5 Myths About Life Insurance Most People Believe In

Protection against life’s unexpected happenings or accidents is best served by a Life Insurance Policy. This is a policy that pacifies your life after death for your loved ones. Thinking about death is an unendurable way to spend life. Yet, life insurance is something that everyone needs to have for themselves and their family.

Life Insurance provides priceless peace of mind to the deceased family and dependents in event of death. Unfortunately, for many of us, life insurance is the least favorite financial topic to discuss and understand. It may sound like an intimidating concept. But, being an essential element of personal finance, it’s important to understand what it takes to have a life insurance policy.

There is a lot of misconception about having a life insurance in Rochester, NY. That confusion could be part of the reason that almost 54% of Americans avoid shopping life insurance. A lot of skepticism has drawn more clouds over facts than its myths. So, InsuranceTrak has tried to step ahead and dispel the different myths about insurance which most people believe in.

Here are some of the most common myths and misconceptions about a life insurance policy.

Myth 1: It’s Expensive: The biggest misconception about life insurance policy is the cost. People think it is more expensive than the protection that they truly need.  According to a 2015 insurance barometer study, 80% of the consumer misjudge the cost of term life insurance. Life Insurance can be affordable depending upon the coverage you are looking for. You can start by purchasing a policy and may even purchase additional coverage later on in life.

Myth 2: Wide Number of Choices are there: It’s true, there are many varieties of life insurance policies. Life insurance can be a single or joint insurance policy. The term life insurance can be broadly classified into whole-life insurance, permanent insurance, endowment insurance, mortgage protection insurance, travel insurance and other termed life insurance.

Myth 3: Life Insurance is Just for the Breadwinner Only: Life insurance is important for everyone. It’s been wrongly conceptualized as a policy for the breadwinner of the family. Whereas, the cost of replacing a deceased homemaker can be higher than you think. So, insuring a homemaker or stay-at-home member of the family makes sense.

Myth 4: Life Insurance by an employer is sufficient: General Life Insurance by an employer is a great benefit to the employee, but the payout is typically very low, like twice your base salary. This may not provide your family of dependents protection against any financial crisis. Therefore, it’s compulsory to have other life insurance terms added to the policy to ensure more protection.

Myth 5: You need to undertake an extensive health checkup: Usually, insurance companies ask for medical reports in case of any history of serious illness, and wants to check your current health condition. Insurers will want to gain access to medical records, and if the applicant has a history of serious illness for a long time. However, as soon as you got your policy, there’s no requirement for a medical checkup every year.

Life Insurance can be tricky in the absence of correct information. The key to ensure complete satisfaction lies in having an insurance agent or broker like InsuranceTrak. We can provide a wealth of information about the benefits, drawbacks and best method to save insurance premium costs. We are experts at comparing policies and offering the best fit solution for your individual needs, with just one click or call. You can ask us anything and trust our services for comprehensive Life Insurance in Rochester NY.

Useful Tips for Find the Best Mortgage Brokers

Are you planning to purchase a new property? Buying a house is itself a time consuming activity.  It is a huge investment and rarely do people settle for the first house they see. Once you settle for your dream home, you might require a mortgage that will help you in covering your budget needs. But, what will a wise decision be? Choosing mortgage brokers or getting it yourself? Without a doubt, hiring a professional is always advisable over the idea of getting things done by yourself. You would have spent quite a lot of time, finding it, now don’t delay further in making that home yours. This is because the experience, knowledge, skill and abilities that they hold can turn out to be a huge bonus for discovering suitable mortgage plans.

The only problem is that there are several brokers out there and each one of them guarantees to offer the perfect solution. In such a situation, it becomes a troublesome task to select the right one amongst the many. In order to find the ideal one there are four quick and easy tips that you can follow, and this article explains it all.

