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How long would it take you to earn an extra $1,000? Contrary to what spam and internet ads tell us, after taking taxes and deductions into account, it’s not an easy task. But you might be able to save over a thousand dollars with a little work. The key is to decrease or eliminate unnecessary recurring expenses.

You can use the savings to build up an emergency fund or invest them for important long-term goals, such as travel or retirement. Additionally, a savings safety cushion can help keep an unexpected setback from ballooning into a financial crisis, such as a broken down car or the loss of a job leading to debt.

First, identify savings opportunities. You may want to start by connecting your bank and credit card accounts to budgeting software, or uploading previous months’ statements and categorize purchases. You’ll get a quick snapshot of your finances, which can help you identify savings opportunities and get a sense of how much money is on the line.

  • Cancel services and regularly negotiate rates to save over $100 a month. “Cord cutting” is a popular and simple way to save money. Rather than pay for cable or satellite TV, you might choose to cancel your service and opt for lower-cost entertainment options.

If you don’t want to eliminate services entirely, you could try to negotiate rates with your cable or internet providers. A successful call could lower your bill by $20 a month or more, saving you a couple hundred dollars a year. A few tips: Ask for the cancellation department and request the business match a competitor’s lower price or give you the current promotional rate. Don’t be afraid to try again if you’re not successful – it can take several attempts to connect with a representative who will work with you.

  • Avoid bank fees, save over $10 a month. Occasionally paying to withdraw money from an ATM or paying fees for a low-balance checking account might not seem like a big deal, but the money adds up. Two ATM fees and a checking-account fee could cost you over $10.

Some accounts waive fees as long as you maintain a minimum balance, and there often isn’t an ATM fee for withdrawing money from an in-network ATM or getting cash back when making a purchase. There are also checking accounts that refund ATM fees at the end of each month. There can be advantages and disadvantages to any account, read the terms of your checking and saving account agreements to understand when, and why, you may need to pay a fee.

  • Shop for insurance discounts. You might be able to save over 20 percent on your premiums each month. Use online comparison tools to quickly and easily get quotes on auto, renters, homeowners and other types of insurance. Compare the rates, coverage and insurance companies to see if switching makes sense for you.

Ask your agent about potential savings if you decide to stick with your current insurer. You might be eligible for discounts you aren’t receiving because the information on file doesn’t reflect your current situation. If not, there are usually discounts for simple purchases, such as a fire extinguisher for your home or an anti-theft device for your car.

  • Buy products that more than pay for themselves, save hundreds each year. Sometimes you need to spend money to save money. Buying a coffee maker for your home is the cliche example, but that doesn’t mean it’s without merit. Purchasing a water pitcher with a filter rather than bottled water can also lead to immediate savings.

Other purchases are long-term investments. It might take months to break even after buying LED bulbs or upgrading your appliances to energy-efficient models, but after that, you could save money on your utility bill each month.

Bottom line: Start your savings effort as soon as possible and you can build your emergency fund, a safety net that can help you avoid stressing about potential financial setbacks. Lowering your monthly cable bill will lead to almost instant savings, while making an investment in energy-efficient appliances will pay off after months or years. Add it all up and in the end you could find that just a bit of effort leads to over $1,000 in annual savings. It’s a great start.

 

Nathaniel Sillin, who wrote this article, directs Visa’s financial education programs.

Contributing Author by — December 6, 2016 in Lifestyles

Do you worry about mom driving the car with glaucoma? Do you worry that dad will forget where he’s going and panic? Driving is a sign of independence, and it’s usually the most convenient and reliable way to get around. But, as the risk of vehicle accidents increases with a driver’s age, you may need to take away your loved one’s car keys.

A new study by Caring.com found that some states are more dangerous than others when it comes to driving, depending on several factors:

  • Lax driving laws for older adults. According to the Caring.com study, over half of the most dangerous states are among those without elderly driving laws. Some of these laws include more frequent renewals, in-person renewal requirements, vision tests, and road tests. States that do not have any of these provisions often see a higher accident rate for elderly drivers than states with one or more of these laws.
  • Population density and weather conditions. Larger populations bring about more cars on the roadways and increased risk for accidents. Also, trickier driving conditions such as rain, snow, sleet, and other factors contribute to more crashes in these areas. For example, Maine implemented more frequent vision tests for drivers over 40, however, they are still number two on the list.
  • Lack of public transportation options. If driving is the only reliable method of transportation for seniors, the number of elderly drivers will increase. However, New York ranks number four on the list. According to Caring.com, this is likely because even though New York City has a mass transit system, other parts of the state do not, likely leading to the high number of fatalities.

 

What can caregivers for elderly loved ones do?

 

When it’s time to take away the car keys, make sure that your loved one feels reassured that the end of driving does not mean the end of independence. Here a few suggestions to make the transition go more smoothly.

Talk to Mom and Dad. At some point, you will most likely need to have a conversation with your loved one about not driving anymore. But these conversations are tough, and many put the task off until it is too late. “Talking to Mom or Dad about giving up the keys can sometimes be a very difficult, very emotional conversation,” said Matt Hueffner, executive director Palm Terrace Healthcare and Rehab Center. “I’d recommended showing as much love as you can, doing everything to make sure they understand that you are not trying to deprive them of their independence, but that you truly care for their wellbeing.”

Get your facility to foot the bill. If your loved one is in a long-term care facility, check to see if there are any transportation options available. “We have our own van that we take residents around in to go to community outing,” said Nic Orrison, activities director at Rainier Rehabilitation. “When our van is not available we set up shuttle transit and offer free bus tickets for our residents.”

Advocate for services. Beyond protecting elderly drivers on an individual level, it’s important to advocate for city, county, and state services that keep seniors safe. Programs such as ridesharing and public transportation are important for seniors to maintain independence, and advocating for adequate funding will help keep them alive.

