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A Comprehensive Help Guide for Seniors 50+
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Senior Finances
(Or “Show Me The Money!”)
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“The lack of money is the root of all evil”
More Maxims of Mark Johnson, 1927
“Some men worship rank, some worship heroes, some worship power, some worship God, &
over these ideals they dispute & cannot unite--but they all worship money”.
Unlike when we first come into the world where we enjoy childhood, without a care in the
world for money and finances, it becomes a constant concern throughout our adult lives and,
especially, our senior years. If you’re not currently retired, you’re surely on your way to it. Will
you have enough money? Will it run out?
In this chapter, you’ll get some helpful insights on topics like financial retirement, IRA’s and 401
(k) options. We’ll look at health-insurance options, wills, trusts and what to do if you get into
debt. We’ll also look at ways to save money and find help in planning your financial future.
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On average we spend 18 years in retirement. Only
about half of us have any idea how much we need
to save for retirement years.
Today, you have many, many resources for financial
peace of mind that were non-existent a generation
ago.
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Retirement
Eighteen years is a long time. That’s the average amount of time today’s senior will enjoy the
fruits of their long labor. You no longer have to rely on Social Security or a company pension
plan to get you through those years. Instead, you have options, by which you can plan to
make good use of tax-advantaged savings and skillful financial planning.
You should start this process by assessing your current retirement needs. But know this:
retirement is expensive! Experts say that you’ll need about 70% of your pre-retirement income
to maintain your lifestyle when you stop the daily grind of work.
Of course, if you plan on building that hide-a-way bungalow of your dreams, take trips to exotic
destinations or play golf at some ritzy ‘members only’ club, you’ll need at least 100% of your
current income, maybe more!
The ideal situation is to arrive at retirement free of debt. If you’ve paid off your mortgage, are
in good health, own your car, and have paid off the outstanding bills over time, then you’re in
ideal shape to say ‘so-long’ to the working world.
Otherwise, make that your top priority pre-retirement. Get rid of as much outstanding debt as
you can in your productive years, leading up to your retirement date.
Let’s discover the other important steps you need to take right now, before you retire.
- Learn what your Social Security benefits are. S.S. pays us, on average, about 40% of our
earnings. If you haven’t received a statement in the mail, just call the Social Security
Administration at 800-772-1213 and ask for your Personal Earnings and Benefit Estimate
Statement.
- Check into your employer’s pension or profit sharing plan. If you have a plan at work,
check to see what your benefit is worth. Most businesses will provide an individual
benefit statement, so ask for it. Before you change jobs, find out what will happen to
your pension. Also, find out if your spouse has a plan.
- Contribute to a tax-shelter savings program. A 401(k) is an excellent way to save for
retirement, so sign up and contribute as much as you can. This lowers your current
taxes, your company kicks in money and it’s easier to fill up this account without suffering
too much if you have automatic deductions. Compound interest and tax deferrals add to
the amount of money in this account; money you can surely use at retirement.
- Put your money into an IRA. If you're over 50, you can put $4,500 into this account and
gain tax advantages. You can choose between a traditional IRA (Individual Retirement
Account) or a Roth IRA Your financial advisor can tell you about the different advantages
of each.
- Keep your hands off your savings. Don’t go stripping your savings account; you’ll lose
principal, interest and even tax benefits. If you change employment, roll over your
savings straight into an IRA or your new employer’s retirement plan.
All right! You’ve taken five solid steps to prepare for retirement. Each of these is a vital part of
independent senior living; so don’t hesitate to do them today.
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Don’t go any further in this book until you’ve used
those 5-steps as your bedrock to financial
independence.
Get your ‘ducks in a row’ so you can move on in The
Senior Advisor to more ways to help assure your
financial peace of mind.
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Savings Resources
Explore an organization called “The National Save For Your Future Campaign”. This is a
partnership between the Social Security Administration and the American Savings Education
Council to inform you about the need to save and plan for retirement. Highly recommended!
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A Senior Moment
Do you know that you would need at least $15 in
investment savings to cover each dollar you need
for retirement income?
For instance, if you need $20,000 income to
supplement your Social Security and pension, you’ll
want a nest egg of $300,000.
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Financial Planners
If you want to get the “big picture” of your retirement needs, a professional financial planner
will help you. Your current financial situation and good financial planning decisions are what
they specialize in.
Right now, there are about 40,000 C.F.P’s (Certified Financial Planners), and you can add
insurance people, brokers and bankers to the list. All of them will give you advice.
To get the most out of what they have to offer, it’s important that you set some measurable
financial goals; specific goals that you want to achieve, with a timeline. Instead of just thinking
“I want to be comfortable” when you retire, try to examine exactly what “comfortable” means
to you.
