By Brent Shaw, Modern Woodmen,
Fraternal Financial | [email protected]
Jean and Carrol’s retirement savings won’t run out tomorrow, but they worry that what they spend on leisure now will rob them of money they could need for essentials later. They aren’t wrong to be concerned about outliving their nest egg. Today’s retirees will live longer and spend more time in retirement than any other generation in American history.Today’s retirees are living longer and spending more than they’d expected. Half of all 65-year-olds will live beyond age 90, according to the LIMRA Secure Retirement Institute. Yet, less than a third consider longevity risk to their financial security or have estimated how long their assets will last in retirement. Taking the extra steps to plan how to spend your retirement is key to having enough to last.
Without a strategy to generate income, retirees risk outliving the money they’ve saved to maintain their lifestyles and financial independence. A single fixed annuity is one option for a more secure retirement. Using this as one tool in your toolbox, you can capture the security of a guaranteed interest rate and create a retirement “paycheck” for yourself.
To read more, pick up a copy of the March/April issue of LiveIt Magazine. To subscribe call 940-872-5922.
Thinking of Working Part Time? Considerations for Retirees
Retirement is an opportunity to wave goodbye to the daily grind. Retirees may focus on rest and relaxation, and many make travel a major component of their lifestyle.
According to a 2022 Gallup poll, Americans expect to retire at an average age of 66, up from 62 in 2022. However, most do not hold out that long; the average actual retirement age is 61.
Upon retiring, many retirees discover they sorely miss getting out of the house and being productive through some sort of employment. Others may find it necessary to supplement their retirement incomes. There are a few things to know about working during retirement, particularly if a person is collecting government benefits.
To read more, pick up a copy of the September/October issue of LiveIt magazine. To subscribe by mail, call 940-872-2076.
Five Common Identity Theft Scams
Consumers can never let their guard down when it comes to identity theft. Personal information is much more accessible in an increasingly digital world. Consequently, instances of identity theft and consumer fraud continue to grow.
· The Identity Theft Research Center (ITRC) reported a record number of data compromises in the United States in 2021, amounting to a 68 percent increase over 2020.
· The Federal Trade Commission’s Consumer Sentinel Network received more than 5.7 million reports of fraud and identity theft in 2021.
· In Canada, there are 12 victims of identity theft per every 100,000 residents and 52 victims of ID fraud.
· Many North Americans have been victims of COVID-19-related fraud, including scams involving fake testing, vaccines and treatments, and charities.
The FTC says identity theft is when someone uses your personal or financial information without your consent. Commonly stolen data includes addresses, credit card numbers, bank account information, Social Security numbers, or medical insurance numbers.
To read more, pick up a copy of the July/August issue of LiveIt Magazine. To subscribe call 940-872-5922.
Finance: Tips for Your Retirement for Your 50s and On
By Brent Shaw, Modern Woodmen, Fraternal Financial | [email protected]
If you have made your way ‘over the hill’ you could be closing in on retirement. Seven out of 10 people in your age range expect to work past age 65.1.
With the average age of retirement between 61 to 62 years old, you could be closer than you think. Here are a few hints to help you better secure your future.
- Be in the know- how much you’ll need.
Would you take a long trip abroad without planning or budgeting for it? No way. Thinking about how much money you need to live on for the rest of your retirement can be a daunting task. Taking easy steps can help.
• Start by thinking about what future expenses you’ll have and what sources of income you’ll have.
• Look at where you are at in all your accounts currently; i.e., 401k, IRA, and savings.
• Work with your financial professional to create a plan and answer any questions.
• Don’t let life surprise you. Being prepared is vital and knowing more will help.
- Get caught up.
The days of retiring with a pension that paid your dad for his whole life are a thing of the past. The only person that can take care of you financially in the future is you in the present. If you feel that you have fallen behind, there are still steps you can take to gain some ground. After 50, you gain a valuable tool in catch-up contributions. For age 50 and older, there is a maximum contribution of $26,000 to your 401(k) each year. That’s $6,500 more than other workers are allowed. You can also invest an extra $1,000 in your IRA each year, on top of the regular limit of $6,000.
To read more, pick up a copy of the January/February issue of LiveIt Magazine. To subscribe call 940-872-5922.
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