Why Shouldn't Couples Plan Their Retirement Together?

It might be something you have been looking forward to for many years; the children have all grown up and by giving up work, it's finally time for you and your partner to enjoy your twilight years together in peace and quiet. 

Although it sounds like an idyllic lifestyle, you pottering around in the garden, your other half enjoying precious time enjoying their hobbies, problems can lurk where you least expect them. 

Before you carefully synchronise your retirement date with your partner, have a read through the guide below and discover why you might be better off staggering your departures from work. 

Be canny with your money 

Whilst you may both have been diligent about paying into a pension for many years and are comfortable that you will be able to cope when you lose both your wages, there's no harm in putting a little extra aside just to make your retirement even more enjoyable. Once you retire and can’t earn anymore money it’s important to look after your money. 

If one of you leaves work but the other continues with their job for a while – perhaps a couple of years more – you will be able to reap far greater financial benefits that could be useful in the long run. 

Firstly, continuing to earn a wage means you have longer to contribute into your pension plan, helping to crank up the value as high as possible. Your retirement is something to be enjoyed, a time to treat yourself, not spending it scrimping and saving, afraid to switch on the heating in cold weather. By taking those couple of extra years to boost your savings pot, you could make a difference to the amount of money you have to rely on. 

And speaking of pensions, if you continue to work, you will inevitably delay drawing your annuity from the fund available. If you delay your retirement by a few years, by the time you come to take your pension, the number of years left will have reduced and you will be able to receive a higher amount each month. 

If one of you is still in work, the amount of Social Security you can draw will also increase.

Health insurance

Making sure you have sufficient health insurance in place becomes even more important as you grow older but unfortunately it also gets more expensive.

Whilst you are in employment, this isn't something which causes too many problems as many firms offer health coverage not just for their workers, but also their immediate family. This means that there is no need to either take out a costly private insurance plan nor rely on the government sponsored programme known as Medicaid.
Health insurance is important, but can cost a lot. 

If one person continues to work for a few years, it will be possible to continue to enjoy the coverage which is in place without having to resort to paying a high price for the peace of mind it brings. 

Time to adjust

Moving into retirement may sound like a delicious thought, but many workers find themselves caught by surprise when they finally give up work. Many people anticipate an almost holiday-like lifestyle but not having a purpose and structure to each day can leave individuals without a sense of purpose, especially if they previously held a responsible, demanding or stressful position.

By postponing the retirement of one person, it provides the opportunity for the couple to be able to adjust to the transition slowly. Never having to return to work takes a lot of getting used to; the individual who has stopped working can sometimes find they struggle to find meaning in daily activities and can even feel sidelined. Their partner can also find it difficult having them around during the day, especially if they are used to having some time to relax on their own.

Imagine these difficulties multiplied by two and it gives you some idea of the potential room for problems to occur if both individuals retire at the same time. Experiencing the same doubts, fears and challenges can make the early days of retirement more fraught than fun if both of you are trying to retire at the same time.

Conclusion

In summary, although you might think that retiring together is a rather romantic idea and one which eliminates any discussion over who should give up work first. Whilst this is true, it also provides plenty of capacity for problems - financial, practical and emotional - so in reality, you may well decide to stagger your retirement so that you not only maximise your savings but also make the whole process that little bit smoother.

Bio: This post was written by Sarah Watson who works with leading accountants in Milton Keynes UK.

Things You Must Ask Yourself Before Buying Life Insurance Policy

Universal Life Insurance Company (Photo credit: Thomas Hawk)

For all those who want to have a life insurance policy, it could be a difficult decision to choose the best plan. The main reason may be the terminologies related to life insurance plan as all these terms can be new to them. Well, the solution for this is proper research and the best way to figure out this situation is to ask yourself few important questions. Today, we will discuss some of questions that you should ask yourself before investing on a life insurance plan. 

One: Do You Really Need A Life Insurance Plan?

First of all think whether there is a need to buy a life insurance plan or not. Our peers and friends have a huge impact on our decision. Our lives are usually influenced by them. Don't go for an insurance plan just because somebody has suggested it. The basic purpose of a life insurance plan is to make all our dependents stable after us. Let’s say you are single having no family. In that case obviously there is no need of a life insurance plan.

Two: Which Type Of Policy Is Best Suits Your Needs?

Usually there are two main types of life insurance policies. One is Term Life Insurance Policy and the other is Whole Life Insurance Policy. You should know the basic difference between them.

· Term Life Insurance:

Basically Term Life Insurance Policy is for specific period of time. Once your plan is expired, it's up to you whether you want to renew the policy or to end the coverage. The term life insurance policy gives you benefit in case of accidental death or debilitating injuries. If you are purchasing term life insurance plan in earlier years of your life, you will find it cheaper. It means that try to purchase the policy right after your marriage. The reason is in earlier years the chance of death is relatively low.