Capitalize on rich Recommendations from Reliable Sources

This first and the most important step for sourcing the best mortgage brokers is to take resort to the recommendations provided by family members, friends or any other potential resources. Do remember that the recommendations are going to give a direction to your search for the ultimate brokers, therefore think, understand why people recommend certain professionals and then shortlist them.

Research and dig deep to know all services offered by Shortlisted Brokers

When you have your set of recommendations with you, the next step is to research about the respective brokers and analyze how well they have been in their business. Here you can consider

  • The number of years they have remained active
  • The number of clients that they have served so far
  • The types of services offered by them and
  • What do their previous customers have to say about them

Emphasize each and every factor that is important for you when you are researching about the different mortgage brokers. For receiving optimal results, first you can enlist your requirements and then consider whether the broker is able to fulfill them or not. Take ample amount of time when doing so, as this can help you in refining your search.

Compare Different Mortgage Brokers

Once you have gathered brief, good knowledge about the services of multiple brokers – let’s say three or four – then compare them with each other in terms of their services, price, experience and expertise. To increase the confidence and get more information on this, you can even request for a free quote from the broker and then utilize it to check if it proves to be economical in comparison with others in the business. They would charge assorted fees depending on the process and requirements such as origination fees, lender fees or others that are part of their services. The price varies of every broker and is subject to the quality and length of services offered in the package. You should always seek an opportunity to interview shortlisted mortgage brokers if you have any sort of queries by arranging an appointment. Ideally, some of the questions you may ask could be:

  • What are their pricing policies?
  • Do they provide proper customer service?
  • How will they help in discovering the ideal mortgage plans?
  • What is the turn-around time they can assure things to move??

Most of the brokers do not charge any fees for interview or consultation. However, it is advised to discuss about the same with the broker beforehand.

Ask about the Documents required to propel the process further

Say if you have followed all the steps as mentioned and finally found the best mortgage broker, and you are quite satisfied with the quality of services and the price charged. Then comes the last and most important step, which is to ask them about the various documents that will be involved. It is of great significance to ask all the questions regarding what kind of documents will be needed to legalize your mortgage actions. The discussion with your broker regarding documents will enable you to prepare everything in advance and faster. It will be difficult for you to produce all the legal documents after doing entire formalities. So clarify your doubts about this, and try to quench your curiosity related to the mortgage procedure by asking relevant questions.

The search for ideal mortgage brokers does not have to be difficult at all. Just take an account of the four tips mentioned above and then you will be able to unleash the appropriate broker in no time. And do remember to follow them in a systematic manner.

Accounting Errors that Jeopardize your Business

Accounting errors can hold up your business’s development and shake its foundations. Sadly, errors are easy to make, particularly among start – ups.

Error #1: Fail to successfully manage the receivables

Every time you issue an invoice, a certain receivable is logged, reminding you that one of your clients owes you a certain amount of money. When you are eventually paid by your client, the receivable should be erased from your list or marked as paid. Evidently, this is the tricky part, not because it’s so difficult, but mostly due to lack of time during the day or the week. Such negligence, however, could cause serious trouble.

The businessman finds himself during the tax period overwhelmed by numerous client deposits and a list of receivables that need some serious thinkingin order to be reconciled. As a result, you spendwhole daysstriving to understand what goes where, overpaying your taxes and testing your patience.

The solution? Make a habit of staying on top of your receivables by applyingcustomer deposits to invoices every single week, or at least every month.

Error #2: fail to properly order your receipts

That’s a rather common mistake that often leads to variety of tax, accounting, and cash flow trouble. Did you ever find yourself checking your bank account statement and not have the foggiest idea what that 50.00Euros were all about? Without the corresponding receipt with all the necessary information about your purchase, a false tax expenses report and a subsequent a high tax bill is more than possible.

The solution is simple: make a habit of savingevery single receipt, irrespectiveof the sum. It may seem kind of irritating, but you can make it easier and faster by

  • using your business bank or credit card solely for your business purchases;
  • having always with you have an envelope for storing all your business receipts rather thantossing them in your drawer, wallet, or even worse, in your bin;
  • every month or week, devote some time to check the receipts in your envelope and file them in a respective folder or savethem in digitized form in your cloud.

