Care Costs in Retirement – Controlling Your Health

It’s no secret that health care becomes a bigger concern for most of us as we grow older. More ailments are likely to develop, which means more money spent to visit health professionals and buy medication. Even if you remain healthy through your later years, the costs of preventative care and preparing for potential unexpected health situations are rising.

Health-related expenses will likely be one of the biggest components of your retirement budget. You need to be prepared to pay for comprehensive insurance coverage and potential out-of-pocket costs for care. Here are three strategies to help you manage this critical expense in retirement.

Understand how Medicare works

The good news for Americans age 65 and older is that you qualify for Medicare. That makes increased dependence on health care services more affordable. At age 65, most people automatically qualify for Medicare Part A at no cost, which primarily provides coverage for hospital stays and skilled nursing care. Medicare Part B must be purchased (approximately $109 per month in 2017 for most retirees). Part B covers the costs of visiting a physician, but with some deductibles. Many people purchase additional coverage to use for out-of-pocket expenses, such as a Part D prescription drug plan or a Medicare Supplement policy.

With Medicare, timing is important. Signing up when you first qualify for coverage will keep costs at the lowest level. If you maintain insurance through your employer after turning 65, you can delay Medicare enrollment without risking late penalties.

If you retire prior to age 65, you will need to purchase insurance on the open market to cover health-related expenses until you become eligible for Medicare. Individual coverage tends to get more expensive as you grow older, so work the cost into your retirement budget. Some employers offer retiree health insurance as a benefit. Check with your human resources department to see if this option is available to you.

Allocate sufficient funds for health care costs

As you develop your retirement income strategy, make sure you have money set aside for health expenses that will be your responsibility. By one estimate, the average 66-year-old couple will need to tap more than half of their lifetime pre-tax Social Security benefits to pay for health care expenses throughout retirement. Most people will likely have to rely, in part, on their own savings to help offset some medical expenses.

Along with other retirement savings, you may want to establish a health savings account (HSA) during your working years. HSAs are designed to help build tax-advantaged savings to pay for out-of-pocket medical expenses you incur during your working years. However, any leftover funds can be applied to health expenses later in life, including premiums for Medicare and long-term care insurance. Keep in mind that you must be enrolled in a high deductible health plan to open an HSA.

Focus on your own health

One way to potentially keep health care costs under control in retirement is to create or maintain a healthy lifestyle. Small changes you make today, such as eating right or prioritizing sleep, could reduce the likelihood that medical issues will impact you later in life. Being physically active may also benefit your finances in retirement – according to the American Heart Association, it could potentially help you save $500 a year today on health-related expenses.

Having a plan doesn’t guarantee that you will avoid heath issues, but you may find comfort in knowing how you can tackle health care costs in retirement.

Make Money Traveling

Our world has so many travel destinations and sightseeing delights.

Every country has its own special culture, scenic beauties and regional foods that gives you a new way to get in touch with all your senses.

The travel lifestyle will give you a wonderful insight about a place, the people and culture in all its variety and vitality.

And, there is a special magic about what it actually feels like to be there.

You can live like a local in a favorite overseas destination, enjoy its regional cuisine, attend local festivals and watch the changing of the seasons in a different environment.

Spend a month in Paris, explore the English countryside, taste authentic pasta and pizza in Italy, go cycling in Amsterdam, skiing in Switzerland, cruise the Greek Islands or visit the historic coffeehouses of Europe.

Visit the popular, the historical, the traditional or the unusual. There are natural wonders to discover or you can take a journey “off the beaten path” that will stir your imagination.

The keen traveler can divide their time between home and a favorite travel destination for three months, six months or a year and enjoy the best of both worlds.

The travel lifestyle will take you away from the daily routine and set you on the path to life-changing experiences.

Diversify Your Income

Your income is your greatest financial asset.

Alternative income streams can free you from a 9-to-5 job and set you on the path to live the travel lifestyle.

Passive and residual income streams from an online business can increase your earning power with little effort required to maintain once the initial work has been done.

Online Business Opportunities

If you yearn to break away from the routine 9-5 life where there is no boss, no office or factory to go to then, take advantage of opportunity by applying your ideas, your experience, knowledge, skills or your passion into an online business to create multiple income streams.

A Profitable Website=Income+Freedom

A website based on a profitable niche is an income-producing asset that works 24 hours a day, 7 days a week, all year round.

It can “finance” your keen traveler lifestyle.

Just one good idea based on a passion, skill or knowledge can change your life.

Consider these factors:

*a website is not restricted by geographical boundaries.

*you have the flexibility to work to your schedule

*it can generate multiple income streams

*requires only minimal investment

Build A Money-Making Website With Site Build It!

You don’t need previous knowledge or experience to succeed.

Site Build It provides everything you will ever need to build a successful online business.

It provides the best all-in-One solution for building a money-making website.

Site Build It! provides the step-by-step learning techniques, guidance and 24/7 support for how to build that online business you can run from anywhere in the world.

It includes domain registration, easy-to follow site building tools, website hosting, creating optimized, quality content and analysis, keyword research, traffic building, link building, search engine submissions through to marketing, pay-per-click and monetizing your website.

Affiliate Marketing

There is a vast array of affiliate programs in an unlimited number of niches.

Joining an affiliate programs is fast, cost-free, and, risk-free.

It’s the easiest way to make money online.

