Sherry

Sherry L. Christensen is a retired high school teacher. She designed and built this blog site to inform and inspire others in an effort to build a community of solo retirees. You can reach her at livingliferetired16@gmail.com.

Must-do list: Write or review/update your will

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How to Finally Write Your Will

“Gold star if you’ve already drafted one. But more than half of American adults have not. Rachel Emma Silverman, the author of The Wall Street Journal Complete Estate Planning Guidebook, clears away the obstacles so you can check this off your must-do list.”

By Kathleen Harris for Real Simple
October 2016
“Do I need a lawyer to write a will?

It’s like doing your taxes: You can file without an accountant—or do a will without a lawyer—but personal situations and state laws can make things complex. If, for example, you have children or have many assets, you’ll probably want a lawyer to help ensure that everything is in proper order. Also, if you live in a state that has estate or inheritance taxes (some don’t), a lawyer can strategize ways to minimize taxes, saving your family lots of money. In other words, most people should hire one.write your will

What kind of lawyer do I need?

One who specializes in estate planning.

Is this going to cost me a fortune?

Not if you find a lawyer who charges a flat fee rather than an hourly rate for this service. This is totally doable, but flat fees come in various sizes, depending on local rates and the complexity of your estate plan. (For example, if you want to create a trust to save on estate taxes—or so you can implement rules about when your kids can access their inheritance—that’s more complex and will probably mean a higher flat fee.) Expect to pay between $1,000 and $3,000.

That’s just for a will?

It should be for the suite of estate-planning documents that you need: living will, powers of attorney, for finances and health care.

What if I can’t afford that?

I highly recommend using a trusted lawyer, but if your situation is simple— straightforward assets, no health issues, no multiple marriages—you can try will-writing software, like Quicken WillMaker. It covers all states except Louisiana.”

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“Adjusting to the new realities of retirement”

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Fidelity UK

Published on Jun 17, 2016

“Retirement creeps up on us before we know, as the so-called Baby Boomer generation, will testify. See how the generation born between the end of the second world war and the radical sixties are adjusting to the new realities of retirement.”

Questing–Transform your retirement

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questing
connecthearing.ca

“The Search for Significance

We have found in our research that all individuals feel the most satisfied with their life when they are on a search for significance, whether they acknowledge it or not.  Americans need to know that their lives have meaning and purpose: we are not just passing time and taking up space.  The success of Pastor Rick Warren’s book, The Purpose Driven Life (it has sold 25 million copies and is the best-selling hardcover book in American history), speaks to our hunger for significance.  The most mentally healthy retirees are those who have found ways to satisfy their search for significance.

In seeking to understand and flesh out this important concept, we developed a comparison we call adventure vs. quest.  As adventure is an activity that benefits the person, such as playing tennis or traveling.  Adventures are an important part of health living and are what most individuals look forward to when they think about retirement.  However, an adventure has no sustainable significance.

In contrast, a quest involves one or more participants lending themselves to a greater cause.  A quest transforms a poor or average retirement into a mind-blowing, all-fulfilling, energized retirement journey.  The possibilities are endless and only limited by our unwillingness to expand our horizons. Examples of possible quests include:

  • Regularly scheduled volunteering (individual or organizing a group)
  • Mentoring someone younger than yourself (adult or child)
  • Teaching classes to adults or children or
  • Catastrophe relief efforts

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Reverse mortgages–buyer beware

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reverse mortgages
livebedico.com

Feds fine reverse mortgage lenders for false advertising

Elliot Raphaelson, The Savings Game

December

“In past columns I have written that reverse mortgages have become more advantageous for consumers aged 62 and older. That’s because of recent HUD regulatory changes and because some lenders have reduced the initial costs of obtaining these mortgages.

Still, consumers must beware. The Consumer Financial Protection Bureau (CFPB) has identified three lenders who have engaged in deceptive and illegal advertising practices: American Advisors Group, Reverse Mortgage Solutions and Aegean Financial.

Together, these companies have incurred civil penalties totaling $790,000 and will have to modify their advertising policies so that consumers will not be deceived.