Error #3: fail to log cash expenses

Monitoring all expenses related to their business’s operation is essential for the owner, becauseall that money should be subtracted from their overall income at the end of the year. In addition, that habit will help the owner geta better understanding of the company’s annual profits.

It’s not difficult to missseveral expenses paid with cash. Sadly, quite often these expenses are never loggedand, hence, are easily forgotten. That leads to overstated income when tax time comes.

Therefore, make sure you find a way to recordsuch purchases in cash.

Error #4: not getting some professional help

Small business owners frequentlystrive to cut off expenses by doing their taxes just by themselves. However, without some professional help, problems are unavoidable. For example, you’ll probably losenumerous deductions you are eligible for, or underpay your taxes — something that always results to getting fined.

Asking a tax professional to help ensures expert accounting and tax services and wise guidance that are invaluable for your small business. Several agencies specialize in small business accounting services. They will properly inform you about any changes regarding taxationand tell how to avoid possible tax hikes.

Getting some professional tax and accounting services will also reduce your overall accounting services costs. Also having a second, and more experienced, look in your books is always prudent, particularly regarding taxation.

Error #5: fail to understand what on earth your accountant means

That’s another common problem. Your accountant uses words and phrases you have never heard of and you feel too embarrassed to make any questions.

You are a businessman and not an accountant.Hence, you are not required to know all these accounting and tax services terminology. If you knew all that, why hire a professional bookkeeper in the first place? Explaining all these buzzwords in simple terms is part of his work.

In short, only when you and your finance professional fully understand each other you are considered partners.

Lastly, it’s important to consult professional accountants that have the essential experience and knowledge to help your business. Don’t limit your options in your country only. Make sure you explore opportunities in different countries that can offer more lucrative benefits. A great example is the island of Cyprus which is well-known for its high quality accounting services and trustworthy consultants. Find out more about accounting and business consultancy in Cyprus.

Tips To Collect Your Debt in Proper Time with the Right Debt Collection Agency

Many feel that a company’s owner or founder has nothing to do much apart from paying the employees and handling VIP clients. But, this is not true. An owner or founder has to see into every single department to know how it is functioning. Be it a big house or a start up, the owner has many responsibilities to take care of.  That is why it is impossible for them to run after the debtor to recover the money. Hence they need the help of collection agencies.

When you run a company, be it a huge renowned one or a start-up, there’s one thing that you are going to surely face in the long run and that is not getting debts on time. Big companies have several debt collectors who can easily track down the debtors and extract money from them. But, in small or start-ups, hiring a debt collector of their own would be too burdensome for the company’s accounts. That’s why you need to hire specialized business collection agencies/firms so that you get back your money on time and invest in on other business matters if needed.

Finding a commercial collection agency is not a hectic task at all, especially in a business hub like Houston, Texas. But when you are looking for a trusted one you have to look hard. You’ll have to do loads of research before you hire a right one. Here are a few things that you can choose a right agency:

  • Take recommendations: Before hiring a commercial collection firm in Houston or any other city in the USA, make sure you take recommendations from your close ones. Just ask anyone close to you, be it friends, relatives, colleagues and etc about any firm that has experience and is well-known for collecting a debt.
  • Search the internet: The best way to search a debt collection firm is by searching the internet. Through the internet, you will get to know about thousands of business collection agencies in Houston just sitting at home. So, this is hands down the easiest way to search for such agencies. Why just search? You can also research about the firms at ease. You can get their quotations online and check for reviews; compare them and hire the one that you feel is better.

