Preparing for an Excellent Retirement

When I first heard the Beatles’ “When I’m 64” it seemed like it would be forever before I got there. But here I am. Eligible for Medicare and Social Security. Where did the years go?

 

Now that we’re nearing retirement, it’s time to make sure that we’re properly prepared. That’s important. Retiring when you’re not prepared can be costly. And, unfortunately some financial mistakes cannot be easily corrected.

 

Estimate Your Retirement Income

 

Your plans call for a comfortable lifestyle. An occasional meal out and a visit to see the grands at least once a year. And that costs money. Have you estimated your expected income and expenses after retirement?

 

Begin with your income. For most of us that could include a pension, Social Security, income from savings and retirement accounts (401k, IRA) and perhaps some part-time income. It’s easiest if you figure everything in annual/yearly amounts.

 

Start with your Social Security income. Their website has an has an estimator <https://www.ssa.gov/benefits/retirement/estimator.html> that’s helpful. You’ll want to have your prior year’s earning amount handy when you visit their site.

 

Add to that any pensions you may have earned. Some may pay you in a monthly check from the pension fund. Others will purchase an annuity for you which will pay a regular income. The pension administrator will be able to tell you how much to expect.

 

Ask your financial advisor how much you can expect to get from your savings and retirement accounts. Traditionally it was assumed that you could expect to earn/spend 4% on your investments without depleting the principal. But some advisors have begun to question that assumption and use different calculations.

 

You may choose to work part-time. Either because you need the income or because you’d be bored without work. Do a rough estimate on how many hours you’ll work each week and how much you’ll earn per hour. Then multiply by 52 to get an annual estimate.

 

Estimate Your Retirement Expenses

 

Traditionally it was assumed that you’d spend less in retirement than you did while you were working. The rule-of-thumb estimate was that you’d spend between 70 and 80% of your pre-retirement expenses. Many planners still use that as a fair estimate.

 

But some suggest that with more time to spend on hobbies and travel that retirees could actually spend as much or even more than they did when working. You’re in the best position to know what lifestyle you expect after retirement. And that puts you in the best place to estimate your post-retirement expenses.

 

Start with your present expenses for a year. Then make the appropriate adjustments.

 

Review Your Estate Plans

 

Much as we’d like to think that we’ll live forever it’s time to recognize that’s simply not true. And that we need to make provisions for the end of our life or a time when we cannot care for ourselves.

 

If your affairs are simple it’s tempting to attempt to do-it-yourself. But this has some serious downsides that might not become apparent until it’s too late. It’s not as simple as writing “I leave everything to _____” on a napkin and signing it. There are laws to follow. And they’re not the same everywhere. Some inheritance rules are different in each state.

 

You may think that “everyone knows” that you want your car to go to Junior, but that might not hold water with the department of motor vehicles when he tries to reregister it. And banks, credit card companies and other financial institutions can be sticklers for following the rules.

 

Incapacitation is another issue. The laws saying who can make decisions for you if you become incapacitated are complex. Failure to follow them could leave you dependent on a state appointed guardian to make decisions for you. I prefer to have someone I trust make those decisions for me.

 

As a general rule you’ll need the following documents:

– a will providing instructions as to how your assets are to be distributed.

– a durable power of attorney listing on can act on your behalf

– health care power of attorney authorizes someone to make medical decisions for you

– living will states your wishes for life-sustaining measures if your prognosis is terminal.

 

In some cases, if you have a need for privacy or your affairs are complicated you may want to explore a Revocable Living Trust.

 

Spend a Little Time Learning About Retirement Finances

 

Retirement is a big change in your life. And a big change in your finances. In most cases the biggest change since you entered the workforce.

 

Not only will your income and expenses change, but Some financial issues will take on a new urgency while others fade in importance. This is not a time to put your finances on autopilot and assume that everything will work out for the best.

 

There is one big difference in retirement finances that can affect every decision you make. Unlike when you’re younger and working you do not have time on your side. Some decisions cannot be undone and a mistake could seriously affect your retirement lifestyle or your estate.

 

It’s wise to seek wise professional counsel and read quality information sources. Both will serve you well in this stage of your life.

Also, check out How to Use Your Emergency Fund In Retirement

 

author’s bio: Gary Foreman is a former financial planner and has shared sound personal finance advice since 1982. He founded <a href=”https://www.stretcher.com/index.cfm?KimHoward“>The Dollar Stretcher.com website href=”https://stretcher.com/subscribe/subscribeAFF.cfm?Kim Howard“>After 50 Finance newsletter</a>. Also by Gary Foreman: <a href=”https://www.stretcher.com/stories/18/18jul23c-how-to-use-emergency-fund-in-retirement.cfm?KimHoward“>How to Use Your Emergency Fund In Retirement</a>

 

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Key Strategies to Keep Your Pet Safe During the Winter Holiday Season

The winter holidays are intended to be a festive time of the year. Beginning with Halloween and wrapping up at the New Year, the wintertime holidays truly do form the season to be jolly. If you are like most people with pets in your home, you are inclined to include your companion animals, particularly cats and dogs, in the seasonal celebrations. With this in mind, there is a comprehensive set of safety strategies that you need to implement in order to keep your pet or pets safe during the winter holiday season.

 

In addition to keeping your pets safe, employing these tactics ensure that your home remains in good repair during the holidays. These strategies serve to ensure that the decorations you display during a particular holiday remain intact during the season as well.