Every financial decision has an effect. In fact, each can impact several areas of your life. There
may be tax consequences, for instance. You may help or harm your estate plans, too.
So, be realistic in your expectations and know that events beyond your control, like inflation or
changes in the stock market or interest rates, may affect your financial results.
A financial planner can help you re-evaluate your situation, and keep you on track for your
goals.
However, the bottom line is that YOU are in control. If you provide your financial planner
relevant information and ask questions about his/her recommendations, you will play an active
role in your senior financial future.
10 Questions To Ask Your Financial Planner
These are questions from the C.F.P. Board of Standards so don’t hesitate to ask them when
choosing your planner. Also remember, it’s important that you feel comfortable with this
person. They should match your personality and be the kind of person you’d be happy to chat
with over a cup of coffee. Believe me, you’ll be spending a lot of time with this person, so why
not make it enjoyable?
- What is your experience? You want someone with at least 3 years under their belt.
- What are your qualifications? Educational and certifications.
- What services do you offer? Each has an area of expertise.
- What is your approach to financial planning? The types of clients they currently serve and
the financial situations they like to work with are two things to focus on with this
question.
- Will you be the only person working with me? This planner may be part of a team, or use
another office for support. Find out now.
- How will I pay for your services? Get this in writing. Usually it’s by fees or commissions or
both.
- How much do you typically charge? You should get this answer with an estimate of costs
for the particular work being done.
- Could anyone, besides me, benefit from your recommendations? In other words, what, if
any, conflicts of interests are present.
- Have you ever been publicly disciplined for any unlawful or unethical actions in your
professional career? Make sure you get a listing of the planners’ organizations and don’t
hesitate to contact them to conduct a background check.
- Can I have it in writing? Get a written agreement that shows in detail the services that
you’ll receive.
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The above is an extract of a chapter from the ebook "The Senior Sourcebook".
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Here are the contents of the book:
Introduction
Senior Guide to Computer Literacy
Medicare & Health Issues
Medicare Part A
Medicare Part B
Non- Coverage In Medicare
Medicare Prescription Drug Benefits
Limited Income Subsidies
My Head Is Spinning
Medicare Fraud
Other Resources
Home Sweet Home
Making Your Home Senior Friendly
Remodeling Resources for Seniors
Household Helpers
Senior Living Choices
Retirement Communities
C.C.R.C.
Senior Living Helps
Alternatives to Total Care
Nursing Homes
NURSING HOME CHECKLIST
What You Don’t Want To See
Advocates for Residents
Far, Far Away
Choose Carefully!
Senior Finances
Retirement
Savings Resources
Financial Planners
10 Questions To Ask Your Financial Planner
Financial Planners Resources
Legal Eagles For Seniors
The Taxman Cometh
Thy Will Be Done
Choose An Executor
Will Resources
Living Trusts
The Three Types Of Reverse Mortgage Loans
Why I’m Wary
Reverse Mortgage Resources
Down & Dirty Debt
Medical Debt For Seniors
Bankrupt Basics
Medical Cost Resources
In Conclusion
Living The Life
Living Fully As A Senior
Driving Around
Driving Resources
No More Automobile? No problem!
Utility Bills
Volunteering
Other Employment Resources
Safety
Long Distance Grandparents
Resources For Far-away Grandparents
Afterword
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Did you know that in the USA alone, someone turns 50 every seven seconds. Yes, the baby-
boomer generation is alive and kicking and the senior population reaching 65 and up will
double from 35 Million to well over 70 Million in the next two decades!
So what does that mean to you?
It means plenty. In the words of our author, "Unlike any generation before them, they will live
longer, look and feel younger, have more options and better support systems than any 'elderly'
group of people since the dawn of civilization."
This means that seniors will demand more and better information. Retirement for these
healthy, vibrant people may be non-existent and play time and travel are a given.
They do more, have more and want to keep it. They require access to sophisticated medical
and dental care. They have more money and need state of the art advice to grow it. Above all
else, they have more questions than answers.
That's where "The Senior Sourcebook" comes in. This comprehensive guide covers everything
from Medicare to Financial Planning. You won't believe what is jam-packed inside the pages.
