Retirement Planning Store, Inc.
  • Home
  • LTC
  • Insurance Review Service
  • Privacy Policy
  • Contact Us
  • Blog CMS
Like us here

How to Make Things Easy for Your Loved Ones When You Die

8/10/2022

0 Comments

 
Picture

No one likes to think about the day they will no longer be here to enjoy time with family and friends and bask in the wonderful things of this earth. However, death is one of the few certainties of life and it is important to think about how to make things as easy as possible on your loved ones when you pass. Here are three ways that you can ease the burden of your passing for your loved ones.

Take Care of Debt

When you pass away, your estate will be accounted for. This will include all your assets, including real estate, bank accounts, retirement funds, and other property. When you die with debt, that debt is passed down to your descendants to be paid for from the estate. By paying off your debts before you pass, you significantly increase the amount that will be left to your beneficiaries. This will help them to cover probate fees, burial costs, estate taxes, and more.

Create a Plan

Creating an estate plan is one of the most beneficial ways to help your loved ones manage your passing. Without a clear plan that is easy to implement, your family will be tasked with the nearly impossible job of blindly managing your estate, guessing at your wishes, and grieving for your loss all at the same time. There are several factors to consider in an estate plan. Do you want a memorial or a funeral? There are important distinctions between the two. For example, unlike memorials, funerals usually take place with a casket present. Additional factors to include in your estate plan are your will, assigning durable power of attorney as well as medical power of attorney, and completing your advanced health care directives.

Develop a Living Trust

Few things will simplify your passing like a living trust. When you have a living trust in addition to a will, your loved ones can avoid probate, eliminate squabbling, reduce estate taxes, and keep your estate off the public record. Additionally, a living trust can protect your interests if you are alive but become incapacitated. Furthermore, developing a living trust can save money by avoiding probate fees, lowering taxes, and increasing investment gains through the services of an investment professional.

You have always taken excellent care of the people you love. You can continue to care for them after you pass with a living trust, a clearly defined estate plan, and paying off your debts. By doing so, you will significantly ease the burden that your passing places on your loved ones, offering them one last gift of love.

Check out this article on how to protect your assets in the event of your death!

0 Comments

Moves To Make Before Rates Rise Further

8/4/2022

0 Comments

 
Picture

As the months continue to pass interest rates continue to rise as the federal reserve attempts to stave off some of the wild inflation that has taken a grip across the country. With prices rising several percent across the board year to year, if interest rates keep rising the financial options at your disposal will continue to change. To set yourself up for the long term, you need to start acting now and get a few things done before rates rise again. Here are three moves that you need to make before rates rise further.

Pay Down Credit Card Debt

The first thing that you should do to set yourself up before rates rise further is to pay down your credit card debt now. According to The Balance, the interest rate you pay on your credit card is variable over time, and most people aren’t aware that this happens. As the base rate changes (the base rate is what the federal reserve adjusts) so too does your credit card interest, but usually at a much faster rate. If you are carrying around balances on your credit cards, now is the time to pay those balances off to avoid even larger interest payments down the line.

Refinance Your Mortgage

Another critical move to make before interest rates rise further is to refinance your house. When you buy your house with a mortgage loan, you usually lock yourself into a fixed interest rate loan. But if your current interest rate is higher than the mortgage rate you could qualify now, this is the time to refinance. If current rates are lower than your mortgage rate, Equihome Mortgage reminds us that refinancing can save you money. The key is refinancing before rates rise and you can’t get lower interest, so be sure you are taking action right away to make a difference.

Buy A Car

The final move that you should make before rates rise any further is to buy yourself a car. If you are nearing the time for a new vehicle in your life it is probably in your best interest to purchase now. This is especially true if you are planning to lease a car, as the interest rates will impact the monthly price you pay. Cars often require loans too, so keeping that interest rate low is also crucial.

Interest rates are still climbing, and it doesn’t look like they’re going to stop anytime soon. To prepare yourself for this, make these three moves that will help you avoid the negative impact of higher interest rates. Doing so will save you money in the long run and give you more financial flexibility.

