Showing posts with label Florida. Show all posts
Showing posts with label Florida. Show all posts

Wednesday, November 13, 2013

Best Tips For Becoming Financially Ready For Retirement

Entering retirement phase of life used to be a matter of age, and most people have a defined retirement benefit plan offered through their employer, once you reach a specific age, you can retire and start receiving those benefits. Even if you plan to rely on social security as your main source of income for your retirement expenses, most people retiring need to have a plan in place for their finances in case anything happens.

Today, the issue of retiring is much less dependent on the person’s age, than it is based on how much money they have saved up for their retirement. Because of the major decline in employer-sponsored retirement plans and the rise in 401(k)s and IRAs, planning to successfully retire becomes a priority. Below are some great tips to make sure you are financially ready to retire.

Planning Where You Will Live

Several retirees in past generations would move from their family homes in the Northwest or Midwest to live in the sunnier states of California, Arizona, and Florida to escape the cold. Today, many find they can make their retirement savings last a lot longer by moving to other states when they retire. Find a place that lets you do what you love, while still offering good retirement plans and standard of living.

Retirement Plan

It’s important you have an organized plan for how you will put money away for your retirement, and to implement that plan as soon as possible. Estimates are that more than one-quarter of the people working in the United States have under $1,000 in their savings account – including funds for retirement. It will probably be a long time before these people can financially afford to retire. Build a retirement plan early in life, and implement it as soon as possible.

Financial Obligations

Unfortunately, not everyone goes into their retirement years with no debt. Instead, many still have mortgages on their residence, co-signed obligations for the college education of their children, and some are still paying off their own student loans. This can add up to a lot of consumer debt in addition to credit cards. Before you decide if you are financially ready to retire, have a solid understanding of your financial obligations and debts so you don’t eat into your retirement funds.

Your Health

The biggest expense for most people retiring is ongoing health care. Even with the most recent health care reforms, the costs for health and medical services continues to increase, and it will probably increase even more. Be completely honest with yourself and identify the potential health care expenses you will face during retirement so you can plan accordingly. Remember, the time might come when you have to consider assisted living homes, or retirement communities to live in with limited medical help available.

By planning ahead, you can feel sure that when you are ready to retire, you will have the finances to make it happen. Use these tips and some smart financial advice to make your retirement dreams a reality.

Friday, September 13, 2013

Make Sure You Properly Value Your Residence before Getting Homeowners Insurance

Before you attempt to purchase a homeowners insurance policy for your home, it’s vital that you know how much your home is worth and the cost of replacing what you have. This will help you determine the right amount of insurance to buy and helps your insurance agent get a better feel for the policy that you need to have in place. Doing your homework before you actually meet with an agent or get an online quote makes the premium that you receive reflect more accurately the policy that you should have.

How Much Will Rebuilding Cost?

Because building materials continually rise in the marketplace, the cost of rebuilding what you now have is indeed much higher than it was at the time of construction. You’ll need to determine what this cost for rebuilding would be if your home were totally destroyed. Meeting with a local contractor will give you an excellent idea of the cost per square foot in today’s construction industry. You will have to inform your builder of the size, style, and the quality of your appointments to arrive at a reliable figure. Perhaps you can arrange for a contractor to tour your home as it stands now, review the materials used along with the types of countertops  cabinetry, and flooring, and offer you an estimate of replacement costs. You should work with a builder who constructs custom homes so that his expertise will fit the type of home that you have.

Appointments Matter in Construction

Many homes in Florida have an exceptional touch with appointments that add elegance to the styles available in this tropical locale. CNN’s Money Magazine recommends that if you want the same type of moldings, flooring, windows, cabinetry, exterior, and custom appointments to be replaced with your homeowners insurance policy, you should make sure that the builder is aware of this. He may provide you with an estimate that uses less-costly traditional materials if he doesn’t know what you want as replacement appointments. When you select your insurance agent, you should also invite him to tour your home and discuss the possibilities of replacement materials and structures with him. You should remember to include marble, granite, custom designs, and exterior products that you prefer when placing a value on your home.