These two points will undoubtedly help you find a right commercial collection company. But, this is not enough. There are a few more things that you must do physically visiting the company before you finally consider a firm/agency to be “right” for you. Take a look at the things you must do:

Things to do to opt a right debt collection company

  • Check the company’s experience: I hope you agree that experience matters a lot. When you hire an employee, you certainly check his/her experience, isn’t it? Similarly, before you hire a debt collection company, please check whether it has enough experience or not because that will determine whether hiring that agency will be worth it or not.
  • See how the team members are: Collecting debts from a debtor or several debtors isn’t a piece of cake. You need to literally mail and call them regularly even if you don’t like to. That’s why you need to check whether the firm or company has a team of experienced debt collectors or not. Going through every collector’s credentials, experience and a total curriculum vitae isn’t possible at all. However, you can check the experience and other credentials of the collector who is going to help you get back your debt.
  • Check their reviews: One thing that you must do before you finally choose a business collection agency is that check their reviews. Nowadays, most of these firms or agencies have their online website, so you can check reviews there. Or else, simply take phone numbers of their past clients whose debts they could easily get back.

Here are the three essential things that you surely must do to make sure that you hire a right agency only. If you don’t follow the above-mentioned things, you never know, you may just hire a wrong agency. So, avoid such a mishap.

7 Ways Technology Can Help You Improve Your HR Processes

Technology has changed and improved the business industry in so many ways. Nowadays, most businesses are becoming dependent to the use of computer, internet and other technological devices. They cannot function completely in the absences of these. Overtime, technology made a significant impact in several business functions including Human Resources allowing for HR Manager to completely or partially outsource some of the key HR functions.

Below are the seven ways in which technology help improve HR processes:

Recruitment Process

With the aid of technology, you can finally say goodbye to the long and time-consuming recruitment process. Technology has made recruiting more efficient. Instead of using the usual printed publications, HR recruiters can now post job hiring advertisements online, reaching millions of people in different locations.

Training

There is some training that would require some level of interaction. But, for those trainings that can be done remotely, training will be still be effective with the help of technology. Virtual training is perfect for a large number of participants. With the advancement in the information technology, HR practitioners can easily access to company information and training programs.  Technology allows HR practitioners to effectively assess training participants by having access to different computerized testing programs.

Employee Performance Management

There are different software programs right now that could help HR professionals to evaluate employee performance. They can examine performance using metrics and make sure that employees are performing according to required standards. Those who will not pass will be easily indentified to undergo additional training.

Effective Data Storage and Retrieval

Human resources hold important functions in the company and there is really a lot of paperwork to do. You can expect a huge file of paperwork for a period of time. However, with the availability of electronic imaging storing and retrieving files in an electronic format is absolutely possible. It is far much efficient compared to printed forms. It ends the demand of growing file cabinets in your office.

Employee Compensation and Benefits

Payroll software programs allow HR professionals to access to a wide range of information related to compensation and benefits anytime, from anywhere. HR professionals can absolutely make use of the several apps that facilitates automatic data organization and record keeping. In just few clicks, information would readily be available.

Improve Communication and Real-time Feedback

There is no doubt on how technology improves communication in the workplace. It helps HR professionals to easily communicate to the employees. Common example is the use of e-mail. They can just easily send company-related information through e-mail – efficiently and effortlessly. This also applied to real-time feedback which is very important as well for any business.

Efficient Documentation

In the field of Human Resources, documentation is every important. Though it is time consuming, it is something that all HR professionals should do. But with the help of technology, documentation can be done efficiently. With the help of computers, there is no need to manually write records or fill-up forms. With the availability of different technological devices, recording meetings can also be done easily.

Top 5 Reasons When It is Worth Getting an Employment Lawyer

Employment lawyers or labour lawyers specialized in things related to employment processes, labour laws and regulations, and employment-related cases. Some companies have their own employment lawyers to handle things efficiently while others don’t have due to lack of resources.

Here are some of the reasons why you must also consider getting an employment lawyer for your business:

1. Check Hiring Policies

In order to select applicants fairly and objectively, companies should consider having hiring policies. Policies should be documented and should be checked by the lawyer before the full implementation. This will also ensure that there is no discrimination in the hiring process and everything follows what the law requires.

