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Consumer Prices Remain High In October

bdlct1028 (Bret Laporte) — Fri, 11 Nov 2022 01:17:59 GMT

The consumer price index increased 0.4% for the month and is up 7.7 percent from a year ago according to the Bureau of Labor Statistics.

While price increases are still rapid and painful for many households, they are finally beginning to show signs of progress. The inflation index picked up by 7.7 percent in the year through October*, less than the 7.9 percent that some analysts had expected.

Even with this positive news, inflation remains well above the Fed’s 2% target and several areas of the report show that the cost of living remains high.

Shelter costs, which make up about one-third of the CPI, rose 0.8% for the month, the largest monthly increase since 1990, and up 6.9% from a year ago, their highest annual level since 1982*. Also, fuel oil prices jumped 19.8% higher for the month and are up 68.5% over the past 12 months*.

“One month of data does not a victory make, and I think it’s really important to be thoughtful that this is just one piece of positive information, but we’re looking at a whole set of information,” San Francisco Fed President Mary Daly said in response to the CPI data.

Depending on how you prepare, retirement can be the most rewarding or stressful time of your life. To answer some of your questions about inflation and retire on your terms,

Contact us or Call 860-757-3644 for a complimentary no obligation consultation.

At Retire Safety First we believe you have a right to a safe, secure and predictable retirement.

Our goal is to remove the fear and uncertainty out of retirement, to provide a safe retirement.

*All Statistics provided by the Bureau of Labor Statistics

Consumer Prices Rise In September

Fri, 14 Oct 2022 16:58:25 GMT

New inflation data released on Thursday showed that consumer prices climbed far more quickly than expected with a rise of .4% in September (according to the Bureau of Labor Statistics) as inflation pressures continue to weigh on retirees and the economy at large.

The food index alone rose 0.8% for the month and is up 11.2% from a year ago. That increase helped offset a 2.1% decline in energy prices that included a 4.9% drop in gasoline. Energy prices have moved higher in October, with the price of regular gasoline at the pump nearly 20 cents higher than a month ago, according to AAA.

As you can see, inflation can erode the value of your money and create a stressful and unpredictable retirement. Did you know to have the same $5,000 purchasing power today, you will need $6,719 in 10 years adjusting for a more modest 3% inflationary rate? Inflation could be threating your ability to maintain your lifestyle throughout retirement. This chart shows how much you will need in your future retirement years based on this 3% inflation rate. How are you combating inflationary risk?

Depending on how you prepare, retirement can be the most rewarding or stressful time of your life. To answer some of your questions about inflation and retire on your terms,

Contact us or Call 860-757-3644 for a complimentary no obligation consultation.

At Retire Safety First we believe everyone has a right to a safe, secure and predictable retirement.

Our goal is to remove the fear and uncertainty out of retirement, to provide a safe retirement.

The Social Security cost-of-living adjustment will be 8.7% in 2023

Fri, 14 Oct 2022 16:48:54 GMT

The Social Security Administration announced that cost-of-living adjustment will be 8.7% in 2023, the highest increase in 40 years. The average Social Security retiree benefit will increase $146 per month from $1,681 in to $1,827 in 2023.

However, with inflation continuing to rise at dangerous levels, it is important to be aware of the possibility that these cost-of-living adjustments may not be enough to maintain your lifestyle throughout retirement.

Dan Adcock, director of government relations and policy at the National Committee to Preserve Social Security and Medicare said “The COLAs really are about people treading water”. Knowing when and how to take your Social Security benefits correctly is crucial in preparing for retirement and combating inflation throughout retirement.

If I Haven’t Claimed Benefits What Does This Mean For Me?

If you decide to claim your Social Security benefits now, you will get access to the record-high COLA. You will also have access to it if you wait to start your benefit checks later. If you’re 62 now and don’t claim, your benefit is adjusted by every COLA until you do.

Knowing how and when to take your Social Security benefits at the right time can mean tens of thousands of dollars more in retirement. This can be an irreversible lifetime decision. Timing your Social Security correctly is crucial to help maintain your lifestyle throughout retirement.

Request your Free Social Security Timing Report or call us today at 860-757-3644 .

