The GOLDen Years: Five Financial Changes You Need to Make When You Hit 60

After spending a lifetime building a career and working toward your retirement goals, it can be an adjustment financially once hitting the age of 60. Although you may be used to living a certain lifestyle, financial adjustments may need to be made to preserve your retirement savings and have your needs met. There are a few changes to make to ensure that the funds last for several decades and are well preserved—keep reading to learn about the most influential changes you should make to your finances once you hit those golden years. 

Reallocate Your Investments

To protect your assets, you might consider shifting to low-risk investments to prevent loss from occurring if you feel comfortable with what you have saved for retirement. If you expect to live longer, you can shift to more aggressive investment options for a few years before you evaluate the success and projected future of your investments. Depending on your financial situation, reallocating your investments could provide you will a little buffer cash to put your mind at ease.

Establish Scheduled Distributions

It's important to reassess your budget each year and make adjustments where inflation may occur for the cost of living. Contact your financial services provider to schedule payments weekly or quarterly, which will ensure that you live within your means and preserve your retirement fund. Look for areas where you can and should make adjustments so that you can take care of payments in a timely manner while still enjoying your finances set aside for retirement.

Downsize Your Home

For those who are in their 60s and have children who have moved out of the home, they are likely living in a property that is too large for their needs. After raising a family that is now on their own, it may be time to downsize and reduce the cost to maintain the home. Consider relocating to gated community or condo where landscaping and maintenance won't be a concern and costs for home upkeep will be lower. When it comes to home insurance, the professionals at Underwriters Insurance Brokers Ltd who specialize in Vancouver home insurance suggest that you increase your deductible so that you can enjoy lower monthly premiums. Living in a house that is too big, and paying too much for home insurance will drain your hard-earned retirement funds much faster than necessary, so consider downsizing before too much money is wasted.
Use the Money from Taxable Accounts First

To avoid paying more in taxes with your 401(k)s, make it a point to use the money from the accounts that will be taxed the most after also using the accounts that are not a part of your IRAs or 401(k)s. Using your taxable accounts first will be more efficient, and will keep you from cringing too much when tax season rolls around.

Take Advantage of Tax Breaks

Each state has age-related tax breaks that offer deductions and exemptions for ample savings each year. Research what you qualify for through the state department or talk to a financial advisor to find out what types of tax breaks you might be eligible for. Many people have no idea that they qualify for any tax breaks, so they miss out—do your research and talk to your accountant or financial advisor to see if there are any breaks you should know about or look into.

By making a few financial changes once you turn 60, it can preserve your retirement funds and make it possible to live more comfortably in your golden years. Although it may take time each year to manage your investments and downsize in certain areas, the changes will ensure that you enjoy a happy and healthy retirement while taking advantage of the fruits of your labor.

How Safe Is Your Retirement Fund? 5 Things To Consider When Building Your Portfolio

When looking to retirement, you will want to save money and put it away in the right mutual funds and stocks. Otherwise, you are going to end up having a tough retirement. With this in mind, here are five things to consider when building your portfolio. 

Don't put all your eggs in one basket:

While you probably have heard this term before, you will want to listen to this advice. Think about it, if you look at the last few market downturns, you will notice that some stocks drop 90 percent, while others will not suffer as much. To avoid serious issues, make sure to buy mutual funds; or, if you don't want to buy mutual funds, invest in, at minimum, 15-20 companies. If you’re not sure where to start, there a ton of options out there when it comes to working with a professional. Look online, read reviews, talk to neighbors, there is a lot you can do. Thomson Schindle Green Insurance & Financial Services Ltd is one of those insurance companies up in Calgary and a great example of just how many options there are out there! 

Blue chips are best:

Without a doubt, if you are close to retirement, you don't want to look for the next Tesla, Facebook or Microsoft. No, you want your money to grow slowly and securely. Remember, while you might enjoy double-digit returns, you will hurt your chances at success if you keep buying lottery tickets.

Look for dividends:

If you are like most people, you will want to enjoy a steady income during your retirement years. To get this, you should buy some dividend stocks. Not only will you enjoy a decent ROI, but you can receive a quarterly check from the company. Then, you can use this money to fund your day-to-day life.

Check it out:

Every once in a while, you will want to look at your portfolio and see how it's doing. Otherwise, if you don't look at your returns, you will end up with lagging stocks and mutual funds that hurt your returns. Remember, there is nothing wrong with selling a losing stock if you want to make more money in the long run.

Bonds:

Without a doubt, if you are looking to retire and enjoy a safe and secure time in these years, you will want to buy bonds. While you don't need a portfolio full of bonds, you will want to buy a few. Ideally, when buying bonds, you should buy ones that will pay out. Remember, you don’t want to take a risk with this investment, especially if you are approaching retirement or already retired. Luckily, with municipal bonds, you can enjoy tax savings and a steady source of income.

With these five tips, you can enjoy a safe, secure and happy retirement. On the other hand, if you don't take it seriously, you will struggle to live a happy retirement.

