARP’s founder Dr. Ethel Percy Andrus. Follow along on the Purpose Prize website to learn more about the program and how you can get involved, next year!
“With the duckets that I now have safe, I think I will retire at 66 years of age, praise God, in good health.”
— Winslow Homer
Famous American landscape painter Winslow Homer planned to retire at age 66 because he felt he had accumulated sufficient funds for retirement. That’s actually a bit later than the average American retires. Our average retirement age was recently 63. If you’re thinking of retiring in your early 60s, think your situation through carefully, because there are lots of reasons not to retire before age 66.
Here are some of those reasons.
Reason No. 1: To keep boredom at bay
Many of us are eagerly looking forward to retiring and not having so much to do. It might, therefore, surprise you to learn that many retirees find themselves bored. A 2014 MassMutual survey found that 10% of retirees found themselves lonely, bored, with a lost sense of purpose, and/or depressed in retirement. (Boredom isn’t the norm, though: Fully 72% of respondents reported feeling quite happy or extremely happy in retirement.)
If you’re the kind of person who enjoys the routine of getting up and going to work each day and you enjoy your job, as well, you might do well to just keep working for more years.
Reason No. 2: To play it safe
Another reason to not retire too early is if you’re risk-averse. By delaying retirement you can also reduce risk — such as the risk of running out of money late in life, the risk of getting hit with an unexpected financial curveball when you don’t have your current income to help you deal with it, and so on. The more you’re able to save for retirement, the better you’ll be able to deal with any unexpected financial needs that life throws your way, such as a costly health crisis or a sudden need to help out your child.
Reason No. 3: Because you can’t afford to retire before age 66
For many people, the decision to work at least until age 66 is perfectly clear: They simply can’t afford to retire earlier. After all, if you retire at age 62 and live to age 95, an age that plenty of people will reach, you’re looking at a retirement that’s 33 years long. You’ll probably need a lot of money socked away for that.
According to the 2017 Retirement Confidence Survey, about 24% of workers said they had less than $1,000 saved for retirement, and a whopping 55% had less than $50,000. Only 20% had socked away $250,000 or more. That suggests that millions are not likely to have enough to retire on at 66 — or even when they’re older. Consider, for example, the well known “4% rule,” which suggests that you might withdraw about 4% of your nest egg annually in retirement (adjusting for…