2. Handle Employee Complaints

Every now and then companies received employee complaints. Minor issues, such as discrepancies in payroll and employee conflicts, can be handled by the company without a lawyer’s aid but when it comes to more serious complaints, such as harassment and labour laws violations, it is better leave the case off to the attorney. An employment lawyer can help you handle the case immediately and save yourself from a stressful and costly lawsuit.

3. Release of Claims

An employment lawyer plays a vital role when it comes to severance agreements. The lawyer can work on the agreement to make it fair to both the employee and the employer. There are several possible claims and entitlements that you might not know. Thus, to save yourself form headache and technicality, seek help from the lawyers.

4. Employee Benefits

As much as possible, companies will reasonable benefits to their employees. However, sometimes employers are not objective when it comes to employee compensation and benefits. They don’t know what is fair for the employees. An employment lawyer can help balance things out. Together with the lawyer’s guidance, employers should establish a clear compensation and benefits plan for their employees. This should include the benefits of the employee may receive upon separating from the company. This should also clearly state health coverage, and family and medical leave assistance.

5. Employment Laws Concerns

Some employers are not highly knowledgeable when it comes to employment laws and regulations, especially when there are updates to the existing ones. Employment lawyers are considered as experts when it comes to this. It is part of their job to make sure that all company practices abide to the labour standards set by the government. They will guide you on what is right and what is wrong for the best of your company. Abiding to these labour standards will save you from future problems and lawsuits.

Hiring an employment lawyer can be very expensive especially if you hire the best in town. However, the benefits you can get made it worth-it. As an employer, it is up to you either to hire an employment lawyer or handle serious company matters yourself with the help of your company managers. Either way, what is important is you get through all these important issues and maintain the good reputation of your company that your build for years.

Is It Time for You to Retire?

So, you’ve reached the later years of life. Or, at least, that’s what they tell you. Your hair is greying and your hairline is possibly receding. You’re starting to notice aches and pains you’d never even thought about before and you find yourself bringing up your back problems at Sunday lunch with the family.

And you don’t necessarily feel old. In fact, you probably feel most in control of your life than you’ve ever felt before. You know who you are and what you want. You no longer feel anxiety over silly things like you did when you were younger. Despite the physical indications of age, you’re not nearly ready to identify with the term “elderly”.

Middle age is in the rear-view mirror and you’re all the better for it. You don’t know why you ever dreaded getting older. You finally know what you’re talking about and have the knowledge and experience to back it up. It’s a wonderful time of life.

But there is also one big question that’s probably lingering at the back of your mind: is it time to retire? Retirement is known as the “golden years” and you’re becoming more and more intrigued by it. You likely have friends who’ve already taken the plunge into post-employment. And you have to admit, their lives look pretty good from the outside. But, are you ready to commit to giving up work permanently?

Well, here are some points to consider and questions you should ask yourself to help you make this big decision of your retirement.

The positives

More free time – This means you have the time to enjoy all the things you never had time to do before. You can spend Monday mornings playing bridge, relaxing on the golf course or reading a good book. If you have grandkids, you’ll have loads more time to play with them and give them advice. You won’t have to live according to your work schedule anymore.

Less stress – No matter what you do for a living, every job comes with a varying amount of stress. You have to worry about getting everything right all the time and consider the results of every action you take. Plus, at the level you’re most likely at, you can feel the next generation wanting to take your place. When you’re retired, you have very little to worry about. There’s no reason to lie awake at night thinking about clients and customer retention.

You can focus your energy on whatever interests you – Let’s not pretend you’ve got an unending surplus of energy. You’re still awake from morning until night and you get through the day without an issue. But you may find you have to choose what to focus on. It’s not like the old days when you could seemingly think of 100 things all at once. Now you only have the energy to think of one or two things at a time. Being retired means you can finally focus all your energy on the one thing you want to. Whether that’s your family or a special hobby, it’s all up to you.

