By MetroCreative

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.

By MetroCreative

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.

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.

1. 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.
2. 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.