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5 Ways to Just Enjoy Retirement

By WTOP Staff

There’s a lot more to retirement than your Social Security benefit and 401(k) plan. For example, what are you going to do when you get up in the morning? You’ve worked for 30 or 40 years, and now it’s finally your turn to decide how to spend your days. What are you going to do with all that time? Here are five ways for retirees to find happiness in retirement:

1. Travel. According to a 2013 study by the Transamerica Center for Retirement Studies, travel is one of the major goals of people looking forward to retirement. And some 70 percent of retirees say that traveling has helped them enjoy life, improving their mood and lowering their stress levels. However, traveling can be expensive. A third of retirees say they actually took fewer trips after retirement than they did during the five years before retirement. Sometimes health issues get in the way, and many retirees admit they haven’t saved up enough money to do a lot of vacationing. But remember, travel does not have to include a Mediterranean cruise. It can also involve a weekend at the beach or a trip to visit the grandkids.

2. Use your skills. Many retirees cite the importance of remaining productive in their later years. They want to be positive, keep busy and work with others for some goal larger than themselves. Sometimes this involves a part-time job, but more often it seems to lead to volunteer work. Retirees use their old skills in new ways. A finance executive now raises money for his church, a magazine editor tutors in the English department of his community college and an administrative assistant serves on the condo board of directors.

3. Try something new. One key to a happy retirement is not just filling your time, but doing things that are meaningful to you. Many people spent a lifetime at a job that provided an income to support themselves and their families, but did not provide a sense of fulfillment and real satisfaction. Retirement is an opportunity to create a life that more closely reflects who you really are, whether it’s starting a home-based business, learning how to paint, playing in a rock band or writing the history of your family.

4. Find n ew friends. It’s easy to get lonely in retirement, especially if you’re retired and your partner and friends are still working, or if you’ve moved away from your longtime hometown. Some people make a point of meeting old friends from work and getting together for lunch or golf. But as time goes on and your work life recedes into the past, it’s a good idea to make new friends, perhaps by traveling, volunteering or taking an exercise class at the fitness club. Men in particular have to make more of an effort to make friends. Men often have a more difficult time than women handling the transition to retirement, according to many experts, since they typically have invested more of their lives in the workplace. Women generally have more outside friendships, and they feel comfortable getting together for no reason other than connecting and catching up. Men feel more comfortable when they do something together, so dust off those old golf clubs, brush up on your card game or join a hiking group, book club or dancing class.

5. It’s OK to do nothing . Retirement advice often focuses on the importance of staying productive, keeping busy and somehow chalking up more achievements to put on your lifetime resume. But many people feel that they’ve been doing that for 40 years, and now they just want to kick back and enjoy life. If you can’t relax and enjoy yourself in retirement, then when are you going to do it? What’s the point of retiring if all you’re going to do is get up early, rush off someplace you might not want to go and then stumble home at night tired, exhausted and stressed out? For some people retirement is their chance, at last, to sit around the kitchen table and read the newspaper, and then lie around in their backyard and watch the clouds drift by. And there’s nothing wrong with that.

Tom Sightings blogs at Sightings at 60 .

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The 10 Best Places to Retire on $75 a Day

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5 Ways to Just Enjoy Retirement originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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