Finance Made Simple

Too often, people view charitable giving and building a legacy as something they do exclusively through their estate plan. Apart from small donations to their favorite charity or religious organization each year, they don’t work to align their financial budget with their values, or the causes they care about. 

Caring for aging parents is an incredibly challenging and emotional task, especially as they near the end of their lives. As an adult child, there are several ways you can help your parents through this next chapter gracefully by guiding them through both financial and emotional decisions. 

Have you ever considered volunteer work in retirement? Whether you’re planning to take a full-blown volunteer vacation as a retiree, or you want to help at your local animal shelter weekly, incorporating volunteering into your schedule as a retiree has a wide range of benefits. From improving your physical and emotional health, to finding a connection in your community, to making an impact on the world around you - volunteer work is a fantastic lifestyle pursuit for retirees.

When people picture retirement, many of them picture a retired couple enjoying their days in the Arizona sun, or camped out at their beach house by the ocean. The stereotypes of snowbirds, or of retirees uprooting their lives to relocate somewhere warmer, exist for a reason. Close to 25% of retirees are looking to leave their current community for one reason or another, with the vast majority of retirees moving to sunnier states like New Mexico, Florida, and Arizona.

Long-term care insurance is specifically intended to help policyholders cover the cost and expenses of long-term care. Typically, these are services that go above and beyond what traditional health insurance covers. 

Retirement can often be a challenging time. Putting financial concerns aside, the transition from working full time and being committed to consistent goals to having no defined structure to your day-to-day can be challenging. One way that some retirees, and senior citizens who are still employed full time, are finding purpose, fulfillment, and joy in this new season of life is by attending college or continuing education courses through a waived tuition program at a local college or university. 

Setting financial goals isn’t always the most challenging part of building a financial plan. Too often, individuals have a laundry list of goals - and as they move through life, that list grows. However, when it’s time to organize a strategy for pursuing those goals, things get a little bit more difficult. 

When you’re not sure how to prioritize your financial goals, you tend to try and knock them out all at once. Trying to funnel your limited cash flow to multiple goals simultaneously isn’t always effective - especially when done without a strategy. 

If you’re gearing up for retirement, it’s important to build a road map for your lifestyle and finances during this new chapter. Too often, people jump into retirement with a loose plan for their money and assume that it will sustain them throughout their years as a retiree. 

One of the ways you can start finding more fulfillment in your finances is to align your spending with your values. This can be done by cleaning up your daily budget and spending less on things that don’t have a positive impact on your daily life, but it can also be done by allocating a percentage of your cash flow to giving back to the people, causes, and organizations you care about. 

As a woman fee-only financial planner, many of my clients are women. In fact, I pride myself on working with women who come from all walks of life and are each in a different place on their personal financial journey. It’s one of the primary reasons I entered this field of personal finance.

Over the years, I’ve heard many gendered financial stereotypes mislead women investors, and cause other financial planners to approach their clients’ saving and investing strategies differently as a result. Gendered financial ideas aren’t always based in reality - but there are some key things that women investors need to know about savings patterns and behavior biases.

Many pre-retirees and retirees ask their financial planner: 

How much money should I plan to leave my kids when I pass away?

Many pre-retirees plan to have Social Security as part of their retirement income strategy. However, few plan ahead for when they want to start taking their Social Security benefits as part of their larger retirement plan.

When thinking about how to increase their cash flow, many people immediately jump to a simple solution:

If I make more money, I’ll be able to increase my cash flow.

It’s true that increasing your salary, or figuring out a way to bring in more money for you and your family, will help to boost your cash flow. Unfortunately, it’s not always as easy as asking for a raise, or finding time in your busy schedule to pick up freelancing, or additional part-time work. This is especially true if you’re well-established in your career.

Many retirees plan to travel during retirement. Unfortunately, your cash flow as a retiree isn’t limitless. Travel often has to be done on a budget - but that doesn’t mean you can’t explore the world and embrace this exciting new phase of your life!

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Finance Made Simple

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