Retirement Funding – Win Win Lose http://winwinlose.net/ Fri, 14 Jan 2022 06:53:04 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://winwinlose.net/wp-content/uploads/2021/06/icon-9.png Retirement Funding – Win Win Lose http://winwinlose.net/ 32 32 “He’s a liar and a cheat”: My brother extorts our ailing father out of $4,000 a month – even though he has two housekeepers https://winwinlose.net/hes-a-liar-and-a-cheat-my-brother-extorts-our-ailing-father-out-of-4000-a-month-even-though-he-has-two-housekeepers/ Fri, 14 Jan 2022 05:03:00 +0000 https://winwinlose.net/hes-a-liar-and-a-cheat-my-brother-extorts-our-ailing-father-out-of-4000-a-month-even-though-he-has-two-housekeepers/ My father has a clinical diagnosis of dementia and is cheated on by my brother. Supposedly he “takes care of” my father. Me and two sisters live in another state. However, dad is looked after 24/7 by two lovely ladies who do all the work. My brother visits me and claims he is “supervising”. He […]]]>

My father has a clinical diagnosis of dementia and is cheated on by my brother. Supposedly he “takes care of” my father. Me and two sisters live in another state. However, dad is looked after 24/7 by two lovely ladies who do all the work. My brother visits me and claims he is “supervising”.

He gets paid $4,000 a month in cash for being a son and not a janitor. This is pathetic because he literally can’t take care of himself, let alone be responsible for another person. The two ladies who do everything for my father report that my brother does literally nothing for him.

By Christmas it became clear that my brother is lying to my father, borrowing God knows how much money with no intention of paying it back. He also has an outstanding $50,000 line of credit on the condo my father lives in, which is held in trust and owned by the four siblings.

“My brother is lying to my father, he’s borrowing God knows how much money with no intention of paying it back.”

My brother just sold his house and he owes him $175,000. My father believes that my brother will repay him for the sale of the house that he originally bought for my brother in cash.

My brother is an alcoholic and took a lavish vacation buying his daughter a car, diamond earrings, and designer clothes and jewelry. He also reports no earned income to the Internal Revenue Service and receives disability payments for anxiety. I think he is a liar and a cheat and it brings me no pleasure to say that he has been all his life.

My oldest sister has powers of attorney but she is the nicest person I have ever met. I doubt that she will take on the management of my father’s estate as she is very wealthy herself and I don’t think she cares about the money.

Not to be greedy, but part of my retirement plan was to be a part of Dad’s generosity, and now he’s separated the three sisters, apologizes to us, and yet still funds my brother’s lavish spending habits.

I honestly don’t think he has any idea what a mess my brother got himself into. I also think what my lazy brother is doing is disrespectful and illegal. Is there any advice you can send me without a power of attorney? I fear being cut off and need advice to move forward.

sad sister

Dear sad sister,

Don’t rely on your father for your retirement.

If you want to help your father and protect him from being manipulated and/or coerced into giving money to your brother, you must put your father’s interests above all else – including your own interests and fears that you will mess up the apple cart and risk your own inheritance. If everyone takes care of #1, who takes care of your dad?

Your sister has no interest in keeping track of your father’s estate. Your brother has access and influence over your father. Nobody here wants to challenge the status quo. But nothing comes from nothing, and doing nothing will only encourage your brother more. Paying money back into an estate is much more difficult than preventing the money from being taken in the first place.

talk to your sister Talk to your father about your brother. Contact your father’s bank to make them aware of his diagnosis and present evidence to prevent further transactions that could be due to your brother’s improper influence over your father and file in probate court Request for a Power of Attorney or Power of Attorney from an Independent Party.

No one wants to challenge the status quo. But nothing comes from nothing, and doing nothing will encourage your brother even more.

“A conservatory can be set up when a person becomes incompetent. In order to initiate conservatorship, an application must be made to the court,” according to Yacoba’s law firm Ann Feldman. “During the trial(s) a judge may hear evidence as to whether or not the person is genuinely incapacitated and whether s/he is incapable of making decisions for himself/herself.”

“If an individual applies for a conservator when a power of attorney is already in effect, the court may review the power of attorney before deciding on a conservator,” the law firm adds. “However, since the power of attorney does not cover all needs and the needs of the individual exceed the needs covered by the power of attorney, the court may grant guardianship.”

