August 6, 2019

5 Low-Stress Tips for Managing Your Finances After Retirement

Filed under: Financial Planning,Retirement Planning — Tags: , , — seniorlivingguide @ 4:21 pm

Low Stress Retirementby Anita Ginsburg 

Making the transition from being an employee to living on a fixed income as a retiree is a difficult process for many people, and that is why you need to take a look at your financial future well before your last day of work. With the proper financial plan in place and a little bit of foresight, you will be able to avoid some of the most common mistakes that retirees make.

Come Up with a Detailed Budget

Many experts agree that writing out a comprehensive budget is one of the most important steps in this process. You won’t be able to properly manage your finances after you retire if you don’t track all of your expenses and sources of income. Once you have a budget, it will be much easier to live within your means.

Establish an Emergency Fund

There are quite a few reasons why a retired individual should set up an emergency fund. As you grow older, you might have to deal with a wide array of serious medical issues, and treating those conditions is going to add up. Even if you have excellent insurance, paying the deductible could still be quite costly. You could also experience other common mishaps such as burst pipes in your home or emergency repairs for a vehicle.

Double-Check All of Your Insurance Policies

At least once a year, you should take a look at all of your insurance policies to make sure that you have adequate coverage. Your insurance needs are constantly going to change, and having the right coverage could help you avoid a few major headaches. In addition to health insurance and your homeowner’s policy, you might also want to consider coverage for potential end-of-life expenses and funeral costs.

Explore Financial Assistance Programs

There are hundreds of financial assistance programs for seniors, and signing up for those programs could save you huge sums of money. Many state governments offer financial assistance to seniors for basic expenses such as groceries and utility bills. You might even be eligible for discounted home upgrades like solar panels or a tankless water heater.

Downgrade Whenever Possible

As you grow older, you will probably be able to downgrade quite a bit without altering your lifestyle too much. Instead of leasing a brand new car, you should consider purchasing a reliable used vehicle with excellent safety ratings. Many retirees also sell or rent out their larger homes and move into smaller condos.

Planning out your finances for your retirement years might seem like a stressful task, but that extra work is going to pay off in the end. These few tips will allow you to enjoy your retirement years instead of constantly worrying about money and unexpected expenses.

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August 1, 2019

How to Take Care of Your Home as a Senior

Filed under: Real Estate,Seniors — Tags: , — seniorlivingguide @ 1:21 pm

caring for a home as a seniorBy Lizzie Weakley,

Home maintenance gets more difficult as you get older; but with intelligent upgrades and smart planning, you can greatly reduce your burden. Try these tips to keep your home in excellent shape throughout the years.

Upgrade Your Floors

High pile carpet isn’t just difficult to take care of; it’s also easy to trip on. Make your house safer and easier to maintain by switching to non-slip flooring. Look for vinyl laminate or another material that you can easily keep clean. If you decide to include decorative rugs, remember to choose thin, flat mats that won’t cause you to trip.

Make a Maintenance Schedule

It’s easy to forget important maintenance tasks as the years go by. Create weekly, monthly, and semi-yearly maintenance schedules that list all of your necessary jobs. Include things like cleaning out gutters, checking on the condition of your plumbing, and changing air filters. Once you have a list, it will be easy to identify the tasks you can complete and the tasks that you need help with.

Modernize Your Electrical Mains

The modern world requires a surprising amount of electricity. Modern appliances and entertainment devices all use a higher voltage than older models. If you’re still using an old power source, an electrical mains upgrade may be in order. This is a low-hassle job that can usually be handled in a single visit. Once the upgrade is complete, you’ll be able to use all modern appliances without risking a short circuit or an overload.

Hire Lawn Care Professionals

You deserve to have a beautiful yard without spending time mowing the lawn or weeding the garden. Talk to a lawn care professional about regular seasonal maintenance. Contractors can help you cut tree branches, prune bushes, reseed your lawn, and turn over the soil in your garden. Even if you like taking care of your lawn, save your health by hiring a contractor for the more difficult tasks.

Install Window Tint

When direct sunlight enters your home, it fades your possessions, peels your flooring, and increases your heating bill. A layer of tinted window film is a quick and easy fix that will keep your house significantly cooler in the summer. Window film can be cleaned directly, and it peels off without damaging the glass underneath.

Home maintenance is an endless task that follows us as we age. Work with local contractors to keep your home in excellent condition and greatly improve your quality of life.

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