Check out this article on when you need a lawyer to help with financial matters!

0 Comments

Why Bonds Shouldn’t Be the Only Asset in Your Portfolio

8/3/2022

0 Comments

 
Picture

When you are new to the world of investing, you may start with a single type of investment to get your portfolio started. In many cases, this tends to be bonds because they are a fairly dependable investment that can yield consistent results. However, you don’t want to continue building your portfolio with only bonds. Having a mix of different asset classes will help you to have a healthy portfolio.

Diversification

One of the most important parts of your portfolio is that you want it to be diverse so you have a little protection from risk and more potential for gain. Bonds can be a good source of positive investment but they are unlikely to yield a huge amount of profit. When you add a variety of other investment types you can help to beef up your portfolio. You can start to think about diversifying in ways that will make investing more fun and more successful for you.

Inflation

You also need to think about how inflation can impact your investments. With bonds, you aren’t really going to see any benefits from the inflation that the world experiences. But other kinds of investment assets can actually gain value as investment goes up. For example, gold tends to gain value during times of inflation. When you keep inflation in mind you can start adding additional assets that can take advantage of that aspect of investment.

Flexibility

When you have only invested in bonds, it can be difficult for you to make sure you have the flexibility to manage your investments the way you wish. When you are working with any one single type of investment you are always going to run into issues with flexibility. And when you want to make changes to your style of investing, it is hard to do with only a single asset class. When instead you make sure you have various types of investments, you can make sure that you are constantly moving forward and have the ability to make changes when you need or want to.

It is important that you take time to research all of your investment options so you can make a solid portfolio for yourself. That gives you an option to make sure that you are supported by your investments and not just the other way around. When you diversify your portfolio and move away from only having bonds you can get more from your investments.

Check out this article on what you can do with the equity built up in your home!

0 Comments

How to Help Your Parents With Estate Planning

8/3/2022

0 Comments

 
Picture

Estate planning is an important part of making sure that you and your family are taken care of over the years. But many people put it off and then become overwhelmed when they have to take care of it later in life. If this is the case for your parents, it can help for you to be there for them with support and information so they can complete their estate planning in an easy, successful, and stress free way.

Run Their Plan by a Professional

Most people don’t really know what they need to do for their estate plan or what kinds of things need to be included. But there are professionals who specialize in that kind of work and can help you figure it out. Sometimes the best course of action is to help your parents make their plan and then to go together to a financial advisor who can look over the plan. They will be able to fill any gaps and give you advice on things like the wording you use and what to include in the estate plan. They can also offer general and specific guidance on the kinds of changes your parents may want to make to their estate plan.

Make Sure They Have a Will

In general, people don’t want to think too far in the future because there is a lot of worry and stress there. But it is essential to have a will so that your assets are properly distributed. This is also true for your parents. Probate will be much more straightforward when there’s a will. Which means that there will be less stress for everyone involved when your parents assets need to be distributed.

Be Available to Answer Questions

It is a good idea to encourage your parents to plan their estate, but you may want to let them take the lead. In this case, your best course of action may actually be for you to simply let them know that you are available if they need help. That way they can take control of their own estate plan but also rely on you if they have questions or want to talk things out. This will help you to keep your relationship going strong while they estate plan so that you aren’t overstepping any boundaries.

When you help your parents plan their estate you can give them peace of mind. This is because they will know that their needs and your needs will be met over time. Figuring out an estate can take time, but it is worth the effort.

Check out this article on how to produce regular income streams in retirement!

0 Comments

Big Decisions You Need to Make Before Retiring

8/3/2022

0 Comments

 
Picture

If you’re coming up on potential retirement, congratulations! That is no easy task. Before jumping right into it, however, you’re going to need to plan some things. Here are a few big decisions to consider before putting things in motion.

