Chances are, you recall how your parents helped and guided you as you grew up. Remember the critical discussions about responsibility, honesty, and compassion? Now, later in life, those roles have reversed. Now you’re the one offering support and guidance to your aging parents, and at least one conversation will likely revolve around money. Continue reading
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One of the best ways to stay financially healthy throughout your senior years leading into retirement involves retirement planning. The planning process should include assembling a group of qualified professionals dedicated to you–people who understand your financial situation and your long-term goals. Here are some of the experts you may want to add to your team. Continue reading
One of the most challenging aspects of retirement planning is figuring out the extent of the financial resources you’ll need in order to live comfortably in retirement. Many people draw up a plan based on life expectancy—estimating how many years they’ll live after they retire. Yet those calculations may be incorrect because people are living longer today than ever before. Continue reading
You’ve always set aside money to prepare for unexpected emergencies and have saved for your golden years. But will your nest egg last through retirement? According to a Retirement Income Literacy Survey conducted by the American College of Financial Services, the short answer is “no.” Continue reading
Like a loyal friend, your life insurance policy has always been there for you and your family. You’ve paid the premiums consistently for that “just in case” protection to manage life’s unexpected events and expenses. Your kids are grown and successful and the house is paid off. Should you continue carrying life insurance? Continue reading
Throughout your career, you’ve worked hard to save money and provide for your family. Setting aside earnings for life’s unexpected events, including illness, business or financial mishaps, disasters and more, has always been part of your financial plan. You recognize the importance of savings, and your persistence has allowed that nest egg to grow steadily through the years. Congratulations! Continue reading
If the thought of exercise makes you cringe, you aren’t alone. We know we should exercise to be healthy and fit, although just one in five adults gets the recommended activity they should. A study conducted by AARP shows that about 85 percent of adults over 50 agree that exercise boosts general health, and 83 percent believe it improves fitness, yet the majority of respondents spend less than 30 minutes exercising each week. Continue reading
It’s an undeniable truth. None of us will live forever, so what happens to your possessions — not to mention younger children — when you pass away?
Creating a will— putting your wishes down on paper specifying who will get your property when you die, and/or confirming who will care for your minor children — is one of the most important things you can do for yourself and your loved ones. Not only will you gain peace of mind, but a will can also help your heirs avoid unnecessary stress and aggravation. Without a will (or another plan such as a living trust), the laws in your state will determine how your property is distributed, usually to your closest relatives such as your spouse, children, or parents. Continue reading
When thinking about estate planning, choosing an executor — the person you appoint to administer your estate and fulfill your final wishes — should be among your top priorities.
Choosing the right executor can make the difference between timely, effective management and smooth dispersal of your assets, and a protracted and possibly embattled probate process. Continue reading
While it’s not uncommon to see senior citizens walking on a treadmill, making rounds on an outdoor track, or simply strolling through a park, it is unusual to encounter seniors engaged in strength training.
This is extremely unfortunate, because strength training (also known as resistance training or weight lifting) is the only form of exercise capable of preventing, and even reversing, some of the most problematic and potentially debilitating aspects of the aging process — namely bone-density loss, muscle loss, and cognitive decline of executive function. Continue reading