Your letter was 90% about your brother and all the choices – shameful or not – he made throughout his life. You clearly have unresolved feelings towards him. If you decide to take action, put it on the back burner and focus on spending time with your dad and devoting your time and energy to making sure his physical and financial health is taken care of.

yeahand You can email The Moneyist with financial and ethical questions related to the coronavirus at qfottrell@marketwatch.com and follow Quentin Fottrell Twitter.

Check out Moneyist’s private Facebook Group in which we are looking for answers to life’s most difficult money questions. Readers write to me with all sorts of dilemmas. Ask your questions, tell me what you want to know more about, or subscribe to the latest Moneyist columns.

The Moneyist regrets that it cannot answer questions individually.

More from Quentin Fottrell:

• I live with my 59-year-old girlfriend who owns multiple homes and has $3 million in savings. I pay for utilities and cables and do a lot of repairs. Is that enough?
• “He’s the most computer illiterate I know”: I was a research analyst, my husband’s supervisor, cook, and housekeeper. Now, after 38 years, he wants a divorce.
• “Our friends have always longed for a relationship like ours”: My husband left me for another man when I was 16. I don’t want them living on our properties. What can I do?

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Relying solely on real estate assets to finance retirement can be a risky business https://winwinlose.net/relying-solely-on-real-estate-assets-to-finance-retirement-can-be-a-risky-business/ Wed, 12 Jan 2022 07:00:00 +0000 https://winwinlose.net/relying-solely-on-real-estate-assets-to-finance-retirement-can-be-a-risky-business/ The housing market had a stellar year in 2021. Average home price soared a whopping 9.8 percent in just 12 months, according to Halifax data, bringing the average UK home value to a record high of £ 276,091 in December. No wonder, then, that one in five homeowners is considering how to finance their retirement […]]]>

The housing market had a stellar year in 2021. Average home price soared a whopping 9.8 percent in just 12 months, according to Halifax data, bringing the average UK home value to a record high of £ 276,091 in December.

No wonder, then, that one in five homeowners is considering how to finance their retirement provision in order to use their home as an ATM and withdraw some of the capital reserves that they want to build up in the meantime to finance a living in their golden years.

One in ten hopes to downsize their property, nine percent want to sell their property and six percent say that by taking out a lifelong mortgage they will access equity to finance their later life.

Legal & General Home Finance figures, which surveyed 4,000 adults planning their retirement, also found that a third of all people currently not retired own a property but have saved less than £ 10,000 in their retirement pot. Another 22 percent of people do not have any retirement provision.

Claire Singleton, Chief Executive of Legal & General Home Finance, said, “The sharp rise in house prices in recent years has likely changed many people’s expectations of the role of real estate wealth in supporting their retirement.

“We assume that using your home to finance your retirement will become even more important in the future.”

Based on current property prices in England and Wales, L&G calculates that the average homeowner can access over £ 72,988 in equity releases. Should house prices continue to rise, which is expected to be slower in 2022, that number could be higher.

Seven out of 10 people over 65 already depend on state pensions as their main source of income, but are also homeowners, according to L & G’s analysis.

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“Our results also show that there are currently many retired people with potentially limited incomes who could benefit from the likely appreciation of their home,” added Ms. Singleton.

“It is important that we address the discomfort some people still have about using cash from home to get better financial results in retirement.”

Planning to unlock some of the value of our homes to increase retirement savings may be right for some homeowners, but for others and those who don’t want to climb the real estate ladder or who can do it, expecting home prices to rise is the answer are: very dangerous game.

Putting all your eggs in one basket is never a good idea, and possibly even more so when it comes to funding our later lives than anything else. Paying savings into a job or a self-created private pension plan is also likely to result in capital growth over the long term. House prices rose an average of 9.8 percent over the past year, but within that average there will be sharp swings in price inflation.

Location, local demand, job market, the age and condition of the property, and access to amenities are the factors that really affect the value of your home. Houses that appear identical on a street can fluctuate in value significantly, so even if average prices rise 10 percent, many things can cause your house to lose value – subsidence, flooding, or high maintenance costs, to name a few. Think of those who bought fancy new homes with flashy cladding that they couldn’t sell for love or money after the Grenfell tragedy.

In contrast, a pension that is invested in a mix of stocks and funds is less exposed to the risk associated with owning a single asset. And the returns in 2021 weren’t to be sneezed at, the FTSE 100 up 14.3 percent, albeit after a terrible 2020. However, over 30, 20, 10, or even five years, NPV will likely have increased. And with a pension, the state effectively gives you money in the form of considerable tax breaks.

