It’s an ideal time to sell, especially if you have a place lined up to move. But, like anyone who has lived in one home for a few years, your home needs to have its “best foot” forward, and you need to know what will help you in the confusing marketplace. What’s the best way to get a better price for your house, when you’re ready to sell?

Work With an Agent

Using an expert for an expert job is always a great idea and using an experienced real estate agent to sell your home is no different. According to Maximum Exposure Real Estate, a good agent knows how to help your home be presented properly. They can even help with staging and photography. They tend to have contacts with those who need to buy quickly, and who are buying for the best prices for you, as well. It doesn’t save money when you sell on your own, because of the extra work and coordination, and also because of the additional buyers who only look at agency homes.

Fix Issues

There are no homes which, after decades of family life, don’t have any repairs or changes which need to be made before sale! Your agent will help by contacting an inspector who can look at your home from top to bottom. According to J Bixler Inspections, it’s best to be present for an inspection so you can take notes on any issues they find. You want to be able to find excellent contractors who can help you to make any necessary repairs.

Understand Local Trends

It’s a hot market right now, and you want to be able to make the most profit possible on your home. This means following and understanding what local trends are doing. A swing of five percent doesn’t sound like much, but when you’re talking about hundreds of thousands of dollars, it could mean tens of thousands lost if the house is not priced, staged, and sold properly. According to Homelight, it’s important to know if your market is rising or falling, of course, and whether you should press for sale now or wait for better offers.

If you’re going to sell your investment, the best option you have is to do so with your eyes wide open. Make sure to get specialized advice to make sure you know about the local marketing trends with homes. Pretty soon you’ll be ready for all of the opportunities around you.

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If you are like most people, you probably are looking forward to your eventual retirement, but you may be a little worried about making sure things are paid for. Having a good idea of how you will take care of your needs during retirement is essential to good planning. One thing you should be sure to keep in mind is the way you can use your home equity in retirement to help make it even better.

Downsize and Invest the Rest

If you have paid off your home and are looking to move smoothly into retirement, one option is to downsize your home. By selling your home and purchasing a smaller home, you can use left-over equity to create a strong investment portfolio. That way you have less home to take care of and have investments that can continue earning you money for the future. As you look for a new home to downsize in, it is worth considering the ways you hope to live as you are retired and choose a new home that best fits your needs.

Fund Home Improvements

When you’re retired, you will probably spend more time at home than you did when you were working, so your home must suit your needs. You can use your equity to make necessary home improvements that will make your home even more usable and amazing. Making changes like investing in solar power can also help you to save money each month. In many states, solar panels are exempt from property taxes. That means you can improve your home’s efficiency without increasing your taxes.

A Reverse Mortgage

For some retired adults, a reverse mortgage can help them to use their equity for income while in retirement. This method is not a good choice if you want to leave your children with home equity, but if that isn’t a concern it can be a great way to add more to your retirement. Essentially you will be slowly paid out for your home while you continue living in it as a way to continue making money throughout retirement.

Your home can help you to get even more out of retirement if you know how to use it appropriately. That way, you can spend your retirement doing the things you have been looking forward to instead of worrying about getting your bills paid. Your retirement should be a comfortable time where you are in control of your future.

Read this next: How to Pay for Healthcare Costs in Retirement

Retirement is meant to be a time of fun and relaxation. Enjoying your retirement is not possible, however, without the health and security that healthcare provides. You can plan how you will pay for the costs of healthcare without stress if you make sure to do so in advance, as well as make use of the many resources available to retirees and future retirees.

Use Your Savings

The most important thing you can do to prepare for healthcare costs is to start saving now, and the first step is simply to start an account with which to save. Most full-time jobs include a 401k plan, but this plan focuses mainly on savings for a retiree’s living expenses. Health savings accounts (HSA) are specifically designed for medical savings and for that reason are tax-exempt, making them a great option to consider. Regardless, having an account to set a certain amount of your income aside will encourage you, in the long run, to actually fill it with something.

Medicare and Medicaid

As long as you’ve worked at least 10 years in the United States, you will qualify for Medicare, health insurance for people 65 years and older, or those permanently disabled. Once you have Medicare, they will pay 80 percent of your bills after you pay a premium (about $140 a month). Most individuals also purchase a supplement to cover the 20 percent that Medicare does not, which averages around $125 a month more. For those with very low income, Medicaid can cover many long-term care costs in retirement.