When to Retire

The answer to this question is going to be different for everyone. You might find yourself locked in a battle between your wants and your needs. For example, it might be best to hold off on retirement for financial reasons, even if you’re very close to what you need. When it comes down to your savings, it’s better to be safe than sorry – you don’t want to get caught in an emergency after retiring that drains your bank account drastically. Carefully calculate when you will have more than enough to retire. Keep payments on homes, loans, or insurance in mind. Know the economy and the market well enough to make an informed decision.

Where to Live

If you can afford it, you might want to consider picking an entirely new location to retire in! Many of the world’s typical vacation spots, unfortunately, are already struggling under the weight of foreign retirees. Hawaii and New Zealand are two examples of this. Rich foreigners retiring in these locations cause prices to skyrocket, gentrifying the neighborhoods and making living there very difficult for the natives. Even if you could afford to live in these places, the high tourist rate would mean that you never could have a moment’s peace! Try considering options in states or countries that aren’t such hotspots. Some of them would even want you to do so – many countries like Mexico welcome foreign investment.

How to Stay Busy

Many people retire and find, to their surprise, that they become bored quickly – especially after retiring in a foreign, isolated place, maybe far from friends or family. Make sure you have hobbies that you love doing and that you can take with you wherever you decide to retire. Or, even better, learn something new! Learning in old age can help you stay mentally, emotionally, and physically fit. Don’t be afraid to experiment. Connect with the culture and the nature of your location. If you’ve stayed in the same place that you’ve always been in, then make more time for friends and family that you have.

Retiring is an adventure in and of itself. Regardless of what you decide to do, you’ve earned it. Relax. Have fun. Enjoy the free time, and don’t necessarily rush to fill it with activity. Plan and make decisions now so that later you can have the best time of your life.

Check out this article on how to stave off boredom in retirement!

0 Comments

How to Fill Gaps in Your Retirement Plan

7/27/2022

0 Comments

 
Picture

Your retirement years should be a time when you can relax and enjoy yourself in ways that you might not have been able to when working full-time. However, it can be difficult to relax and enjoy yourself if you’re still worried about any financial gaps in your retirement plan. Consider implementing the following tips to fill any gaps in your retirement plan.

Continue Working Part Time

If you have the physical capacity and desire to do so, continuing to work part time can be an excellent way to bridge any gaps in your retirement plan. Many companies are happy to let you continue on part time, especially when you’ve been a valuable employee for many years. You can continue on in a similar position at a company you’re familiar with. However, retirement can also be a good time to rethink your job options. If you’re planning on continuing to work part time, you can switch things up to stay excited about your work. For example, if you’ve always had a love for home improvement projects, you could consider getting a part time job at a hardware store near you. You’ll have the chance to help people find the perfect tools for their projects and might even get a discount yourself. Get creative with the part time work you do during retirement.

Consider Possible Inheritance

Another way you can bridge the gap in your retirement funds is to consider any possible funds you may have inherited. When an individual passes away, they have the opportunity to divide up their assets between any remaining heirs. If you inherit any of these assets, you can utilize them to help bridge any financial gaps you may have. For example, Inheriting property can provide extra income if you decide to rent it. If you have a larger home that you may not use all of, consider renting out some or all of the property to add some extra income. Many retired individuals downsize to smaller, cheaper properties to save some money. However, if you do so, consider keeping your other, larger property and renting it out. Doing so can allow you to make an active income on the property you otherwise wouldn’t use.

Consider Investing

The final way that you can bridge any retirement income gaps is to consider investing in high ROI investments. Investing is a slightly more passive way to make money in retirement. Instead of working part time at a business or company, you can take your income into your own hands. Investing gives you full control over where you put your funds, and you can choose the investments that work best for you. For instance, many people choose to invest in real estate during retirement. This can be as simple as renting out a previous home, as mentioned above. However, you can go more in-depth and purchase investment properties to make you more money.

During retirement, you want to make sure you have enough money to remain comfortable for the rest of your life. It’s difficult to plan ahead for any gaps that may come up in your retirement income. However, these options can allow you to bridge those gaps and stay financially comfortable during retirement.

Check out this article on important topics to discuss with your children as you retire!