3 Ways Financial Debt Can be a Family Killer

A bad economy has a trickle-down effect. First big banks and corporations take the hit. Then employers can't afford to cover payroll. Next come forced layoffs and terminations. It is important to remember that one of the often overlooked casualties of money problems is the family. According to D Thode & Associates, there are several ways that financial debt can destroy the family and the best time to hire a financial consulting firm like to help before things hit rock bottom. Once a family hits rock bottom is usually when the family starts to fall apart and it is usually from the inside out.

Spouses tend to shut down communication

Whenever the primary breadwinner is no longer in a position to contribute financially, they tend to pull away. They pull away because they may still be stunned at the turn of events or they may be a little ashamed, even though they had no control over losing their income. It can be emotionally devastating to the point to where that person just completely shuts down and has no idea what to do next. Often times they will fall into a slump rather than bounce back and find another job to support their family. This causes stress between a husband and a wife, because there has to be some kind of financial support to pay the bills, buy the groceries, and keep clothes on every ones back, and a roof over everyone’s head. When it becomes next to impossible to make ends meet, often times it causes a husband and wife to turn on each other. If there are kids involved, it becomes even harder because you need money to make sure they are taken care of and that they are being provided for.

Children fear a loss of security

Young children and teens alike, though they would be quick to deny it, crave a sense of security. They may rebel and fuss about having so many rules, but the truth is children thrive on a sense of stability in their formative years. Without it they can become sullen and fearful. This can manifest itself in them withdrawing from their normal activities and a noticeable slide in their school grades. It also increases the chances of your kids getting involved with drugs and alcohol. Bottom line, the less stability your children have, the more likely they are to turn away from the rest of the family and rebel.

Health takes a turn for the worse

As if the first two weren't enough, just when you are least likely to be able to afford medical bills, the burden of financial debt can cause serious health issues. Stress, frustration, and anger can all boil over leading to deadly heart attacks or debilitating strokes. The family then has to worry about losing a loved one, in addition to all of the debt. This is also a significant problem when you or one of your loved ones have a serious medical condition as they will increase the amount of medical bills and add to your family’s financial stress.

For ears the United States has been mired down in a sluggish economy and high unemployment rates. Everything seemed to tank when the housing industry took a big hit during the years of 2007-2009. Many have said it is the worst struggle the country has been in since the Great Depression. While the economy is slowly improving, it will be years before things are once again on an even keel. The right financial advice can help you weather the storm with your family intact.

How to Know When You Should File for Personal Injury

It’s easy to turn your nose up at the concept of filing a personal injury claim after suffering an injury, but just because this practice is sometimes abused doesn’t mean it isn’t valid. Sometimes in life, injuries happen and affect your life and through no fault of your own, you earn less or can’t do some of the things you used to do.

Filing a claim can be a long and exhausting process, mentally tough, emotional, especially when trying to heal physically at the same time. That’s why you need someone who has experience in the industry to help you decide not only when to file but how to go about making it happen.

Common Areas

Some of the more common areas of personal injury law include:

• Brain injuries
• Spinal cord injuries
• Motor vehicle accidents
• Long-term disability
• Slips and falls

And within these areas of injury, you may be looking at more specific incidents, such as:

• Car, truck and boating accidents
• Amusement park ride accidents
• DUI accidents
• Medical malpractice incidents
• Dog bites
• Construction site accidents
• Workplace accidents
• Accidents on private property

How It Generally Works

Usually, it all starts with an accident of some sort and an injury. The injury may be minor or major, but it happened because someone else did something they shouldn’t have done. That “something” can vary greatly, depending on the details of the injury.

They may have driven after having a few drinks, forgotten to shovel their sidewalk, let their dog roam around without a leash or prescribed the wrong medicine for a particular ailment. Once the injury is suffered, the victim will contact a personal injury lawyer and tell their story.

Then, the lawyer will lay out the options, whether he feels the case is strong and outline the best way to proceed. Sometimes, a settlement is reached out of court and sometimes the case must be settled in court. 

Following Advice

Since the top personal injury lawyers have experience in the industry and in the area you suffered the injury, it makes sense to follow any advice you’ve been given. Your lawyer will know who can sue in your area and what conditions must be present to get a decent settlement or any settlement at all.

Any reputable lawyer will do everything by the book and won’t be the stereotypical “ambulance chaser” type of personal injury lawyer. Suffering an injury out of the blue through no fault of your own is terrible.

Not only will there be medical costs, but you may not be able to earn in the same capacity. You deserve someone to take responsibility for your injury, so don’t feel ashamed about seeking out legal help. Make your claim and do what your lawyer says. Sometimes, you may receive a settlement and still be out some money after all the medical and legal costs. No one plans to get injured or wants an injury, so don’t feel bad about doing something about it.

Author Bio:

The author of the article is Jeremy Benson. He has been writing about finance, mortgage and law since 7 years. Blogging is one among his greatest passions. Follow him on Twitter@jeremybenson19.

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