retirement Archives - Tammie's Take~

Planning Ahead: Three Things To Think About As You Get Older

Reviews · November 19, 2018

As another birthday, Christmas celebration, and New Year’s day comes around on the calendar; it is getting every closer towards to the wonderful day when you get to retire and enjoy your later years in comfort and maybe even a little bit of luxury. After a whole lifetime of hard work, you will be looking forward to the chance to put your feet up and really enjoy the time you now have to yourself and your family. With this being said, there is still a lot to think about before this day can come as retirement does require some planning. To give you a helping hand, this quick and easy guide will go through three simple ways you can plan ahead for your retirement.

Life after the nine to five

After working at your job for a number of years and maybe even building a nice career for yourself, you will be ready for a rest. Even if you love your job, being able to have a lie in and enjoy the day is precisely why you have done all this work and saved up all these years. A question that many people around your age will be asking themselves is, “How much do I need to retire?” The answer to this can be found through talking to the professionals at Retiring Right, who can assess your personal situation to find out exactly what money you need to retire from full-time work when and where you want to.

Where do you see yourself in five years?

Of course, one of the biggest things about retirement that makes it so great is that you will no longer have a job tying you to the current place where you love. For perhaps the first time in your life, you now have complete freedom to choose where you want to go and live out your days. If you’re really not sure where this may be then taking this quiz can help you to generate some interesting ideas to consider. For example, does a warmer climate entice you, or do you long for the hustle and bustle of the city?

Spending your time wisely

The last thing you need to give some serious thought to is how you are going to spend all the free time you now have, as you don’t want to waste this gift. A good idea is to write up a retirement bucket list you can work through with a partner or friend to ensure you’re staying social and enjoying life. Some ideas including taking a class to learn a foreign language, planting a garden with all your favorite flowers and fruit in, or even starting up a new fitness routine to take care of yourself. If there has always been something you have wanted to do but never had to time or the opportunity, consider retirement your green light.

Retirement is a wonderful time in your life that cannot be slept on. Make the most of it by planning ahead and giving this time of your life some thought.

Choosing A Retirement Home For Your Parent

Reviews · January 2, 2018

Putting your elderly parent in a retirement home is a process that’s sure to leave you feeling a little guilty. However, it is often a necessary decision, especially when your mom or dad no longer has the ability to take care of themselves.

If you are going to take this action, though, it’s vital that you find the right place for your cherished parent to spend their retirement years. A number of elements must be carefully considered before finding the best destination. Pay close attention to each of the items below, and you won’t go far wrong.

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Location

The geographic location of the retirement is vital for many reasons. If your parent still has some independence, the local amenities and social opportunities can be crucial. After all, they can influence their happiness and mental stimulation.

Furthermore, you don’t want the venue to be too far away from yourself and other family members. After all, those regular visits will become the highlight of your parent’s week. Skype calls and technology may provide a good backup, but there’s no substitute for those magical face-to-face interactions.

It may be worth considering the climate and researching how accommodating the area is to people with limited movement. A little knowledge goes a long way as you try to locate a place the will leave your parent feeling comfortable. Do not overlook it.

Cleanliness

When searching for potential places for your parent to live, you will no doubt look at the facilities. While those features are certainly crucial for your mom or dad’s ongoing comfort, it’s vital to appreciate other factors. Cleanliness is one that should sit at the top of your agenda.

Retirement homes of all types are vulnerable to poor hygiene. This is partly due to the fact that many of the elderly residents cannot control all bodily functions. Without the right cleaning, germs can spread fast. Visit www.medlineplus.gov to learn more about the changes to the immune system that come with age. With this knowledge, you’ll soon see why a clean environment is key for their health.

In addition to the physical benefits, clean surroundings promote increased happiness. Photographs of the establishment are useful. In truth, though, completing at least a handful of visits before confirming your selection is the only answer.

Staff Attitude

Even if you intend to visit on a regular basis, it’s impossible to be there for your parent on a 24/7 basis. In truth, your busy lifestyle and other commitments are among the main reasons that living with you wasn’t a viable option. As such, you need to have confidence in the staff.

Getting older can be terrifying at the best of times. However, life will be far more daunting if they aren’t receiving the empathetic and friendly care that they desire. When visiting potential care homes, it’s imperative that you interact with as many staff members as possible. This is the only way that you’ll truly gauge whether they can provide the right atmosphere for your beloved family member.

On a separate note, depending on your background, it may be worth finding a care home where workers speak in your mom or dad’s first language When things are daunting, speaking in their mother tongue can be very comforting indeed.

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Specialities

No two elderly citizens are identical. Therefore, it would be very naïve to think that there is a one size fits all answer when finding a home. Taking the individual situations and circumstances into account is pivotal. Choosing a generic home not suited to those needs could spell disaster.

It’s not simply a case of checking the facilities for physical limitations either. As life expectancy grows, the number of seniors suffering problems with the brain increases. Visit www.parcprovence.com/ to find out more about care homes for Alzheimer’s patients. When the retirement home is built specifically with those requirements in mind, the service provided will be far greater.

There are plenty of other conditions or issues that may need to be considered when finding the right place for your parent to stay. As long as it fits around their individual troubles, there’s no doubt that the foundations will look far stronger.

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Reputation

The history and presence of the residential senior home is vital for many reasons. Firstly, a combination of accolades and positive testimonials suggest that the business can be trusted. However, this type of crucial insight isn’t the only benefit of seeking a respected company.

Ultimately, once you choose a home for your parent, it should be the place they can stay for the rest of their life. Moving again is the last thing that anybody needs. A company with a good reputation is far less likely to go under compared to one that’s only just started. This additional sense of stability is something that should not be underestimated for a second.

