Longevity & Aging

No doubt about it: at some point we’re neither semi-retired, findependent or fully retired. We’re out there in a retirement community or retirement home, and maybe for a few years near the end of this incarnation, some time to reflect on it all in a nursing home. Our Longevity & Aging category features our own unique blog posts, as well as blog feeds from Mark Venning’s ChangeRangers.com and other experts.

Estate Planning For Couples: You Can’t Take It With You

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According to an Ipsos Reid poll commissioned by the CIBC, only 30% of Canadians have a formal estate plan in place. The reasons for not having one vary – some people think they are too young, or don’t have enough assets. Some believe that their belongings will automatically go to their spouse. Many couples think they have lots of time, and some just don’t want to deal with it.

Everyone needs to plan for the inevitable.

Estate planning is for your loved ones and for your own peace of mind. It means arranging how you leave your money and property when you die and it must follow the laws of the province you live in (or where the property exists).

Estate planning involves:

  • writing your will and naming someone to be responsible for carrying out your wishes
  • distributing assets during your lifetime as well as upon your death
  • arranging insurance to cover costs and provide for your survivors
  • specifying who will handle your affairs if you become unable to manage them yourself, and giving them direction through a power of attorney and medical directive.

Estate planning for young families

When you are raising a family, and are just starting to accumulate assets, consider these steps: Continue Reading…

The power of positive thinking

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Positive thinking is a state of mind that allows you to focus on the bright side of life and believe that you can overcome any obstacle and difficulty, including dis-ease. While not accepted by everyone, the concept is growing in popularity. Optimism is the key to effective stress management and we already know that stress negatively affects our health.  The health benefits of positive thinking continue to be researched but may include an increased life span, lower rates of depression, greater resistance to the common cold and a reduced risk of cardiovascular disease related deaths.

The way you think, feel and act has an effect on your body and there is growing evidence that you can change your health just by changing your mindset. Emotions can impact the course of an illness and the mind can affect the outcome of disease. For example, a stomach ulcer may develop after a stressful event, such as the death of a loved one or loss of a job.

Body speaks to Mind

At the root of every physical symptom is an emotional connection; the body speaks the mind. Poor emotional health can weaken your immune system. Continue Reading…

Better Retirement choices: An elegantly simple solution

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By Doug Dahmer

Special to the Financial Independence Hub

“Life,” philosopher Albert Camus contended, “is the sum of all your choices.”

Do you think otherwise?

Good or bad. Easy or hard. Right or wrong. Every choice you make will impact your life to some degree.

Choices with little impact are often made without much thought and the trouble is this casual approach to decision making tends to be deployed on bigger and more impactful choices.

In my profession, as a retirement income specialist, I see poorly made choices all the time. They, unfortunately, tend to be life altering, irreversible and totally avoidable. Like a doctor passing along a gloomy prognosis, I am heartbroken to see the look on peoples’ faces when I tell them how a choice they made will put them at a disadvantage for the rest of their lives.

And, as I said, many of these damaging financial choices are often avoidable.

 The Retirement Risk Zone Years (TRRZY)

The years leading up to, and the early years of retirement are packed with important choices that can create turning points in your life. We call this period of your life ‘The Retirement Risk Zone Years’ (TRRZY).

TRRZY has aptly earned this acronym because this phase of life contains the highest concentration of high-impact choices that can lead to turning events, both good and bad, in people’s lives.

It is important to recognize that the number and frequency of tough and important choices increases during this time. In addition, the implications of choosing poorly intensify as both time and flexibility have turned from friend to foe. Successfully creating your best possible retirement years is directly linked to how well you navigate the challenging choices of TRRZY.

Over this nearly two-decade period we must adapt our thinking to a new reality. Strategies that served us well during our savings years can turn on their heads and start to work to our disadvantage as our flow of funds reverses from saving to spending. Those who fail to recognize and adapt to this new thinking have a high propensity for making poor choices, many of which they will regret in future years.

Turning Points during “TRRZY”

Continue Reading…

The hidden dangers of leaving an inheritance without proper planning

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For many investors, setting aside inheritance money for their heirs and loved ones is a natural part of retirement planning. But doing this successfully is not easy, and fortunes rarely last for long. In fact, long-term studies show that six out of 10 family fortunes get dissipated by the end of a second generation. And nine out of 10 are gone by the end of the third generation.
In fact, there’s a good chance that at least one member of a couple in their 70s will live to age 90 or beyond. So the typical heir could be, say, age 60 before he or she gets a dime.
Moreover, medical expenses soar in later years. That’s especially so now, with today’s faster pace of medical advances, many of which are hugely expensive. It may help to inform your heirs that your retirement planning doesn’t include cutting corners when it comes to keeping yourself alive, mobile and pain-free. Continue Reading…

3 simple techniques for overcoming financial stress in Retirement

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Senior Couple Were Disappointed While Reading Letter On TableBy Leigh Marcos

Special to the Financial Independence Hub

We all look forward to retirement: complete freedom. We can do what we want, when we want, and don’t have to traipse into an office every day to join the rat race that dominates younger people’s lives.

Unfortunately, the transition to not working can come with a different set of pressures, not least the financial stress triggered by your drop in income. Current statistics show that 68% of working-age people in the U.S. don’t participate in an employer-sponsored pension plan, so this is a common anxiety that affects much of today’s retired populace.

Luckily, there are ways to combat financial stress and still relish what should be some of the most enjoyable years of your life. Here are three simple steps to help you do so:

Value yourself, and act like it

All too often, the change of routine involved in retiring after a lifetime of work can cause us to drift into a kind of daily limbo where time starts to lose meaning, and so as a consequence does our everyday life. Combat this lack of direction by actively redefining who you are without your job. What do you stand for? What do you still want to achieve? What do you enjoy doing? How do you spend your time? Take some time to reflect on these questions: brainstorming can help, as can physically writing things down or discussing them with a friend.

Make sure to avoid isolation by getting involved in regular, structured activity that enriches your life and brings you into contact with people who have a positive influence on you. This will help you keep financial worries in perspective and remind you that there are other important and valuable things in life.

Stay healthy

Continue Reading…