5 Financial Tips For A Fiscally Fit 2014
Posted on January 21, 2014
in Senior Safety & Independence
Updated 7/31/15 11:15am | Alert1
medical alarms wants to share the endless promises and possibilities of this
New Year with you. While the New Year remains unknown, it’s clear that your aging
loved ones will be safer with a senior fall
detection device. Alert1 wants to help you strive for improvement in whichever
cause you choose. We know that all too often, your resolutions are forgotten by
Groundhog Day. Getting financially fit in 2014 is a resolution that we can all
aim to achieve.
future, we know that seniors can’t rely on pensions, Medicare
or Social Security. Independent seniors all have to be more self-reliant. We
want you to live well for the decades to come, so Team Alert 1 Wallet Watch has
included some helpful tips below to help you get on your way.
1. Spend Less
spend less. This doesn’t include things like medicine, doctor's visits, trips
to Niagara Falls that you've been wanting to take, medical alert system costs
or gifts for your kids. Rather, eliminate the small indulgences that add up.
The chips on the snack line, the skittles at the checkout—small amounts of
for the rewards program in your local grocery store or pharmacy. Rewards
programs are usually free and can reduce your spending for your weekly grocery
outings. Often, deals in grocery stores are only available with your rewards
program card or your phone number. Those 2-for-1 deals need just a swipe of a
Avoid buying water. Buy refillable water filters and bottles
water costs 2,000 times more than tap water and twice as much as a gallon of gasoline. In
most cases, water in the U.S. is filtered anyway. Save yourself money; switch
to filtered water.
Cook more. While many establishments have great deals available
for seniors looking to save, nothing beats a home-cooked meal shared amongst
friends. The average American
spends $151 per week on food. Splurge on the nice treat for
yourself and your family. Save on the day to day, use the new rewards card you
just signed up for and then showoff your hosting abilities by inviting friends
over for dinner!
Check out your local library. Not only are libraries a great place
to rent movies and books (thereby reducing your cost of entertainment) but they
are also a great social opportunity as well. Moreover,
libraries are great places to brush up on your computer skills too.
2. Check your credit
As we've often discussed, retirees
can be a favorite target of scammers and unsavory characters. Make
sure you check your credit and your credit card statement regularly to ensure
that you're not getting ripped off. A credit report includes all your
transactions including payment history, current balances and maximum credit
allowed. With this report, you can determine how banks view your
credit-worthiness and if there are any errant cards under your name that you
will want to shut down.
Credit report is a free
service that will allow you to check for free annually. Annual Credit
Report is NOT the same as Free Credit Report dot com. The latter is a trap with
You can also ensure that your credit
accurate by directly contacting the firms themselves. Equifax (800-685-1111),
TransUnion (800-888-4213) and Experian (888-397-3742) are the major credit
bureaus that can provide you with your credit report. They are required by
federal law to provide one free report per year.
3. Investigate but be wary of reverse mortgages
mortgages can be great tools for seniors whose primary asset value is tied to
their primary place of residence. Reverse mortgages used to be for seniors from
ages 62 onwards to maintain their homes since they disregarded mortgage
payments and provided supplemental income. Reverse mortgage laws changed in
2014, so contact your tax advisor and estate planner to learn details.
example, minimum qualifications are now in place for reverse mortgage benefits.
These include: a solid credit history of making payments as well as the ability
to pay insurance and taxes.
4. Shift your asset allocations towards bonds
As we age, our risk tolerance decreases. For young
people, the risk/reward of stocks outpaces bonds, but that switches in our 50s
or so. Bonds should increasingly make up a larger size of our investments until
we're well into retirement. The best asset allocation really depends on age, so
it's important to take to a financial planner regularly.
5. Begin estate planning. Speak with a tax planner.
you want to make your medical decisions if you are incapacitated? Who will
handle your financial affairs? Who receives your assets? Drafting a will isn’t
just for seniors. At any age, you can create or update your selection on the Power
of Attorney who will answer these necessary questions. From investments to
retirement savings and insurance policies, a detailed will shall allocate your
beneficiaries. Even the possibilities of setting up a trust can determine how
you distribute your assets and under which conditions.
with a tax planner will help guide you through this important process. Get answers
to questions such as: how can you leave your spouse tax free money for future
Regardless of how you tackle the future, financial foresight is important in being prepared for the New Year and the future to come. Be resolved to stay on top of your financial health!
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