Many Americans have major concerns that they will be able to achieve the retirement of their dreams. While it may be more difficult than it was a couple of decades ago, experiencing a great retirement can still be a reality for young adults. Here are some ways to make it happen.

Start Saving Early

The key to having a great retirement is having sufficient funds available to pay for it. This could mean having a great pension as a parachute. However, most people don't have this luxury. This means that they'll need to start saving as soon as possible. People who start saving in their twenties or thirties will be able to see their stash of cash grow because of compounding. It's simple. The earlier a person starts, the more time her money has to grow.

Minimize Expenses Today

Another step toward achieving an amazing retirement is through cutting expenses. Those who need less money today to live a fulfilling life will likely need less money in retirement to enjoy their golden years. Every dollar that's left over after expenses is a dollar that can go toward saving for retirement.

Estimate How Much You Need

To have an idea of how you're going to get to where you want to be in terms of retirement, you have to have a map that will track the steps that are necessary to get there. This is where the planning rubber meets the road. Figuring the amount that you'll need for an amazing retirement will involve figuring out how much you can expect to pay for a mortgage or rent, transportation, and food. Additionally, if you're looking to travel or spend time in a tropical location, it's a good idea to figure this into your retirement budget.

Consider Geographic Arbitrage

If you're really ambitious and open to adventure, it's possible to retire abroad, or at least in a cheaper locale within the US, to cut down on the amount needed to finance retirement. When retiring abroad, it's important to remember that immigration processes can be difficult and costly. However, the living expenses after these initial costs can be quite a bit cheaper over time, especially in countries where the dollar is strong.

Invest Aggressively

Investing in CDs will not work in a low-interest environment. This means that you'll want to keep quite a bit of your nest egg in growth investments like stocks or mutual funds so that you avoid losing money to inflation. Additionally, it's important to remember that you will want to avoid drawing down too much money, especially early in your retirement years. Most advisors recommend withdrawing between 3 and 4 percent annually to avoid running out of money.

Saving money early and then living off of investments is a great strategy to see that you're able to retire comfortably. Being willing to move to a cheaper part of the world might even mean that you can live on a tropical beach in your golden years. The time to start the planning process is now.

If you have questions about retirement and what you need to do to prepare, don’t hesitate to contact us today!


References:

American Funds | Starting Early to Save for Retirement Is Important
Kiplinger |  Retirement Savings Calculator
Dave Ramsey | How to Invest in the Right Mix of Mutual Funds
Freedom Law | Immigration Law

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As many adults approach retirement, their goal is to pay off as much of their mortgage balance as possible. After all, when your mortgage is paid off entirely, your monthly expenses will understandably decrease substantially. However, there are numerous benefits associated with refinancing a mortgage as you approach retirement or even while you are in retirement.

Pay Your Debt Off Faster

Many homeowners who have been paying on the same mortgage for years may have their debt established on a 30-year term with a relatively high interest rate. When you refinance your mortgage, you may be able to take advantage of a lower interest rate and a shorter term. These two factors combine together to give you potentially faster debt reduction.

Reduce Your Monthly Expenses

Depending on the specifics of your current loan and the new loan that you may qualify for, you could reduce your monthly mortgage payment. Keep in mind that your mortgage payment amount is based on the interest rate and loan term that you select as well as the amount of the loan’s original principal balance. If you had a starting loan amount of $200,000 on financing that started 15 years ago and that still has 15 years remaining on the loan, your payments are based on the $200,000 loan amount.

However, if you only have $50,000 left on your mortgage, you could refinance so that your payments are based on this much smaller loan amount. The result can be substantial savings.

Use the Equity

Another reason to potentially refinance your mortgage is to tap into your home equity. You may have tens or hundreds of thousands of dollars available in your home's equity. The cash-out refinance option can take some of that equity and turn it into cash in your hands. If you are a veteran, there may be even more options available to you when you use a VA cash-out refinance loan. This cash may be used to invest in income-producing assets, to pay off other debts with a higher interest rate, or to achieve other financially-beneficial goals.