There’s no one right way to finance retirement, but betting on one thing at the expense of another is a high risk approach to a time in life when risk is likely something we all want to avoid.

iMoney is a partnership with Age Partnership, a non-market financial advisory firm specializing in money matters for the older generation.

If you are considering freeing up equity, you can find out more by downloading iMoney’s free guide written by Elizabeth Anderson. To request your free copy, call 0808 239 1913 or download it here.

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Lenoir County, Kinston businesses are recruiting https://winwinlose.net/lenoir-county-kinston-businesses-are-recruiting/ Mon, 10 Jan 2022 10:16:23 +0000 https://winwinlose.net/lenoir-county-kinston-businesses-are-recruiting/ As the New Year begins, labor shortages, retention, COVID-19 issues and finding the right people for the Kinston and Lenoir Counties job are still big challenges. City and county jobs, as well as local service jobs, are still the professions that have been hard to fill last year, with the delta variant being at the […]]]>

As the New Year begins, labor shortages, retention, COVID-19 issues and finding the right people for the Kinston and Lenoir Counties job are still big challenges.

City and county jobs, as well as local service jobs, are still the professions that have been hard to fill last year, with the delta variant being at the end of July and according to the U.S. office of Lenoir County, unemployment is due to the pandemic, according to the U.S. office of Labor Statistics 5.6% as of October 2021 – relatively low compared to the state’s highest rate, which is 10.5% in Scotland, where Laurinburg, the county seat, is located.

Labor shortages are affecting the county’s economy

The shortage has impacted Kinston’s economy and the city is struggling to fill much-needed jobs like fire, police, water, and road and environmental services, according to Rhonda Barwick, Kinston’s interim city manager.


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Should Kansas use the budget surplus to pay off $ 1 billion in KPERS public debt? https://winwinlose.net/should-kansas-use-the-budget-surplus-to-pay-off-1-billion-in-kpers-public-debt/ Sat, 08 Jan 2022 17:58:36 +0000 https://winwinlose.net/should-kansas-use-the-budget-surplus-to-pay-off-1-billion-in-kpers-public-debt/ Attorney General Derek Schmidt wants lawmakers to use much of the projected $ 2.9 billion surplus to repay the national debt while seeking tax breaks for Kansans. Schmidt is urging lawmakers to transfer $ 1 billion in cash – or more – to the Kansas public sector pension system. “The bottom line is that we […]]]>

Attorney General Derek Schmidt wants lawmakers to use much of the projected $ 2.9 billion surplus to repay the national debt while seeking tax breaks for Kansans.

Schmidt is urging lawmakers to transfer $ 1 billion in cash – or more – to the Kansas public sector pension system.

“The bottom line is that we have a rare and unprecedented opportunity to resolve this long-term pension debt problem that has accumulated over a generation in Kansas to prop up the system for current and future retirees and to eradicate a large portion of the expensive national debt.” the books, “Schmidt said in a telephone interview with The Capital-Journal.

Schmidt’s plan comes before the start of the 2022 legislative period on Monday. He is the Republican front runner to challenge Democratic Governor Laura Kelly in this year’s election.



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VIUM Capital Closes Multiple Acquisition Loans; 70-bed SNSF acquired for USD 5 million https://winwinlose.net/vium-capital-closes-multiple-acquisition-loans-70-bed-snsf-acquired-for-usd-5-million/ Thu, 06 Jan 2022 22:46:33 +0000 https://winwinlose.net/vium-capital-closes-multiple-acquisition-loans-70-bed-snsf-acquired-for-usd-5-million/ VIUM Capital recently entered into several qualifying nursing care agreements, including a $ 21,250,000 acquisition loan for a Wisconsin-based senior residential community and a $ 58 acquisition loan for a Michigan portfolio of five SNFs and an assisted living facility. The CRCC, Bria of Trinity, was acquired with bridge-to-HUD funding for a buyer looking to […]]]>

VIUM Capital recently entered into several qualifying nursing care agreements, including a $ 21,250,000 acquisition loan for a Wisconsin-based senior residential community and a $ 58 acquisition loan for a Michigan portfolio of five SNFs and an assisted living facility.

The CRCC, Bria of Trinity, was acquired with bridge-to-HUD funding for a buyer looking to expand its presence in the state.

A bridge-to-HUD loan was also used to purchase the Michigan portfolio in southeast Michigan. Acquisition and investment costs such as improving the building’s aesthetics, short-term renovations in one of the buildings and other special units were funded.

CIBC Bank closes 70-bed Illinois SNSF

CIBC Bank USA recently completed a $ 5 million loan for a 70-bed nursing home in downtown Illinois.