Benefits of Affiliate Marketing

*Free to join

*Work from home

*Worldwide market

*No production costs

*No storage, packing or shipping costs

Get Paid For Having a Link on Your Website.

A link from your website to the merchant’s site and you can create an online, affiliate business. Those who click on the affiliate sites and make purchases will make you money.

Taking Action

Think about where you want to be and what you need to do to get there.

Establish goals and make plans then, set out to achieve them through commitment and effort.

The choices you make sets the direction.

What happens next and how it will manifest is about what you do today.

Today, can be the beginning of the first day of the rest of your life.

The money will follow.

Freedom of Choice

Achieving freedom of choice will let you get away from the routine of everyday life.

Freedom of Choice will let your imagination come to life and to follow your dreams.

Buying Foreclosure Properties

Buying Foreclosure Properties

Definition:

“A foreclosure property is a piece of real estate that a mortgage lender sells to pay off a defaulted mortgage loan. Every foreclosure culminates in a public auction where the lender sells the property and anybody can purchase the property. Or you can purchase a foreclosure property from a bank after the bank purchases the property at the auction.”

The real estate market is showing increasing signs of recovering and there are great investment opportunities to be found. Home prices are still relatively stable and interest rates are still very attractive.

However, whether buying for a primary residence or for investment purposes, there are still some basic guidelines to follow when considering buying foreclosure properties.

Below are my 4 Buying Foreclosure Properties Tips

1. Work with a broker.

It does not matter if you are buying a foreclosure for investment or as a primary residence, it is really helpful to have a broker help with the process.

Neighbourhood is one of the most important factors when it comes to buying a home and a broker is worth their weight in gold when it comes to knowing the local real estate market.

2. Do the financial due diligence.

All we need to do is remember the real estate market crash to see why it is important to do a thorough financial due diligence when purchasing a home.

Be realistic about your budget and how much home you can really afford. If the home is an investment purchase, can you make the mortgage payment if you have to carry the mortgage for a few months?

That can happen with investment property so be sure you factor in at least six months of mortgage payments just in case.

Also factor in the cost of any repairs. This is especially true with foreclosure purchases which are often sold ‘as is’ which means they often need repairs.

Verify the condition of the property. Restore and repair costs add up on a total value of a home.

It is always best to purchase foreclosure properties that require minimal repairs, otherwise your profit margin shrinks.

3. Understand that every neighbourhood is local to that neighbourhood.

What this means is that what is selling in one area may not be selling just down the road, so you need to do your homework and check comparable homes in the area to know whether or not what you are buying is a good investment.

Get a proper assessment on the home you are considering purchasing.

Buying foreclosure properties will generally be thirty to forty percent discounted, so if a foreclosure home does not need major repairs and you can get it for a price that is well below the market value of similar homes in the same area, then you are probably making a good investment.

4. Try and find foreclosures that are bank and creditor owned.

These properties are where you can most likely get the best deal because banks are not in the business of owning property so want to sell these types of properties and will often do so at a much discounted price.

Investing in foreclosure properties can be a very smart move, especially in the current real estate market.

With housing prices still relatively stable and interest rates still very attractive, there are many good opportunities for investment available.

When considering buying foreclosure properties, it pays to research the property and to do the financial due diligence in order to verify the quality of the property and financing.

Why Your Company Needs Cyber Privacy Insurance

The universe in which we live in is so very different than how it used to be. Home and personal life has been drastically improved.The general difference in our present lives is particular evident in the manner in which business conducts activities. Technology has taken over virtually every aspect of commercial performance in all industries – worldwide!

With the advancement, however, there remains serious cyber and privacy breach liability. Companies that protect themselves with Cyber and Privacy Insurance can rest assured that they have the necessary coverage in the event of a data breach.

Privacy Claims Instances that Could Very Well Occur to any Business:

• A large healthcare provider partnered with a national merchant to help with its office move. In middle of relocating, the healthcare provider learned there were a number of laptop computers missing. The laptops all contained personal data of members. After consulting with a lawyer and forensic vendors affected parties were notified and offered credit monitoring services. The healthcare provider was investigated and became the defendant in a class action lawsuit. Data breach costs reached $7,000,000 and privacy liability costs came to $2,000,000.

• An online retail shop was hacked and shoppers experienced fraudulent credit card charges. The shop’s tech support employees asked the host web-company to review the stored server data. The web-company discovered a virus and removed it. However, the breach compromised privacy of almost a million records, plus fraudulent usage of 50 credit cards. Besides this, the online shop acquired fines and penalties as a result of not being Payment Card Industry. Data breach costs amounted to $750,000 and privacy liability costs came to $500,000.

• Two employees of a $100 mil retail outlet stole credit card info from a client and fraudulently utilized it for personal shopping. The workers was caught in the act and legal action was taken against them. The retail outlet shop provided credit card monitoring services to its customer (the victimized credit card owner) and provided compensation to her for any related damages. Privacy liability costs amounted to $75,000.

• A $50 million business servicing corporation organized a mailing project for a client and accidentally sent out about 60,000 envelopes displaying account numbers. Data breach costs amounted to $320,000.

• A neighborhood municipality mistakenly posted tax licenses on its website, leading to improper release of personal data. The municipality used forensics services as well as the services of an attorney’s and a public relations company. The municipality also notified affected people and offered credit monitoring services. Data breach costs reached $150,000.