0 Comments

How to Live a Longer Life in Retirement

7/20/2022

0 Comments

 
Picture

Most people spend their working lives dreaming about retirement years, and that means you want your retirement to be as long and happy as they can be. There is a lot you can do to help extend your retirement years and make sure you are living them in a fulfilling way. By taking your health into your own hands, you can gain control over your retirement and ensure you live a long and fulfilling life.

Stay Active

If you really want to live a long life in retirement, it is important that you take the time to stay active and maintain your body. Your particular choices for activity don’t have to match up with anyone else’s, but you should be active in a way that you enjoy. For some people that might look like going to the gym or taking classes, for others it might be hiking or cycling. Whatever you choose is fine as long as it helps you to get active and gives you some enjoyment along the way. 

Stave Off Disease With a Healthy Diet

Your diet can also help you to maintain your health. You should make good choices about the foods you consume on a regular basis. A plant-based diet can prevent cardiovascular disease and diabetes. It’s totally fine to treat yourself from time to time, but you want to make sure that you have a solid foundation of a great diet to support you along the way.

Maintain Close Relationships

Having a support system and great people on your side can help you to live longer and be happier in general. It is important that you work to maintain your close relationships in your retirement years so you have the support you need and can improve your mental health. Make sure that youhave a thriving social life in your retirement years, whatever that looks like for you. Spending time with friends and family can help to extend your life and reduce your stress. Taking classes can help you to expand your friend group and have even more great relationships. And all these things will help you to be happier and live longer.

You deserve a long and fruitful retirement that makes you feel good. By taking care of yourself during your retirement years, you can make this dream a reality. And that means that you can have some of the best years of your life after you have reached retirement age.

Check out this article on how to stave off boredom in retirement!

0 Comments

Illiquid Assets to Cash Out Before Retirement

7/18/2022

0 Comments

 
Picture

The march towards retirement is not one that most people take casually. IN fact, for most of your adult life, you have probably been doing things to prepare yourself financially for the realities of retirement. This has likely led you to collecting a wide range of assets that have maintained or grown their value over time to give you greater wealth than saving could have ever done. But if these assets are illiquid, meaning they are not easy to exchange, then it can be hard to enjoy that earned value. Here are three illiquid assets that you should cash out before retirement for easier access to your hard-earned money.

Real estate

The first illiquid asset that you should cash out before retirement is your real estate. While real estate, especially investment real estate, can be a great source of rental income during your retirement, it can also be a pain having so much value stored in a property without access to it all when you're retired. If you want to enjoy the return-on-investment from owning your property, you should seriously consider selling it before your retirement. This way you can enjoy the full lump sum rather than monthly payments.

A Business

Another illiquid asset type that you should cash out of before your retirement is any businesses you may. While owning and running a business is one of the most common and popular ways available to the average person to grow their wealth, they can be difficult to operate and maintain in retirement. Retirement is a great reason to cash out and sell your business. Selling your business can take a few months, so make sure that you have the time to put into the sale before going down this road. Selling your business can net you as much as ten times your expected annual profit.

Art

The final illiquid assets that you should cash out before your retirement are art pieces and sculptures. While not all art and sculptures are valuable, if you have invested in fine art and sculpture as a method of wealth growth, then it can be a good idea to sell them off before your retirement. Owning priceless artwork can be wonderful, but you can also get a great return on investment from selling your famous art if you own any.

Having assets of any type is great, but during retirement you especially want liquid assets. For many retirees the best plan is to liquify their illiquid assets before retiring. If you own these three asset types, you should consider cashing out before retiring too.

Check out this article on when you need a lawyer to deal with financial matters!

0 Comments

How to Produce Regular Income Streams in Retirement

5/25/2022

0 Comments

 
Picture

Retirement income streams are far less time consuming than making an income throughout your adult life. Instead of forty-hour work weeks, these options help you regularly generate income while still giving you time to relax. Each of these income stream options can help you stay financially successful throughout retirement.

