Financial $tuff

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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Not just for women

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This spring I read the book The Smart Woman’s Guide to Planning for Retirement: How to Save for Your Future Today by Mary Hunt and want to pass on a few important excerpts:

Pages 162-164

“Here are six steps you can take to become more financially independent.

  1. Maintain good records.  Be sure you have copies of all current assets, bank account numbers, safe deposit information, insurance beneficiary information, IRAs and other retirement account records, tax returns going back seven years, mutual funds statements, stocks and bonds, health insurance policies, homeowner’s and auto insurance policies, the lease or mortgage information for your home, wills, trusts, powers of attorney, and birth and marriage certificates.  It is also a good idea to keep receipts of major appliances with information on warranties.

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Three ways to make your money last in retirement

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By Christine Benz and Jeremy Glaser | 07-29-2015 03:00 PM

Source:  http://www.morningstar.com/

From the Center for Retirement Research…

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Housing, Health Are 1/2 of Elderly’s Costs

Source:  http://squaredawayblog.bc.edu/squared-away/housing-health-are-12-of-elderlys-costs/

When was the last time you went fishing?

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senior fishing license
mamamia.com.au

Colorado Residents, age 64 and over, can get an annual fishing license for only $1!

In Colorado, you and your grandchildren, under the age of 16, can go fishing together for $1, the cost of a senior annual license! For more information go to: http://cpw.state.co.us/thingstodo/Pages/FishingSeasonDatesFees.aspx. If you don’t live in Colorado, check with your state’s parks and wildlife division.

senior fishing license

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

Social Security Credits for Moms?

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From the Center for Retirement Research…

Social Security Credits for Moms?

August 4, 2016

“Social Security’s benefits were designed for the typical family when the pension program was enacted in the 1930s….  A spouse, usually the wife, is guaranteed half of her husband’s full retirement age benefit under the program when she reaches her full retirement age – whether she works or not.  When her husband dies, her survivor benefit equals his pension benefit.

Social Security credits

But women who marry and become divorced within 10 years are not eligible for these benefits.  Nor, of course, are single working women, who receive benefits based solely on their own work histories.  Increasing numbers of women reaching retirement age today either were in short-term marriages or never married and won’t receive a spousal or survivor benefit. The problem is that most of these women are mothers.”

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