Moving into a Retirement Community? 4 Ways to Prep for the Process

Finally living out the retirement dream is an incredibly exciting prospect. If you've already found a community that you love and are ready to call it quits on your business prospects, follow these steps to make sure you're completely ready to go.

Create a Calendar

Deciding to retire is a big decision, and many people find themselves stalling on the final move. Once you know that you're ready to retire, draft out a schedule of when you'll be stepping away from your current life. 

Start by marking the day when you'll quit your job and the day when you'll move into your new home. In between, make plans for actions like cleaning out your house, visiting your old friends, donating items to charity, and meeting with various professionals to help you settle your affairs. Then, share this calendar with any family members who want to help you with the process.

Sort Your Items

One of the difficult parts of retiring is deciding what items to keep from your old life. Some people choose to carry all of their belongings with them, while other people prefer to start fresh with nothing more than a box of mementos. 

No matter which camp you fall into, you'll want to seriously downsize your current possessions. Use boxes to separate items that you want to give to friends, donate to charity, or simply throw away. 

You should also use this time to sort through your paperwork; keep important documents, but get rid of old bills and other papers that have gone out of date.

Prepare Your Taxes

Finally selling the family home isn't as simple as listing it on the market. When you cash in your equity, you'll need to grapple with property taxes and local requirements. 

That's why your best option is to hire a real estate tax attorney who can help you handle the selling process as professionally as possible. 

The right attorney will make sure that you're paying the right amount of taxes, discuss any legal requirements that apply to your situation, and help you manage the transition period between moving into the retirement community and actually selling your home.

Gather Your Contacts

As you move from your working life into your retired one, remember to get contact information for everyone that you'll want to keep up with. 

Depending on your lifestyle, this may mean adding people on social media, saving their phone numbers, or even writing down their information in your address book. 

From business cards to scribbled notes, make a place to keep everyone's contact info until you have a chance to write it down. That way, you won't have to lose touch with any of the good friends that you've made.

Retiring can seem like an overwhelming process, but it's also completely rewarding. Take your time sorting through old mementos and calling people who you haven't seen in a while. As long as you make the date on your calendar, there's no reason to rush through one of the most significant events in your adult life.

Reasons to Learn Everything You Can About Retirement in Your 50s

If you’re currently in your 50s, you probably feel like you’re at the very peak of your professional career. You’ve gained experience, established your reputation, and learned how to best use your abilities to your advantage. 

In the midst of such an important stage of your working life, it’s easy to forget that the end of your career is only a decade or so away. Before you know it, you’ll be starting to seriously consider retirement. 

To prepare for this major change that’s right around the corner, you should start learning as much as you can about retirement while you’re still in your 50s. Here’s why this educational jumpstart is so important.

The Finances of Retirement Are Complicated

Ending your career and setting yourself for a life of leisure isn’t as easy as handing in the keys to the office. It takes a lot of work to understand the ins and outs of your retirement plan. 

You’ll also have to get a handle on how your taxes will be affected by your new status. Making smart decisions in your 50s will allow you to spend less of your money to the government. If you’re not sure where to begin, you could consider signing up for tax planning classes.

Planning Always Pays Off

Your financial situation will prove vital in determining the quality of your retirement. The people who have the sparest cash to play with are usually those who put serious thought into planning during their 50s. When you have a plan for retirement, you make it more likely you’ll enjoy the type of life you’re hoping for.

Retirement Could Come Sooner Than You Expect

You can never be sure that retirement is as far off as you think it is. Sometimes, an unexpected turn of events can make retirement suddenly become your best option. If you were to lose your job, see your earnings slash, or receive an offer for a generous severance package, you might decide to retire early.

It’s Best to Avoid Unwanted Surprises

If you retire on a whim without completing your due diligence, you could be surprised by high tax rates and inaccessible funds. You’re much better off doing the necessary research now so you’ll know exactly what you’re dealing with when retirement comes around.

Don’t ignore retirement just because it seems so far away. Proper planning in your 50s will allow you to truly enjoy your retirement years.

How the Pandemic Has Impacted the Stock Market

Expect the unexpected. It’s good advice across a wide variety of circumstances –– and it especially applies to investing. Relying on past performance or historical averages is a mistake. So is the failure to diversify. 

At some point, stock prices will fall. It’s inevitable. Some companies try to game the system by engaging in fraud. If you’re employed by one, know that you have reporting protections as an SEC whistleblower.

