There was a time in America when children took over the home of their parents after they passed. They simply moved in and took over, and the torch was passed with little more than a simple move-in. Back then, things were simpler: no Internet, no 24-hour news, and some would say a more reasonable approach to passing your home on to your kids. Today, there are a number of ways to pass on your home to the kids and some of them make for sensible estate-planning strategies too. The good thing is they can also be tax free. Read more here.
After the kids have moved away, the space you own feels like it just got a whole lot bigger. And that’s great for a time. Then it might feel too big. Then you retire and it becomes clear that the time to move has arrived. Looking for housing that fits your needs, has the amenities you want and is in a location you like may seem like a lot to ask, but preparing for the home search can help. Dealing with someone specifically tuned in to the needs and concerns of seniors may be the right move, with many agencies providing Senior Real Estate Specialists. Read more about affordable senior housing options here.
Doing your homework before you invest goes without saying. Getting trusted and knowledgeable advice from people you know, not acting under pressure, and learning as much as possible are all sound methods. As a senior citizen, you may also need to consider ulterior and unscrupulous motives as well. Fraud is increasingly directed at seniors as they become a bigger and more lucrative target for scammers and con artists. Read more about 10 signals that indicate something doesn’t add up here.
As you progress through retirement, which investments you should access first is a decision that will require a clear view of your finances and your goals. It can be a tricky decision to start tapping into your 401(k) or Roth IRA depending on your strategy and desired outcome. Your estate planning should take into account if you want to leave money in an account to your heirs and how much. Find out more about what information you should consider and how it affects this decision here.
Baby Boomers are heading towards retirement in increasing numbers. Along with this migration from the work force to the retirement force is a lot of discussion on how to best use retirement savings. The result is that some risky investment strategies are starting to get some attention that they may not deserve. While any investment carries an inherent amount of risk, some investment goals may put you at more risk than they can reward. Caution may be the better part of valor. Read more here.
Choosing a smart investment plan can be difficult for anyone, let alone for an older family member. As your loved ones get older, they need to consider many additional conditions and needs, like budgeting for everyday living, managing savings to provide for the years ahead and ensuring a rate of return. Other considerations like limiting the impact of taxes need to be considered. Creating a solid investment portfolio for your elderly family members requires a good strategy and an attention to unique details. Read more about what to look for and what to consider here.
The search for assisted living can be a new and sometimes difficult path to travel. The primary concern is that the choice of living situation offers as much comfort and enjoyment as possible, while also marking all the appropriate tick boxes, like location, cleanliness, facilities, staff expertise, and more. By having solid and well defined expectations, you can direct your search effectively. Whether you are planning for your loved ones, planning with your parents or if you are considering assisted living for yourself, this article may be a great help.
Reverse mortgages can be a great plan for some people to fund their retirement, and like any asset in your portfolio, accessing the value you have built up in your home and deploying it should be the result of informed decision making. In that spirit, it is never a bad idea to review best practices and solid advice to keep yourself grounded in reliable information. These tips help to reinforce good decision making and will help to ensure that if you choose a reverse mortgage, you will get the very best results. Read more here.
More and more of your real life is spent in the virtual world. We’re no longer living in an exclusively material world. And this reality is changing everything, even what you own. Digital assets are a real item and knowing how to deal with them in estate planning is a real concern. Your digital estate includes everything from social-media accounts like Facebook, to gaming accounts to crypto-currencies and online banking accounts. Knowing what your digital estate encompasses is the starting point. Read more here.
If you are retired, you probably are discovering that you have a lot of time you need to fill. Making the right choices on how to fill that time is important. It determines what kind of person you will be. It’s a safe bet that people who choose activities that are engaging in body and mind are going to lead productive and interesting lives through their older years. Activities that mirror the things you love will also meet with less resistance on those days when you might not be motivated. Make the right choices for a happier you, read more here.