The home has been run by a regional operator for several years.

The buyer sees significant opportunities through cost reductions and utilization improvements with a stabilized utilization of 87% and margins in the mid-tens, according to the press release.

The loan included a five-year term loan with earn-out potential and a credit line for working capital of $ 750,000.

The financing was provided by Fritz Kieckhefer and Kyle Doran from CIBC.

Ziegler Closes $ 16,645,000 in funding for CCRC near University of Florida

Specialty investment bank Ziegler announced that it has closed $ 16,645,000 in Series 2021 bonds to Oak Hammock at the University of Florida, which owns and operates an ongoing foster retirement community in Gainesville, Florida.

The CCRC is located on an approximately 135 hectare campus and comprises 269 independent residential units, 46 assisted living units, 24 care units and 73 qualified care beds.

All qualified care beds are Medicare certified.

The proceeds of the bonds will be used to refinance outstanding 2017B Series bonds, fund capital expenditures of approximately $ 1.876 million, fund a debt servicing reserve fund, and pay issuance costs.

The bonds are followed by the 2022 series bonds of $ 39,000,000, scheduled for delivery on July 6, 2022. The 2022 Series Bonds will pay along with other available funds to refinance outstanding 2012A Series Bonds, fund a debt service reserve fund, and pay the cost of issuing the 2022 Series Bonds.

“These savings will be critical to protecting our financial position in risky times, supporting our residents and our mission, and providing additional resources necessary for strategic advancement,” said Brandon Powell, Managing Director, Ziegler Senior Living Finance. in the press release.

SLIB Helps $ 4.3M in Sale of Texas SNF

Senior Living Investment Brokerage secured the sale of a qualifying care facility in Victoria, Texas for $ 4.35 million.

The facility has 142 beds and was built in 1969.

The seller of the transaction is an independent owner who had a lease with an operator that was due to expire on December 31st.

The buyer is an owner / operator who will take over operations on January 1st.

SLIB received several offers from regional and national buyers to purchase this portfolio.

SLIB’s Matthew Alley completed the transaction.

“This transaction allowed the owner to exit the nursing home business before the lease was signed. We prepared six offers and completed the transaction within three months of signing the letter of intent, ”he said in the press release.


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What an increasing number of 5-star Medicare benefit plans mean for beneficiaries https://winwinlose.net/what-an-increasing-number-of-5-star-medicare-benefit-plans-mean-for-beneficiaries/ Tue, 04 Jan 2022 20:00:00 +0000 https://winwinlose.net/what-an-increasing-number-of-5-star-medicare-benefit-plans-mean-for-beneficiaries/ According to Medicare.gov, Medicare uses information from member satisfaction surveys, plans, and healthcare providers to give plans overall performance stars. A plan can receive a rating between 1 and 5 stars, and these ratings will help you compare plans based on quality and performance, according to Medicare.gov. A 5-star rating is considered excellent and there […]]]>

According to Medicare.gov, Medicare uses information from member satisfaction surveys, plans, and healthcare providers to give plans overall performance stars.

A plan can receive a rating between 1 and 5 stars, and these ratings will help you compare plans based on quality and performance, according to Medicare.gov.

A 5-star rating is considered excellent and there are more and more 5-star plans out there. According to Healthcare Finance, 73 health insurances received five stars, significantly more than the 21 five-star plans for 2021.


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Summary of the most important M&A deals in the food and beverage sector in 2021 https://winwinlose.net/summary-of-the-most-important-ma-deals-in-the-food-and-beverage-sector-in-2021/ Sun, 02 Jan 2022 21:26:25 +0000 https://winwinlose.net/summary-of-the-most-important-ma-deals-in-the-food-and-beverage-sector-in-2021/ Emerging consumer goods brands capitalizing on large traditional categories have been bought out by consumer giants … [+] in historical deal values ​​throughout 2021. Getty Images / Kritchanut Food and beverage M&A activity remained robust in 2021 amid rising Covid cases. Emerging consumer goods brands that benefit from large traditional categories, particularly chocolate confectionery, snacks […]]]>

Food and beverage M&A activity remained robust in 2021 amid rising Covid cases. Emerging consumer goods brands that benefit from large traditional categories, particularly chocolate confectionery, snacks and beverages with an emphasis on health and wellness, have been bought out by consumer giants with historic deal values.