Just take a look:
- Senior Guide to Computer Literacy
- Medicare & Health Issues
- The Basics
- Medicare Part A
- Medicare Part B
- Non- Coverage In Medicare
- Medicare Prescription Drug Benefits
- Catastrophic Coverage
- Limited Income Subsidies
- Medicare Fraud
- Making Your Home Senior Friendly
- Remodeling Resources for Seniors
- Household Helpers
- Senior Living Choices
- Retirement Communities
- Alternatives to Total Care
- Nursing Homes
- Senior Finances
- Retirement
- Savings Resources
- 10 Questions To Ask Your Financial Planner
- Choose An Executor
- Creating a Will
- Living Trusts
- Reverse Mortgages
- Medical Debt For Seniors
- Basics of Bankruptcy
- Medical Cost Resources
- Volunteering
- Employment Resources
- Grandparenting
- and much, much more
Whether you are fast approaching the senior category, are already there or have parents who
can use your help there is something for everyone in "The Senior Sourcebook."
You won't find a better source for all things senior anywhere! If you have parents who are
ready for assisted living, find the answers here.
Need to write or update your will? Get some guidance about creating it or consider a living
trust. You'll find it all inside the digital pages.
Are you trying to sort out the Medicare puzzle for your parents? Discover the details here in
easy to understand language anyone can decipher.
As we mentioned in the beginning of this message, someone here in the USA turns 50 every
seven seconds. Be prepared. Get the answers to all those questions.
More importantly, get the answers to all the questions you don't even know to ask.
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This book retails for $17. However, I will give you special bonus - you get the following 4
additional ebooks absolutely free.
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Do you have "Maximum Memory Power?"
If you had to think about that answer you are not using your memory to
its fullest potential.
You've probably lost car keys or mis-placed an item on occasion. The
worst case scenario is forgetting a name, especially when the person is
someone you should know!
Well, there is relief in site. Learn how set the wheels in motion and
increase your memory skills.
Research on diseases of aging, such as Alzheimer’s and other forms of
dementia, has indicated that keeping our minds active and positive may
delay the onset of those diseases in some people.
Almost anyone can improve their use of that powerful filing system
between our ears. That will help you improve
almost every area of your business and social life!"
Don't Worry - Be Happy!
Yeah, right!
Seriously, are you happy. . .truly happy?
If you feel that your happiness is a fleeting thing that you can't really
put your finger on then you probably need a happiness boost.
If you are not experiencing enough happiness in your life, you are
missing out on so much. Did you know that your degree of happiness
can have an impact on your overall health and well being?
It's true. Happy people live longer.
If you'd like to learn how to increase your happiness quotient you just
need to know how and "How to Be Happy: A Complete Guide to Rational
Living" is just the ticket!
Happiness is not just a state of mind that comes and goes on a whim.
Happiness can be learned.
"Old-timers Disease Is No Joke"
It's a good bet that you, like the rest of us, have forgotten something
then jokingly said, "it must be old-timers disease."
What do you do when it hits close to home and it's no longer a laughing
matter?
With more than 18 million known cases of Alzheimer's Disease world
wide the odds are that you have had some contact with
someone who is close to this horribly degenerating disease. It may be a
victim or a family member of a victim.
Maybe you even suspect that one of your loved ones is exhibiting early
stage symptoms of Dementia and/or Alzheimer's Disease and
you'd like some answers.
Get all those haunting questions that slip into your thoughts day and
night answered once and for all.
Understanding Incontinence
If you suffer from this condition there is good news on the horizon.
Do you find yourself avoiding public outings?
Are you becoming a hermit, trapped at home rather than subject
yourself to public humiliation if you have an episode of accidental
leakage?
Do you find yourself terrified to sneeze, cough or fearful of a simple drive
over a bumpy road?
If so, you need to know that you can end the embarrassment once and
for all!
Discover what one woman learned when she finally ended the denial
and faced her problem head on.
She shares her experience and discovery in a candid discussion of a
hidden problem that is far more prevalent than you realize.
Her message is simple. You CAN end the suffering and embarrassment
once and for all!
Take the first step and find out how you, too, can take back control of
your life.
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Yes, for $17 you get all these 5 ebooks:
The Senior Sourcebook
+
Maximum Memory Power
+
How to be Happy
+
The Complete Guide to Alzheimer's Disease
+
Understanding Incontinence
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Immdediate Download
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Only $17
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8 weeks Money Back Guarantee!
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Your purchase through PayPal is fully secure.
Your purchase is also fully guaranteed - if for any reason, you are not satisfied with your
purchase, you can ask for full refund of your purchase. You can even keep these ebooks.
With this iron-clad guarantee, what have you got to lose?
Go ahead and click on the PayPal buy button.
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Immdediate Download
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Only $17
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P.S. In the famous words of Dylan Thomas, “Do not go gentle into that good night. Rage, rage
against the dying of the light.” Grab your copy of "The Senior Sourcebook" today!
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Proudly brought to you by Jacob Gan PhD (Michigan)
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