 

Anchor the Tree

 

A Christmas tree presents one of the more potentially hazardous holiday decorations when it comes to pets in your home. Cats and dogs both are oftentimes inclined to meddle to a Christmas tree, including climbing on it or knocking it over. In addition, as is discussed more specifically in a moment, pets are also apt to abuse ornaments and lights places about a Christmas tree. This type of conduct can have highly negative consequences, including causing severe or even fatal injuries to pets.

 

Due to the potential dangers presented by a Christmas tree, you must make certain that it is securely anchored to lessen the chance of it being pushed over. You need to take care to place ornaments and even strings of Christmas lights on a tree in a manner that these items remain out of reach of your pets.

 

No Tinsel

 

Tinsel must be avoided at all costs. Tinsel attracts pets, particularly cats. Although a cat or dog may begin by swatting at tinsel, ultimately a pet may chew on and even swallow it. Swallowing tinsel can have devastating health consequences, including blockage within the digestive system that can require surgery.

 

Ornaments Out of Reach

 

As mentioned a moment ago, ornaments need to be kept out of reach of pets. This includes both class and plastic ornaments. The reality is that ornaments made out of glass or plastic both have a propensity for breakage. The shards resulting from ornament breaking can be highly dangerous to pets as well as to human residents of a home as well.

 

No Mistletoe or Holly

 

Mistletoe and holly are poisonous. If a dog or cat, or a child, consumes mistletoe of holly, they can become very ill. Indeed, the potential exists that the consumption of mistletoe or holly can be fatal. If you want to feature these types of decorations in your home, select an artificial derivation. There are other plants that are poisonous as well. Make sure you confirm the safety of a particular plant before you introduce it into your residence during the wintertime holidays.

 

Supervise Candles and Fire

 

Lovely candles and a cozy fire in the fireplace enhance the look and feel of a home during the holiday season. Indeed, candles are an integral part of some seasonal celebrations, including Hanukkah. You do not need to eliminate candles and fireplace use all together but you must be on guard when these things are burning. You must never leave your pets in a room where candles or a fireplace are lit.

 

Electrical Wires and Batteries

 

Electrical wires and batteries must be kept out of reach of pets. Cats and dogs alike have a tendency to want to bite or chew on the thin wires associated with holiday lights. There are also cats and dogs with a propensity to try to chew on batteries. If a pet chews through a plugged-in electrical wire or manages to puncture a battery, the consequences can be life-threatening. In addition to keeping these items out of reach, unplug lights and any other decorative item connected to an outlet when not in use. Consider removing batteries from decorations when left unsupervised.

 

No Sweets

 

The need to prevent a cat or dog from eating chocolate is widely known. You should also avoid allowing your pets to eat other types of sweets during the holiday season. Although consuming many types of sweets will not have fatal consequences for a pet, they can become ill be munching on holiday goodies. The best rule of thumb to ensure a pet’s wellness during the wintertime holidays is to avoid allowing a furry loved one access to any type of confection or sweet.

 

No Cocktails

 

There is nothing funny about giving a pet alcohol. Indeed, even a smaller amount of alcohol ingested by a pet can have serious and even fatal health consequences. Not only must you and your guests not provide a pet even a “taste” of booze.” you need to take care that a companion animal not “sneak a drink” of alcohol.

 

Limit Leftovers and Nibbles

 

Many pets are notorious beggars. Like most people, you may find it hard to deny your pet a leftovers and even nibbles of food from the table. Provided you take care to never feed your pet something known to be dangerous, a taste of “people food” or a limited amount of leftovers is acceptable in most cases. You need to take care to ensure that you don’t overdo in this regard.

 

Limit Noise

 

Holiday celebrations can be noisy experiences. What humans interpret as festive exclamations and be frightening to pets. Holiday celebrations and noise is not something of concern only on Independence Day. You need to take care to minimize noise during the holiday season to limit anxiety and stress on the part of your pet or pets.

 

Pet Rules for Guests

 

If you will have guests in your home during the holiday season, you need to develop a clear set of guidelines or rules they must follow when it comes to your pets. You might even want to consider posting pet guidelines in your home. You can take this step in a friendly manner. For example, you might devise “12 Pet Rules for Christmas” based on the iconic tune “The Twelve Days of Christmas.”

 

Private Space for a Pet

 

Pets will better endure the holiday season if you provide them with a private space of their own. For example, you can set aside a room in your residence to which pets can retreat as needed during a seasonal celebration.

 

Strive to Maintain Routines

 

The holiday season is a time when many daily and other routines are thrown to the wintry wind. When it comes to your pets, you need to strive to maintain as many of their routines as possible. Pets tend to be creatures of routine and habit. Thus, do your best to keep “normal” feeding, play, and sleep times whenever possible during the wintertime holiday season.

 

Don’t Forget Pets

 

Finally, when it comes to keeping your companion animals safe during the winter holidays, you must not forget about them. This sounds like a basic admonition. However, with shocking regularity people overlook some basic tasks when it comes to their pets during the holidays. For example, a person may let a pet outside to take care of his or her “business” and then forget to let them back into the house in a timely manner.

 

By paying attention to these important strategies, you will keep your pets safe and sound during the holiday season. Indeed, you will be able to structure activities in a manner that can even enhance your pet’s enjoyment of the holiday season.

 

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Jessica Kane is a writer for Handicapped Pets, your most trusted source for dog wheelchairs and harnesses.