July 12, 2019
July 11, 2019
Courtesy of Anica Oaks
The average retirement age in the U.S. is 62, but many Americans dream of retiring 10 or 20 years earlier than that. While early retirement is a dream, the pressing demands of reality and the cost of living make it too far-fetched for most. You may be on the brink of meeting your savings goal, and selling your house might be the final step you need to finally bid your days working a 9-to-5 goodbye.
If you’re contemplating selling your home for early retirement, here’s what you need to know.
Your Home’s Value Isn’t the Most Important Factor
Depending on how long you’ve lived in your house, you could wind up selling it for double or even triple its original closing cost. If your mortgage is paid off, then you’ll have even more money in your pocket to put toward retirement. However, there are a lot of other factors to consider when selling early, particularly real estate tax and buying a new property.
You will have to pay taxes on the home you sold; profits up to $250,000 are tax-free, and that figure doubles for couples who are married and filing a joint return. This could wind up putting your final amount down to a lot less than you expected, and you’ll have to use that money to put a down payment on your new home.
While having a valuable property is certainly an advantage as you approach retirement, it doesn’t guarantee that you’ll be able to retire earlier than planned.
The Cost of Living Can Change
If you want to sell real estate, you have to look at more than just the housing market. You must also consider the average cost of living, employment rates and the economy that will affect both you as a seller and potential buyers. This means that what you can afford to live off of now may not be enough in the future, especially if you decide to retire to a more expensive location.
The Final Verdict
Early retirement is possible, but it’s becoming less of a tangible reality for people as the cost of living in America continues to rise. While you can sell your house and put away a fair amount of money into your savings, you should carefully consider how much money you’ll need to sustain yourself throughout retirement before you make any major decisions.
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June 10, 2019
As a caregiver of an elderly parent, getting away is a must. But it can also be very difficult. It can be even more difficult if you don’t have a backup plan to help when you are away.
If you’ve decided to book a vacation that includes your elderly or cognitively impaired parent, make the most of it. You want to make great memories with your parent, but also want your vacation to be relaxing and memorable for yourself and your family. The answer is to plan very carefully and look at a few options.
You will need to plan and pack meticulously.
- Make sure that you have medical clearance
- Pack medication and any necessary paperwork
- Make driving comfortable
- Plan frequent breaks during travel and while vacationing
- Relax and enjoy time together
For additional relaxation and downtime, you may want to consider hiring a caregiver to travel with you – which could be very costly. Another option would be to find a destination that provides secure vacation and temporary accommodations for your elderly or cognitively impaired parent.
Market Street at East Lake is in beautiful Tarpon Springs, Florida which is a vacation destination! Market Street at East Lake offers limited vacation stays in a resort-style setting with chef prepared meals, private label wine and fully furnished suites in an assisted living and memory care facility for your loved one.
While your loved one is in a safe and secure environment, you can enjoy the aspects of your vacation that you, as a caregiver, need in order to recharge and energize. If you choose a destination with a facility as accommodating as Market Street at East Lake in Tarpon Springs, you have the option to drop by and pick up your loved one for a pool day or dinner. It could be the perfect solution that you have been looking for.
Come and see what Market Street of East Lake has to offer your loved one.
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April 11, 2019
November 2, 2018
September 20, 2018
By: Darleen Mahoney
Its almost that time of year again…Snowbird season! It begins in October and runs through April. I live in Florida and you could almost change the name from the Sunshine State to the Snowbird State! They flock down in the winter from New York, New Jersey, Michigan, Canada, and really any state where the temperature is frigid, and the snow plows are a plenty. According to Florida Realtor Magazine, by 2025 one in every five people living in Florida will be elderly.
Two million baby boomers head south every year. Most snowbirds are between the ages of 50 and 69. They are active, well-educated and adapt to the warmer lifestyle quite well.
Have you ever considered a snowbird style retirement? Many purchase Independent Living or Retirement living homes in communities and spend their winters enjoying fun in the sun with their seasonal friends while avoiding the harshness of the winters back in their hometowns.
So, let’s talk turkey, I mean “snowbird”. It’s a nickname for the Junco bird, but it’s used to describe a group of seasonal travelers who go to warmer climates. The term has been affectionately known to describe retirees specifically.
Where are the snowbirds coming from? About four out of five international snowbirds traveling into the United States yearly are coming from Canada. Many of these snowbirds will eventually sell their winter homes and move permanently and make their Retirement Community home and become a “sunbird”.
While Florida is well known for being a desired Snowbird destination; Arizona, Las Vegas, Hawaii, California, and Texas are attracting more seasonal retirees. In Texas, they have a different term of endearment. They are known as “winter Texans”.
If you think becoming a Snowbird is right up your ally, consider the packing, the winterizing of your home, the address changing, tax preparation, and ordering prescriptions. The checklist goes on and on and should be considered and well planned out.
On a very positive note: “Snowbirds: Seasonal Migration of the Elderly in Florida” study shoes that more than 63 percent of snowbirds rate their health as “very good” or “excellent”. In the same report, those that live in the same area year around, reported to have more complicated health issues.
