retirement

Is downsizing right for me?

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The Surprising Costs of Downsizing Your Home

downsizing

by Jane Bennett Clark

May, 2016

“When I look at my retirement stash, I have to admit it’s kind of small. When I look at my house, I realize it’s kind of big. And when I consider the two together, I think that maybe I should downsize and use the equity in my house to buy a condo or add to my retirement savings and rent.

Downsizing isn’t for everyone, but it’s one of the few strategies — along with working longer, delaying Social Security or spending less later in retirement — available to near-retirees who find themselves short on retirement savings and don’t have time to catch up, says Steven Sass, of the Center for Retirement Research at Boston College. ‘The house is a major source of people’s savings. If you don’t want to work longer or give up eating out in retirement, downsizing should be part of the plan.'”

Read more at:  http://www.kiplinger.com/article/retirement/T010-C022-S002-downsizing-costs-add-up.html .

Nervous about meeting with a financial planner?

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Financial planning isn’t scary when you meet with the right advisor

August 22, 2016

Today, I had the pleasure of meeting Wendi Strom, financial planner from LOTUS Financial Partners.  I originally contacted Wendi and her LOTUS partner Lucila Williams about using an article Wendi wrote for The Denver Post.  I was seeking permission to use the article on this website.  Not only did she grant me permission, she invited me to meet her in her Denver, CO office to discuss the site.  Her enthusiasm and invaluable advice were much appreciated. It was exciting to meet someone so generous with her time, as well as passionate about helping others.

If you have thought about seeking the services of a financial planner who listens and takes the time to build a relationship with you, I would highly recommend the LOTUS Financial Partners.  Wendi is patient, kind and compassionate, as well as very knowledgeable.  She is easy to talk to and not about high pressure sales.

LOTUS can guide and support you in all of your important life decisions.  They are certified financial planners as well as advisers on life and health insurance matters.  They are dedicated to helping you “live life with purpose.”

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Estate planning–do it today!

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I read the following Denver Post article about estate planning last December and it got me thinking about my end of life plans.  I didn’t have any written plans and decided that leaving that task to my only child was not fair to her.  So I took action and followed the beginning steps laid out in the article.  I have to admit, it was even kind of fun picking out the music I would like played at my funeral. I hope this article helps you begin making some of these same important decisions.  A will isn’t enough.

imagesPlanning for Retirement?  Take a break, for survivors’ sake

by Wendi Strom

December 27, 2015

“Many of us face the likelihood of eventually becoming the survivor of someone that we love. With that, it may mean inheriting the task of settling the affairs of their estate. Not an easy task, even when everything is thoughtfully organized.

The truth is, in our death-denying society, hours and hours may be spent on planning for that big phase we call ‘retirement.’ Retirement, though it may be more pleasant to think about, is not guaranteed. Death, as we all know, is.

Having worked with many widows and other survivors, I’ve come to realize that while planning, saving and investing for education and retirement may seem like the most important of our financial tasks, its tending to the fact that our survivors may one day be living a life without us that can ultimately become that task which is most important. Our best and final gift.

So what kind of steps can you take to help your survivors?”

Read more at: http://www.denverpost.com/2015/12/24/planning-for-retirement-take-a-break-for-survivors-sake/.

Wendi Strom, Certified Financial Planner, LOTUS Financial Partners, Denver, CO and president-elect, Financial Planning Association of Colorado.

I just joined SilverSneakers!

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SilverSneakers

“Did you know… 1 out of 5 people 65 or older is eligible for a SilverSneakers membership!

If you’re a group retiree, or part of a Medicare Advantage or Medicare Supplement Health plan, you may already have a SilverSneakers membership. This active adult wellness program is offered to many Medicare plans across the nation. To find out if your health plan offers the SilverSneakers® Fitness program, visit their health plan locator.

Can’t find your health plan? Call your health plan’s customer service number and ask when it will add this valuable benefit.

Looking for more information on well-being? Visit Healthways FIT to seek expert advice on nutrition, fitness and stress management; watch exercise videos; and much more!

The program is at no cost to members!

See if you are eligible for SilverSneakers to get started today.”

Check Eligibility

SilverSneakers

I checked my eligibility and now I’m a member!  All I had to do was print out a card and take it to my community recreation center to register with them.  I can now access many of their fitness classes for FREE and I’m not even 65!  It was an easy process and only took a couple of minutes.

For more information check the www.silversneakers.com website.

Bridge employment – working during retirement

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For some, leaving workforce continues years after retiringbridge employment

By Adam Allington, Associated Press

March 29, 2016

“The transition from employment to retirement used to be marked by a date on a calendar, along with some sheet cake, and maybe a gold watch.  Those days are long gone for most workers in the United States.

Today, the journey toward complete withdrawal from the labor force can last many years.  Economists refer to the transition period as ‘bridge employment.’  As more and more Americans either choose, or are forced, into bridge employment, the expectation of what retirement actually means is rapidly changing.

‘We shouldn’t even use the word ‘retirement’ any more.  It obscures more than it enlightens,’ says Boston College economist Joseph Quinn.

Quinn’s research has shown that for many seniors today, retirement is not a one-time event, but rather a process.  He attributes it to a changing economic picture that encourages more seniors to choose work over leisure.”

Read the entire article

Medicare Advantage

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Medicare Advantage: Know the Pitfalls

Source:  http://squaredawayblog.bc.edu/squared-away/medicare-advantage-know-the-pitfalls/

Pay gap major cause for retirement insecurity

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pay gap
sbeconomic.com

Women more likely than men to face poverty during retirement

by Adam Allington, Associated Press

July 10, 2016

CHICAGO — “During their working years, women tend to earn less than men, and when they retire, they’re more likely to live in poverty.

These are women who raised children and cared for sick and elderly family members, often taking what savings and income they do have and spending it on things besides their own retirement security.

The National Institute on Retirement Security, a nonprofit research center, reports that women are 80 percent more likely than men to be impoverished at age 65 and older. Women age 75 to 79 are three times more likely.”

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