 

Amy Osmond Cook, who wrote this article, is executive director of the Association of Skilled Nursing Providers.

 

 

Contributing Author by — November 9, 2016 in Lifestyles

Any time someone tells me that technology is too complicated or intimidating for seniors, I tell them about my late uncle Jimmy.

Jimmy Moore was an active user of the internet to stay in touch with friends and family—even when he reached 96 years-old. By browsing the web and sending e-mails from his assisted-living community, uncle Jimmy found that technology helped him remain engaged with the world around him.

Many senior citizens have yet to fully embrace technology and all of the benefits that come with it. In fact, according to recent statistics from the Pew Research Center, only 30 percent of adults in the United States age 65 and older own personal smartphones, compared with 68 percent of the general population. A similar study by Pew found that only 48 percent of residents in the same age bracket have their own Facebook page, compared with 72 percent of the overall population.

Here are six tips for helping seniors stay engaged through technology.

  1. Create a social media profile. If you’re one of the 52 percent of seniors who don’t currently have a Facebook page, you’re missing out. Facebook allows you to instantly connect with and talk to family and friends from around the world no matter where they live. Through Facebook you can send messages, view photographs, and keep yourself updated on what others are doing.
  2. Join an online community. Through social media websites such as Facebook, a number of online communities have been created that allow you to stay connected with others who share similar interests. Users can talk about and share opinions on a broad range of topics, including movies and television shows, music, crafts and hobbies, sports, and countless others. Additionally, there are a number of online communities dedicated to smaller, more personal groups of people, such as college or high school graduating classes.
  3. Place a video call instead of a regular phone call. Smartphones, tablets, and most computers have the capability to place a video call for free so that participants on both ends can physically see who they are talking to. Services such as Facetime and Skype are free and can be used directly from your device anywhere that you have Internet access. The visual aspect can add another layer to your conversation and makes for a more personal exchange.
  4. Play interactive games to keep your wits sharp. In addition to mindless fun, smartphones, desktops and tablets offer games that have been created for the sole purpose of encouraging a brain-smart lifestyle by boosting critical thinking and memory-building and strategy skills. Organizations such as AARP and Lumosity offer a number of such games, both online and via smartphone or tablet.
  5. Get your news online. While newspapers and televised reports still offer in-depth coverage, online news sites provide much more immediate information and are updated frequently. Because of this immediacy, online news often offers the best and most timely coverage and can be a wonderful resource.
  6. Take advantage of classes. Many assisted-living residences, senior centers and public libraries offer classes and training where technology experts provide tips and tricks on how to make technology work for your lifestyle. These basic classes will show you the basics and also give you tips on how to stay safe online (online scams unfortunately do exist).

Staying connected is an important part of getting older, and as technology continues to improve, there become more ways it can benefit our lives. By experimenting with technology, you can connect with your loved ones and learn something new every day.

 

Richard T. Moore, who wrote this article, is a former Massachusetts state senator who sponsored legislation to encourage electronic prescribing and electronic medical records to improve care and reduce medical errors.

srmedia by — October 19, 2016 in Lifestyles

Two-thirds of retirees say they are living in the best home of their lives, according to “Home in Retirement: More Freedom, New Choices,” a new Merrill Lynch study conducted in partnership with Age Wave[1]. With newfound freedom unprecedented longevity, retirees today are more empowered to pursue a home that fits their desired lifestyle and changing priorities.

Achieving your best home in retirement requires careful forethought and preparation. You’ll need to consider a range of factors to get the most out of your home in retirement including:

  • Future living priorities. Whether you decide to move or stay in your current home, carefully consider a range of priorities that will be important to you in future lifestages. These may include affordability, climate, proximity to family and friends, recreational or cultural activities, opportunities for continued work, access to good healthcare, etc. Look into trying out a potential area to live with extended visits or short-term rentals.
  • Home-related expenses. Consider all expenses when forecasting potential home-related costs during retirement, including mortgage or rent payments; income, estate, and property taxes; insurance, relocation, utilities, repairs and maintenance. It is also important to consider whether you might want to renovate or remodel your home in retirement.
  • Paying off a mortgage. Four out of five Americans age 65-plus are homeowners, and among them, 72 percent have paid off their mortgage. Assess whether you should pay off your mortgage before retirement. It can create greater financial security and peace of mind. But there are many factors – such as your risk tolerance, interest rates, taxes, estate planning, and other investment opportunities – that you should factor into this decision.
  • Home size. Half of retirees didn’t downsize in their last move – and, in fact, 30 percent moved into larger homes. Don’t assume you will downsize your home in retirement. Moving to a smaller home can provide cash and reduce expenses, but you may find your current or even a larger home better fits your lifestyle and family needs in retirement.
  • Long-term care. Prepare for long-term care, in case it is needed, by researching options that would enable you to receive care where you most prefer, whether you choose to move to supportive communities and housing or stay in your own home.
  • Home modifications. Consider modifications and services that can empower you to remain in your own home if you face health challenges. Modifications like installing lower counters and tables, lever handles, bathroom safety features, and changing your living situation to avoid the use of stairs can make it easier to get around your home. Home care services and health monitoring and alert technologies can enable you to continue living independently as long as possible.

Where you live in retirement is more than just a financial decision, but it does have financial implications. Talk with your financial advisor about your housing options and preferences, and together you can develop a plan to bring those dreams to life. By considering these items now, you’ll be better prepared to live your best life in retirement.

 

Cyndi Hutchins, who wrote this article, is director of gerontology at Bank of America Merrill Lynch.

Contributing Author by — September 15, 2016 in Lifestyles