Analysts expect bright prospects for M&A in all major sectors, including consumers, starting in 2022, as a recent Dykema poll showed that 75% of respondents expect a strengthened US M&A market in the next 12 months. The optimism stems mainly from strong balance sheets and liquidity, balanced equity and debt and the impending retirement of the owners of baby boomers, they noted.

Among the food and beverage subcategories, precision agriculture is likely to see record M&A activity in 2022, PitchBook predicted. Fermented protein is also set to see significant gains in adoption this year as the addition of VC funding drives growth.

Here is a roundup of the top food and beverage transactions in 2021:

Mondelēz ‘acquisition of Hu Chocolate

Deal size: $ 361 million

Revaluation: $ 388.17 million

Vegan and paleo chocolate maker Hu Master Holdings was acquired by Mondelēz in January on an estimated $ 361 million deal. The oreo biscuit maker previously made a minority stake in Hu through its SnackFutures venture hub before taking full ownership. According to PitchBook, Hu raised $ 10 million in total funding through January 2021 and had revenue of $ 32 million by year-end.

Market importance: Old consumer goods companies like Mondelēz and PepsiCo

PEP
, set up their own venture units and startup accelerators to keep up with the latest consumer trends. Onboarding emerging brands into these programs is usually perceived as an early sign of larger collaborations in the future. Much like brands recently devoured by Mondelēz, including Tate’s Bake Shop and Perfect Snacks, Hu is now expected to leverage the snacking powerhouse’s distribution network and supply chain to move from the natural and specialty channel to mass retailers like Target. to grow

TGT
. Read more about Hu’s founders’ incredible entrepreneurial journey here.

Hersheys

HSY
Acquisition of Lily’s Sweets

Deal size: $ 423.19 million

Revaluation: $ 423.19 million

Low-sugar chocolate maker Lily’s Sweets was acquired by Hershey in June as part of the U.S. chocolate giant’s efforts to bolster its growing snacks portfolio for better snacks. The company, which was founded by Cynthia Tice to sweeten classic chocolate indulgence with stevia, has increased its sales by three-digit numbers annually in 2020 and 2021, according to PitchBook, reaching US $ 110 million before the takeover.

Market importance: There has never been a lack of innovation in the multi-billion dollar chocolate confectionery category, and competitions only seem to intensify with emerging brands, including mid-day squares hitting the market with full force lately. Lily’s Sweets’ strong growth reflects the market’s growing appetite for reduced-sugar and total sugar-free confectionery in the US, sales of which are projected to grow 3.3% and 14.6% annually, and $ 241.4 million and Euromonitor, respectively, in 2021 -Data showed. Read the original Breaking News here.

L Catterton’s acquisition of Kodiak Cakes

Deal size: Between $ 800 million and $ 1 billion (estimated)

Revaluation: N / A

Utah-based Kodiak Cakes, which offers a range of premium breakfast products including flapjack waffles, granola muffins, oatmeal, and brownie mixes made with whole grains that are free of fats, preservatives, and sugar, was won by the largest private Consumer equity group, L Catterton, acquired in an estimated $ 1 billion LBO deal in July. The company’s total revenue increased from $ 200 million in 2020 to $ 1.58 billion in 2021, PitchBook revealed. Kodiak Cakes raised a total of $ 33.82 million prior to the acquisition.

Market importance: L Catterton has named Kodiak Cakes a “strong brand” in the attractive breakfast and snack categories. The deal also showed that brands sometimes prefer strategic PE as buyers of large CPG, as the former could offer more value and benefit. L Catterton expects to open the next growth chapter for Kodiak Cakes, with approximately $ 30 billion in equity, including investments in The Honest Company, Plum Organics, Sweet Leaf Tea and Home Chef.

Coca-Cola’s

KO
Acquisition of BodyArmor

Deal size: $ 5.6 billion

Revaluation: $ 8 billion

Beverage heavyweight Coca-Cola took full control of New York-based sports drinks maker BodyArmor for $ 5.6 billion in November. The maker of beverages filled with electrolytes, coconut water, and vitamins previously raised a total of $ 326 million in funding, according to PitchBook, and increased its annual sales last year by 40% to $ 1.4 billion. Early celebrity supporters include Jennifer Lopez, Carrie Underwood, and the late NBA basketball starter Kobe Bryant.

Market importance: Sports drinks are a rapidly growing sector where traditional soda makers continue to make money to appeal to the growing number of health conscious buyers. Mintel

INTC
Estimated sports and performance drinks will be valued at around $ 13.6 billion in 2025, down from $ 10.8 billion in 2020. The deal with BodyArmor signals Coca-Cola’s efforts to compete against PepsiCo, the with Gatorade has a significant share in this market. Previously, Coca-Cola divested several sub-par brands including Zico and Odwalla to accelerate its sales growth.

