Tuesday, July 19, 2016
Retirement planning is a tricky business. There are plenty of things you should definitely be doing, and plenty of things you should avoid, at all costs.
And one thing to ensure you’re doing is preparing financially. Given how hard it is to find a job, at any age, ensuring you have enough cash to last you through your senior years is vital.
And, rather than just tossing some spare change in a pot every week, you have to take things to a slightly more advanced level.
It’s never too late to start preparing - but the sooner, the better! Here’s what should be on your list.
1. Multiple pensions
Most of us will be entitled to a state pension, but very rarely is this enough. This will allow you to live, but at a basic level, with very few luxuries involved.
Which is why setting up your own private pension would be a wise idea. Alternatively, enquire with your current employer, to see if they run such a scheme.
You have to start playing the long game - today. By investing some of your cash for retirement, you can ensure you're met with a lump sum when that day comes. As a result, an uncomfortable retirement just got transformed into a happy one!
There’s no shortage of options either. You could buy shares in an up and coming company, to sell them on when they become of more value. Alternatively, you could look into a self-directed IRA, which gives you more control over your investment.
There are plenty of ways to get advice on that investment, too. From an IRA custodian provider to a financial adviser, ensure you’re getting the help to keep you making the right choices!
3. Alter your insurance
As you get older and you get less and less dependants, it’s unlikely you’ll be needing that life insurance. Instead, as your age keeps rising, it’s far better to look into critical injury and illness insurance instead.
Contents insurance may also become less applicable to you as well, as you rely less and less on material goods. If you’re moving into a senior home, then you won’t need any kind of buildings insurance whatsoever.
4. Get rid of debts
It’ll be incredibly hard to pay off any debts once you retire. Without a steady source of income, your debts will start to pile up and you’ll be powerless to stop it.
So act now! Do whatever it takes to ensure you’re free before you hit retirement age. You’ll regret it if you don’t.
5. Review your will
Your circumstances may have changed over the years. You may have come into more money or assets. You may have a new child, or a new grandchild. All these changes need to be factored into your will where possible.
6. Check benefits entitlement
Retirees are entitled to a select amount of benefits, in most cases. Some are about your physical and mental state, while some are based on your wealth. By knowing which benefits you may receive, you’ll be able to adequately budget for your retirement.
Monday, July 18, 2016
Not everyone is able to get adequate health insurance. If you've found yourself in desperate need of help for covering medical expenses, you do have options open to you. These are some of the routes you may want to explore.
Medical bill advocates
If you’ve been given a hefty medical bill, then there are people out there you can hire to have your back. These people are called medical bill advocates. They’re experts when it comes to assessing everything on a medical bill and finding areas in which costs can be cut. They can help you dispute payments that aren’t actually necessary. (And yes, sadly, this does happen. Care providers may bill you for things unnecessarily just so they can get more profit.)
Getting a loan
For some people, this may seem like a bit of an extreme option. But sometimes it may be necessary to simply take out a loan. The fact is that medical bills piling up that aren’t being paid is extremely bad. Not only can they increase in price the longer you leave them, but they can affect your credit score. You might be better off looking into personal loans than finding yourself drowned by medical debts.
You’ve probably heard about online crowdfunding. For the most part, the famous crowdfunding successes are found in the entertainment industry. But that doesn’t mean there aren’t plenty of successes found in humanitarian causes. You can set up a crowdfunding page if you’re in urgent need of financial assistance for medical bills. One of the problems with this route is that, to get the most financial potential, you have to market your campaign a little. That can be a little too strange for some people!
Are there any support groups out there for the problem you’re facing? Perhaps the most famous example here is that of cancer. There are support groups out there for pretty much any kind of cancer. Some of these support groups use donations and government funding to assist those struggling with medical bills. This isn’t guaranteed, of course, but it’s definitely worth looking into.
Yes, the government are the ones responsible for allowing people to get into huge medical debt in the first place. But that doesn’t mean that you can’t turn to them if you’re in desperate need of help. In America, for example, you may be eligible for Medicaid, even if you’re not on a low salary. And no, Medicaid and Medicare are not the same thing. People who can’t get one may still be able to get the other!
Filing for bankruptcy?
This is, as you can imagine, the most extreme option available to you. (Well, unless you’re planning on breaking bad. But don’t do that.) More than half of all bankruptcy claims are tied to health care expenses, so you’re not the only one who may consider it. But if things are really bad, and you’re willing to take the hit on your credit score, it might be an option. Chapter 7 bankruptcy is likely to erase your medical debts.
