Financial Planning For Baby Boomers

Financial planning in your 50s is all about enjoying what you have and looking forward to an even better few decades to come. If you are in your 50s, you are hopefully looking forward to soon reaping the goals of your hard work of investing and saving money. However, if you don’t have quite the portfolio you’d always dreamed of having at this point, there’s no need to panic just yet. With some smart (and possibly even higher-risk) ventures, you can get back on track and still enjoy the life you’ve spent so many years building.

Here are some common financial planning concerns for people in their 50s and how to address them:

Retirement planning – By now, you’ve hopefully been regularly contributing to a 401(k) or an IRA plan for a few decades. As you get closer to retirement age-or if you plan on retiring early-you will want to take a look at living expenses. Take a long, realistic look at the lifestyle you will want to live once you retire and estimate what your expenses are going to look like.

Once you have that estimate, it’s time to determine what your accounts will be worth when you retire. There are calculators on the Internet that can help you with these figures, or you can contact your financial planner to give you a more accurate number.

Take into account any income you will receive during retirement (social security, pension, etc.) as well as your savings, you can now accurately predict whether or not you will meet your goal or fall short.

This would be a good time to review your portfolio. Are you being too aggressive or too conservative in some of your portfolio choices? While these types of oversights might have been okay ten years ago, missteps now can have a much more immediate impact .Consult with your financial advisor about any concerns you may have and make any allocation changes you decide are necessary to help ensure a safe, comfortable retirement.

Estate planning – While no one wants to think about their demise, finding a financial advisor who can help you with estate planning will help give you peace of mind. Estate planning ensures that your estate is handled in a manner that you approve of and that your children are not burdened with making your final financial decisions after your passing.

Consult a lawyer or an estate planner to help with this portion of your financial future. At the minimum, an estate plan should include a will as well as a durable power of attorney. A power of attorney gives a designated person the right to make financial decisions on your behalf if you become unable to do so.

Your estate plan should also include a living will, which will notify people of your wishes regarding medical care in case you become ill or seriously injured and are unable to make decisions yourself.

Of course, one of the best things about financial planning in … Read More

Personal Finance Resolutions for 2019

One more year has passed, and now we look forward to 2012 as well as the hope that things will increase. Could this be the year we finally shed those added twenty pounds, or get that raise at perform, or even clean out the garage? Whatever you have resolved for the new year, here’s hoping you make very good headway inside the very first month. Private finance, specifically within this questionable economy, should surely possess a spot on your list.

What do you’ll need to resolve in 2012 as far as dollars goes? Certainly saving more and spending less really should be priorities, and in some circumstances these issues may well already be set for you personally. Should you have a stable job and your bill-paying circumstance is under control, let this be the year you get started on investments for the future. Listed below are a few tips to acquire you started toward great financial overall health in 2012 and beyond:

1) Get started saving toward retirement. In case your job has selections to get a 401(k) or comparable system, discover about enrolling in the event you have not currently. For those who do not get such benefits at operate, look into a financial program and start out placing cash away for the future. We can debate more than irrespective of whether or not Social Safety will exist in twenty or thirty years, but either way you should have some thing saved up for the twilight years.

2) Commence saving for the childrens’ college funds. It really is really easy to open a 529 account for college savings. Larger education will not get less costly because the years pass, as well as if your youngster plans to attend college in-state you’re taking a look at a major expense. Even twenty dollars a month placed in an account will enable when your child turns eighteen.

3) Evaluate your luxury spends. In the event you find yourself brief on cash by months’ finish, contemplate what you have purchased in the last month. If there’s a technique to cut down on certain fees, do it. One example is, why commit three to 4 dollars each day on a latte from a coffee shop after you have a coffee maker, milk, and coffee beans at residence? Small points like this, when changed to maintain your wallet padded, make a huge difference.

4) Perform smarter, not necessarily harder. Look for ways you can reduce down on power bills using a couple of very simple fixes that also “green” your living space. Watch your grocery purchasing to purchase what you understand might be applied in a timely manner, as opposed to left to go terrible within your refrigerator. Small things might help to save you large.

Above all else, hold track of where the money goes just about every month. By maintaining a commit log, you’ll be able to track how you deal with funds and find out where to quit any hemorrhaging. … Read More

How Purchasing Pet Insurance May Actually Save You Money

How Purchasing Pet Insurance May Actually Save You Money

Similar to humans, believe pets also experience health complications and plights. While many veterinarian visits are mandatory such as annual check-ups and vaccination shots, pet owners will conceivably make an emergency visit to the veterinarian at least once in their pet’s lifespan. Although an unfortunate event, life mishaps transpire unexpectedly. Furthermore, alike humans, health and medication bills can be extortionate, particularly unexpected ones. Consequently, humans elect to enroll in a health insurance plan by remunerating a fixed monthly premium, evidently saving them significant amounts of capital when faced with a medical expense. However, this factor is often overlooked by many pet owners. As a matter of fact, less than 1% of all-American dogs and cats are insured. This is a staggering number considering that over 68% of American households own a pet, totaling close to 200 million pets.

In the United States, the pet insurance market is expected to surpass $1 billion by 2019. Additionally, in 2016, the expenses for veterinary care accumulated to over $16 billion. Shopping for pet insurance is quite simple, as you can easily shop online or by phone. A simple google search reading pet insurance company for an example, will result in an abundant number of results of numerous pet insurers.

