Planning an Early Retirement? Managing Legal Matters Wisely

Retirement (Photo credit: Tax Credits)

It’s safe to say that most people would like to retire early, but how many people will actually be able to do so; moreover, how many will retire early and do so comfortably, i.e. without regretting not staying at work for a few more years?

Unfortunately, most people will continue to work until they have no choice but to retire, though if you believe that you’ll be in a position in which it’s feasible to retire early you’ll need to plan for retirement and plan well. 

Dealing with Debt

Retiring when you’re burdened by outstanding debts is impossible so you must ensure that all your outstanding debts are resolved well before you retire.

Many people slide into debt upon retirement because of a reduction in earnings, though provided you’ve planned your retirement well and you have surplus savings, there’s no reason why you should be at risk. 

Combining Pension Pots

If you’ve worked multiple jobs over the course of your working life your pension fund might be spread across multiple pension pots. If that’s the case, you need to find out where your pension is located and consider your options, including rolling them over into one pension fund. 

Are You Claiming the Benefits You’re Entitled To?

Whilst you might not be entitled to all if any of the benefits that senior citizens are entitled to because of your current age, you should still make the effort to find out what benefits you’ll be entitled to claim upon retiring early.

As much as £5.5 million pounds goes unclaimed by pensioners annually and if you’re not claiming the benefits you’re entitled to, the Government certainly isn’t going to let you know what you could be claiming.

There are a number of benefits made available for retirees – Council Tax Support, Housing Benefit, Winter Fuel Payment, etc. – and although you mightn’t be eligible to receive these benefits just yet, you could be at a later age. 

Considering Annuity?

Annuities convert pension funds into retirement income and despite receiving some bad publicity in recent years they’re still the best option available for the majority of retirees.

It’s important to understand that once you’ve decided on an annuity provider your decision can’t be reversed, so get it right the first time.

Couples need to think about joint annuities or single life annuities for each of them, and everyone needs consider the three annuity varieties – level annuity, escalating annuity or inflation-linked annuity – and buy according to their needs.

If you’re retiring early you might not be able to convert your pension funds into retirement income because of your age, or if you are, you might have to settle for an annuity for a specified period of time. 

Don’t Forget About the Taxman!

You’ll need an income to retire early and although you won’t be receiving a wage from an employer that incurs income tax, you still need to pay tax on the money you receive from stocks and shares, savings accounts, term deposits and income derived from investment properties.

Some sources of income aren’t taxed, most notably pensions, Government benefits and ISAs (Individual Savings Accounts); however, it’s important to ensure your tax matters are in order before retiring early because the taxman will catch up with you sooner or later and you don’t want that to happen after you’ve retired. 

Wills, Estate Planning and Powers of Attorney

Thoughts of dying are naturally far from your mind when planning for an early retirement, though you need to give some thought to the inevitable at some point in time and contacting a legal firm like Hanne & Co to create a will, engage in estate planning and discuss lasting powers of attorney needs to be taken care of sooner than later.

These legal matters must be attended to regardless of whether you have dependents, especially lasting powers of attorney, because you need to consider what would happen to your finances and wellbeing if you were no longer able to make your own decisions.

There’s a lot to prepare for an early retirement but there’s also a lot to look forward to, so take care of your legal matters early on to enjoy the early retirement you’ve worked hard for.

Author: Cheryl M. Graham is a freelance writer for Hanne & Co, a law firm in London with an outstanding reputation and a long history in offering services in various areas of law. The company is made up of individuals who actually care.

Trade Show Wars: Making an Unbelievably Effective Booth for Cheap

When it’s time to take your product out into the wide open world of trade shows, you have many things to consider in order to be successful. A lot of people focus exclusively on the product itself and, while absolutely essential, it is not by any stretch of the imagination all that you need to consider when getting your ducks in a row for having a successful trade show. You need your product to be great, but you also need your marketing and your image to be honed and expert. Don’t let your product fall by the way side to inferior competitors simply because you didn’t know to spend time and effort and even money on presentation. Presentation is so key, so take some of these tips before heading to the trade show.