Tuesday, July 12, 2016
It isn’t hard to find a guide that will help you buy a property. Whether you are looking for a buy-to-let or a conventional real estate opportunity, the knowledge is only a few clicks away. But, what if you don’t want to buy? What if you want to sell? Selling a house is much harder than buying a house, which is why you need to know the tricks of the trade. And, because they are hard to come by, this post is going to help. Below you will help advice from industry experts on how to sell your house.
Use A Legitimate Buying Site
The first question that pops into your head is ‘how do I get a buyer to buy my house or make an offer?’ It is true that it is very hard to get an interested party to make a bid for a variety of reasons. But, that is why a lot of experts advise you to avoid them and go to selling sites. These sites are there to make a quick purchase and take your property off of your hands. Sure, you might not get as much as you want from the sale. Still, you will get a good deal and won’t have to deal with months of stress. Just look for accreditation and qualifications before you give them a call.
Make Your Home Sparkle
Your home should be the best version of itself that it can be as that will impress potential buyers. If it looks a mess and needs a makeover, it will make buyers warier. With that in mind, you should give your property a makeover before you entertain any guests. That means you need to give a deep clean. Seriously, you can’t miss a spot because buyers will look behind the appliances and under the carpets. Most experts also say that you should think about adding value. A buyer will snap up a house that ticks every box.
Get Multiple Valuations
One of the biggest problems you will face is the value of your house. Even if your house price is legitimate, a buyer will haggle until the end to get a discount. If your listing is a little off, they will avoid it like the plague. As a result, it is important to get a variety of valuations to determine the price. As long as all of them are in the same ballpark, you are fine. However, if they differ, you need to decide what price to go with in the end. Another good tip is to research what other properties in the area sell for on average.
Do Your Paperwork
Everything is going fine, and then there’s a problem. What’s the problem? Believe it or not, it is because of the paperwork. Yes, an error with your paperwork can put you back weeks. In fact, it can ruin the entire deal if you are unlucky. As such, you need to get your paperwork in order. Make sure that you dot the I’s and cross the T’s if you want the deal to go smoothly.
Saturday, July 9, 2016
With a growing demand for rented properties, buy-to-let is an attractive option. However, it is not without its pitfalls. It is not something that should be entered into without thorough research and consideration.
If you have some cash to spare, there are lots of investment opportunities such as property, stock options, etc. It is important to work out which best serves your needs. If you’re going down the buy-to-let route, read our beginner’s guide first.
1. Gather Information
Before you begin looking at property options, read as much as you can about property investment. Gather information from the professionals and ensure you are fully informed.
It is also important to undergo market research in the area you intend to buy in. Look for up and coming areas. You need to be able to find properties that meet your budget but that people would wish to live in. Look for transport development projects. Are there any outer suburbs that will benefit from transport expansion plans? This may make them desirable areas over the next few years. Other things to consider are amenities, schools, crime rate, etc.
2. Work Out Your Finances
All investments require a serious amount of number crunching. You will need to work out the likely cost of properties, deposits, and mortgage repayments. You can then compare this to the rent you could command. Would this be a desirable investment? Will the rent comfortably cover the repayments and provide a profit? What would happen if the property was empty for a couple of months? Would you still be able to manage the repayments?
3. Shop Around For Mortgages
It is important to shop around for mortgages to ensure you get the best deal available. Be thorough with your research. Find out as much as you can about the companies and their offering. Look for businesses that are experienced in this area. You can glean a lot of information online. For example, you can read about SMBIA and other investment companies. Look at ways they can support you as your investment portfolio grows.
4. Think About Your Target Market
When buying to let, think carefully about your target market. What does your desired tenant look like? Are they families, professionals, students, etc.? This will impact on your buying decisions. Put yourself in their shoes and consider what they will expect from a property. Can you deliver this?
5. Consider Properties That Can Be Renovated
If you have access to building resources, you may wish to consider a renovation project. Properties that need significant renovations are often priced more favorably. However, it is important to take into consideration all the likely costs for repairs and decoration. Costs can mount up, and it is easy to be caught out. Ensure you make reasonable allowances for unexpected costs.
6. Be Aware of Pitfalls
When making any investment, you need to be aware of any potential pitfalls. This could include:
- An increase in the mortgage rate
- A downturn in the housing market (if you are looking to sell eventually)
- Major repairs needed on the house
- Tenant issues such as non-payment of rent
- The house sitting empty for a significant amount of time
Buying to let can be lucrative and rewarding. Just make sure you do your homework and are well-informed before making any decisions. And always be aware of pitfalls.
Saturday, June 25, 2016
Health is one of the major assets that need to be kept in regular check; especially when a person is at the age of 60 years. The risk of diseases and health related mishaps are very high at this age due to weakness in the body and slowness in every activity.