Although many pet owners believe that pet insurance may be another major stressful expense, the average annual cost of pet insurance in 2017 was $41 per month, varying by dog breeds. Similar to the automotive industry, your policy rates depend on your pet’s age, health profile and level of care you choose. The most expensive dog to ensure is the English Bulldog, while the cheapest to insure being the Dachshund. Many owners are realizing the benefits emitted by obtaining insurance for their pets, as the pet insurance industry actually experienced 22% annual growth from 2016-2017. Statistically, the number one reason pet owners purchase pet insurance is to possess the ability to make decisions regarding pet treatment without contemplating whether they can afford it or not. The second reason people insure their pets is from previous experiences with veterinarians where they were faced with high medical bills.

Every pet owner cares tremendously for their pets. With a pet’s active lifestyle, injuries and mishaps are inevitable. Consequently, 75% of all pet policy holders make a claim within the first three years following enrollment. Furthermore, more than 50% of all policy holders file a claim each year. Pet owners also almost never expect the bill amount after making an emergency visit to the veterinarian. In 2017, 21% of pet owners who visited the veterinarian spent over $5,000 for emergency surgeries. Additionally, only 11% of pet owners spent over $10,000 for issues related to heart disease, which can cost more than $20,000. The most conventional pet insurance claims are for torn knee ligaments in dogs, with foreign object ingestion following.

Pet Insurance not only provides owners with a piece of mind, it can also save you from legal issues. If your uninsured dog unfortunately bites another person, you … Read More

Advantages of Using Owner Financing

Advantages of Using Owner Financing

If you are either selling or buying a home, there may be very good advantages to using owner financing for the transaction. This type of purchase often comes with very reduced interest rates and the payoff period is typically much longer than conventional bank loans. This trend has become more and more popular with people in recent years. The advantages far outweigh the disadvantages for both buyer and seller.

Selling Your Home Using Owner Financing

When you sell a house, typically the buyer will get a mortgage through a bank or private lender. This is how it has been done for many years and is still the most popular way of selling a home. However, when interest rates at banks are high, buyers may look to sellers to offer financing themselves. As a seller, you can offer this to prospective purchasers and sometimes gain more on the sale. You will not be able to get the money from the sale upfront as it has always been, but you will be getting regular monthly income from the sale for a predetermined amount of time. Usually, it would be for a term of ten years with a balloon payment at the end of this period. As stated, the interest you get will be lower than a bank would charge. But, at the end of the loan, you will have made substantially more money from this sale than you would have if they had taken out a traditional mortgage loan.

Purchasing A Home with Owner Financing

If you are buying a house, it would be to your advantage to use seller financing. Many people do not understand how this works and will often ask what is owner financing? This type of sale of a home is when you do not take out a traditional mortgage but, the seller will hold the note to the home for a specific period of time. The down payment you will make will be much lower than a bank would require and the interest is also lower. Although it seems that this is a much-preferred way to make this purchase, there are drawbacks to it. The seller will only finance for a certain amount of time, usually ten years. At the end of this, you will need to make a balloon payment to the seller. You could, at that point, get financing through a bank to make this payment. Many people will do this when interest rates are high, hoping that in the ten-year time period, they will get lower.

Seller financing is preferred by most people because there is less time consumed by waiting for banks to approve mortgage loans. All of the terms of the agreement can be negotiated, including the price, the number of years involved and interest rate. This cannot be done with any other type of lending institute. The next time you are either selling or buying a home, you should consider using this method. It could be well worth your while.… Read More

How to Plan for Your Future Retirement

How to Plan for Your Future Retirement

It is never too early to start thinking and planning for your retirement. This is our true belief at our service that provides retirement and benefit services to thousands. It is important to start planning early to make the transition to the retirement years as smooth and stress free as possible. Generally, this involves a lot of financial planning for the average individual that is working full time for a company or running their own business enterprise. Find out more at http://www.portebrown.com/. Planning early includes multiple benefits for the individual. Here is more to consider.

What Are Your Retirement Goals

Before you are able to begin even planning for your financial future during those retirement years, it is important to define your retirement goals. For example, would you like to retire and spend the majority of your time traveling around the world to distant places? Would you prefer to just spend time getting to really know your family and friends? Would you like to pursue a hobby full time? Some might like to even start a business venture. Your goals will help to determine your budget or the amount of money that is required to help you reach your retirement goals.

Financial Situation

Now, is the time to take a closer look at your current financial situation. How much money do you have in your bank account? How much money is in your retirement fund. Do you have stocks or bonds that are worth anything presently? Any other funds due? What type of skills might you turn into a part time venture to earn extra income? Perhaps, you are a great painter or a writer. Do you have great cooking or catering skills? Maybe, you are even a whiz at repairing older model cars. These are all skills that might earn you a decent part time income during your retirement. Now, is also a good time to establish good ideas to boost your income to help meet your retirement years goals.

Check Social Security

Most people do not rely solely on their retirement funds. Generally, they also rely on their social security benefits to tide them over during their retirement years. This program has survived for several decades and is designed to help seniors live comfortably during their retirement. When are you going to retire? The age that you retire will affect the amount of social security benefits that you receive. For example, the earlier that you retire, the less the benefit amount. Establish the age that you would like to retire and send for your latest benefits statement from social security. This will help you predict the amount of your retirement benefits.

Create A Budget for Retirement

Consider contacting a financial planner or consultant to help you prepare a budget for your retirement years. A budget should include your income, debts, projected savings, and more. Consider adding a part time job or starting your own part time business venture to make sure that you are able to … Read More