Sunday, April 11, 2021

How Your Golden Years Can Be Your Best Years — Even on a Fixed Income

 



How Your Golden Years Can Be Your Best Years — Even on a Fixed Income


Living on a fixed income is commonly seen as being limited in the lifestyle you live. While it’s true that this can be the case, it doesn’t have to be. By budgeting, eliminating debt, and making a few other moves, you can live a restriction-free, fulfilling life in your golden years. If you want to know more about how to live well on your fixed income, read on for some practical tips from Boomers Retirement. 


Make a budget you can stick to. 


The first part of thriving on a fixed income is creating a budget. And to make a budget that you can stick to requires you to be realistic about all of your expenses. So, list all of your fixed expenses, including your mortgage or rent, insurance, groceries, and utilities. Then, subtract those expenses from your total monthly income (from all sources). This will show you how much money you have left for discretionary spending. 


At the very least, creating a budget should show you where you can make adjustments so that you can make the most of your money, even if that means undergoing a major life change to free up your finances for other things. 


Knock out debt.


There’s no getting around it: debt is a killer. If you are straddled with debt, there’s little opportunity for you to spend money on the things that bring you happiness. The first thing you need to do in order to enhance your budget is to work toward eliminating your debt. Pay off your credit cards as soon as possible, and avoid using them in the future unless you can comfortably make the monthly payments. This will help you avoid the staggering interest rates that come with them. 


Consider working.  


Along with tackling your debt, think of ways that you can pad your income. If you are able to work, look around town for part-time opportunities. Chances are there are a number of organizations and companies that will value your experience. This could mean picking up shifts at a local coffee shop, restaurant, art museum, or even at a company that specializes in the industry in which you spent your career.


Another thing to consider is going freelance. The freelance market is massive, and it includes almost any industry you can think of. For example, if you have customer service experience, you can use your skills as a freelance customer service agent. If you are a retired teacher, you can teach remotely in a part-time capacity. Even if your experience is in engineering, accounting, or consulting, you can find work-from-home opportunities through online job boards. 


See where you can cut. 


Finally, evaluate your budget and figure out where you can cut expenses. For example, if you live in a house that is much too big for your lifestyle, downsizing could save you a ton of money on mortgage, insurance, utilities, and taxes. Or, if you’re leasing a car every few years, you could save big by purchasing a late model or used car and driving it until it quits. Also, reassessing how you buy and use groceries can be a major money-saver. 


Try your hand at starting your own business.


For many retirees, adjusting to life on a fixed income can be difficult, even if you have no trouble sticking to your budget. Sometimes, you just want to enjoy a little more flexibility and a larger financial cushion. You can accomplish this by starting a side hustle right from your home! Many retirees find fulfillment in small business ownership.


Perhaps you’re already excited about a particular business idea. Once you’ve decided on a name, you’ll need to go about filing for a business entity in your state. After all, you need to make sure that your personal assets are protected, and naturally, you’ll want to find ways to save during tax season. If you’re not quite sure how to approach this process, don’t worry - you can work with an online formation service if you have lots of questions.


Just because you’re on a fixed income doesn’t mean your life has to be limited or unrewarding. Draw up a realistic budget, work toward eliminating all your debt, look for employment opportunities, and cut expenses where possible. Implementing these tips can help put you in a better position to flourish in your golden years. 


For more valuable resources and insight into retirement life, be sure to bookmark 

Boomers Retirement.



Karen Weeks

 

Monday, March 8, 2021

Heavily-Indebted Boomers Increasingly The Ones Going Bankrupt:

 BUSINESS (Canada)

02/10/2021 16:47 EST
Heavily-Indebted Boomers Increasingly The Ones Going Bankrupt: Study
Rapidly rising house prices are shielding indebted borrowers from insolvency, but for those without real estate, it’s a different story.

By Daniel Tencer

Amid the COVID-19 economic crisis, a lot of attention has focused on younger working Canadians, who have been disproportionately hit by job losses. But a new survey of consumer bankruptcies suggests it’s aging Canadians ― those over 50 ― who are increasingly ending up insolvent.