Take Advantage of Tax Benefits

While it may seem ideal to pay off your mortgage, keep in mind that your mortgage gives you tax benefits each year. If you pull equity out or even if you simply apply for a rate-term refinance, you can continue to take advantage of the tax benefits while also taking advantage of some of the other benefits described here.

Your home mortgage is a debt, but it also can be an excellent resource when used strategically. Determine what your short-term and long-term goals are, and explore the many ways that refinancing may help you to accomplish your goals.

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Why Scammers Target the Elderly

The elderly are targeted so much by scammers because they likely have a retirement or social security fund and are not as mentally sharp or technology-literate as a younger person. This makes them easier to scare and take advantage of in the modern world. Unscrupulous people try to take advantage of seniors in several ways, and here are the top 5 scams to watch out for:

1. Fake IRS Messages Scammers

use email and phone calls to pose as fake IRS agents in an attempt to scare people into giving up crucial information or sending money. They often accuse the recipient of not paying their taxes and threaten them with punishment or jail time. The elderly are often fooled by the fake IRS agents and end up with stolen identity information or missing money. The real IRS never contacts people via phone, email or social media, so any message from the IRS over these communication systems is a scam.

2. Fake Medicare Messages

Within the year of 2018-2019, new Medicare cards are being mailed to all recipients. These cards will no longer have the recipients' social security number but will provide a random number for the new system. Scammers are taking advantage of this by calling Medicare beneficiaries and demanding payment for their new Medicare cards. Any phone call or email that asks for money for a new card is a scam because Medicare is issuing these new cars for free in every state.

3. Home Invasions Scams

Some unscrupulous people go door to door posing as repairmen for water, electrical or some other utility. They arrive with an apprentice or assistant and show official-looking paperwork and identification. Once again this is playing to a seniors' fear that one of their utilities is down or they are in danger of gas leaks or electrical accidents. While the “repairman” is distracting the homeowner, the apprentice burglarizes the home and steals valuables and money. These home invasions can happen in as little as ten minutes. Seniors should be wary of any servicemen they or a relative haven't called for.

4. Posing as A Relative

These scams are especially horrible because they play on the fear a senior has for the safety of their loved ones. The scammers get a hold of a senior's telephone number and pretend to be a relative or a friend of a relative who is hurt or in trouble. Of course, the only way to bail this “relative” out of trouble is to send money in some form, either by wire, PayPal, and sometimes even ridiculous requests like iTunes gift cards.

5. Investment Scams

Because older people are saving their money and planning for retirement, they are targeted by scammers who take advantage of their need to save for when they no longer have a job. Whether it's a pyramid scheme or a dodgy email investment, these people are looking to drain social security and retirement from innocent people. Be wary of investments that seem too good to be true or have no public data available. And never invest in something presented over email.

For more help on keeping your money safe as you near retirement or feel you need to plan better for retirement, check out more articles from the Retirement Planning Store!

References:
ADT Home Defenders | Crime Rates
Local DVM | Police Warn Waynesboro Residents of Home Invasion Scam
AJC | 10 financial scams targeting seniors and how to avoid them


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People work their whole lives, but even those who have saved plenty of money find that they can face some financial challenges once they leave the workforce. Here are five financial problems that often face retirees.

Healthcare Costs

Many retirees underestimate how much they will spend on healthcare when they retire. Not only do the face the regular inflation of healthcare costs, which is much higher than overall inflation, but as people age, they tend to need more health care. They may require more prescriptions and deal with health complications. This all adds up to spending that they may not have adequately prepared for. What might help fight healthcare costs is retiring to a city with lower living costs or that is more suited for retired living, as that will lower the overall money you pay, and may help you with any medical bills. But be sure that the cities you consider moving to are still suited to the type of lifestyle you’re seeking.

