When it comes to retiring early, some of the benefits are obvious. You get to live your life without the constraints of work, and you are able to pursue your own interests. But there are other good reasons for retiring early, and there are some reasons why retiring early is not the greatest idea. Your Dedication is Gone One of the good reasons to retire early is that you are simply not dedicated to working anymore. When you are no longer emotionally interested in working, your performance deteriorates and your company suffers. Working Took its Toll In some professions, such …
Long Term Care, Why It Matters
Millions of people in the U.S. are unable to care for themselves and need long-term care services. These people need assistance in performing one or more self-care activities of daily living such as eating, bathing, dressing, and executing basic movements like walking, sitting, or standing. Services can be provided in the patient’s home, a residential care community, nursing home, assisted living facility, adult day service center, or at a hospice. Housework, money management, shopping, organizing medication, and helping with communication are some of the other long-term care services that are provided. The need for long-term care services has grown as …
How You Can Catch Up For Retirement
By Nirav Desai Once we dive into our working years, retirement becomes the ultimate goal. Many of us relish the idea of slowing down, changing pace, and finally having all the time we need to pursue passions and invest in relationships. But we all know that in order to make those dreams a reality, you need the time and the money. In retirement, you’ll have three main sources of income: your retirement plan, savings and investments, and Social Security. A solid retirement plan focuses on the first two and uses Social Security as a backup. According to a 2019 Bankrate …
Money Conversation with Your Kids
Planning for retirement sometimes is filled with numerous preparations. One step at a time you put your life and your finances in order so that the remainder of your years are spent enjoying the lifestyle and security you have worked so hard to achieve. Preparing for retirement includes steps to prepare your children for the decisions you have made. Sitting down with them and laying out your plans is an important step in the process and one that can prevent misunderstandings and mistakes along the way. Let Them Know Long Before the Retirement Party When the timeline for retirement grows …
How to Recognize and Prevent Elder Financial Abuse
Financial abuse can be a complicated subject, but at its most basic level it involves taking advantage of an older adult through manipulation or intimidation to steal their money or property. What are the risk factors for financial abuse? Elderly adults are some of the most vulnerable to financial abuse. Some of the biggest risk factors for older adults include: • Isolation Isolation can cause extreme loneliness in seniors, leaving them desperate for any sort of social connection. Many abusers target elder adults for this reason. • Lack of knowledge of financial matters Elder adults who don’t pay much attention …
SECURE Act & Your Retirement
If you were busy with the holiday hustle-and-bustle, you may have missed some of the details of the SECURE Act. Your retirement planning process will likely need to be reviewed because of the SECURE, or Setting Every Community Up for Retirement Enhancement, Act. This act changes age restrictions on when you can contribute to a traditional IRA, when you will be required to take minimum distributions and how your legacy funds contained in a 401(k) plan can be dispersed by your loved ones. Required Minimum Dispersal Ages If you plan to keep working or have access to passive income that …
Retirement Resolutions for a New Year
Some Americans are making their financial health a priority in the new year with resolutions to increase savings, reduce debt, and cut unnecessary spending. According to a survey conducted by Fidelity Investments, the top motivation for considering finance related resolutions is to work toward living a debt free life, to get control of everyday expenses, and to save for a comfortable retirement. Of those who have financial resolutions, over half resolved to increase savings. Surprisingly, those surveyed said that committing to a budget is more important than committing to an exercise plan. The overall goal of many of the respondents …
Plan To Have Medicare Coverage For Your Winter Travel
As a senior you should plan to protect your health no matter where you might venture. If you currently have Medicare or a Medicare Advantage plan, you shouldn’t have any problems getting the care you need anywhere in the US. It’s when you decide to travel outside the US that you’ll likely encounter issues with your Medicare coverage. As a word of caution, you would be well-served to verify the scope of your insurance coverage anytime you decide to travel away from your home environment. That suggestion is applicable no matter what kind of healthcare insurance coverage you carry. What …
Qualified Charitable Contributions for 2019
We are nearing the end of 2019 and the opportunity to give for this year. If a person has reached the age of 70.5 they can make cash donations to charities that are approved by the IRS. If a person has reached the age of 70.5 they can make cash donations to charities that are approved by the IRS that are outside of the scope of their IRA. These qualified charitable distributions will allow a person to reduce their tax liability and save money when it comes to filing their income tax. The Qualified charitable distributions can be donated from …
The True Cost Of Withdrawing Early From Your 401(k)
By Nirav Desai Do you have a 401(k) through your employer? Lucky you! 401(k)s are an incredible resource to help you save for retirement. And if you’re really lucky, your employer may even throw in some money in the form of matching contributions to make your savings grow even more. After hearing all about how you should take advantage of your 401(k), you enroll in the program and begin diligently saving for your future. But then life throws a curveball and you need money to cover an unexpected medical emergency or fund a major house repair. It might be tempting …