Retirement Ideas!

8/20/24

Embracing the Next Chapter as an Empty-Nester

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The transition to an empty nest is a significant life change, filled with a mix of emotions and possibilities. As your children move on to their next adventure, you are presented with an opportunity to rediscover yourself and reshape your life in ways that might have previously seemed out of reach. This new chapter can be one of personal growth, exploration, and fulfillment, allowing you to redefine your identity beyond parenthood and embrace new experiences with open arms.

Prioritize Your Partnership

With your children grown, you and your partner now have the chance to reconnect and strengthen your bond. Creating quality time together is key in this new chapter. Plan regular date nights, and weekend getaways, or take up a shared hobby. These experiences can help you rediscover what brought you together initially. Investing time and energy into your relationship fosters deeper intimacy and a renewed connection that will enrich your life together.

Rediscover Your Style

With your children gone, you now have the time to focus on yourself, starting with your style. This is the perfect moment to refresh your wardrobe, experiment with new trends, and express who you've become. Your style reflects your individuality and can boost your confidence. Consider a style consultation or explore different fashion outlets to find what resonates with you. Embracing this style evolution can be a joyful expression of this new stage in your life.

Consider an Online Degree

Returning to school can be a transformative way to engage your mind and expand your skills. Whether advancing your career or exploring new interests, education provides a path to personal growth. If technology fascinates you, consider pursuing a degree in cybersecurity — this could help you master systems, networking, and programming. Moreover, online degree programs offer flexibility, allowing you to maintain a full-time job while keeping up with your studies. Embracing lifelong education opens doors to exciting new opportunities.

Engage in a New Sport

Learning a new sport is a great way to stay active and meet new people. Whether it's tennis, golf, or swimming, picking up a sport can be both fun and challenging. Sports improve physical health and enhance mental well-being through camaraderie and discipline. Incorporating a regular sport into your routine provides structure and a sense of achievement. It's an enjoyable way to keep your body and mind in top condition while having fun.

Refresh Your Living Space

Renovating your home can be an invigorating project that symbolizes a fresh start. With fewer people in the house, consider reimagining spaces once used by your children. This is the ideal time to create a home office, personal library, or fitness room. Renovating not only improves your living environment but also allows you to design spaces that cater to your current needs and aspirations. A home reflecting your personality can become a sanctuary where you thrive.

Bring a Pet Into Your Life

Adopting a pet can bring joy and companionship to your daily routine. With the house quieter, a pet adds warmth and a sense of responsibility. Whether you choose a dog, cat, or another animal, the bond you develop provides comfort and emotional support. Pets encourage physical activity, keeping you active and engaged. Their unconditional love can fill your home with new life, creating a renewed sense of purpose and adding happiness to your life.

Get Involved with a Cause You Care About

Advocating for a cause close to your heart can be deeply fulfilling. With more time available, you can volunteer, join a non-profit, or start your initiative. Whether focused on environmental conservation, education, or animal welfare, dedicating your time to something meaningful brings a strong sense of purpose. Your efforts can make a tangible difference and connect you with like-minded individuals who share your passion. Advocacy can be a powerful outlet for your energy and provide deep personal satisfaction.

This new chapter of life is brimming with opportunities to explore, grow, and redefine what it means to be you. Embracing these changes with enthusiasm and an open mind can lead to a richer, more fulfilling experience. By consciously investing in yourself, nurturing your relationships, and earning a degree to pursue your passions, you can transform the empty nest into a vibrant space for personal joy and shared happiness, creating a meaningful and rewarding next chapter in your life.

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9/15/23

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Financial Planning for Retirement Security

Retirement should be a time of rest and relaxation, not worrying about how you’re going to make ends meet. Unfortunately, many people struggle financially because they haven't taken the steps needed to prepare for retirement. By building a solid financial foundation now, you can ensure that your retirement years are spent in comfort — without relying on Social Security or Medicare. Here’s what you need to know, courtesy of Elk Lake Class of 63.

Multiple Sources of Income

The first step is to start developing additional income streams now, such as starting a side business or investing in stocks and bonds. This will help you build up a nest egg that you can use when you retire.

You may even consider downsizing your home so that the excess money can be used for investments. Look into the price of similar homes in your area to get an idea of what yours might be worth. Then, check how much you still owe on your property. Those two numbers will give you a good idea of what you could make by selling.

Form an Entity and Start Advertising

Starting your own business provides extra income and less reliance on Social Security and Medicare. LLC registration has benefits like limited liability, tax advantages, less paperwork, and more flexibility. Research state laws to form an LLC or use a formation service to avoid costly lawyer fees.

Next, you’ll need to advertise! You can spread the word via social media but it’s a good idea to supplement this with some tactile, old-fashioned approaches, like business cards. These are a great reminder and an excellent way to raise awareness of your services.