First of all, you do not want to scrimp and save on the marketing materials and the booth’s appearance itself. That said, you don’t have to spend a lot of money to look presentable and professional. For example, there is a trade show pop up display available at The Display Outlet that is not only affordable, but high quality and professional. These displays are also extremely easy to port around, and are reusable. So this one time cost is going to pay for itself for many months, years, and trade shows to come. The importance of a pop up display cannot be underestimated. You appear like you know what you’re doing, and the appearance of confidence and savvy is more important than actual confidence and savvy. In fact, that’s all confidence is: appearing confident, whether you are in your brain or not! 

Another seemingly no brainer type idea that many over look and has to do with presentation is taking care to find the right person to be behind the booth. It’s too bad, we can argue about that if we want, but having an attractive female behind the booth simply works. Men and women alike will be more inclined to approach a both of an attractive and smiling woman is there ready to talk to. Men will of course feel the carnal draw, and women will feel the safety of talking to another woman instead of a man who feels that carnal draw. Of course she has to be knowledgeable about the product as well, so hiring someone like this to be a part of your team is a crucial idea. Sure, it’s too bad that this is still the case in 2014, but to be stubborn and think that we are in different times so this shouldn’t be so is only going to hurt your business. Don’t let your personal wishes about how society should be affect your bottom line.

You also would be wise to have something small that customers can take away with them. Something more than a business card is idea. A little bottle opener or a light for the key chain, emblazoned with your company logo and website is all you need. Some little souvenir of visiting your booth and reminding them later about you is crucial. If you want to get more creative and make some more off the beaten path type of giveaway, go for it. The more creative, the better.

These Five Tips Could Save Seniors Big Money on Car Insurance

We’ve written in the past about strategies that people over the age of 50 can use to save money when insuring a vehicle. In this article, we’ll expand on that with a few extra tips that seniors can take advantage of when purchasing coverage for an automobile. 

Tip #1: Ask for a Senior Discount.

Each insurer is going to have different policies in place, but if you are over the age of 50 and own one or more vehicles, it certainly doesn’t hurt to ask for a senior discount. Generally speaking, seniors are some of the safest drivers on the road. They drive defensively and are less likely to drive over the speed limit or take risks. Insurers are well aware of this, and some offer discounts as a result.

In some places, there may be incentives in place for taking a course on defensive driving. Even if you believe that you already incorporate all of the safe driving tactics, it never hurts to brush up on your skills. And even if you don’t learn anything new, the discount you receive is enough to justify enrollment-. 

Tip #2: Know Your Expected Mileage.

As drivers get on in age, they tend to spend less time behind the wheel. This is especially likely after retirement, when the daily commute is cut out of the picture. Lower mileage will most likely qualify you for a more affordable plan, so keep track of your odometer over the course of a standard month and see how this projects over the course of a year. Ring your insurer and ask them about discounts for low mileage. They will be able to advise you about the availability of cheaper plans with mileage caps. 

Tip #3: Choose the Appropriate Coverage.

These days, you’ll find as many policies and coverage types as there are vehicle types to carry them. Many people over the age of 50 have vintage hobby cars that they plan to work on in retirement and take out for the occasional leisure tour. In this case, you are going to be much better off with classic car insurance. Policies like this are often more affordable than standing coverage, because insurers know that hobbyists take excellent care of their vehicles. Their vintage vehicle is their pride and joy, and that means that the owner is not going to take any unnecessary risks. On the contrary, they’ll pamper their vehicle and treat it with the utmost care.

Note: It may be possible to insure multiple vintage vehicles on a single policy.

Tip #4: Purchase a Vehicle that Suits Your Lifestyle.

Hot rods and sports cars are for the young and reckless. Mature drivers are happier in vehicles with higher safety ratings. As it turns out, insurers prefer these vehicles as well. Flash, high-performance vehicles may turn heads, but they also have a knack for being involved in accidents.

Each year, the Insurance Institute for Highway Safety releases a list of the safest cars on the road. You’ll find a range of vehicle types on the list, one of which is sure to catch your eye. Cross-reference this list with that of your insurer’s and see if a low-risk policy applies. There’s a good chance that you could save some money by driving one of these cars. 

Tip #5: Be Mindful of Your Driving Ability.

This is one of the toughest tips for mature drivers. While those who are over the age of 50 are classed as some of the lowest-risk drivers on the road, it’s worth noting that there’s a limit. At some point, ageing drivers become a higher risk due to a range of factors such as deteriorating vision, delayed reaction time and the onset of dementia.