Although there have been warnings about global pandemics for years, few saw one happening in 2020. No one could have predicted the ways it has radically altered our lives. Nor could anyone have foretold the impact it had on investments. So how has the pandemic affected the stock market in the United States?

Plunging Markets

In February of 2020, the novel coronavirus that causes COVID-19 was detected across the U.S. and Western Europe. Although the pandemic’s worldwide spread might have been unpredictable, the market’s response wasn’t. 

Across the globe, stock indexes plummeted as nervous investors sold across sectors. In the U.S., on Monday, February 24th, the Dow Jones Industrial Average dropped over 1,000 points. Its more than three percent drop was matched by the falling S&P 500 and Nasdaq indexes. Across the board, markets lost nearly one-third of their value between January and the end of March.

Rising Values

By April, many investors had abandoned the market entirely. With the benefit of hindsight, they might have held on. That’s because even as the overall economy seemed dire, the market began to improve. 

After the Federal Reserve indicated it would maintain historically low interest rates, investors sought better returns in everything from gold and bitcoin to real estate and equities.

With millions working from home for the first time, it made sense that the tech companies supporting the transition would benefit. Video conferencing company ZOOM, for example, increased in value by nearly 500%. 

Besides remote workers, millions more were forced to stay at home –– which benefited companies like Netflix, Amazon, and Apple, along with many smaller tech firms.

This largess was spread unevenly. Some businesses that closed their doors in March never reopened. Besides bars and nightclubs, restaurants, nail salons, and many other small businesses went out of business. 

Yet large chain stores like Target, Walmart, Publix, and Ralph’s remained open throughout the pandemic. This was reflected in earnings reports as they reported high profits even as fitness and department store chains filed for bankruptcy.

Similarly, workers able to work from home endured and even thrived while laid off retail and hospitality employees struggled. Those still employed or with private incomes led to an influx of new investors. After being forced on the sidelines by prices they felt were too high, they helped drive the U.S stock market to new heights.

On November 24th, the Dow Jones Industrial Average hit a record high of 30,000. Besides this significant psychological milestone, the month was equally record setting. After giving up some of its gains, it closed out November up nearly 12% –– for the month, not the year. The last time it did so well was in January of 1987.

That year stands as a beacon for investors since, on October 19, 1987, U.S. markets dropped over 20%. Panicked sellers locked in their losses. Yet, if the pandemic has proved anything, it’s that timing the market is a fool’s game. Instead, experts recommend dollar-cost averaging. 

Putting a fixed amount into the same fund or stock every month regardless of daily fluctuations is a proven wealth builder. Unless you have a working crystal ball, it’s the best way to prepare for the unexpected.

4 Different Ways to Retire Comfortably in a Location You Love

Your retirement years should be as happy and fulfilling as possible. A big part of fulfilling your dreams is landing in the perfect location. The good news is that there's more than one way to cross the finish line of location perfection. 

In fact, depending on what your goals are, there could be two, three, four, or even more ways to retire comfortably exactly where you want to be. To help you plan well, here are some variables to consider.

Consider a Second Home

You might find that one location by itself isn't enough to contain the excitement of your retirement years. If that's the case for you, then a second home is the best way to go. For example, you can choose a home in a warm and sunny location to complement your other home that's closer to family. 

Since you'll likely be enjoying plenty of leisure activities while you're at your second home, you may be able to choose something smaller to save some money.

Find a Local Escape

If you like your current location, it's totally fine to simply stay in the area and make the most of your locale. By searching for new homes in your area that take advantage of great views of the local landscape, you can stay where you're comfortable while still feeling like you're on a retreat. 

This will prevent you from having to make a potentially expensive move and give you extra money to allow you to go on new adventures.

Go Maintenance-Free

Once you hit retirement age, the last thing that you want to be thinking about is maintaining a home. In addition to being time-consuming, many types of home maintenance can be downright expensive. 

That's why moving to a condominium or senior living community can make a great option. In addition to being zero maintenance, these housing options tend to offer plenty of activities that allow you to make new friends and make the most of your time.

Stay Mobile

If you have a strong sense of wanderlust, the idea of being tied to one or two fixed locations may sound like a terrible way to spend retirement. To satisfy your thirst for adventure, you can consider RV or travel-trailer living. 

This option allows you to take your home with you wherever you go so that you can explore all that this country has to offer without worrying about staying in a run-down hotel. 