People aged 50-plus have seen their share of insolvencies jump since the start of the pandemic, from 28.3 per cent in 2019 to 31.4 per cent immediately after last year’s lockdowns, according to a study from insolvency trustees Hoyes Michalos. The study looked at 3,900 Ontario insolvencies filed with the firm.

This comes at a time when ― thanks to emergency pandemic income supports from the government ― the number of Canadians who filed for insolvency actually dropped by nearly 30 per cent, according to the Office of the Superintendent of Bankruptcy.

https://www.huffingtonpost.ca/entry/bankruptcy-insolvency-study-canada_ca_60244a6ec5b6ddb3581578be?

Tuesday, July 14, 2020

Seniors in the Midst of Downsizing


Sell, Rent, or Transfer: Options for Seniors in the Midst of Downsizing 



There are many circumstances in which moving into a smaller home makes more sense than continuing to live in a property that becomes burdensome. Many seniors find themselves in such a predicament due to physical ailments associated with aging. Despite a desire to continue aging in place, older individuals may need to downsize in order to find something more manageable and affordable. One major decision involved in this transition is the fate of a senior’s prior property. Depending on the individual’s unique circumstances, the home can either be sold, rented out, or transferred to a relative.

Selling It for an Increase in Capital

When purchasing a new property, most people instinctively assume that selling their prior house is the only viable option. While there are potential alternatives, this is certainly the most financially stable option. By selling their old home, seniors free up a significant amount of capital that can be put towards their new property. Due to the nature of downsizing, seniors should have some extra income left over to pay off bills, put toward savings, or to take a short vacation.

Seniors who decide to sell their property should hire a real estate agent to help ensure each step of the process goes smoothly. Real estate agents will ensure that your asking price is low enough to generate interest and high enough to leave you with a nice cushion. These professionals can also help you stage your property for listing photos and open houses. Make sure to hire a local real estate agent for a more focused approach.

Transforming It into a Rental Property

There are some seniors who don’t have to worry about affording their new property. With no financial need to sell your old house, you may decide to hold onto it and rent it out instead. This option will still provide you with a return on your investment while allowing you to maintain ownership of the property. You might even end up making more money through this monthly revenue as opposed to one lump sum from a sale.

Be sure to take note of the expenses that come with maintaining a rental property. For example, you’ll have to invest in repairs, such as structural damage and HVAC issues. For seniors who don’t have the energy or time to run the property themselves, there will also be an added expense of hiring a reputable property manager to look after things. You’ll still be able to come away with a positive monthly income, but these costs should always be accounted for.

Transferring Ownership to a Relative

Some older individuals won’t take money into consideration when deciding what to do with their old property. After decades of making memories, raising children, and celebrating holidays, it’s common for seniors to have a sentimental attachment to their house. Instead of selling it or having strangers live there, you can opt to transfer ownership of the home to a relative. You can rest assured that the home will be cared for without having to maintain it yourself.

If you’re downsizing into a new property without selling your old one to cover the cost, be sure to determine how much you can realistically afford to spend. Take a look at your income and savings account as well as the average price for down payments in the area. Setting a budget is a great way to ensure you don’t end up with a home that’s too expensive.

Seniors in the process of downsizing need to consider whether selling, renting, or giving their home to a family is the best option given their current financial circumstances and desires.

Photo Credit: Pixabay
Jim Vogel




Wednesday, July 8, 2020

USEFUL LInks For Seniors

Elders Welcome

WE WELCOME SENIOR CITIZENS AND THOSE WHO SUPPORT THEM.

– DARREN JOHNSON

https://www.elderswelcome.org/

Vaccines You’ll Need After 50

Check out this list of what to get and when

https://www.aarp.org/health/conditions-treatments/info-2018/every-vaccine-needed-after-age-50.html


Baby Boomer Addiction Resource

  • We provide free resources and information to help struggling individuals & families get their lives back on track.
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  • All content published on Alcohol Rehab Help is fact-based and original. It is all sourced from current scientific research, ensuring content is accurate, relevant, and up-to-date with current research and addiction terminology. 