Work On the Side

Get a part-time job to supplement your income and reduce dependence on Social Security and Medicare. It’s a good idea to start by updating your resume with a tool like this. Upgrading to a better job can also give you additional satisfaction and reduce stress.

Consider Different Types of Coverage

Insurance provides peace of mind and financial security when it comes to protecting yourself from risks like disability and illness. Whether you choose health insurance, life insurance, or long-term care insurance, make sure you understand the coverage you’re getting and what it offers your family if something were to happen to you.

Start a Savings Plan

Maximize your savings goals by automatically contributing to a monthly 401(k) or IRA. Small deposits left alone until retirement will add up significantly over time if invested properly. Create a retirement plan as part of your financial planning and make sure you have an emergency fund as well.

Diversify Your Portfolio

When investing for retirement, diversifying your funds is key — you don't want all of your eggs in one basket! Investing in diversified funds means spreading out your assets across different sectors so that if one sector experiences losses due to market fluctuations, another sector can provide some cushioning against those losses. This allows for more consistent returns over time without taking on too much risk at any one time. 

Track Spending Accurately

Creating and following a budget doesn't have to be tedious; it's actually quite simple once you get used to it. Make budgeting a priority by tracking all of your expenses and looking for ways to cut back where possible — even small changes like cutting back on eating out can add up quickly over time! Additionally, set aside money each month into an emergency fund so that unexpected costs don't derail your retirement plans down the line. 

Don't Overlook Potential Savings

Finally, take advantage of any tax advantages available when saving for retirement such as contributing pre-tax dollars into an IRA account or deferring capital gains taxes through investments in qualified accounts like Roth IRAs. Knowing which strategies work best for your situation will go a long way towards ensuring financial stability during retirement years without relying on Social Security or Medicare benefits alone.  

Don't Overlook Potential Savings

With some careful planning today – such as developing additional income streams by starting a business, maximizing savings goals, and having a part-time job – tomorrow's worries will be few indeed! With this knowledge under our belts, we'll have greater peace of mind knowing our golden years won't require us to need further assistance from Social Security or Medicare programs alone.

5/18/23

A New Chapter in Life: Going Back to School in Retirement

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Retirement is a time for exploration and new beginnings. You have the opportunity to pursue your passions, explore new interests, and even go back to school. Going back to school during retirement will provide an individual with a unique experience that could help open up new doors and lead to a more satisfying lifestyle. This blog post from Elk Lake Class of “63” will discuss how going back to school in retirement can provide many personal and professional benefits.

Earning a Degree Online Allows You to Save Money

Going back to school in retirement allows you to save money. There are a variety of programs available that provide flexible schedules and lower tuition rates, making it possible to get the same education without incurring additional costs like commuting or housing. This can be a great way to reach educational goals without breaking the bank. For example, by earning an online accounting degree, you can learn about business ethics, taxation, operations, business law, and much more. 

Keeping Focused

Going back to school in retirement allows you to stay sharp mentally. Learning something new keeps your mind active and engaged which can help prevent cognitive decline associated with aging. Plus, studying helps keep you organized as well as improve problem-solving skills which are important for everyday life.

Enhancing Your Skills

After retirement, returning to school is an important step in upgrading your skill set. Whether it’s through local colleges or universities or taking part in online programs, there are a variety of ways to expand your knowledge and improve your professional prospects. Continuing your education can open up opportunities that may not have been accessible before.

Building Relationships Through Networking

Going back to school can be a great way to expand your network and build relationships. You'll meet like-minded individuals who may have similar interests and goals, so you'll be able to work together in reaching those ambitions. Furthermore, there's the possibility of finding mentors in your classes or clubs, who can offer valuable insight and support as you progress through your educational journey, and maybe even after graduation.

Enjoying Yourself

Retirement doesn’t mean that learning has to be boring. Going back to school provides an opportunity for fun activities such as joining clubs. Having fun while learning keeps things interesting which makes it easier to stay motivated during difficult times when studying becomes challenging.

Acquiring More Knowledge

Learning something new is an enriching experience at any age or stage of life. Whether it's a hobby, skill, or career path, taking the time to research and commit to something can bring great rewards in future years. You may find that engaging with a variety of topics can help you grow in multiple ways, giving you a broader knowledge base to draw on.

Study New Technologies

Technology has become an integral part of our lives, and staying up-to-date on the latest advancements is essential for success. Taking courses specific to technology provides students with an exciting way to explore all the amazing tools and gadgets that come along with the advancement of technology.

