Financial Planning Earlier in Life for Later in Life Needs
25 or 45: Why We All Need To Have Do Financial Planning For Later In Life
One in three Americans have no retirement savings at all and almost half of Americans have less than $10,000 saved for their retirement plans. Financial Planning – Whenever you think of your financial future, often one word pops into your mind: security. Whether you are just starting out in the world of work or heading rapidly into retirement, it is important to think about and plan for your needs later in life. Taking the time to financially plan allows you to be in charge of your family’s financial future. Whether you end up being a care partner or may need assistance yourself, planning for your future is essential. Here are three great reasons to start your financial plan today.
The Retirement Factor
As we come to the natural end of our career, our income will change. Loss of a monthly salary and benefits provided by your employer can significantly affect your quality of life. This is where great financial planning comes in. It is time to start thinking of a retirement financial plan. A sound financial plan gives you stability in retirement and can also help you in achieving those ideal retirement goals of yours. How does it do that you may ask? Sitting down to map out your vision and the lifestyle you wish to maintain after retiring, allows you to envision exactly what you need to fund that vision.
Regular contributions into retirement savings account such as IRAs or employer supported 401 (k) plans are great ways to get started. Investment tracking tools are great for helping you manage your investments both before and after retirement. With different income streams in retirement, it will be important to keep track of them. Feedback about SigFig, Mint and the Personal Capital Review suggest that automated investment apps gives you more autonomy and freedom over your investments.
The Health Factor
As we age, we take every precaution to live healthier, more active lives. We eat a healthy diet, make time to exercise and invest in vitamin supplements. One other thing we should be doing: planning ahead for your medical needs. Whether it is planning for long term care expenses or putting away savings for any medical expenses that may pop up, thinking ahead about how you will fund your needs is a great proactive and important step.
Making allowances for your medical care means when the time comes, you will not be flustered looking for finance at the last moment. You also get the time and option of choosing how to fund these needs. Options for funding range from savings, investments made earlier in your career, with your pension or by even choosing to buy a long term care annuity. Choosing to get a care policy earlier rather than later can save you thousands in premiums. In 2017, a survey by Northwestern Mutual showed that healthcare costs were the number one fear of Americans when saving.
The Uncertainty Factor
When thinking about the future, most of your decisions are bound to be made on estimations. This is precisely why planning for the unknown is important. While we cannot guarantee what will happen, being prepared for the event of an unexpected loss, family emergency or even the volatility of the market place reduces stress and as a bonus, minimizes the chances of you having to turn to expensive debt options. Planning ahead while you have the time and ability to makes sure it is done and dusted, potentially avoiding any vulnerability later on.
Finally, take into account your personal situation and of course, your risk appetite. For someone with a more conservative appetite, investments in bonds and securing long term healthcare insurance policies may be preferred. Others may tolerate higher risk options in exchange for a higher return. While the future may contain some aspect of uncertainty, there are certainly a number of effective steps you can take today to better prepare for the future. Whether you begin by simply putting away as much as you can each month or by pursuing an investment portfolio, it is vital that you get started on your financial planning future.
Long Distance Caregiving – From Charlotte Today – Podcast 118
Long Distance Caregiving
Research indicates that long distance caregiving actually costs more money. Travel expenses, paying for in-home caregivers, etc. attribute to some of those.
I’m well acquainted with the latter reason. When my mom lived in Florida, and before she moved to North Carolina to be with me, my wife and I paid for her to live in a condo that we bought.
While the context of this podcast is about mom or dad living at home, you still have to be just as vigilant if mom or dad are in a care facility.
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Happy, Healthy Menopause? Yes!
A Guide to Stay Healthy and Happy After You Reach Menopause
Physical and hormonal changes are always hard on women, be it the start of the menstrual cycle, ths a gynecologist make onset of adolescence, motherhood, or the dreaded menopause. All such changes can be better dealt with by a strong support system and some personal research but menopause and life after it can be particularly hard for women to cope with, as it is certainly difficult for others to understand. Menopause perhaps signals aging and brings about drastic physical changes in some women, while others are plagued by sudden anxieties and bouts of depression. However, you don’t have to suffer continuously and suffer alone during and after menopause- there are a few changes you can make in your life to stay healthy and happy.
Exercise regularly
It is a good practice at any age to exercise on a regular basis, to maintain good health and fitness. However, it is even more important for a woman post menopause as it helps the body adjust to the recent changes, and releases endorphins, which calm the mind and ease the senses. One can also find a group to exercise with, for increased motivation and to build new friendships.
Give yourself quality time
Women often forget to look after themselves because most of them are busy taking care of everyone around them. After she reaches menopause, it is imperative for a woman to take a well-deserved break, and spend some time with her own self. Me-time is good for introspection, contemplation and more simply, for relaxation, and can help you recover what you loved about yourself.
Regular check- ups
Even if you feel annoyed or awkward about seeing a gynecologist, you must see one especially post menopause. A lot of women suffer silently as they are reluctant to speak to a doctor about their intimate health, but no one can assist better in this field than a medical professional. Gynecologists are not people to be afraid of. They’re there to help you understand your body and its needs better. Some people think doctors like gynecologists are unnecessary and are only interested in taking your money. How Much Does A Gynecologist Make You might have wondered. Even if they charge more than the average MD, these are the doctors you can speak freely with about your personal health and issues that might bother you post menopause.
Balanced diet
Women’s bodies grow very weak in calcium, particularly after menopause, when they start aging. It is good to eat foods rich in calcium and iron and lots of fresh fruits as well. Caffeine and alcohol should be limited in consumption, as they can increase stress levels and alcohol certainly helps cause depression when taken limitlessly.
Lastly, don’t forget to reach out to your friends and family, who can act as great caregivers. Remember that they love you, and often being with loved ones has a greatly positive impact on mental, emotional and physical health. At a post -menopausal stage, it is important to keep track of your blessings and surround yourself with the peace that comes with being with people you’re close to.
Our Friday Song of the Week – Margaretaville
Our Friday Song of the Week – Margaretaville
Estate Planning is for Everyone – Charlotte Today – Smilecast 117
Estate Planning is not Just for the Rich
Estate planning is misnamed, because it implies that one must have extensive assets to even consider an estate plan. That is not true.
“Everyone needs an estate plan because it is simply about control and protecting the ones that you love,” according to my friend Wendy Witt.
As she emphasized, it’s not just for the rich. It’s about creating a set of instructions so people know what to do and when if you’re not there to tell them anymore. It’s more than about money. It’s about making sure your kids are protected and cared for, making sure your wishes are carried out and yes, even keeping peace in the family she says.
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