· Whole Life Insurance:

Contrary to Term Life Insurance, Whole Life Insurance Plan is not for specific period of time. You can avail it from the day you bought till your death. There are two components of whole life insurance policy. One is insurance and the other is investment. The insurance component will pay stated amount upon your death. Investment accumulates a certain cash value that you can borrow or withdraw. 

Three: How Much To Pay for Insurance?

The answer to this question lies behind the potential needs of your beneficiaries. There is no need to follow the rules as you know better about your needs. Make an estimate of the needs and wants of your beneficiaries. Estimation is very simple to do. Just multiply the needs of your dependents with the numbers of years the support is needed individually. Then, add the estimated amount of all dependents.

Final Words:
These few core questions will definitely lead you to make a right decision of investing on life insurance plan. You can also save your time as well as your money, if you have complete knowledge about what plan you are going to choose.

Author’s Bio:
Lori Robinson is the leading contributor to Monkey Insurance, a car and life insurance comparison site. For every car insurance quote taken out, Monkey will donate a portion to your charity of choice.

Medical Billing Training Programs Opens Doors in Healthcare Field

 (Photo credit: TaranRampersad)

Careerstep.com is the website for a company that offers a medical billing training program. This online school teaches its students the necessary skills to obtain a job in medical billing, and this training may be accomplished in only a few short months. 

This is an expanding career opportunity because of the increasing nature of healthcare in the United States. In fact, the Department of Labor has estimated that the number of jobs in the medical billing category will increase by over 20 Percent in the near future. 

Those who can offer the skills that are necessary in medical training jobs will be needed in many and various healthcare facilities and other outlets. Billing departments and agencies are absolutely vital in the healthcare industry. 

Every one of these facilities must have medical billers. Therefore, those with the credentials do this type of work, are crucial, and they can demand competitive salaries and benefits. This is an exciting career for every potential worker, and Career Step is a company that can provide effective training for medical billing agents. 

Career Step has been offering exceptional vocational training for 20 years, and over 85,000 students have taken advantage of Career Step's online classes. The programs are designed to give students adequate training for various jobs in a very short amount of time. 

In addition, students have around the clock access to classes because of convenient online training. The courses are prepared and delivered by experts in the field, and they are created to match real-world needs and employers.

6 Tips to Save Money When Entertaining at Home

As school lets out for summer, suddenly you find yourself entertaining family and friends more often as everyone tries to make the most of the warm weather and longer days. 

While it's wonderful to share a meal with your nearest and dearest, playing hostess with the mostest can get expensive quickly. Avoid blowing your vacation budget before July 4 by using these six tips to help you spend less as you entertain more:

Prepare for Overnight Guests

Whether your in-laws will be staying with you for a long weekend or you need to accommodate a friend who overindulged on sangria at your backyard barbecue, you'll need extra pillows, blankets, and bedding. 

Outfitting your guest room can get expensive, but you can find great deals if you give yourself some time. Sign up for your favorite local department store's email list to keep up-to-date on last-minute bargains. 

Once you've found bedding that you like, do a quick search to see if you can find a good deal. Often you can find a better price for bedding items online, such as a Macys mattress or duvet cover sale; some stores even offer price matching.

Dim the Lights

Save money on electricity and skip the unflattering overhead lighting in favor of neon lights. Neon lights provide an instant ambiance to create a festive atmosphere. You could also add an eye-catching neon wall sign such as one of these from Neon Mama, which not only lights up an otherwise dark area but adds decorative appeal too.

Opt for neon lights for dinner parties because the interesting colors can be soothing and peaceful during the meal, according to the Edmonton Journal.

Plan a Potluck-Style Menu

Do you dread the expense of hosting an elaborate dinner party al fresco? Instead of trying to do it all yourself, delegate! A potluck dinner will cost a fraction of the price and be less stressful to host. Try picking a theme for the meal, such as Mexican or Italian cuisine, and then assign each guest a specific course.

Serve a Signature Drink

Skip trying to please everyone with an expensive full bar. Opt for a signature cocktail, a single type of beer, and a pitcher of water flavored with fruit. Select a cocktail that fits the theme of your menu or party. Try refreshing signature drinks such as margaritas, sangria, or mojitos.

Simplify Starters

Instead of going wild on Pinterest to find appetizers that are more complex than your main course, keep it simple with a loaf of rustic bread, a variety of cheese, and some fresh fruit and vegetables. 

To avoid spending a ton on fancy European cheese, Real Simple suggests you stick with affordable domestic varieties of Parmesan, Gouda, and cheddar, which you can find at a local grocery store for less than $10 a pound. 

Don't worry about serving everything on a fancy platter – instead, arrange it all on a wooden cutting board to add some rustic charm.