Documentation is Essential

As you prepare to purchase your Florida homeowners insurance policy, you should have documentation in place that shows exactly the items that you have, how they were displayed or arranged, and the true condition of your collections. Photos as well as videos provide excellent sources of information about the condition of your home prior to your claim of damage. You can stroll through each room and narrate exactly what you are viewing for the insurance provider. Include glasswork, antiques, special collections of jewelry, art, or firearms, and the upscale items that add to your home’s d├ęcor. Store this documentation in a safety deposit box or safe so that you will have proof when the time comes of what you once had.

Doing your homework before purchasing homeowners insurance is an excellent way to get the policy that you truly need.

Tuesday, March 5, 2013

The Retirement Plan, Plus 3 Personal Investment Suggestions

What people want is a question that troubled many wise men, from early philosophers to modern psychologists. Be it eternal glory or living a happy life along with a happy family, be it fortune or health, the truth is people just want to feel an overall satisfactions with their lives. And while as adults people fight and work hard for their goals, after a certain age they get tired and just need to relax and feel at peace. 

A Retirement Paradise: Florida

It is said that within the USA, 1000 people age 50 and more retire every year to warmer locations such as Florida. Florida’s real estate market saw a first growth back in 2010, when an increase in home sales took place in the 4th quarter, according to University of Florida News. The truth is that this piece of heaven in particular offers their residents a full life at a relatively fair price. The reasons to why people move here are quite well known: the climate, the entertainment facilities, the tourist attractions and the residential compounds which offer their inhabitants a lot of health and relaxation opportunities.

Here are three suggestions on what a solid retirement plan should consist of in case one decides to retreat from the madding crowd. 

#1. Knowing What You Are Getting Yourself Into

As far as personal investment goes, it may sound easy, but before packing your bags and leaving a place, you should definitely take into account that you need a real estate agent or a reliable housing company to ease your way through state laws and paperwork. These are time-consuming activities and at your age, you strive to make the best of your time, so it is better to leave them to professionals. They can also offer you the best deals on the market, plus make sure what you get represent what you paid for. You worked your entire life and you deserve the best for a peaceful retirement. 

#2: Knowing Who You Are Dealing With

There are a lot of companies online that will show you spectacular photos and breathtaking descriptions. When choosing your real estate company, make sure they provide full services including house selection, negotiation and goods inspection. The goods inspection must be done in a detail-oriented manner, from roof to floor. To ease the process of home design and household appliances needed for daily activities and chores, it is highly recommended to buy a house that already has everything you need. Make sure to check for appliance ratings with your real estate agent and make sure they are worth the extra money. Also seek guidance in terms of purchase of extra goods, necessary paperwork, financial and legal consultations and many more. 

#3: Dealing with Additional Taxes

Regardless of what you are paying for - house or apartment - in Florida and the amount - from US $100.000 or US $500.000 – consider the fact that there are always extra costs. These include your property annual taxes, ranging around $3000/year, however expect more depending on the residential area you want to move into. Some residential areas are susceptible to a residential community tax that ensures clean streets and carefully groomed fences. This adds up to local golf club member’s fee, home insurance, repairs fund and other taxes.

No matter the household choice, remember that “Location, location, location” is the first rule in real estate and that planning your budget accordingly is of high priority. Homes set in residential areas with a beach view or facing the sport courts are more expensive, but they seem to be worth it, in terms of transportation and comfort. After all, we all seek our piece of heaven where we can retire to some day.

Author Bio:

Roxana Scott is an Occupational Health Psychologist interested in healthy life decisions. As a Life Coach, she encountered many employees close to retirement age, so she decided to write an article on what a retirement plan should look and feel like. You can follow Roxana on Google + (

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