The negatives

You may become bored –  Right now you have the perfect balance of responsibilities, family and interests to take up all your time. Every waking moment has something assigned to it. And let’s be honest, work takes up most of your time. Which is why you’re able to to enjoy your other interests. If you don’t have enough outside of work to keep you busy, you may find yourself bored without work to keep you occupied.

It makes a big difference financially – For many people, the lifestyle they’ve become accustomed to is based on their current income. No matter what you’ve saved or put away for retirement, you’re unlikely to be able to live the same way you’re living now on a pension. You’ll most likely have to cut back on expenses.

You could feel lost at first – Your priorities drastically change when you retire. The things you care about and the tasks you put first change. Work is a big part of your life and when you stop working, that part of your life disappears. If you’re someone who has always gained a lot of their self-worth from their job, then you could feel like a fish out of water for the first few months of retirement.

The two questions you need to ask yourself before you retire

Are you ready to give up your career?

There are many people who become very attached to their jobs over the course of their careers. A large part of who they are is rooted in what they do for a living. It’s not entirely healthy, but it’s not uncommon. If you are, or have been, one of those people, you need to make sure you’re ready to leave your career. Have you made it as far you’d like to? Is there more you’d like to contribute to the business or industry? Those are some of the things you should think about.

Do you have the finances to live comfortably in retirement?

It’s important that you take a close look at your finances before you retire. Some people start their retirement savings early on in life to ensure a comfortable lifestyle later in life. They added to the pension funds or retirement annuities their employers set up for them (if they received that benefit) and were careful with their spending. Are you one of those people?

However, before you get unnecessarily stressed about the financial implications of retirement, remember that there are ways to save on your current expenses. Once you leave the working world, you will find that there are discounts and special offers available to you. For one thing, you can easily find affordable medical aid for pensioners.

At the end of the day, everyone has to retire eventually. You simply can’t work forever. You just need to decide if retiring is something you want to do right now. So, take some time to carefully consider the positives and negatives of stopping work.

How to Make Your Car Costs More Affordable

Car costs are a common factor in many people’s finances, offering making a considerable part of any budget. After all, a car is a necessity for many people, including for work.

Yet, while having a vehicle itself often isn’t an option, there are ways to help cut down the various costs and make owning a car much easier on your finances. Whether it’s negotiating a better insurance deal, ensuring your car is more fuel efficient or learning some basic maintenance, all of these options are useful, regardless of what car you drive.

Beat Insurance Statistics

Insurance is an annual cost few people look forward to, as providers always seem to have some way of increasing the fees. There are many ways to save money on car insurance, but there are areas few people are aware of.

A lot of your costs often down to statistical averages. Insurance providers have little data on you, but they can match you to average profiles they have collected.

This can include anything from your gender and age to your profession. The best way to beat this, then, is to offer data about your own actual driving. Smartbox policies install telematic recording devices in your vehicle, rewarding you with a more fitting policy in light of your driving. There are many companies willing to provide this, even if your existing provider does not.

Similarly, speed limiters can also bring your policy down. Just like your statistical average, insurance providers look at the car you drive and consider the top speed that you have access to. By capping your own car at the national speed limit, you can turn this in your favour.

Improve Your Car’s Efficiency

Similarly, your car’s fuel usage makes up a big percentage of the running costs. The more frequently you drive, the more fuel you require, so some people may find they are spending quite a lot refilling their tank on a regular basis.

There are many ways to help maintain your fuel economy. When it comes to driving, avoid aggressive braking. Slow down naturally, using less fuel as a result, and be gentle with the brakes. You should also avoid leaving the motor running on idle, as this also wastes fuel (and money) for no good reason.

Similarly, you can modify the car to help improve its efficiency. Remove any roof racks or external items that aren’t needed, as these increase the air resistance. The same can be said for keeping the car light, removing excess belongings from the boot, and even choosing tyres with a low rolling resistance.

