Some famous writers, painters and musicians have done some of their best work in their later years — impressionist Claude Monet, for one. But at the North Hollywood Senior Arts Colony, older people are proving that you don't have to be famous — or even a professional artist — to live a creatively fulfilling life in old age.
With a fully equipped theater and painting and sculpture studios, there seems to be rehearsals or exhibitions of some sort going on here all the time.
"I'm a carpenter/cabinet-maker/woodworker, and I think I'll be retiring the day I die."
Michael Powers, 47, is not alone in his retirement insecurity. According to a Pew study published in May, members of Generation X — aged 38 to 47 — are on track to be the first generation to do worse in retirement than their parents. Assuming they retire at all.
Mutual funds, which have topped $13 trillion, are the way many Americans interact with the financial markets. You may have come across mutual funds when you set up an individual retirement account or a company-sponsored retirement account like a 401(k).
A "basket" of stocks, bonds or both, mutual funds are seen as safer to own than individual stocks. Having many in one basket spreads the risk, especially over time. But high fees, lack of diversification, or a focus on short-term gains can put your nest egg at risk.
We wanted to hear what younger people are thinking about when it comes to retirement and the viability of Social Security. Here's reaction from 20- and 30-somethings in Nashville, Tennessee.
ROD KELLY: I don't expect it to be there and I'm not planning on it to be there. I'm doing what I can right now to put into, like, IRA, you know, or Roth funds to make sure that I don't have to depend on it.