Senior citizens require more attention and care, which is why, health insurance policy, is vital to keep things secure in case their health turns severe and critical. Diseases such as Diabetes, TB, cancer, depression, heart attack, cardiovascular ailments and brain related diseases are common and lead to high medical expenses at such an age.
Importance of health insurance at the age of 60
Health insurance is a helping aid at the time of urgent need and emergencies that can occur at any odd hour. There are individual insurance policies that are provided by various private and government firms/companies for senior citizens.
If you want a health insurance policy for your aging parents, such plans and policies can be customized easily as per your budget and need.
These policies are necessary for countless reasons; out of which major ones are:
- These cover all the medical and treatment expenses and do not eat up your entire savings.
- There is absolutely no need to worry about cash or other payments as cashless policy allows you to focus on the treatment and health of your parents than on anything else.
- Unforeseen expenses, which arise during treatment, can also be taken care quickly.
- These cover all the hospitalization charges within 24 hours of an emergency. You are required to fulfill all the documentation formalities to claim this cover. The hospitalization charges that include following things are covered entirely under such policies.
- Room or Bedding charges
- ICU or emergency
- Nursing or Doctor or surgeon’s fees
- Medicines and required treatment charges
- Future checkup and medical bills
- Private Ward charges
- Health Tests charges that are done on daily or routine basis
- These health policies do support health consultation expenses as well, so that you are tension free during continuous doctor’s visit.
- Pre-existing diseases are also covered under such health policies.
Medical conditions that parents can develop at the age of 60
Your parents need more attention after the age of 50 years as body changes with the time and growing age. The medical conditions that can arise are:
- Bones and joints problems: The major diseases that are common in the elderly are:
- Eyes and Ears problems: Diseases that your aging parents might experience at this age are:
- Retinal infections/disorders
- Hearing problems
- Digestive Problems or gastrointestinal problems increase as digestion weakens in this age.
- Urogenital Problems: The problems that occur are:
- Prostate Cancer
- Benign Prostatic Hypertrophy
- Incontinence or, loss of bladder control
- Skin Related problems like dry skin, patchiness, and eczema are the complications that arise in this age.
Choose HDFC ERGO Policy that provides the best coverage for pre-existing diseases
HDFC ERGO Health Suraksha policy is an ideal health insurance policy for your parents at the age of 60 that provides mentioned key benefits:
- You get cashless claim service at more than five thousand hospitals in the country.
- There are absolutely no sub-limits on room/bedding charges, doctor’s fees, hospital charges and other daily medical expenses.
- There is a special benefit called “AYUSH Benefit” that is purely a reimbursement of medical expenses under Homeopathy, Siddha, Ayurveda or Unani treatments.
- You get a rebate under Income tax sec 80(D).
- Daycare practices expenses are completely reimbursed in listed 144 centers.
- Expenses that you bear for treatments that are taken at home are also covered.
- Pre-hospitalization charges up to 60 days are covered in this.
You can avail HDFC ERGO health Suraksha policy online.
Wednesday, March 23, 2016
Car Title Loans Woodland CA to boost your finances so you can start from a good point. By simplifying your budget you will be able to more easily see that you are sticking to your plan and can easily update it whenever necessary. There are many ways that you can simplify your budget, but here we will look at three.
1. Put Your Budget on a Spreadsheet or Use an Online Program
Instead of trying to budget on a piece of paper which can get confusing as your update it, put your budget information onto a spreadsheet or use an online program or app designed for a budget. This makes it simple to order information, categorize your spending and change any information you need to. You can easily make sure that your budget fits into the categories you want them to and can move items around or delete items as necessary. Work with the 60 Percent Solution which states that 60 percent should go to your monthly expenses, 10 percent towards your retirement, 10 percent into debt reduction or long term savings, 10 percent into short term savings for maintenance, gifts or unexpected expenses and 10 percent for entertainment.
2. Reduce the Categories of Your Budget
While it is a good idea to divide your budget into categories so you can easily keep track of everything and make sure that all your spending fits where it should for a secure and healthy budget, it is a good idea to keep these categories simple. Categories with multiple sub-categories can actually just get confusing. It also makes keeping on top of your budget much more time consuming and stressful. Sometimes, more is less and this is one of these cases.
3. Make Your Savings Automatic
Making your savings part of your budget will help you make sure that you actually save what you plan to. Having the money go into your account and then need to manually be shifted into your savings account, provides too much opportunity for it to be spent before it is saved. If your savings are automatically debited you can factor them into your budget for simplicity.