Be Smart With Servicing And Maintenance

When your car does need repairs, or something is wrong and you need an inspection, it can be very easy to panic and go to the first garage you find. However, garages are just like any other financial option, so shop around for the deal that makes the most sense.

Likewise, when it comes to simple repairs, there’s nothing wrong with learning some basic car maintenance. This will save you money and keep your car out of the garage for longer. Better yet, a little knowledge of how your car works will prevent mechanics taking advantage of you when you do require their help. Learning to replace an air filter is simple, yet it is something that will benefit you throughout your driving life.

Parts And Repairs

Similarly, when it comes to getting new parts, you should evaluate your wider options. For example, a dealership might try to coerce you into buying original equipment manufacturer’s parts (OEM), which are more expensive due to the brand name. Yet there are numerous aftermarket parts that are just as good and often come with their own warranties.

Find a garage that either stocks a wider range of options, or will allow you to bring your own parts. This latter type of service is ideal, as you’re only paying the service fee and can more readily shop around online for the right components.

Giles Kirkland is a mechanic for Oponeo with a passion for getting the most out of cars. He likes to discuss car improvements from changing car tyres to getting a good financial deal.

Infographic created by Capital Auto Auction

A Good Credit Score Means Good Credibility-How To Build And Maintain It

Just like your report card keeps track of your academic performance and your grades, similarly personal credit is a comprehensive summary of all your financial information that builds up your credit score. Having a good credit score has its own advantages and is a major parameter on which lenders assess the risk of lending you money.

  • You enjoy lower interest rates on mortgages, credit cards, car loans, student loans
  • Allows you to have an increased credit limit on your credit accounts.
  • Establishes a good image of your financial position in front of creditors.

Manage your credit

Managing your credit in a way that it goes in your favor and does not sabotage your long-term financial goals is your own responsibility. This requires consistent efforts as your credit score is a tool of reflecting on your past records and your willingness and ability to pay in the future. An interest rate that’s higher by even 2-3% can build up to a handsome amount at the end of the day or a 20-year mortgage. The same money could have been channeled to more productive areas like education or saving for retirement.

Note down as you spend

It is really important to keep track of all the transactions that you have made via credit cards, ATM card usage and the number of checks that you have written off. If you lose track of your spending you are sure to get into trouble later on.

Prepare for emergencies

Have emergency reserves of money in liquid state so that you can utilize it in terms of dire needs such as losing your job unexpectedly or health costs for example. Borrowing money more than you are comfortable repaying is certainly not a wise option.

Don’t keep unnecessary liabilities

Make it a habit to pay the bare minimum monthly payment that you owe to your creditors. And if possible consider paying the entire amount every month to reduce the financial charges that may be incurred. Skipping payments is a complete no-no.

Review your credit reports timely

You might not be aware of the credit reporting errors that can have damaging effects on your credit score. Your efforts to build up a good credit score can go down the drain if the credit bureaus have mixed up your contact information with other non-credible clients or if you have fallen victim to a fraud. For this purpose you should make it a habit to timely review your credit report every year and make sure to report any discrepancies or misquotation of financial information. Make sure there are no incorrect entries in your name of late payments or any kind of default and the amounts that you owe to each account is quoted correctly. You have the right to raise concerns and objections on your report so review and assess them monthly.

Pay on time

Nothing works more in your favor than timely paying your bills and clearing your dues. On-time payments are like your life saver. Payment history ultimately makes a big chunk of your credit score and you wouldn’t have to negatively affect your score just because of culpable negligence and carelessness on your part. Embrace technology and leave no stone unturned in being punctual in your payments. You can schedule your payments by putting them on auto or even setting text reminders on your cellphone to make sure you don’t leave anything on chance and you have the cash on hand a few days before the payment.

You should keep in mind that once your credit score is tarnished, repairing it is like losing weight because it a time-consuming process and there is no quick-fix for it as some credit boosting companies claim. Manage your score with utmost responsibility overtime and don’t let things to slip away out of your control, before it’s too late to get things back on track. Being aware and responsible of your personal finances is the first step towards financial stability.

