During your working years, you generally know how much money you're bringing in, so you can budget accordingly. But once you're retired, it's a different story. However, with some diligence, you can put together a "paycheck" that can help you meet your income needs.
Where will this paycheck come from? Social Security benefits should replace about 40 percent of one's pre-retirement earnings, according to the Social Security Administration, but this figure varies widely based on an individual's circumstances. Typically, the higher your income before you retire, the lower the percentage will be replaced by Social Security. Private pensions have become much rarer in recent decades, though you might receive one if you worked for a government agency or a large company. But in any case, to fill out your retirement paycheck, you may need to draw heavily on your investment portfolio.
Your portfolio can provide you with income in these ways:
Dividends – When you were working, and you didn't have to depend on your portfolio for income to the extent you will when you're retired, you may have reinvested the dividends you received from stocks and stock-based mutual funds, increasing the number of shares you own in these investments. And that was a good move, because increased share ownership is a great way to help build wealth. But once you're retired, you may need to start accepting the dividends to boost your cash flow.
Interest payments – The interest payments from bonds and other fixed-income investments, such as certificates of deposit (CDs), can also add to your retirement income. In the years immediately preceding their retirement, some investors increase the presence of these interest-paying investments in their portfolio. (But even during retirement, you'll need some growth potential in your investments to help keep you ahead of inflation.)
Proceeds from selling investments – While you will likely need to begin selling investments once you're retired, you'll need to be careful not to liquidate your portfolio too quickly. How much can you sell each year? The answer depends on several factors — your age, the size of your portfolio, the amount of income you receive from other sources, your spouse's income, your retirement lifestyle, and so on. A financial professional can help you determine the amount and type of investment sales that are appropriate for your needs while considering the needs of your portfolio over your lifetime.
When tapping into your investments as part of your retirement paycheck, you'll also want to pay special attention to the amount of cash in your portfolio. It's a good idea to have enough cash available to cover a year's worth of your living expenses, even after accounting for other sources of income, such as Social Security or pensions. In addition, you may want to set aside sufficient cash for emergencies. Not only will these cash cushions help you with the cost of living and unexpected costs, but they might also enable you to avoid digging deeper into your long-term investments than you might like.
You may be retired for a long time — so take the steps necessary to build a consistent retirement paycheck.
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North Adams Mayor's Fitness Challenge June 2023
NORTH ADAMS, Mass. — The Mayor's Fitness Challenge (MFC) is back for the month of June, calling on the community to make a conscientious effort at healthier habits by participating in this community-wide fitness challenge.
This will be the 7th Annual MFC for North Adams.
Community members of all ages are encouraged to register and participate either as individuals or as part of a team, to wrack up points for the chance to earn prizes at the conclusion of the challenge. Participants will be working to build and track points by eating fruits and vegetables, drinking water, and participating in physical activity. There are also daily challenges for points.
Registration will be held on Thursday, June 1, and Friday June 2, 2023. nbCC will be tabling in front of the office, located at 61 Main Street, North Adams, from 8:30 a.m. to 6:00 p.m.
on June 1, registering participants and handing out tracking packets and t-shirts. On June 2, members of the nbCC team will begin the day at 7:30 a.m. at the kick-off of the Eagle Street Coffee Date series, signing participants up while they enjoy free coffee and baked goods hosted by Mayor Macksey and the City of North Adams.
The Coalition team will also be registering participants during June's First Friday festivities which will include the Mayor's Fitness Challenge Kick-off. The theme of June's First Friday is "Proud of Progress" and will include the painting of a new street mural, exhibition openings, live music and business specials.
The MFC kick-off event will include registration, free games, demonstrations from various local MFC partners, information tables, and activities located either on Main Street or Eagle Street. Some examples of activities include a gong bath at the Terra Nova Church space on Main Street, a bike rodeo on Eagle Street, and free smoothies hosted by the First Baptist Church youth group. Mayor Macksey will be out and about and plans to demonstrate some sparring with Gail Grandchamp. Registration for MFC will be available from 5:00 to 8:00 p.m. Just look for the nbCC tables and MFC shirts! T-shirts are in limited supply and will be first come, first served.
Weekly events in this year's challenge include outdoor yoga classes, lawn games at Windsor Lake, the downtown bike around, and weekly hikes in places like the Cascades, Tannery Falls, Sunset Rock Trail, and Natural Bridge State Park. Additionally, several local fitness studios will be offering deals of membership, free classes, and other incentives to participate.
The challenge runs throughout the month of June. The final day to track points will be Monday, June 26, and all participants must turn in their tracking packets by 6:00 p.m. that afternoon. There will be a Wrap Party at Windsor Lake, from 5:30 to 8:00 p.m. where the individual and team winners will be announced and receive their prizes. There will be live music from the band Pandemic Relief, lawn games and everyone is encouraged to bring a picnic dinner. Snacks will also be available for purchase from the BFAIR concession stand.
This event has been organized by the Northern Berkshire Community Coalition, the North Adams Mayor's Fitness Challenge Planning Team, and the City of North Adams. The full calendar of MFC Events can be found below, online at nbccoalition.org calendar page, or on the back of the MFC points tracker that every participant receives. For daily updates or weather announcements, participants can follow the nbCC facebook or instagram accounts.
2023 MFC Schedule
Week 1 | June 1-3 |Registration & Kick-off
6/1 | 8:30a.m. - 6p.m. | nbCC Office, 61 Main Street, North Adams - Register teams/individuals & pick up your MFC packets and t-shirts
6/2 | 7:30 - 9:00a.m. | Eagle St. - Register during the Eagle Street Coffee Date kick-off sponsored by Mayor Macksey and the City.
5:00-8:00 p.m. | Eagle St. - Register during First Friday and enjoy MFC kick-off events and activities!
6/3 | 9a.m.-1p.m. | Shop at the North Adams Farmers Market.
9:30-11a.m. | Help the River St. Community Gardening Group
11:30a.m. | Walk w/ Mayor Macksey at Natural Bridge (Transportation available)
2:00p.m. | ROOTs Teen Center/nbCC Bike Collective Build a Bike Workshop | 206 Ashland St.
Week 2 | June 4 - 10th
6/4 - 10:00a.m. | Basketball games | Noel Field Courts, 310 State St.
7:15p.m. | Relaxation Yoga | North Adams Yoga, 26 Holden St.
6/5 - 3:30-5:30p.m. | Bike Collective Workshop hours | 206 Ashland St.
5:30p.m. | Downtown Bike Around | 206 Ashland St.
6/6 - 12:00-1:00p.m. | BHS: Top 10 Most Powerful Lifestyle Interventions | UNO Center, 157 River St.
5:00p.m. | Tick Talk w/ CHP | UNO Center, 157 River St.
6/7 - 5:30p.m. | Evening at Windsor Lake: Intro to Disk Golf, live music, pack a picnic | Windsor Lake, Kemp Ave & Bradley St.
Gianna Pesce scored five goals and assisted on two more Wednesday to lead the Mount Greylock girls lacrosse team to a 19-2 win over Pope Francis in the title game of the Western Massachusetts Class B tournament. click for more