Going back to school after retirement may seem like an intimidating prospect, but it is an attractive option for those looking for more than just leisurely activities during their golden years. Returning to the classroom can offer numerous benefits such as staying sharp mentally and upgrading your skill set. Online programs are affordable and let you study at your own pace. Going back to school after retirement can be a fantastic way to get the most out of one's golden years.

12/5/22

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How to Move Forward After Being Diagnosed With a Chronic Illness

When you receive a diagnosis of a chronic disease, it's normal to experience a range of intense emotions in the wake of your diagnosis. Once the initial shock wears off and you're able to think a little more clearly, it's time to make an action plan. While chronic diseases usually do not have a cure, most are manageable through a combination of healthy lifestyle habits and medical treatments. Here are some tips courtesy of Elk Lake Class of "63."

Move Into an Accessible Home

If your chronic condition makes it difficult to get around your home, consider moving into a place that's more accessible. For example, you may want to find a home with a zero-step entrance or an open floor plan that's easier to navigate. Research your real estate market to get a sense of the home prices in your area. Learning about local real estate trends will help you decide whether to buy a new home or stay put and make accessibility modifications to your current property.

Understand Your Insurance Options

A chronic illness can take a heavy toll on your financial health. Paying for healthcare treatments out of your own pocket is exorbitantly expensive. If you work as a freelancer, you don't have the benefit of employer-sponsored health insurance. Look into your insurance options as soon as possible so you can get help covering the costs associated with your condition. Joining your partner's employment health insurance is ideal, but if that's not an option, you can purchase your own policy through the Health Insurance Marketplace. Keep in mind that you cannot be denied coverage due to an existing health condition like diabetes or cancer.

Adopt Healthy Lifestyle Habits

Leading a healthy lifestyle can help with chronic disease prevention and management. For example, changing your diet, exercising more often, and cutting out harmful habits can reduce your risk of serious health complications associated with your condition. Talk to your doctor about the steps you can take to relieve your symptoms and manage your illness. Your doctor might recommend walking more, limiting sugar and saturated fat, eating more vegetables and whole grains, and losing weight if you are overweight. If you smoke or drink alcohol, your doctor may also recommend limiting these substances as much as possible.

Listen to Your Doctor

With that in mind, heed the advice of your doctor. Following your doctor's recommendations and  communicating with your doctor regularly can help you stay as healthy as possible. Be sure to find a doctor who listens to you and respects your right to advocate for yourself. You should feel comfortable coming to your doctor with information you found online and asking questions about their recommendations. If you're looking for a new doctor, ask around for referrals from friends and family.

Never Give Up Hope

While your chronic illness might sound incurable, there are likely many treatments available to improve your condition. According to Healthline, many people have had luck reversing chronic diseases like pre-diabetes and obesity through lifestyle change! Even incurable chronic illnesses like dementia, heart disease, stroke, and arthritis can be delayed through the use of modern medical treatments as well as nutrition, diet, and exercise.

Keep Pursuing Your Goals

It's important to remember that you can still pursue your goals, even with a chronic illness. The key is to be realistic about what you can handle and to take things one step at a time. For example, if you've always wanted to start a business, you can earn your bachelor of business degree online. Online programs are typically more affordable, and they're flexible so you'll be able to learn at a pace that suits you. 

When you're diagnosed with a chronic illness, it can be tempting to ignore your condition. What you don't know won't hurt you, right? But facing it head-on is the best way to cope. Confront your diagnosis, learn everything you can about your condition, move into a home that's better suited for your lifestyle needs, continue to pursue your goals, and maintain hope that you can live with this.

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12/2/21

Tips to Keep Gardening Simple and Safe for Seniors

Are you a senior who's looking to spruce up your lawn and garden? Caring for the outdoor space of your home can bring you joy, but you need to take steps to ensure it doesn't bring additional risks as well. So, before you put on those garden gloves, Elk Lake Class of "63" invites you to read on for some helpful gardening guidance. 

Benefits of Gardening

If you're a senior who is in good physical health, gardening can have many benefits. Getting out to mow the lawn or tend to trees, for instance, will help keep you active and reduce feelings of stress. If you're considering selling your house eventually, or just interested in increasing your home value, gardening and improving curb appeal can help. In fact, planting flowers and mulching are on many checklists before getting your home appraised.

Make Sure Your Yard and Garden are Senior-Friendly

When it comes to planning out landscaping, we tend to focus on physical appearances. It is true that strategically placed flowers and bushes can really help your yard stand out. If you are a senior who is looking to age in place at home, however, you also need to find ways to ensure your yard will keep you safe.

Accessible features can make it easier to get around your garden and also help reduce the risk of a serious fall. You can use soaker hoses and adaptive tools so that you will not have to move around as much while caring for your lawn and plants. For many older adults, creating container gardens is a practical landscape solution as well. You can grow anything from trees to decorative plants in containers and help save your back and joints from the stress of bending over to care for low-level beds and gardens.