Debt

It's a common misconception that most people retire debt-free. That's far from the truth. Many retirees still have years to pay on their mortgage, and they may have other debts, such as credit card debt. Reduced income in retirement may not be enough to continue to pay that debt at the same level as when the retirees were working.

Bad Investments

Most retirees rely on the investments they have made to generate income in their retirement to supplement Social Security and a pension if they have one. Bad investments can be a drag on those plans because they may not generate enough income or they may even incur losses. Timeshares are an example of a bad investment that generates no return and can drain limited resources though annual fees.

Household Spending

Many people assume that they will significantly cut down on their household spending when they retire, but that may not be the case, especially in early years. While they are still healthy and able, many retirees want to travel and do other activities, such as going to concerts and sporting events, which cost a lot of money. Retirees may also eat out more. It's important to budget your retirement years assuming that your household spending will stay the same, at least during the first few years.

Supporting Relatives

Many retirees find themselves having to financially support adult children or aging parents with general living expenses or long-term assisted living expenses. This can cause a significant financial drag and cause people to spend down their retirement nest egg significantly. In some cases, people may be forced to go back to work at least part-time. Beyond providing care, the unexpected death of a loved one can also carry a financial burden. These are expenses to keep in mind as you move into retirement. 

When it comes to financial challenges in retirement, you need to plan accordingly. When estimating spending, assume it will be higher than you think. You also should pay down debt as much as possible and dispose of bad investments before entering retirement.

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As time goes on, most people begin to experience dental problems, including lost or shifting teeth, gum issues, and an uneven bite. However, a few basic lifestyle adjustments can help to maintain effective dental health and prevent having to resort to dentures as time goes on.

Eat Healthy 

Fresh, preferably organic fruits and vegetables play an important nutritional role in any diet. Three to five servings daily are essential to keep teeth healthy, along with the rest of the body. Crunchy fruits like apples and vegetables such as carrots naturally help to clean the teeth and provide valuable vitamins and minerals that support dental health. Drinking plenty of water is also a good idea, along with avoiding acidic and sugary foods that contribute to tooth decay. If you are unable to brush after every meal, rinsing your mouth with clear water and spitting it out helps to remove damage-causing surface residue.

Practice Daily Hygiene

Everyone should brush their teeth after eating, or at least twice a day, morning and night, to remove food particles. Residual debris settles into the tooth enamel and burrows into gum tissue to cause infection, which leads to tooth decay and eventual loss if left untreated, along with inflamed gums, which cause gingivitis and periodontal disease. Flossing helps to remove hard-to-reach residue from between each tooth and below the gum line, thus preventing irritation and inflammation. An oral mouthwash offers added protection with antibacterial ingredients that kill oral bacteria. Some mouthwash products include fluoride, which is sometimes missing in an untreated water supply. Dentists recommend rinsing with fluoride to help protect against decay.

Take Your Medications as Directed

With the onset of age often comes memory trouble, making it difficult for seniors to remember which medications they need to take, how many, and when. For similar reasons they are also at risk of either unintentionally or intentionally abusing prescription medications. This isn't so bad when it's just a vitamin C supplement, but it's dangerous when it's an opioid like Percocet or a benzodiazepine like Xanax. Abusing prescription drugs can seriously harm even a young and healthy body, and it can have even more severe consequences for an aged body. In the context of today's discussion, prescription drugs when abused can cause irreversible harm to teeth and gums through dry mouth, acid reflux, tooth grinding, reduced blood flow to the gums, and lapses in consciousness that prevent regular oral hygiene.

Consult a Dentist

The ideal dental checkup includes seeing a dentist twice a year for exams and professional cleaning. This helps to identify any problems early so they can be promptly treated before they turn into bigger issues. Also, the dentist can often recommend specific hygiene practices or dental products suited to each patient's needs. Cavities can be filled before they cause a tooth to become loose and fall out, or require extraction. Dentists can also provide hygiene kits with a toothbrush and sample oral health products.