Plus, once you make the initial investment in the RV or trailer, the costs of living on the road are fairly low compared to other housing options.

No matter which housing option you choose for your retirement, the most important thing that you can do is plan ahead. If you don't have enough money saved to afford one of the above options, you could find that your retirement is rather lackluster. 

With good planning, though, you can finally make your dreams come true and live in the location that brings you the most happiness.

How Technology Helps Us Monitor and Manage Our Finances

When it comes to managing your personal finances, an organization is key. Essential strategies like budgeting and investing are impossible if you can’t keep track of your money. These days, making sense of your financial portfolio is easier than ever thanks to modern technology. 

A tech-savvy individual can use apps, online spreadsheets, and the internet to take care of their money with relative ease. Here are four ways you can use technology to monitor and manage your finances.

Budgeting Apps

In order to keep your finances healthy, you need to limit your expenses in accordance with your income. The only way you can develop a sound budget is by recording exactly how much you earn, how much you want to save, and how much you’re able to spend. 

With just a pen and paper, this requires a lot of math and concentration. Budgeting apps make it simple. All you’ll have to do is enter some key figures, and the technology will produce a budget for you to follow. These applications are also great for tracking your monthly spending.

Using the Internet for Research

If you want to grow your wealth through sound investments, then you’ll have to do a fair bit of research. You should never make an investment from a place of ignorance since it’s a true understanding of a company, property, or currency that allows you to form a reliable opinion. 

Whether you want to invest in a stock or buy BTC cryptocurrency, you can use the vast resources provided by the internet to become informed. Cryptocurrency is all the rage right now, and for good reason. You stand to make a good amount of money when you invest in it properly.

Digital Spreadsheets

While handwritten charts can quickly get messy with all those cross-outs and coffee stains, digital spreadsheets stay neat, organized, and easy to read. 

They also make it simple to complete complex calculations. If you want to create organizational tools without the help of an app, a digital spreadsheet provides a great way to do it while taking advantage of modern technology. 

Spreadsheets can help you stay more organized than you could otherwise. They can help you track every expense that goes through your pocketbook. Keeping a collated spreadsheet will help you achieve your financial goals.

Online Trading

In decades past, a would-be trader had to find a broker if they wanted to invest in the stock market. Nowadays, the hottest stocks are only a few clicks away. 

With nothing but an internet connection and a bank routing number, you can create an e-trading account and start investing. Just be sure you don’t let this ease of access tempt you into making hasty purchases. 

If you want to start investing, just remember that there are risks that come with it, so be conservative, especially when just starting out.

Managing your finances is a lot easier now than it was thirty years ago. To really keep track of your money, try employing these handy technological aids. You’ll make your life easier while safeguarding your financial health.

How to Find the Best Deal on Insurance for Your Needs

No matter what type of insurance you may need, it is of course important that you get it at the best possible price. Whether it is auto, home, life, or other types of insurance, having the best coverage at the best price is a quick ticket to giving you and perhaps your family peace of mind. To make sure you get the best deal on insurance, always follow these suggestions.

Choose a Reputable Company

For whatever type of insurance you may need, always choose to work with a reputable company. When you find the insurance coverage you think maybe just what you need, never commit yourself until you have examined a company's ratings via such organizations as A.M. Best or Standard & Poor's, which will let you know if a company is financially stable. 

After all, you don't want to take out insurance coverage, only to find out later on when you need it that the company can't pay.

Always Shop Around

Rather than get fixated on doing business with one specific company, always be willing to shop around before making a final decision. Since it is very easy to get information online about various types of insurance, always get an insurance quote from several different companies before selecting what is right for you. 

In many cases, you may be able to save even more if you decide to bundle your insurance, such as purchasing home and auto insurance from the same company.

Know What You Actually Need

Once you start looking around at various types of insurance, you may start seeing various policies that sound good, but maybe more than what you actually require. 

Thus, always do your homework beforehand so that once you start examining various policies, you'll know exactly what you need. This is particularly important if you are a business owner since there are multiple types of liability insurance available.

Cheapest Isn't Always Best

Even though it will be tempting for you to grab the cheapest policy offer made to you, remember that cheapest doesn't always translate to being the best coverage. 

Therefore, rather than sign up for a cheap policy that you find out too late doesn't give you the coverage you need, be willing to spend a few dollars more for a policy that provides you with complete coverage.

By taking your time in your search for the best insurance coverage, you can get answers to your most important questions and ultimately find the best deal on a great policy.