Hershey’s acquisition of Dot’s Pretzels

Deal size: $ 1.2 billion

Revaluation: N / A

Dedicated to creating a “snack powerhouse,” Hershey has acquired premium pretzel maker Dot’s and its co-maker for $ 1.2 billion. The brand reportedly accounts for 9% of the total pretzel category market share of $ 2 billion and has grown rapidly at a rate of 131.88% over the past year to reach sales of $ 160 million. The deal is the second largest in Hershey’s history as the chocolate giant moved further into the permissible salty snack category through a number of acquisitions over the years, including Pirate’s Booty and SkinnyPop’s parent company Amplify. Dot’s is also the fastest growing U.S. pretzel brand, according to PitchBook, accounting for 55% of total pretzel category growth in 2021.

Market importance: Legacy CPG brands continue to penetrate the fast-growing global healthy snacks market which, according to Grand View Research, is projected to reach $ 32.88 billion in sales over the coming years, increasing by 5.2% between 2014 and 2025 CAGR is growing. Brands with in-house manufacturing capabilities like Dot’s are particularly attractive to potential buyers as they are perceived as being more scalable. Hershey also previously invested in Quinn Foods, launched by Kristy Lewis over a decade ago, to reinvent traditional hearty and delicious snacks with better ingredients and more sustainable agriculture. Read more about their founder’s vision and growth plans here.


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We can’t let Congress cut Medicare Advantage https://winwinlose.net/we-cant-let-congress-cut-medicare-advantage/ Sat, 01 Jan 2022 05:00:44 +0000 https://winwinlose.net/we-cant-let-congress-cut-medicare-advantage/ Published Saturday, January 1, 2022, 12:00 PM Join AFP’s 100,000+ followers on Facebook Purchase a subscription to AFP Subscribe to AFP podcasts on iTunes and Spotify News, press releases, letters to the editor: augustafreepress2@gmail.com Advertising inquiries: freepress@ntelos.net (© BillionPhotos.com – stock.adobe.com) As we all celebrate Christmas time and look forward to a new year, there […]]]>
Healthcare
(© BillionPhotos.com – stock.adobe.com)

As we all celebrate Christmas time and look forward to a new year, there is a lot we can be thankful for.

As a retiree in one of the most sparsely populated and rural areas in the Commonwealth, healthcare is high on my thank you list.

The Medicare Advantage plan has enabled me to keep my favorite medics since retirement and I am very happy with the zero monthly cost of the plan. For most of us rural residents with very limited access to nearby medical facilities, the phone and internet access to health care providers offered by the program can literally be lifesaving.

Medicare Advantage is an amazing program that has the rarest qualities these days, namely bipartisan support in Congress. Finding something that elected officials on both sides of the aisle can agree on can be difficult, but Medicare Advantage is so effective at providing the advertised services that there really is no question why Democrats and Republicans alike would support the program.

Despite the great success of Medicare Advantage, some members of Congress are still debating funding cuts for the program. These last-minute promotions at the end of the year should not be carried out in a rush.

Should Medicare Advantage face funding cuts, nearly 30,000 seniors here in Virginia could see their coverage threatened. As a beneficiary of Medicare Advantage and the knowledge of others who depend on this program; Seniors who rely on the low deductibles and reduced fees of Medicare Advantage plans are not equipped for premium increases or additional costs.

Tate Dunn lives in Monterey.


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Gig economy retirement plans https://winwinlose.net/gig-economy-retirement-plans/ Thu, 30 Dec 2021 14:00:02 +0000 https://winwinlose.net/gig-economy-retirement-plans/ This story originally appeared on Due Gig workers, like everyone else, earn a pension. Freelancers, contract workers, self-employed, temporary workers, employees on call and people with secondary jobs are an essential part of our economy. Due – Due There are currently an estimated 57 million Americans as gig workers. Since March last year, freelance and […]]]>

This story originally appeared on Due

Gig workers, like everyone else, earn a pension. Freelancers, contract workers, self-employed, temporary workers, employees on call and people with secondary jobs are an essential part of our economy.

Due – Due

There are currently an estimated 57 million Americans as gig workers. Since March last year, freelance and gig marketplaces such as Gigspot and Upwork have seen an increase in user numbers. Freelancers could account for half of U.S. employment by 2023. Statista reported data from a 2018 survey in January that said 27% of full-time gig employees had no retirement plans.