Add a Living Benefit

Another option for paying your healthcare bills is to sign up for a life insurance policy now with a living benefit, which allows a person to use the policy’s death benefit for serious medical bills. For example, a person that has a $500,000 living benefit policy and incurs $200,000 of serious medical costs can then draw out that cost from their death benefit to pay it. Though this should not be your go-to plan, it is a great one to fall back on if you do have large healthcare costs later down the road.

For most of a person’s life, they are working hard towards prosperity and health. During retirement, you will want to rest easy knowing any costs your health demands can be covered. Looking into the different options available to you at whatever stage of life you are currently in will help you to meet the future more prepared.

Read this next: What Is the Outlook for Millennial Retirement?

As a young millennial, talking about retirement may seem pointless. You have plenty of time to work out your life and save up. However, many people are facing struggles that could set their retirement funding back if they don’t start taking care of it now. With some thoughtful planning, you can get ahead of your finances.

Retirement Savings

Saving up for retirement is a long process. You shouldn’t just expect to pay for your future all at once. Unfortunately, millennials and Gen Z-ers are finding it hard to save up for such a long-term financial investment when they have other economical burdens.

Be wary of taking on debt—particularly credit card debt. While occasionally this is necessary to survive, shortsighted thinking can set you back drastically. Many financial advisors will recommend that you dedicate roughly 4 percent of your income to a retirement fund. If you make this decision early, you will certainly have enough for your future.

Homeownership

One problem facing the modern generations is the insane housing market. Homeownership isn’t as affordable as it used to be. Since many old people can sell their homes for a much higher price, this is having its consequences on younger generations. Not only is mortgage expensive, but buying a home comes with a lot of paperwork and permits that also cost the buyer significantly more.

About 69 percent of Millennials who rent say they’ll never buy because of affordability issues. While some of these challenges certainly sound insurmountable, being cautious with the debt decisions you make (and budgeting) can remove some of the strain on your future wallet.

Investments

One way millennials can better improve their retirement lives is by diversifying investments. Not only should you be saving money in a bank, but putting the money to use can give you a better return. This is how you can grow your savings exponentially.

Buying a stock that is guaranteed to give you a return is better than investing in a high-risk, high reward scenario. You can blow your money if you aren’t careful. You should also look to buy precious metals, land, and other commodities that are likely to increase in value as time goes on.

Retirement may be in the distant future for you, but it is important to be thinking ahead. Making smart financial decisions right now can quell many of the problems that retirees have in the future. Talk with an advisor, and analyze your current decisions. You’ll be better for it.

Read this next: How to Get Insurance Companies to Pay for Long-Term Care

A variety of medical conditions—including mental handicaps like Alzheimer’s or dementia, physical problems like paralysis, and the lethargy and arthritis that comes with increasingly old age—can necessitate an extra level of care for an individual’s wellbeing. Unfortunately, getting insurance to cover that care is tricky. Knowing how to talk to insurance companies, using legal force, and ___ will help you receive the insurance help that you need to stay healthy and safe when it becomes harder (if not impossible) to do it on your own.

Know How to Talk to Them

The goal with insurance companies is to get them to cover as much as possible so that you don’t have to pay out of pocket. Keep your descriptions of your life straightforward, and refrain from adding in emotional arguments. Don’t ask for all the benefits you can receive, and don’t mention extra, perhaps unnecessary activities you participate in (like vacations, frequent outings, even your voluntary contributions to other causes). Essentially, you want your insurance adjuster to believe that long-term care is absolutely necessary because you cannot function in your daily tasks without help. Anything more can be held against you as examples of things you are able to do without help.

File a Lawsuit if Necessary

Taking an entire insurance company to court is a giant of a challenge, but may be necessary if you feel they are unfair in their treatment of you and your needs. Find an attorney who knows how to handle these kinds of cases, who have experience with insurance specifically. Many lawyers are skilled at winning personal injury cases against insurance companies. These lawyers may be a good resource (or at least starting point) to getting you the claim you deserve based on your own conditions. Look for wording and details in your policies that may prove your situation qualifies for the insurance packages you need. If nothing else, you may be able to use this concept of “good faith” (a clause included in insurance contracts promising charitable action) to argue for your claim.

Present Your Case Professionally

Insurance companies will take you more seriously if you provide a serious argument that has been clearly researched, laid out, and established within legal understanding. The better presentation you give, the better chances you have of good long-term care insurance coverage. Put in the work required for a good case!

This kind of assistance is so important in helping you live a healthy life. Find the long-term care that is best for you and don’t settle!

