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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July 2, 2019

4 Ways to Get Quick Cash as a Retiree

Filed under: Financial Planning,Retirement,Seniors — Tags: , — seniorlivingguide @ 1:06 pm

Quick Cash for SeniorsCourtesy of Lizzie Weakley

If you are now retired and no longer get your income from working a full-time job, there are several clever ways to make some extra cash when money is tight. Many of the best ways to earn a passive income don’t require a lot of strenuous mental or physical labor. Here are a few ideas for making some extra money as a retiree.

Attend Focus Groups

Taking part in focus groups merely involves giving your opinions on certain products, services or social issues. You might get the chance to try a new food product, give your opinions on the latest electronics, or even take part in a mock jury for an upcoming trial. Many of these focus groups will pay handsomely for just a small amount of your time (possibly as little as one hour). Payment often comes in the form of cash, a check or a gift card.

Work as a Sitter

Whether you want to babysit, housesit or pet sit, you can make money by acting as someone’s eyes and ears when they’re away to ensure that nothing bad happens. You’ll want to have references so that people who want to hire you can verify them to guarantee that you’re trustworthy. You can be a sitter as part of a one-time gig or sit more regularly on your own schedule. To find sitter jobs, there are websites for specific types of sitters that you can browse and join.

Sell Your Life Insurance Policy

You might be asking yourself, “Can I really sell my life insurance policy for cash?” the answer is yes if you meet certain eligibility criteria. Through a process known as life settlement, you can usually sell your policy if you are 70 years of age or older and your policy totals $100,000 or greater. A person who is under the age of 70 might be able to sell their policy if they’ve been diagnosed with a terminal illness. The policy types that can be sold include term life, whole life and universal life.

Sell Arts and Crafts Online

If you have a knack for creativity, you may be able to turn your skill into a money-making opportunity. You can sell any unique pieces of artwork or crafts that you make to customers online and watch the money come into your bank account. Selling items with holiday themes can be especially lucrative around holidays. There are several arts and crafts websites that you can join to start selling your goods.

Supplementing your income as a senior doesn’t have to involve a lot of backbreaking labor. By tapping into the right resources and putting your already-existing skills to work, you can make the money that you need in almost no time.

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March 15, 2019

Gearing Up for Retirement? 4 Questions to Consider Before Beginning Your Journey

Filed under: Financial Planning,Retirement — Tags: — seniorlivingguide @ 9:50 am

Retirement Questions

Courtesy of Lizzie Weakley

Retirement is the opportunity to enjoy more free time than just about any point in one’s adult life. However, it is not a decision to take lightly. In order to become properly prepared for this major life transition, you should consider a few things. Below are four important questions that should be addressed before beginning a journey into retirement.

Am I Financially Prepared for Retirement?

One of the biggest concerns, of any retiree, is outliving their retirement funds. It is important to consider how long a retirement fund should last. Factors that should be considered are the already existing money saved up and the income generated from Social Security payments, pensions, dividend payments, and disability payments. It is also important to consider that one may live longer than expected. By preparing for a retirement that can last multiple decades, financial concerns will be left at a minimum.

How Do I Plan to Spend My Day in Retirement?

Retirement can be more than just sitting on the sofa watching TV, surfing the internet, or reading the morning newspaper. This phase of life is the opportunity to try new hobbies, create new social relations, or pursue new opportunities. Retirement is also a time to concentrate on becoming physically active. It is a good idea to have a way to structure one’s day to ensure that retirement is both productive and rewarding.

Should I Continue to Work Part-Time or Consult During Retirement?

While retirement is a time to escape the daily grind of work, one should consider if working part-time or consulting is in their best interest. A long career, in one field, can make one eminently qualified for highly part consulting or part-time work. And this added income can make retirement more comfortable and exciting.

Should I Move?

Many retirees prefer to sell their current home and move to a place more conducive to a retirement lifestyle. That can include moving to a beachfront condo, adult active community, or even seek something unique such as seeking out luxury mountain homes for sale. Retirement should be an opportunity to move to a fun, exciting, and desirable location.

Retirement should be a time to further develop yourself and explore your passions. And having a blueprint for a productive, protected, and active retirement will play a major role in the quality of this phase of life. Use the above questions to help make this unique phase of life both fruitful and rewarding.

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