Approximately 57 million Americans do gig work. Freelance to self-employed. We should all be able to retire safely. As? People ask questions.

A lack of employer-sponsored 401Ks, unpredictable income, and inadequate financial advice can make long-term financial planning difficult and scary.

But this doesn’t have to be the case. Gig workers can save for retirement and enjoy benefits that are not available to full-time workers. However, many freelancers are already planning to retire.

How can I save for my retirement provision?

Before you get paid, start saving for retirement. Whether you work full time or part time at gigs, retirement is an expense to consider. Calculate your prices accordingly, says Misty Lynch, CFP. It is important to set and comply with the correct fees early on, she adds, as newbies often under-price their services or take whatever is available.

If you want to make $ 30 an hour, then charge your customers $ 50. With a little planning, you can hit your net hourly goal while saving for retirement at the same time. As long as you know how much money you want to keep after all other financial commitments, this strategy can work. Savings don’t seem to affect your daily needs. Incorporating retirement into your business strategy made it more doable, says Wudan Yan, a freelance journalist and business consultant. Together with Jenni Gritters, she hosts The Writer’s Co-op, a business podcast for freelancers. In order to cover all expenses and perks due to “Employee You”, “Employer You” must sufficiently invoice the customer.

What better option in the gig economy?

No HR department or company will force you to automatically sign up for this 401K plan. Gritters cites this as the main reason many self-employed people don’t have retirement accounts. It is not that easy to tick a box and no one will ever “nudge” you. Contract and gig workers still have many retirement options. Anyone with an income can contribute to an IRA, explains Lynch.

Online services such as Fidelity or Charles Schwab make it easy for freelancers to open an IRA or Roth IRA. It’s easier than most people think. However, both accounts have annual contribution caps of $ 6,000, and a Roth IRA includes income restrictions. A Solo 401K or SEP IRA is a good option for contract employees who are making too much to contribute to a Roth IRA. These programs are intended for business owners even if you are the only employee.

What should I give?

As with many financial talks, it depends on the individual’s position. Yan contributes a maximum of $ 6,000 per year to her Roth IRA. She helps see it as the cost of a large feature article or some projects over a year. Others can give monthly, bi-weekly, or on a different schedule that works for them. Lynch makes a point of thinking about the bottom line. Some just want to work for a limited amount of time or maybe save as much as possible. Once you know your ultimate goal, be it money savings or labor, you can “reverse engineer” your monthly or annual budget back into place. She also mentions that donations can vary based on income.

I’ve only been freelancing for a while.

Others are professional freelancers who use gig work to supplement their income between full-time jobs. In any case, Lynch recommends opening a retirement account and funding as soon as possible. There’s nothing negative she says unless you keep thinking about itit is temporary. Even if it is only temporary, prepare yourself for future success. “

How can I “catch up” without saving?

Contract agents can spend years without contributing to their retirement. Even if it took longer to start saving, there are methods to catch up. The best thing you can do is start lynching consultations. She warns against saving more than is necessary to make up for lost time. Then when you say, “Now I have to use 20 percent,” you will likely stop. Start small and grow your donations over time.

Is There More To Know About Retiring In The Gig Economy?

Gig employees, like the self-employed, have full control over their retirement savings. As opposed to a work-sponsored plan where your company may already have chosen a broker and investment alternatives, Lynch says you can make all your choices. While it may take more hassle upfront, having ultimate control over your retirement plan is a value that shouldn’t be overlooked. In conclusion, you can delay paying taxes – but you can’t make them go away.

The Post Gig Economy Retirement Planning first appeared on Due.


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How Much Will Your Retirement Lifestyle Really Cost? https://winwinlose.net/how-much-will-your-retirement-lifestyle-really-cost/ Tue, 28 Dec 2021 16:00:00 +0000 https://winwinlose.net/how-much-will-your-retirement-lifestyle-really-cost/ Retirement is not just about saving and investing. There are other things to think about, many of which will affect your financial planning for retirement in some way. In the second part of our review of the 2021 Pension Spend Guidelines, Financial Advice New Zealand Chief Executive Katrina Shanks examines some of these options. OPINION: […]]]>

Retirement is not just about saving and investing. There are other things to think about, many of which will affect your financial planning for retirement in some way. In the second part of our review of the 2021 Pension Spend Guidelines, Financial Advice New Zealand Chief Executive Katrina Shanks examines some of these options.