Remain mindful of your driving record, and be advised that a series of scuffs and bang-ups will eventually lead to higher premiums. Put a priority on your safety—as well as that of those with whom you share the road. Likewise, if family members and loved ones are becoming increasingly concerned with your driving ability, take note. Giving up your position behind wheel can be tough, and it may feel like you’re giving up independence—but don’t let that get you down. This is simply a milestone of ageing.

6 People Who Went Bankrupt Early In Life and Later Retired Comfortably

Portrait of Henry Ford (ca. 1919) (Photo credit: Wikipedia)

Filing bankruptcy doesn't only affect finances. People who file bankruptcy often take a hit to their self-esteem. Fortunately, bankruptcy doesn't mean an end to success and financial stability. According to Abakhan & Associates Inc. from Kelowna, British Columbia, bankruptcy may provide the clean slate needed to start over and become even more successful than before. Several well-known people had to file for bankruptcy before they found success.

Cyndi Lauper

Before she was an 80s music icon, Cyndi Lauper's band Blue Angel had a record that flopped. Their manager sued them for a hefty $80,000 and forced Lauper into bankruptcy. She went out on her own and her hit song “Girls Just Want to Have Fun” helped make her one of the most popular singers of the 80s. With her bankruptcy behind her, she created a better financial future for herself.

PT Barnum

Before he created the “Barnum and Bailey Circus”, PT Barnum owned a museum that showcased natural oddities and invested in the development of East Bridgeport, Connecticut. Both business investment failed to work out, and subsequently PT Barnum was forced into bankruptcy. Four years later, at the age of 61, he found success in the circus business.

Walt Disney

Walt Disney's first animation firm, Laugh O Gram Studio was opened in 1920 in New York. The company saw some success, but ended up suddenly broke. It was this first attempt that created the iconic mouse, Mikey and also forced Walt Disney into bankruptcy. Disney earned the money to travel to Hollywood where he started his business over and named it after himself. He earned millions of dollars and remains one of the most well-known names in the industry.

Henry Ford

Today, the Ford Motor Company is a household name. The founder, Henry Ford wasn't always successful, though. As an engineer at The Edison Illuminating Company, he created his first automobile called the “Quadricycle”. The design was a success, but his marketing efforts failed, and the vehicle didn't catch on with the public. He left the company and filed for bankruptcy shortly after. A year later, he created the Ford Motor Company. His newly developed automobile was record breaking. In 1908, he released the Model-T and became one of the most famous names in the car industry.

Milton Hershey

Milton Hershey is the father of Hershey’s chocolate. This brand is ubiquitous and is recognized internationally as a quality candy company. However the beginning wasn’t easy for Milton. In fact his first couple of attempts at starting a confectionary company failed and resulted in bankruptcy. The family eventually came to view him as an irresponsible vagrant. He finally found his success after learning some confection secrets from a company in Denver, and bringing those secrets to Lancaster Michigan.

H.J. Heinz

Love your ketchup? Thank H.J. Heinz for having the persistence to push through difficulty. At 25 he started a company that produced horseradish. According to legend, there were 57 varieties of his horseradish. After an economic slump in 1875, Heinz’s enterprises were forced into bankruptcy. That didn’t stop Heinz: the very next year, Heinz partnered with family members to start producing the world’s most popular condiment: ketchup. In Pittsburg, the business took off and gained massive popularity. Today the legacy lives on as Heinz Co. rakes in billions of dollars in revenue per year.

Bankruptcy isn't a reason to feel bad, and it doesn't mean giving up on a better future. When filed wisely, bankruptcy can be a good way to protect against debt, start over with a clean slate and work toward building a better, more stable financial future.

4 Ways Hiring a Cleaning Service Can Save Your Household Money this Summer

Some people are hesitant to hire a cleaning service because they believe they cannot afford it. To them, hiring a company to clean their home seems like an extra expense that can be avoided by simply performing the cleaning themselves. However, you may be surprised to learn that hiring a cleaning service can actually save your household money. 

Here are four reasons why this is the case. 

It Will Save You Time

Hiring a cleaning service means that you don't have to devote part of your day to tidy up your home. Apartment cleaning Chicago gives you the extra time and extra chance to be more productive with other home improvement projects, taking care of your kids, going to the gym, or whatever might be pressing on your agenda that you might need or want to accomplish. 