Keeping Up with the Times: Retiring in the 21st Century

What comes to mind when you think of the word retirement?

Sipping cocktails on cruise ships, spoiling and spending more time with grandchildren, gardening in the afternoons, unlimited golfing opportunities—this was the usual picture painted by people when they think of their retirement decades ago. Many of us still do, but thanks to multiple factors, retirees are now redefining what retirement means. Yes—pressing concerns, such as retirement funds and long term care options, are still present, but so many people are now kicking the old definition of retirement to the curb.

Retirement Planning

There is nothing wrong with putting your feet up and spending time enjoying the fruits of your labor. Take up hobbies. Travel around the world. After all, retirement means differently for everyone. However, a huge portion of retirees now is staying active in their chosen fields.

We have the older generations remaining in the workforce or exploring new passions. We find them joining new business ventures and switching career tracks. We used to see the 50s as the decade of winding down and preparing for retirement. Nowadays, people in their 50s are remaining steadfast and formidable forces in the workforce. The 50s are now the decade of second wind and they are not slowing down.

Longer life expectancy, improved health care, and increased awareness in living healthier lifestyles—these are just some of the reasons why the definition of retirement is being altered. Americans can now expect to live until their late 70s while a century ago, the average person only lived up to 47 years old.

While longevity is a feat that should be celebrated by everyone, not many people were prepared for it. This is why updating your retirement plan has become a must. While many of us are no longer caged by deadlines and 9-5 work shifts, we need to shift around and adjust a few aspects in our lives to keep up with the changing times.

#1 Update your funds for the extra years

First, let us start by going back to the previous statement where retirees are refusing to sit still and spend their golden years resting. This may be out of need or pure refusal to downtime, but seniors are remaining more active than ever.

While some are staying in their fields as veterans, there are those switching careers. They see this as a second chance to explore options and interests that were not available back in the day. 

The great thing about this change is that the older generations get to have more years contributing to their savings. Instead of beginning to spend what they have saved, seniors have more years and more opportunities to increase their savings, especially when relying on Social Security benefits has become too risky.

#2 Volunteer!

If volunteering was not in your plan before, then this is your chance to make room for it. Serving the community benefits not just the community but the volunteers, as well. People who join volunteer programs are more connected with society. The sense of purpose it provides improves their mental health and quality of life.

There is a wide range of activities that individuals can choose from—babysitting for the couple next door or assisting at the local animal shelter. Communities offer volunteer programs that you can take part in.

#3 Improve your health and long term care coverage

Long term care and healthcare coverage should be staples in any person’s retirement plan, updated and otherwise. So many things are changing, from the retirement age to the activities you busy yourself with, but these plans are always permanent.

Longer lives could mean more sick years for some individuals, and with that comes a different set of financial problems that no one really had to deal with a few decades back. We have seniors finding themselves unable to pay for their long term care or their medical needs. We have older generations outliving their savings.

Make adjustments to the plans that you have. If you already have a working policy in place, then speak with your long term care agents about updating your plan. If you have not secured a policy, then speak with LTC insurance companies about possible options.

The Bottom-Line

There is no handbook on how to successfully plan your retirement, but there are plenty of guides. What works for many may not work for you. If you prefer the traditional type of retirement and there are no repercussions, then do it. If you prefer the newer definition of it, then do not hold back.

No one understands your needs better than you do so plan accordingly. If you do need a break from working then take a break. Retirees are also enjoying mini retirement years where they step away from working once in awhile. Keep your health up and maintain an active lifestyle. Enjoy your golden years the way you want it, but be smart about it.

Violet Swenson is the Online Content Director at LTC Global Agency. She has thrived in the insurance and retirement field for several years. Her career revolved around helping people strategize for long term care and prepare for their golden years through insightful articles relating to long term care insurance, long term care, retirement and finance.