OPINION: Much of the numbers in Massey University’s Fin-Ed Center’s Fin-Ed Center’s 2021 New Zealand Retirement Expenditure Guidelines, published in partnership with Financial Advice NZ and Consilium, raise some stark, even terrifying facts for early retirees to ponder.

These included:

  • The rate at which inflation can increase household spending in just one year.

  • The big gap between NZ Super tariffs and spending: $ 167 per week for one person living in the provinces (no frills expenses) and $ 798 for two people in the city (Choices expenses).

  • The lump sums required in retirement to fund expenses beyond NZ Super: $ 170,000 for the one above and $ 809,000 for those two.

  • Weekly savings required to meet these lump sums: $ 185 for ages 50 and over and $ 47 for ages 25 and over; and $ 917 for our couple ages 50 and up and $ 251 for our couple ages 25 and up.

But it doesn’t have to be scary because, as the guidelines say, there are other options that will directly or indirectly affect your financial planning for retirement.

Financial matters

The guidelines indicate that while they have discussed the spending of currently retired households, no two households are alike.

CONTINUE READING:
* Covid life crisis? “In such an artificial time” do not make any major changes, say experts
* What does a healthy money relationship look like?
* Note the void: couples need a $ 809,000 nest egg to retire at age 65 with “choices”

This is what a financial advisor would tell you, and that is the beginning of your planning.

Assuming you’ve established your saving habits – perhaps based on your situation and retirement needs as described above – and ideally as early as possible – your next step is budgeting or tracking your expenses, or both.

Budgeting or tracking will give you a better understanding of your projected retirement spending, with the added benefit of identifying potential areas of current spending that could be reduced in order to meet your retirement goal.

This is probably when outside advice can help the most. There are many ways that you can make small changes to your financial behavior that can have a huge impact on your saving ability.

The guidelines state that reviewing life insurance agreements is an important thing when you approach retirement. For example, if you no longer have loved ones and are out of debt, do you still need it? If you decide you still need it, how much coverage do you need?

They also suggest checking your health insurance. While many older people lead very healthy lives, others have health problems that come at a time in their lives when health insurance is generally becoming more expensive. As you plan, you may need to consider how to finance these rising insurance costs or whether you cannot rely on the public system and insure yourself.

Katrina Shanks.

Delivered

Katrina Shanks.

Housing forms

The guidelines identify lifestyle as an “essential matter” to be considered in retirement.

In its 2020 report, Massey’s Fin-Ed Center examined the difference between living in your own home and renting it. It found renting to save $ 245-420 per week weekly from the age of 50.

These are big numbers and illustrate the importance of both owning a home and saving early.

This year’s report confirms that this is only part of the question. It asks if you own a home, will you continue to live in it, and for how long. And if you are likely to move closer to family, you have the money to perhaps buy in a more expensive area. Or, stay where you are and downsize to free up capital for income.

Other options are moving to a retirement home (where the financial arrangements are more complex and vary widely) or a retirement home (if you need inpatient care and for which you may be eligible for a government grant).

The guidelines state: “Anecdotically, those who decide to downsize or move to other accommodations such as old people’s homes often leave later than ideal.”

They also say that it is important to consider how your partner status can change: if you are currently in a partnership, what difference will it make to you if your partner dies? Would your plans to stay or move in your existing home change?

These are all good questions, and these conversations get harder and harder as you get older, so they are often thrown into the harsh basket. So there is no time like now to have the chat.

Retirement activities

It is important to think about what you are doing with the time you have after you retire and the costs that are available to you.

The guidelines indicate that staying home and doing things like reading and gardening might not be expensive, but buying plants might. While volunteering in community organizations can come with a minimal cost, sometimes those costs can be higher than you expect. And most recreational activities incur costs, both for equipment and membership fees.

If you are planning to travel then do you need to think about financing the purchase of a motorhome or if you have family overseas do you need to factor in that trip?

These are all little extras that can add up for a reasonable price unless you schedule them early.

When looking at your pre-retirement expenses to think about how they will change when you retire, the important thing is how comfortably you can live.

Budgeting is the first and most obvious step, but things like the cost of life and health insurance, lifestyle and retirement planning should be considered to cover as many of the basics as possible so that you are not surprised.

Once you have that number as your goal, the next step is to figure out how to get there. Don’t be one of those who sleepwalked into retirement – start planning now and reassurance that your retirement is covered.

As always, it always makes sense to seek further advice, preferably from a professional.

In Part Three: A Case Study of Retirement Options for a 25 Year Old With a Salary of $ 50,000.


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