Don't wait until you’re already losing teeth before addressing oral care issues. Start now by developing a consistent care plan that begins at home each day and continues at the dentist's office every six months. And, if it comes to it, be glad you have comprehensive dental insurance!

References
https://greatist.com/health/healthy-teeth-foods
http://www.clementdental.com
https://www.mouthhealthy.org/en/az-topics/f/fluoride
​https://murfreesborofamilydentistry.com/preventive-care/
​https://prevailintervention.com/long-does-xanax-stay-in/

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​Famous scientists and theorists have often claimed that time is relative, but whatever the truth is, time certainly leaves its mark on our bodies, and the more the years go on, the better care we need to take of them. Here are some tips on how to take care of your health after the age of 60 so life is as good, or even better than before.

 
Do Your Dance

Whatever physical activity you do, physical exercise will benefit your body in many ways. Many elderly people make the mistake of laying back and taking it easy after 60 but keeping active at this age will boost your mood and provide more inspiration to grow. Doing even thirty minutes a day of cardio will regulate your body's functions like coordination, bone formation, posture, muscle maintenance, and hormone balance. 

 
Care for Your Near and Dear

Meaningful and close relationships are just as important to our health as physical maintenance. Keep in touch with friends and family, and if you can, create new ones. There are plenty of common activities organized where you can meet people with similar interests. Whether it’s knitting, book clubs, or programs at your local library, make an effort to find belonging in your community.

 
Embrace Change

Old age brings its own sets of joys and sorrows, just like any part of life. Things might or might not change drastically for you. Whatever happens, do not forget to embrace the changes, and be grateful for things that have stood the test of time. Remember to embrace your feelings as well and find ways to express them so they do not get buried and turn into resentment or depression. 
 

Food and Diet

Be choosy about your food and diet because it does matter. In old age, the metabolism slows down. Eating healthy is important in order to maintain your energy levels. You might consider taking some general supplements for health as well. Fish oil, calcium, and vitamin C are some of the big ones. You might also use general health supplements like ASEA that work on a cellular level. Consider eating more fresh fruits, vegetables, and more whole foods in general. These are rich in fiber, vitamins, and minerals and are easier on the digestion. Keep hydrated by drinking sufficient amounts of water as well. 
 

Get Enough Sleep

It is not uncommon for to experience difficulty sleeping. As common as insomnia is, there are measures that must be taken to improve sleep. Boost your melatonin levels at night by limiting all amounts of light. Make your bedroom a place that is free of noise, light, and heat as all of these contribute to insomnia. Go to bed earlier, so you have to time relax into the sleeping state gradually. 
 
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Remember, retirement and getting older are not the end of life. Make sure you live this free period of your life to the very best and improve your own health every day. 

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Photo credit: Aqua Rec's

So, you've reached that time in life where going to work is an option. If you're ready to retire, there are some purchases that you might want to look into. These could make your life simpler and more fulfilling. Here are five things to consider purchasing when it comes time to retire.

A Hot Tub
​If you're ready to retire, it might be time to get a hot tub. This luxurious toy is a great amenity that can help you with relaxation. As stress is one of the leading health hazards that retirees might have to deal with, anything that can cut down on stress is a great purchase. Hot tubs can be utilized inside or outside, and the area of the country you live in might impact where you choose to place a hot tub.

A Condo
If you're ready to retire, there's a good chance that your kids have flown the coop. Without kids in the home means that your forever dream home might not be necessary. Selling your home and getting a condo to live in could free up some capital for retirement while also cutting down on the amount of home maintenance you have to perform.

A Vacation
Perhaps you've always wanted to go to Europe or Hawaii. If your health is still good and you have the money, early in your retirement is the perfect time to make that trip happen. Without the need to check into an office on a daily basis, you have plenty of time to travel during the off-season to save some money.