Besides, the cleaning service personnel will likely be able to finish the job faster than you would have if you had done it yourself. This is especially true if you work at home. You can use that saved time to complete a project faster and find more work. The increase in business can more than compensate for the cost of hiring an affordable cleaning service. 

It Will Improve Your Health and Energy Level

Businesses lose countless dollars each year when employees are unable to work due to illness, and the employees themselves often suffer lost wages. They are also forced to spend extra money on medicines and doctor visits. 



Hiring a cleaning service can lead to extra rest and relaxation. You will be spared from the strenuous work of keeping each room in your house clean. This will significantly reduce the odds of becoming sick and missing work. 

Making Items Easier To Find

The clutter of a messy home often leads to difficulties finding items. Many people simply give up and rush to the store to buy the product that they think that they have lost, only to find the original item later. The same people also have problems finding important documents like bills or they have trouble finding other important items like their checkbook. 

With a clean and well-organized home you will have no trouble finding the things that are most important that allow your daily life to function. Therefore, a well-organized house, it will be much easier to find things, saving you money on replacements, hassle, and stress. 

It Inspires You

Having a clean home gives many people an emotional boost. Many of us take great pride in having a beautiful home. It reduces stress and helps them become more productive. This can translate to increased productivity and extra income. For example, if you are a writer or an artist by hobby or profession, a clean and well-organized home will allow you to be inspired with new and improved ideas. 

This might even allow you to come up with your own personal masterpiece. Perhaps that masterpiece you came up with will cause a change in the world around you. Just keep in mind that the most successful and brightest people out there have one thing in common, they all have a well-organized, clean home or environment around them.

Conclusion

Make sure to do diligent research before hiring a cleaning company. You should check out each company's website to see what they have to offer. Make sure to contact them for more information about their services and hourly rates. However, above all else, make sure the hiring a cleaning service right for you and make sure you hire the right cleaning service for your needs.

Avoid Overspending: Six Services And Items You Can Save On With Little Effort

Although many people consistently overpay due to self negligence and laziness, there are many individuals who are simply unaware of the numerous money-saving opportunities that require little physical or mental expenditure. 

Personal Money Management Websites

Want to create a personalized budget on the fly or create a savings goal to meet by the end of the quarter? It's important to know where your money is being spent and exactly how much you have left in your account. Money management sites like Mint.com and Yodlee Money Center offer software to users for free. Take the time to set it up and see exactly the state of your financial affairs. 

Add Insulation to Your Home and Attic

This age-old advice is not put into practice nearly enough. Heat is measured in the form of BTUs, or "therms", and each BTU costs about a dollar. When not insulated correctly, BTUs will be lost through a process known as thermal transmittance. Evaluate the amount of heat you lose and fix the deficiencies to ensure your money isn't being wasted. 

Library Registration

Instead of shelling out hard-earned cash each week for the latest Grisham novel or the most recent Blu-Ray release, register for a card at your local library. Most have extensive collections of Movies and TV shows, both current and classics. Because the registration for a library card is inexpensive, it pays off to go there for your next read or new movie.

Cash In With Rewards Cards

Game the system with rewards credit cards. Most people, unfortunately, associate credit cards with needless debt, but there are many cards that offer significant perks for their users. Search the web and peruse the plethora of options available. Use a credit card that offers rewards for services you use a lot or are interested in, like gas, travel and food.

House Swap

Planning a trip to a far-off or expensive place? You might want to look into swapping residencies with someone from your intended area of visit. Instead of paying extravagant hotel fees, the two parties simply switch places, free of charge to both. Be sure to thoroughly research website that offer these services to make sure it is reputable. 

Home Maintenance

This is an oft-overlooked area of saving for homeowners. Most people see home maintenance as an avoidable expense, but as any homeowner knows, this is not the case. Sometimes, homeowners can fix repairs and minor problems around the home, but many don't know that calling in a professional can actually save future costs and jobs done incorrectly. This is especially true with plumbing problems. Calling an expert can save you a lot of money and time on repairs you can't do yourself, says the professionals at Amyotte's Plumbing & Heating Ltd.

Too often, people choose what is expedient over what is proactive. Start saving today by following these simple tips to avoid unnecessary overspending.