Caregivers: How to manage a loved one’s money

The number of retirees is on the rise. Data from the United States Census Bureau points out that, by 2030, there will be 81.2 million Americans over age 65, and many of them will need help taking care of themselves.
Caregiving is a big responsibility.

One crucial role caregivers may take on involves managing a loved one’s finances. AARP states that acting as a money manager becomes especially important if a loved one begins having trouble keeping a checkbook or becomes confused about money.
The Family Caregiver Alliance¨ indicates millions of Americans are managing money or property for a family member or friend who is unable to pay bills or make financial decisions.

To read more, pick up a copy of the November/December issue of LiveIt magazine.

Tips for Financial Review

By Brent Shaw, Modern Woodmen, Fraternal Financial | m.brent.shaw@mwarep.org

When is the last time you took a good look at your overall financial position? Was it just before a big purchase? Was it when the news said the market took a significant downturn? Maybe it was when you decided to change jobs. Taking appraisal of your savings, retirement, and insurance more often can result in a portfolio that matches your goals more closely. Planning an annual financial review can help you focus on the big picture. Ensuring your financial plan and goals match your portfolio can ensure enough money to achieve your goals in the future. With your financial advisor or on your own, these tips can help you make sure your dollars are working toward your goals. Here are some questions to ask for your financial review.

Is my investment plan still on target?

You most likely have seen some changes since your last financial spot check. The first thing to look at is if your target has moved, or maybe it’s changed completely. As you continue to build and grow your savings, you also will notice you are achieving some smaller financial goals while pushing toward your bigger goals like retirement. The question is, does your timeline and your risk tolerance in those investments match now?

To read more, pick up a copy of the November/December issue of LiveIt magazine.

5 Tips to Turning on Your Retirement

By Brent Shaw, Modern Woodmen, Fraternal Financial | m.brent.shaw@mwarep.org

More and more people have been asking, “Okay, I’m retired. Now what?” While this is an exciting time for most, stressful topics can still linger. Balancing having enough money to last and using your nest egg to enjoy your Golden Years can be made easier with these tips.

1. Know the Rules
   Just as important as how much you have saved is how you properly use those funds. If your retirement is in a Traditional IRA or a company’s group retirement plan, like a 401k, you will eventually be required to take minimum distributions from your account. The balance of your pre-tax retirement accounts and your life expectancy is used to calculate what the IRS calls the Required Minimum Distribution, or RMDs. To avoid a massive 50 percent penalty from the IRS, you will have to start taking your RMDs the year you turn 72. * Due to the COVID-19 pandemic and economic slide, Congress has suspended all 2020 RMDs, and you may even be able to return distributions you have already taken this year. The rules can change, so work with your tax or financial professional to stay up to date on what best suits your accounts.

To read more, pick up a copy of the September/October issue of LiveIt magazine.

Financial Review: The Ever-Changing Life

By Brent Shaw, Modern Woodmen, Fraternal Financial | m.brent.shaw@mwarep.org

Over these last few months, many of us have taken an impromptu break from regular routines to quarantine and social distance. Through this, an unexpected blessing has come about with being able to spend more time with our families and those we love. I know some of you are thinking, being trapped in the house with the family for months isn’t as much of a blessing as I am making it out to be.

Either way, we have had time to reflect on what matters most to us. I began to think about what I am doing to protect and provide for them financially.

To read more, pick up a copy of the July/August issue of LiveIt magazine.

Estate Planning: Is Yours up to Date?

By Dan Campbell, Attorney

As I write this article, the Boy Scout motto “be prepared” comes to mind. These “gifts” while they might not give you a warm, fuzzy feeling, can make a huge difference in the lives of your loved ones. Make sure that your will (or revocable “living” trust) is up-to-date.

How often should one review his or her will (or revocable trust)? I recommend every three years, but more often if there is a significant life change: a marriage, a birth, a divorce, a death, or a beneficiary who potentially needs extra consideration.

To read more, pick up a copy of the March/April issue of LiveIt magazine.

Handing Down Financial Knowledge

By Metro Creative

The largest living generational age group, the Baby Boomers, are those currently living in retirement or planning to hit full retirement in the next few years. They also are currently the wealthiest generation. With an estimated $68 trillion, the title of the wealthiest generation comes from a lifetime of saving and careful budgeting.

To read more, pick up a copy of the March/April issue of LiveIt magazine.