Thursday, February 20, 2020

Valuable Boomers' & Seniors' Resources

Another valuable resource we will put on our Boomers International Web Site page.  
https://www.newmouth.com 

"Effects of Drug Addiction on Oral Health" page here:
https://www.newmouth.com/oral-health/effects/drug-addiction/  

Christine Bell
Community Outreach
New Mouth



Top resources my members find most useful:

Top resources my members find most useful: 
Carol Marak, the editor at Seniorcare.com. 

Sunday, January 12, 2020

An email that we received and wanted to share here:


My name is Christine Bell, and I represent the Community Outreach team here at NewMouth.com.

According to the Centers for Disease Control and Prevention, over 31% of adults between ages 20-44 have untreated dental caries. One out of every two American adults over 30 has periodontal disease.

New Mouth was created to keep the public educated about current dental care practices, oral health basics, and how to find the best treatment possible.

Our team of medical writers and dentists provide the most up-to-date dental information in every vertical, including general, pediatric, restorative, cosmetic, and orthodontics. We also connect patients with the best dentists in their area depending on individual treatment needs.

Our goal is to be a one-stop-shop for all of your dental and oral health needs! 

Christine Bell
Community Outreach 
1550 Wewatta St. 
Denver, CO 80202

Monday, July 29, 2019

Retirement planning is more than just Social Security, an IRA, and a 401K, it’s important to also consider
your healthcare.
<h2>Create an Advance Directive</h2>
An advance directive is a document that names someone you trust to make health decisions if you can’t.
It’s basically a durable power of attorney that you can obtain from your attorney, health provider, local
aging agency, or state health department. You’ll want to carry a copy on your person, as well as give a
copy to your attorney (if you have one), healthcare provider, family, and friends.
<h2>Devise a Long Term Care Plan</h2>
According to the Center for Medicare and Medicaid Services, 70% of all persons 65 and over will require
Long Term Care (LTC) at some point. It’s important to note that <a
href="https://www.senior65.com/medicare/article/what-medicare-doesnt-cover1">Medicare doesn’t
cover Long Term Care</a>, therefore devising a long term health plan while you’re healthy will lessen
confusion for you and your loved ones if an emergency or serious illness occurs.
LTC is considered custodial care which includes bathing, housework, caring for a pet, eating, and long
term nursing. The ways to plan for this type of care is to designate a family member or friend for your
custodial care, research Long Term Care facilities in your area, and look into Long Term Care insurance.
LTC insurance can be very expensive and should be purchased as early as possible to be affordable and
meet eligibility requirements.
<h2>Medicare Options for Short-Term Care</h2>
There are other health issues that can come up during your retirement other than becoming
incapacitated or needing custodial care. For instance, Skilled Nursing Facility, Inpatient Rehab Facility,
and Home Health Care are there to meet your needs if you have an injury or a stroke or are in need of
short term care. If you have Medicare, Home Health Care is at no cost to you, except for durable
equipment, but if you need Skilled Nursing Facility or Inpatient Rehab Care you could owe quite a bit out
of pocket because deductibles and coinsurance applies.
Medicare’s limitless out of pocket costs can be lessened if you have job-based insurance, VA benefits,
Medicaid, other retirement benefits or <a href="https://www.senior65.com/medicare/article/what-is-
medigap">Medicare Supplement insurance</a> (Medigap) or a <a
href="https://www.senior65.com/medicare/article/what-is-medicare-advantage">Medicare Advantage
plan</a>. As with Long Term Care, you’ll want to purchase Medigap early (when you first enroll in Part
B) to ensure eligibility, as well as keep the cost down.
Along with all of the above, preventive care, like exercising regularly, eating a well-balanced diet,
quitting smoking (Medicare helps with smoking cessation), visiting your doctor regularly, and getting
your vision checked, can help prevent illness, falls, and injury.

Author Bio

Amy De Vore helps boomers understand the difference between <a href="https://www.senior65.com/
medicare-insurance">Medicare Advantage and Medigap</a> for Senior65. When she isn’t writing about
healthcare she is an MFA candidate at University of Riverside, California.