Apart from anything else, the knowledge that the company can be trusted provides peace of mind. Without this, you’ll constantly wonder whether your parent is suffering in silence due to bad care. Besides, an established company will have experience of treating people from all backgrounds.

Communication Links

A care home should be ready to provide your parent with everything they could possibly need for a healthy and happy retirement. Nonetheless, they need to respect that family members still have a lot of love for the resident. Essentially, they need to work with you rather than against.

In many ways, you will be reliant on their updates. Finding a care home that is always there to provide the necessary information is vital. Likewise, their cooperation when planning events for your mom or dad’s birthday can make a world of difference. After all, your only concern is that your loved one enjoys the best retirement possible.

If it is difficult to contact them during the planning phase, it should have the alarm bells ringing. Meanwhile, paying attention to how staff interact with visitors during your look around the venue can be very useful. Ultimately, if their communication with you is poor, links to medical experts could be inadequate too.

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The Final Word

In most cases, your gut instinct will tell you a lot. Still, going the extra mile to analyze each of the items above will help with the decision making process. If that means that your mom or dad enjoys a better retirement, those efforts will be more than worthwhile.

5 Essential Early #Retirement Tips Everyone Should Know About

Reviews · July 7, 2017

Retiring early gives you an opportunity to pursue your interests and hobbies while maintaining your standard of living. You do not have to report to an office every day or live a structured life year after year. Many people are afraid to think about early retirement because of their dependence on their jobs. The greatest fear about early retirement is the lack of income to sustain your current or dream lifestyle. The truth is that many professionals have retired early and lived a better life than they did while working. It just takes knowledge and proper planning to retire early. If you have been thinking about retirement, but are unsure about how to get there, here are some tips to guide you in the process.

1. Do the Math

The way to overcome the fear of early retirement is to do the necessary calculations. Determine the amount of annual income you will need to maintain your lifestyle in your retirement years. The next calculation is to determine the portfolio you will need to get that annual income level. The latter calculation will help you make the right decisions on investments today. Take into account the safe withdrawal rate and inflation when estimating the retirement portfolio. The recommended withdrawal rate is 4% of your portfolio.

The rate means that you will not exceed that level of annual income if you want your portfolio to continue to grow. This means that your actual portfolio must be 25 times the estimated annual income to sustain your lifestyle. Remember that the cost of living will go up by the time you retire. Hence, you must account for inflation effects in your calculations. Since you cannot predict the inflation rate for the next say 25 years, use past data to estimate the inflation rate and account for it in your income and portfolio estimations.

2. Consider the Consequences On Your IRA Accounts

If you choose to retire today or in the next year, chances are that you will need more income to meet your needs. If you do not do the necessary calculations as outlined above, you will be forced to go back to employment to survive. You may be thinking of withdrawing from your IRA account to navigate early retirement, but that decision is costly.

The IRS charges you a 10% penalty for any early withdrawals from IRA accounts. Hence, you will lose some money if you choose to retire before reaching fifty nine and a half. The good news is that you can withdraw from your IRA account before the retirement age without a penalty by following the 72t rule. Anyone intending to retire early must learn the 72t distributions rule because at times the retirement portfolio will be insufficient to handle bills. The rule simply requires you to withdraw from your account in equal period withdrawals to avoid the 10% penalty.

3. Lower Your Living Costs

Retiring at an early age requires some sacrifices. For you to invest in the required portfolio estimated in the first step, you need to cut your spending. Save as much as you can today and invest or bank the money. You will need everything you can get to live a good life after. Analyze your current spending and identify the areas that need change. Do you spend too much on groceries or pay TV? Do you have to take a vacation every three months? You will have to cut off some of these luxuries depending on your level of income to afford an early retirement.

The secret to saving for retirement is to start early. Do not wait until you have three years or less to make drastic changes. Every saved dollar counts in this journey. It may be time to start checking the discounts, sales, and coupons on some items. You will reap great benefits from the sacrifices you make today.

4. Avoid Debt at All Costs

As you adopt the saving culture, stay away from credit card debt and any other form of debt. You cannot achieve your goal with accumulating debts. The interest charged will take away the largest part of your income from your portfolio. This means that you will withdraw more than the safe withdrawal amount and deplete it fast. Break away from the common myths that you must get a mortgage and buy a retirement home or a car loan to drive your dream car. You can rent a home as you slowly accumulate money to buy or build your own.

Pay off your credit card debts as soon as you can and avoid accumulating more debt on any of them. One of the considerations you may have to make is reducing your cards to one or two. Good debt may help you build your portfolio faster, but you must consider your ability to repay and invest wisely. Do not borrow for consumption or for luxuries even if you can repay the loans with your current income. Live within your means and cut down your expenses to the lowest level possible.

5. Consider Alternative Sources of Income

You may realize after doing the math that you may have to continue working longer than you want to build your portfolio. The way out is to look for alternative sources of income. You can take another part time job or start another side business to increase your income. In other words, you will work more every week and retire early. Look at your current schedule and find creative ways of using your free time to increase your income. Getting another part-time job or starting a new business may actually help you cut costs.

Conclusion

Retiring at an early age is possible if you start making the right decisions today. The kind of lifestyle you want to live after retirement should influence those decisions. Start by estimating the level of income that will give you the dream lifestyle and then make steps towards accumulating that income today. The steps include paying off your debts, saving more than you currently do, reducing your expenses, and increasing your current income. While making these steps, stay for focused on the goal and the fulfillment of living your life without work-related stress.