Buy an Annuity

Purchasing an immediate annuity allows you to make the most of the sum of savings you’ve been accumulating throughout your working life. If you decide to purchase an immediate annuity contract, your repayment will be unaffected by changes in stock prices or interest rates. Your insurance company will continue to provide you with a fixed sum of money every month until your death. This allows you the security of regular income during retirement. However, the downside to annuities is that the payment never goes up. Because of inflation, that means this income can become less helpful over time. Your insurance company also gets to keep any remaining money after your death.

Invest In Real Estate

If you’re still looking for a more active project in retirement, investing in real estate could be a great fit for you. The real estate market is booming right now, and real estate investors have the potential to make quite an impressive income. With this option, you’ll be able to purchase real estate properties to resell or use as rental properties. Screening tenants helps weed out ones that may become a problem. Doing this properly has the potential to keep you financially comfortable for the rest of your life. However, investing in real estate does require more consistent management and upkeep than many of these other options.

Laddered Bonds

Purchasing and creating bond ladders is a less intensive way to maintain your financial independence during retirement. This option is executed by purchasing multiple bonds that mature at different rates. This allows you to receive a consistent return of money. Laddered bonds are helpful because they are a relatively low-risk option. Purchasing many bonds with a small investment can allow you much greater returns at a regular rate. 

When considering retirement, there are many income stream options that can keep you comfortable financially. Each of these options come with their pros and cons, and it’s important to consider what makes the most sense for you and your retirement goals. However, each of these also have the potential to help you continue to thrive financially in retirement.

Check out this article on how to deal with mental health issues in retirement! 

0 Comments

How to Stave Off Boredom in Retirement

5/16/2022

0 Comments

 
Picture

Retirement is the most freeing time in your entire life. For the first time as an adult with resources, you also have the free time to just enjoy your life and what you have achieved. But if you are someone who has been working for most of their adult lives, you may run into a common problem during retirement—boredom. There are a lot of hours in the day, and it can be a challenge to keep them full of fun activities when you haven’t had this much time before. Here are a few ways that you can stave off boredom in retirement.

Take Up New Hobbies

The first way that you can stave off boredom in retirement is to take up some new hobbies. Have you ever wanted to learn an instrument, or a new language? Or maybe you always wanted to get into karate, or painting, or even something as lowkey as joining a book club? Retirement is the perfect time to dive into these hobbies and practice them with your time. Doing things that are fun, you enjoy, and fulfill you is critical during retirement. There are tons of classes and activities offered at community centers everywhere that are fun and inexpensive.

Do Odd Jobs

Another great way that you can stave off boredom during your retirement is to do odd jobs with your spare time. Not only does doing odd jobs and work help you feel productive and useful, but it can also boost your income in retirement. And if you don’t need it now, save it for later. You can put up to $7,000 of this income into an IRA for your retirement. Plus, this money can continue to compound invested in the stock market to boost your income later in retirement.

Travel

The final way that you can stave off boredom in retirement is to travel more and see the world. While travel may not be for everyone, a lot of seniors take much pleasure in seeing the sights of the world. Adult life is full of many responsibilities and commitments that can make travel, especially long-term travel, difficult if not impossible to do. Retirement, on the other hand, offers you the time and freedom to explore the world on your own terms.

Retirement can be an exciting concept, but day-to-day life during retirement can feel boring. But if you have the right ideas in mind, retirement can be full of excitement. If you are doing these three things, you are going to have a thrilling retirement.

Read this next: How to Make Sure You Have Enough for Retirement

0 Comments
<<Previous

    Author

    My name is Dan Hopwood and I first started my career in the insurance business back in 1988.  2018 will be the start of my 30th year in the business. My agency is a member of the Better Business Bureau and holds an A+ rating.

    Archives

    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    March 2021
    February 2021
    January 2021
    November 2020
    August 2020
    July 2020
    June 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    July 2019
    May 2019
    April 2019
    December 2018
    November 2018
    September 2018
    August 2018
    June 2018
    May 2018
    April 2018

    Categories

    All

    RSS Feed

Proudly powered by Weebly