Read this next: How to Earn Passive Income in Retirement

Retirement has the potential to be an exciting time that is full of opportunity. With some passive income coming your way, it will be much easier to make sure that you can make the most of your retirement. Finding ways to earn passive income isn’t as hard as it seems, and there are plenty of opportunities that might surprise you.

Look to Dividend Paying Stocks

One way to start generating passive income is through dividend paying stocks like blue-chip stocks or index funds. Blue-chip stocks tend to be pretty reliable investments because you are investing in established companies with a solid history on the stock market. This allows you to make money off of your investment without taking as much risk as some other investments can take. Index funds are another low-risk option because you group with other investors to purchase stocks across an index, so you have a better chance of gaining funds over time.

Source: https://grow.acorns.com/why-to-invest-in-blue-chip-stocks/ 

Invest in Real Estate

Real estate investing is another great way to keep income coming in throughout your retirement. Investing in commercial real estate can allow you to have continual funding while you live your life in retirement. This can be a lot of work if you try to handle it all yourself, but you can make sure to find ways to make it easier on yourself. For example, hiring a property manager helps you relax and enjoy the passive income stream. That way you can enjoy your retirement even more.

Source: https://www.podium.com/article/commercial-property-management/  

Rent Out Extra Space

If you are an empty nester in your retirement, you likely have some space that you aren’t using. Renting out that space, whether it is a basement, a spare room, or a vacation home can be a great way to bring in some extra cash without expending too much time or energy. Think about the logistics before you get started and look for help if you think you will need it (whether that means hiring someone or going through an agency). With the right planning, renting out your extra space can be very profitable.

Source: https://www.wisebread.com/the-11-best-websites-for-renting-your-extra-space 

Your retirement is a time to be enjoyed and having extra money will help you to make that happen. Take time to think about the money, space, and assets you already have so you can make the best choice for your retirement. You can always try something new once you have gotten your current project down so you can continue learning and earning throughout your retirement.

Read this next: How to Prepare Your Finances for Your Passing

If you are planning on going into retirement soon, you might also be worried about what happens when you are no longer on the insurance provided by your job. You might be afraid of the possibility of a major injury and how you will be able to pay for it. Luckily, there are a couple options in place to help you pay for these kinds of expenses.

Long-Term Care Insurance

To clarify, long-term care in medicine is anything that requires more medical attention over an extended period of time. This includes things like chronic illness or some retirement facilities. For that reason, you can get long-term care insurance. The best time to apply is before you retire because it becomes more difficult if you wait until you need it. Insurance companies do not want to take on someone who already has illnesses because then they are not making as much money off of you than someone who is perfectly healthy.

Reverse Mortgages

Converting your home equity to cash is often an option to pay for a senior living facility. If you are moving out of your home, you no longer need it anyways, so a reverse mortgage allows you to make money off of something you already paid for. However, you cannot do a reverse mortgage unless your home is completely paid off. This poses an issue if you recently bought your house and have not been able to fully buy it yet. A similar option would be to sell the home instead.

Save by Deducting

Taking off from your taxes because of your retirement is a great way to save money that can be used to pay for long-term medical expenses. Typically, you can deduct any expense related to long term care if you are part of the insurance plan. You also need to provide evidence of what care you got and why you needed it. This helps you or your accountant to know how much to deduct off your taxes. Deductions are meant to benefit those who need it, and as a non-working citizen, you rely on any help you can get.

Long-term illnesses or homes are already expensive and often sad for everyone involved. By implementing these payment ideas now and in the future, you will no longer have to worry about your 80s and 90s because you know that you will be taken care of.

Looking to reduce the stress of your retirement? Check out this free book offer!

It is quite common for seniors to be taken advantage of financially. As people age, their mental faculties are decreased, they become more trusting and optimistic, and they might not be as adept at making decisions. This makes them particularly susceptible to fraud and it’s important to know good practices to avoid it happening to you.

Only Buy From Reputable Companies

As you amass more wealth, you might want to turn to investing to help grow your money. If this is the case, you’ll end up purchasing some financial products. It’s important to only buy these products from reputable companies. Working with these companies can help you avoid fraud because they are trusted by many and are properly vetted. Make sure anyone you work with is properly licensed and ask them to prove it if necessary. You want to carefully choose a financial advisor so you can remain safe.

Read the Fine Print

While it does take extra time and effort, it’s a wise idea to read the fine print of any contracts before you sign anything. When reading over contracts, it’s easy to focus on the benefits you’ll receive. The fine print is where most of the drawbacks will be located, including extra fees, exclusions, and more. Reading the fine print can also help you see if you are being taken advantage of. For example, there are predatory loan services out there that use fraudulent tactics to take advantage of people financially. Predatory loans often have high fees and interest rates. Identifying these and other factors can help you avoid being taken advantage of.