Trips To See Family
If your family members live in some different locales, you should finally have the time to visit them. Retirement should also provide the passive income that's necessary to make these trips. If your family has room, you can even save on the cost of lodging.

Bonds Or An Annuity
If you're worried about running out of money, purchasing a financial instrument that provides passive income might be a good idea. Bonds and annuities pay out cash on a regular basis. Some bond funds even pay out a monthly distribution to those who own them. Bonds or pensions could be a great option for smoothing out your income so that you have less to worry about.
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If you're ready to retire, it might be time to make a few strategic purchases. From a new hot tub to a vacation to a far-off locale that you've only dreamed about, retirement could provide the time and the funds to make these goals a reality.

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​Assets are important to have for a diverse and successful financial background, but physical assets are often neglected. Examples of physical assets are things like cars, homes, businesses, and the like. You may not first think of them when listing your wealth but can be invaluable in your financial future. They are important for you to have and a look below can help you diversify your own physical assets.
 
They Become Your LegacyYour assets are important because you can leave them to your family. Your home, your car, and any other assets you accumulate can pass through generations and keep your family name strong. They can help your children to survive in a new economy, as well. You will do well by having at least one physical asset that you can pass along.
 
They Hold EquityPhysical assets grow equity, and equity can be a tool for you in a lot of situations. The equity in your home or car can help you to obtain the funds you need for certain processes and emergencies. You can use the equity in your home to help a family member or friend get out of a jam, as well. Additionally, you can use your equity to get cash if you have an emergency or need quick money for any reason.
 
Creditors Look at Them FavorablyAnother reason to have physical assets is that creditors look at them favorably. It's easier for you to get a loan for a new home when you already have a car or a home when you already have a business. It lets the creditors know that you have something you are paying on, and also something they can use to recover their loan funds if they provide you with a cash advance for any reason. According to Low VA Loans, getting pre-qualified for a mortgage today is easy once you have found a good lender.
 
They Build Your Self-EsteemEveryone wants to feel like they have a purpose, and that their life has meaning. When you have physical assets, you can see what you've accomplished in the physical realm, and that may make you feel more accomplished, which can provide a sense of contentment and pride. It may make you feel as if you received something back for your hard work.
 
As you can see, physical assets can be more of an asset to you than the ones mentioned above. You can start accumulating physical assets today by applying for loans that will help you to secure them. Mortgage and auto lenders are available all the time. You can start setting up your future by making sure that you have some of these assets today. 

2. Vision Insurance
Don’t forget about your eyes. Some medical insurance policies don’t include coverage for vision services such as exams, glasses, or contacts. Eye health also degenerates over time, meaning your expenses will increase, especially if you develop cataracts or glaucoma. A vision insurance add-on policy tends to cost just a few dollars a month and is well-worth the investment. ​

3. Dental Insurance
Most basic health insurance policies do not include dental coverage. Reduce costs for oral care such as crowns, implants, or dentures that can be costly to pay entirely out-of-pocket. Basic policies only cover routine care such as x-rays and cleanings. You’ll need to buy more coverage for bigger procedures. ​

4. Life Insurance
If you have dependents to take care of after you pass, then you need to carry life insurance. You can ensure that your children and spouse are taken care of and aren’t under financial strain, especially if you are the sole provider. Even if you don’t have dependents, you should still purchase a basic policy to cover funeral costs so your loved ones aren’t responsible for coming up with funeral expenses. ​  Get a free quote 

5. Long-term Care Insurance
You might not be familiar with it, but long term care insurance provides for your needs if you become incapacitated due to an accident. It can also aid with nursing home or in-home care costs for yourself or your parents depending on the policy you purchase. The policy can also aid in protecting your assets, allowing you to keep your independence, avoid depending on the government for care and have an overall better quality of life in retirement. ​ Watch a free LTC Webinar

Plan ahead if you want to reduce your stress and financial burden in retirement. Always carry these five types of insurance to give you peace of mind and protect you and your loved ones. ​