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5 Ways to Finalize Your Retirement Plan

By WTOP Staff

When your last day on the job arrives and you begin your journey into retired life, it would be nice to have some idea how the next 20 years will play out. Knowing potential pitfalls to avoid as well as what you will do to stay entertained promises a certain security and peace of mind most of us would appreciate. But too few people take the time or make the effort to prepare for their second act. It is easier to just get there and then try to figure it out as you go.

If we don’t take an active role in shaping our path, we cannot know for sure where we will end up. Here are some suggestions to help make your retirement work for you:

Know what is important. Having a clear picture of accomplishments you wish to achieve can help keep you on track. In retirement you will have more time to focus on family and build relationships with friends. Maintaining good health helps you to best enjoy your second act. Personal passions can be explored as long as you know what they are. If you are able to identify what is most important to your retirement happiness you can better focus your efforts on these priorities.

Accept there will be on days and off days. As with all other aspects of life, not every day in retirement will be perfect. The world around you may throw an unexpected curve, you may not feel physically on the top of your game or you may just have a temporary down-in-the-dumps moment. If you can learn to accept the ups along with the downs you will be better equipped to ride out momentary rough waters. They used to tell me in sales that every “no” gets you that much closer to your next “yes”. Maybe we can view retirement days in a similar way. Every down day gets you that much closer to your next up.

Identify your retirement lifestyle. Retirement is an opportunity to passionately explore the world free from the time constraints imposed by your career. With your newfound freedom you can be as busy and engaged as you choose. Or retirement can be a chance to slow down and enjoy a more predictable lifestyle savoring peaceful mornings and easy meandering days. Whether you are the type of person who must be busy all the time or if you find yourself happily enjoying downtime, it is in your best interest to prepare for a retirement that reflects your particular lifestyle.

Be selective with your time. When you first retire it is easy to find yourself looking for ways to fill in the empty calendar you have inherited. Keeping busy and finding worthwhile ways to use your time is important. But don’t make the mistake of over-committing your time before you have a chance to feel out the new situation. It can be easy to find worthwhile places to volunteer, courses to sign up for and projects to undertake. Suddenly you may find yourself overwhelmed and stressed out just trying to keep up. A better course of action is to gradually undertake activities to fill your day while allowing for downtime along the way.

Do what makes you happy. When it comes to making retirement work for you, I think the bottom line is to spend your time doing what you enjoy. Since there is no one to tell you what to do, there is nothing to keep you from doing what makes you happy. I have developed a simple routine to start my day. Once I have had a bowl of cereal and read through a few emails, I make a cup of freshly ground coffee. I pick up three of the books I am currently reading — one spiritual, one historical and one along the lines of Stephen King — and head to the backyard. Taking my place on a comfortable lounge chair I prop up my feet, appreciating the current flowers in bloom while keeping an eye out for the pair of hawks that hang out on a nearby radio tower. My two cats find their way out to join me and stealthily intertwine around my feet. Then I choose whichever book sounds most interesting for the moment. When I have read enough, I take out my iPhone and run through an interactive French lesson knowing I will revisit and practice the new session throughout the rest of my day. A little sunshine, some quiet reflective moments, happy cats at my feet, a boost to my French capabilities and a good 30-minute read is just the right way for me to start my day.

Dave Bernard blogs at Retirement-Only The Beginning.

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5 Ways to Finalize Your Retirement Plan 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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