Find Landscaping Solutions to Save Yourself Time and Money

Most seniors use a retirement budget to help them stretch their pensions further, and if you are one of them, you may be looking for easy ways to save on landscaping. Luckily, there are endless ways to cut down costs when you are sprucing up your outdoor spaces. If you have any flowers or plants growing in your yard now, you can propagate them into other areas in order to avoid buying new plants or seeds. Since decorative pots can be fairly expensive, you can also save money by painting or embellishing cheaper terra cotta pots.

Of course, one of the best ways to reduce the costs of maintaining a garden, for your time and money, is to choose low-maintenance options. For example, drought-resistant landscaping can reduce the time you spend watering, as well as utility expenses, especially in desert climates.

Never Put Your Health at Risk for The Sake of a Lawn or Garden

Having a beautiful yard can lift your spirits, but maintaining your health is even more important. That's why seniors should exercise caution when caring for their lawn and garden, especially during the warmer summer months. Seniors can be especially sensitive to high temperatures, which can even result in heat stroke. Try to limit yardwork to the mornings and evenings during the summer.

If taking care of your yard does become risky for your health, whether due to the heat or physical limitations, it may also be time to get help from a pro. For instance, lawn care services may cost you a little more now, but the benefits can outweigh the expense when you are limited by health or mobility issues. To find reputable professionals, search "lawn service near me" and look over reviews and grades from past customers. Keep in mind that you'll likely pay more for extra services such as irrigation.

Having a nice yard shouldn't be hazardous to your health. So, if you're a senior, be sure to keep the tips above in mind as you make plans to plant and maintain your garden. Above all, don't be ashamed or stressed out about asking for help when you need it.

Photo Credit: Unsplash

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7/12/21

Silver CEO? It May Be Just the Right Time to Start Your Home-Based Business

While many seniors look forward to retirement, some are really more eager to retire from working for someone else or to escape the daily drudgery of a work-oriented routine. Living longer has all but eliminated past hard and fast rules on retiring by a certain age. In fact, many seniors still have the desire to "stay in the game" of business productivity — they just don't want to be a slave to someone else's time clock or be subjected to ageism. And it's well-known that keeping the brain active is conducive to living longer!

The good news is that even if you don't feel like — or can't — make the commute to a job each day, you have the option of starting a home-based business to combine doing something you love and that keeps you sharp to earn an income. Elk Lake Class of "63" presents some tips that can help your home-based business journey start out on the right foot.

Your greatest asset is you

You have what your younger counterparts don't have: decades of experience. While you can certainly go in a completely different direction — particularly if you are just doing part-time, service-oriented work to keep you busy and bring in some extra money — the expertise that you have gained throughout the years is a strong selling point.

Consider partnering with someone, as well — in particular, someone younger who is hungry to learn the nuances of your business and develop it. Your ability to mentor them will provide them with a wonderful opportunity, and they can perform any business duties that may require greater mobility than you have. These could be events such as in-person meetings, shopping for supplies, or attending networking events.

Regardless of whether you go it alone or with a partner, though, you'll want to make sure that your personal assets are legally protected. Home-based businesses can still operate under a corporate structure to offer protection from personal liability. In fact, a limited liability corporation or LLC is popular among smaller and home-based businesses because it offers limited liability and tax advantages. Check with your state regulations on forming an LLC because they can vary. Better yet, save yourself the legwork and hire an attorney to do it all for you, or a less expensive option like a formation service, to save you both time and money.

Also, if you intend to do business under a different name than the one you register as, then you'll need to register a DBA (doing business as) to ensure that you stay in compliance. A formation service can also help you with the paperwork with this business decision.

Set the wheels in motion

One of the greatest advantages to a home-based business is that your "commute" is measured in feet, not miles. That also means you don't have the usual startup costs, like office space rental. However, you will want to separate your new business from your household so that you can take advantage of a tax deduction for dedicated office space in your home. Also, check your homeowners' association and other municipal regulations to make sure you don't need any special permits to operate a home-based business in your area. This is unlikely to be an issue unless you have a lot of vehicle or foot traffic come through the neighborhood. However, verifying before you get started will save you headaches down the line.

Finally, take advantage of free resources from the Small Business Administration or SCORE Association. In addition to mentoring, SCORE also offers free webinars and videos, as well as interactive courses to help guide you through this new adventure.

The world is your oyster

It was said a bit differently in Shakespeare's day, but the translation is timeless: You are in a position to take advantage of the opportunity to start your own home-based business. And like a pearl, sometimes the most treasured things come with time.

Photo by Bianca Jordan on Unsplash

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