At the end of the day, what any Snowbird needs the most is a retirement community with the amenities and location that meets all their needs. If you think the Snowbird lifestyle is a good choice for you and you need to start your search for a southern retirement living community, visit SeniorLivingGuide.com where many options are located in one place.
The Snowbird lifestyle allows Seniors to enjoy the best of both worlds, they are able to spend their summers in their hometowns with their family and friends, maintaining a aging in place lifestyle. In the winter when the weather is less than desirable, they are able to leave and spend time in a more resort style senior living community in a fashion that may be more of a vacation, lending to a more healthy and happier retirement.
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September 13, 2018
August 8, 2018
June 22, 2018
By: Darleen Mahoney
By definition, an Assisted Living Facility (ALF) or assisted living community is housing for the elderly or the disabled that provides nursing care, prepared meals, housekeeping, and other services.
What you can expect from an Assisted Living Care Facility is continuing care providing a combination of personal and health care services designed for individual needs. They offer daily activities, coordinate patients health care, supervise and ensure the overall well-being of their residents.
While the facility may assist in arranging the healthcare for their residents, those residents typically choose their own medical and dental care providers.
Please keep in mind that these communities are intended to be the next step for those who can no longer live alone, but do not provide the same level of care that a nursing home would.
These communities can be freestanding communities or part of larger facilities such as skilled nursing homes, hospitals, continuing care retirement homes, or even part of independent housing communities.
The benefits of Assisted Living Facilities:
- Maintain a patient’s independence while providing the help they currently need is the primary goal
- Family relationships and engagement with the community is encouraged
- Patients level of care is based on need, as their needs change, their care changes.
Most patients of Assisted Living Facilities are seniors, this includes those with memory challenges such as dementia and Alzheimer’s disease.
You can rest assured that most states require certifications and licenses in order to register as an ALF.
What can you expect in your actual accommodations? These can vary greatly from one facility to the next. Some might have private rooms, baths, and kitchenettes, others might not. If you would like to see what is available in your area, visit us online at www.SeniorLivingGuide.com, click on Assisted Living at the top of the page, choose your state and city/area of interest, take your time, and see what they have to offer and what meets your needs.
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March 28, 2018
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By Janet Campbell [email@example.com]
As a senior, there may be several reasons for wanting to downsize your home. You may want to move closer to loved ones, to a warmer area, or because of financial reasons. Whatever the case may be, there are certain steps that can ensure that a smooth and easy transition.
Finding the Right Home
Deciding on the right home for your golden years can take a bit of reflection and research. Before attempting to downsize your current home, make sure that it is a financially viable solution. Typically, if you can’t cut your living expenses by 25 percent, it may not be a suitable option in the long run.
If you know that it makes sense financially to downsize your home, there are many other things to consider; your lifestyle is an easy place to start. For example, perhaps you are still working and need a dedicated office space. Or perhaps you intend on having family or other guests visit, and need extra living space. Other factors to consider are purely practical: How easy is it to move around? Can you access all of the appliances? Is it in the right location for your needs? Is a condo or single family home more practical? Try to brainstorm everything you are going to require, and see to it that your new living situation meets those needs.
Once you have established where your new home is going to be, it’s time for the hard part: deciding on what to keep and what to get rid of. The floor plan of your new home is key: if you know what furniture and other possessions will fit and what won’t, it will make the decision process much easier.
An article published in the New York Times outlined some of the benefits of hiring a professional moving manager for seniors. These moving managers specialize in helping seniors make the tough decisions, such as what to store with relatives, what to sell at auctions or liquidate, and what to throw away. They also take the brunt of heavy lifting, which can be extremely hazardous for elderly people to take on. Furthermore, they allow you to separate yourself from the moving process, which can be a daunting and potentially traumatic experience.
Making the Move
A moving checklist can help make your move as organized and smooth as possible. This checklist includes creating a division of assets—a who gets what—among your family, friends and loved ones. This should be done well in advance of the move date to avoid any contention in what can already be a stressful time. Be assertive about re-homing your items, and don’t focus on what you’re losing, but on what you’re giving to someone else. Keep the belongings that are most sentimental to you, and be willing to settle for photos of anything you simply don’t have the room to keep.
Pack one room at a time and be strategic — put clothing, linens, and small accessories in suitcases instead of boxes, for example. Use small boxes for heavier items and large boxes for lighter items to make for easier transport. Labeling boxes for what goes where can also save time and improve efficiency.
The most important thing to remember when downsizing and moving to a new home is to be patient with yourself. Make extra time for you throughout this process by eliminating tasks you may not necessarily have to do. For example, consider a grocery service, dog walking service or dog boarding service. By employing such services, you will save yourself both time and hassle so that you can focus on the somewhat difficult process of moving.
Because moving from a beloved home into an unfamiliar one can be an emotionally trying time, so allow yourself space to grieve and don’t hesitate to reach out to family, friends, religious leaders, or a counselor for support. Once you’ve had time to heal, you’ll see the beauty in living a simplified life and be glad you made the change.
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