Be Aware of Common Scams

People will try to take advantage of seniors because they believe it to be easy. If you want to stop fraud from occurring, you need to be aware of common scams and practices. Many scams will use relationships to get to your money. Someone might call pretending to be a grandchild in trouble and in need of money. Others will engage in online dating, claim to be in love, and then begin siphoning money. People may also claim you’ve won the lottery, that they’re collecting money for charity, or that they are offering you much-needed home repairs. In every situation, it’s important to ask lots of questions and thoroughly vet people before giving any money.

Unfortunately, some people will target seniors due to their age and status in life. If you want to keep yourself and your finances safe, you need to educate yourself on finances as a whole and especially on good practices. Doing so can protect you from fraud.

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When you finally get around to filing your taxes, it can be hard to remember all the steps and make sure that you don’t forget anything. Having a list of the most important elements can help you be more successful and make it through tax season unscathed.

Report All Taxable Income

When you are filing your taxes, you must make sure to report all of the taxable income you earned in the last year. In addition to full-time or part-time employment, you must send info from any contract or freelance work you did as well. Taxable income can include your salary or wages, interest, and rent from personal property. Keeping track of all your taxable income can be a challenge, but you must record it all so that you don’t run into any problems with your taxes down the line.

Tax Credits and Deductions

Once you have covered everything you earned, it is also important that you take care of any credits or deductions you qualify for. This portion is what helps you cut down on the taxes you owe. Federal solar tax credits reduce your system cost by 26%. You’d be surprised at the variety of taxes and credits available, so don’t be afraid to take a look at all the options so you don’t miss anything you qualify for.

To Get Help If You Need It

Filing taxes can be overwhelming, and though many options can help you file online, sometimes it helps to have help from an expert. If you find that you are struggling to get your taxes done or have complications in your finances, it is worthwhile to ask for help or go to a professional. Getting an outside eye can help you to end up with a best-case scenario and to avoid the stress of a confusing time filing taxes. Taxes are already stressful, so if you could use the help, don’t hesitate to ask for it. 

Filing your taxes is a yearly event, and it doesn’t have to be a huge hassle every time. Just remember to keep track of the basics and to get help if you are having trouble doing it on your own. Whether you get help from a tax professional or simply advice from a friend or relative, it can make your filing experience much simpler.

Worried about your retirement? We’ve got you covered!

Figuring out how to fund your retirement can be tough. There are a lot of options, from Social Security to 401(k)s and other retirement accounts, not to mention various investments you might have made over the years. Unfortunately, that money isn’t always enough to live on, in which case you may be considering getting a reverse mortgage. While it’s a good option for some people, there are things you need to know before you make a final decision.

Be Aware of Fees

When you hear the ads for reverse mortgages on the radio or other advertising methods, there are a lot of things you don’t hear. One of those things is the fees that are involved in a reverse mortgage. Upfront costs you can expect to pay include an HECM counseling fee, an appraisal fee, an origination fee, closing costs, and possibly mortgage insurance. Ongoing costs include your mortgage insurance premiums and loan servicing fees. Make sure you completely understand the cost of the fees you would be responsible for before signing on for a reverse mortgage.

Avoid Predatory Lending Practices

While the hope is that lenders have your best interests in mind and will work to get you the best deal possible, that isn’t always the case. Some lenders are far more interested in making as much money off of you as they can, regardless of the cost to you. Predatory lenders will offer above-average interest rates for high-risk borrowers. To avoid getting caught up in predatory lending practices, take the time to shop around, get informed, and read everything very carefully before signing.

It Isn’t Free Money

It can be easy to think of a reverse mortgage as free money, but that isn’t the case. Yes, the equity in your home is being liquidated for your use, but make no mistake - a reverse mortgage is a loan. At some point, that money will need to be repaid by someone. If you have a lot of equity in your home but are cash poor, it may be a good option. On the other hand, if you have ample income from other sources, it’s best to steer clear of reverse mortgages.

It’s important to make sure you know what you’re getting into before getting a reverse mortgage. There are fees you’ll need to take into account, and not all lenders will have your best interests at heart. It’s also important to keep in mind that it isn’t free money. Make sure you understand the ins and outs of a reverse mortgage before you sign up to make sure it’s truly a good fit for you.

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