Get Creative With Decor

Find decorating ideas and craft projects online to save money on decor by re-purposing things you already have. Try working collected seashells from your last trip to the beach into place settings to create an extra summery table setting. Create a table arrangement with pillar candles and fresh flowers for effortless elegance.

Manage Your Finances Like a Small Business

You may not think personal finances have much in common with finances of a small business, but with a little creativity you can manage your money as if you were your own company. Here are some tips to keep in mind when working on your finances.

Hang On to Important Documents

As a homeowner, you probably won't have to deal with Cash Flow or Profit and Loss Statements like a business would. However, there are several forms and documents you definitely need to keep track of. This practice can help during tax season, when you might need to reference old statements for your files. Managing your finances will be a breeze if you store all your receipts, loan statements, and credit records in a safe, well-organized place.

Come Up With a System

Of course, knowing where your documents are is only half the battle. Once you've collected your files, you need to figure out a routine for keeping them organized and properly utilizing them in your financial management. It also helps to regularly balance your checkbook or keep track of your expenses in spreadsheets. Some business owners do a daily rundown of their gains and losses to maintain their financial flow. If you're struggling to figure things out, there's tons of free accounting advice online that can help you.

Focus On Profit

It might surprise you to think of a homeowner turning a profit, but this is basically what any individual with an income, expenses, and assets ends up doing. Consider the things you spend your money on every week--groceries, rent, energy bills, and probably some fun stuff, too. You can think of the dollars you don't spend on necessities as your profit and store them away in a savings account. Even non-monetary gains, like clothing or entertainment products, could be considered profits. One of your main goals should be to maximize these earnings so you can reap the most benefits from your hard work.

Plan Ahead

You won't get very far if you don't have a head for the future. Once you have all your files and systems ready, you need to consider what you want to do with your finances in the long run. If you want to make a large investment, like buying a house or a car, you will need to plan to save money and look for the best payment plan available. Financial programs can help keep track of your projects, or you can write a simple to-do list of tasks such as budgeting for food or allocating money for retirement. Just like a business, you should figure out your long-term goals and work on a good strategy to achieve them efficiently. 

Controlling your finances as if you were running a business is a great way to become more stable and more independent. Despite the differences between a small business and a homeowner, there are plenty of shared practices that can help any individual get a better grasp on their money.

4 Things, You Must Discuss With Your Agent About Critical Illness Insurance

Health insurance can help you reducing your financial strains by paying a huge or lump sum amount as a compensation of potential loss. This plan will benefit you in case of any disability or any specific illness. When it comes to critical illness, the health insurance is applicable, when surgery or disease meets the definition defined by the policy. 

One important thing about critical illness insurance is the waiting period. If one wants to avail critical illness policy, he should know that it has waiting period for certain types of surgery & diseases. For instance, if any surgery or critical disease covered under the policy is developed or diagnosed during the waiting period, you will get no benefit.

Today, we’ll talk about 6 important things, you must discuss with your agent before investing on critical illness insurance. 

One: Ask About Age and Amount’s Limit of Insurance?

One important thing is the financial coverage offered by the company. Each company has set its own age limit of an insured person and the amount of insurance. So, the benefits of critical illness insurance may vary from company to company. So, it is better to ask the broker about the best option they can offer. 

Two: Ask About Protection Covers, Durations and Return Policy?

Ask, whether the amount of coverage is fixed or will decrease by time. Also ask about the changes in premiums in future. Ask about a term policy; this policy can give you maximum protection for short period of time within your available budget. Ask, whether they offer return of premium option, if you don’t make any claim. 

Three: Ask About the Illnesses Covered, Limitations and Exclusions?

Make sure that the policy covers all serious medical conditions, like cancer, stroke, heart attack, kidney failure, blindness, coma, deafness, speech loss, paralysis etc. There are always restrictions on policy claims, so ask how many days, the condition should persist to make you eligible for claim. Ask about the exclusions, as, normally, the contracts are updated with exclusions, like cancer diagnosis. 

Four: Ask About Premium Amounts and Affordability?

Some of the questions that usually come in the mind of a person are what are the payment criteria? Will the premium become affordable in future or remain fixed? Is there any renewal procedure? When will the health insurance policy end? What is the claim procedure? Is there any limit of claim? What is the waiting period? If I make any claim, will my future coverage and premiums be affected by it?

Final Words:

Before buying critical illness insurance, you must consider all the above queries and don't forget to ask these questions from broker. These questions will definitely help you choosing the best health insurance plan, which is the best investment in financial planning.

Author’s Bio:

Lisa Smith has a journalism degree from NYU and is the leading writing for Kanetix.ca, an instant insurance quote marketplace. When it’s the right time for insurance, make sure to visit Kanetix.ca. You can connect with Lisa Smith on Google+.