Some of the illegal advertisements in question stated that borrowers could not lose their homes, cannot be forced to leave and/or that always retain ownership. In reality, reverse mortgage contracts specify that borrowers must pay homeowner insurance and real estate taxes, maintain the property and comply with other requirements. If the borrower does not do all of these things, the lender can foreclose on the home. If the borrower faces foreclosure, he will lose his home, will be forced to leave and will no longer retain ownership.

In the future, the lenders will have to modify their advertising so that borrowers know that unless they continue to pay all related homeowner insurance and real estate taxes and maintain their property, they can lose their property through foreclosure.”

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Check Beneficiaries–One resolution you can keep

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beneficiariesLiz Weston, from NerdWallet, reminds us to check our beneficiaries as part of our new year’s resolutions.  She says, “You typically have to name beneficiaries when you open retirement accounts and buy life insurance, but you also may have named them for bank or other financial accounts.  Some states allow you to designate ‘transfer on death’ beneficiaries for vehicles and even real estate.  The people you name in most cases will get the money, even if you’ve since divorced or named somebody else in your will or living trust.  You can check and change many financial beneficiary designations online.  Self-help legal site Nolo has information about naming, changing and revoking beneficiaries for cars and homes.”

Liz Weston is a NerdWallet Columnist whose goal is to help you get smarter about money so you can get on with your life. She’s the author of five books about money, including the best-selling Your Credit Score.

We are what we eat right?

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5 Tricks for Getting Enough Fruit and Veggies:  Fruit and vegetables are particularly important for older adults, but incorporating them into your diet can be difficult.

By Krisha McCoy, Medically Reviewed by Lindsey Marcellin, MD, MPH

eat right
srfm.com

August 1, 2016

“Seniors are better than younger people at making their servings of fruits and vegetables part of their diet, but that’s still not saying much. According to a review published in August 2013 in the journal Maturitas, only 21 to 37 percent of men and 29 to 45 percent of women ages 65 and older eat five or more daily servings of fruits and vegetables, which is the minimum amount recommended for good nutrition.

Eating plenty of fruits and vegetables is especially important as you get older, because the nutrients and fiber in these foods can help reduce high blood pressure, lower your risk of heart disease, stroke, and certain cancers, stave off eye and digestive problems — and simply satisfy your hunger.

How Big Is One Serving of Fruit or Vegetables?

Before you try to eat an entire bunch of bananas or a bushel of apples, know this: One serving of fruit or vegetables equals half a cup, or about the amount you could hold in a cupped hand. Nutrition experts used to recommend five servings of fruits and vegetables per day, but that’s probably not enough, according to the Centers for Disease Control and Prevention (CDC). Individual needs are different, so depending on age, gender, and level of physical activity, you’ll require between 5 and 13 servings of fruit and vegetables each day.”

Get simple tips for increasing the amount of fruit and vegetables you eat each day

Start off the new year by requesting copies of your credit reports

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credit reports
gocleancredit.com

If you haven’t checked your credit reports for a while or ever, you may want to do so this month.  It’s easy and it’s free.  By reviewing your reports you might even detect identity theft early and stop it.

Equifax, Experian and TransUnion are the three major credit report firms and you can go to AnnualCreditReport.com to receive free copies of your credit reports.  You can choose to get a copy of all three reports now or stagger them throughout the year to monitor your credit.

“A credit report is an organized list of the information related to your credit activity. Credit reports may include:

  • A list of businesses that have given you credit or loans
  • The total amount for each loan or credit limit for each credit card
  • How often you paid your credit or loans on time, and the amount you paid
  • Any missed or late payments as well as bad debts
 Credit reports may also include:
  • A list of businesses that have obtained your credit report within a certain time period
  • Your current and former names, address(es) and/or employers
  • Any bankruptcies or other public record information
Under Federal law, you are entitled to receive one free copy of your credit report from each credit reporting company every 12 months.
Make sure you recognize the information on your credit report including your personally identifiable information, such as names, addresses, Social Security Number, accounts and loans. Then check that the other information on your credit report is accurate and complete. If you find information you believe does not belong to you or is not correct, contact the business that issued the account or the credit reporting company that issued the report.”