2023 Medicare Premium Changes

bdlct1028 (Bret Laporte) — Wed, 05 Oct 2022 13:32:43 GMT

The Centers for Medicare & Medicaid Services announced that 2023 monthly Part B premiums will decrease to $164.90 from $170.10. This change represents the second time in the past two decades that Part B premiums will decrease from the prior year. Pair that decrease with the expected 8.7% increase in Social Security’s annual cost-of-living adjustment (COLA), many retirees could see a substantial increase in their monthly Social Security checks in 2023.

However, even with this decrease in premium, health care continues to be one of the largest expenses in retirement. According to HealthView Services, a healthy 65-year-old couple retiring in 2019 may need close to $390,000 to cover health-care expenses. These costs are only rising each year. Therefore, picking the correct Medicare plan for you can make all the difference.

Open Enrollment for Medicare will start on October 15 and conclude on December 7 . During this time, people who are eligible for Medicare can compare and sign up for different coverage options. The new plan details are scheduled to be announced on October 1st.

Did You Know Saving More Is Possible?

To help with their Medicare costs, low-income seniors and adults with disabilities may qualify to receive assistance from the Medicare Savings Programs (MSPs). These MSPs help millions of Americans access high-quality health care at a reduced cost, yet only about fifty percent of eligible people are enrolled. The MSPs could help pay your Medicare premiums and may also pay Medicare deductibles, coinsurance, and copayments for those who meet the conditions of eligibility. Enrolling in an MSP offers relief from these Medicare costs, allowing people to spend their money on other vital needs.

To see if you qualify for the Medicare Savings Program,
contact us or call us a t 860-757-3644 .

At Retire Safety First we believe you have a right to a safe, secure and predictable retirement.

Our goal is to remove the fear and uncertainty out of retirement, to provide a safe retirement.

The Incredible Benefits Of Spending Time With Your Grandchildren

Thu, 13 Jan 2022 21:13:29 GMT

Now that you are transitioning into retirement, you are free to do more of what you love with the people you love. Creating memories with your grandchildren will be something each of you cherish and hold on to. Did you know two out of three grandparents think being a grandparent is the most important and satisfying thing in their lives? Here are some of the incredible benefits of spending time with your grandchildren:

1. Increase Happiness For Everyone

A close relationship between grandparents and grandchildren has shown to decrease symptoms of depression for both generations. Grandparents in the study were found to be less depressed when they received or gave tangible help to their grandchildren. Anything from rides to school, advice on life, or helping financially were contributors to lessened depressive symptoms found in older adults.

Children with a high level of positive grandparental involvement have shown fewer emotional and behavioral problems and are seen to be more secure and significantly happier.

2. Sharing Family History

Grandparents have incredible insight to family history. Teaching your grandchildren about where they come from, and the struggles and successes of the family helps grandchildren better understand their unique history. Grandparents may have family heirlooms to pass down, like photo albums and family recipes that grandchildren would greatly value. Grandparents who share their fondest stories can keep their memories alive. Every family is unique in its makeup and journey. Grandparents can unlock their history and make it a part of the present for younger generations.

3. Keeps You Socially And Physically Active

Playing with grandchildren can be a fun and rewarding way to remain physically active. Whether you’re playing a game of catch, walking around the shopping mall, or taking a relaxing walk around the park, the exercise and memories created are great for each of you.

Taking your grandchild out could provide opportunities for meeting other adults,

and grandparents. This social interaction can help you find and grow your social circle throughout retirement.

4. Becoming A Role Model

As retiree’s age, they can struggle to find purpose. Becoming a role model to your grandchildren is one of the most fulfilling and loving things you can do. You’ll be able to share all your life experiences to help teach a new generation. Afterall, now is the time to do more of what you love with the people you love.

At Retire Safety First we believe everyone has a right to a safe, secure and predictable retirement. Our goal is to remove the fear and uncertainty out of retirement, to provide a safe retirement.

Transition Confidently Into Retirement With These Tips

Mon, 23 Aug 2021 15:06:34 GMT

Do You Want To Transition Into Retirement With Confidence?

Imagine waking up on your first day of retirement and not worrying about going to work or running out of money. Maintaining your retirement lifestyle is both a financial and emotional process. Transitioning confidently into retirement starts with the following tips:

1. Know When and How To Take Your Social Security Benefits

Knowing how and when to take your Social Security benefits at the right time can mean tens of thousands of dollars more in retirement. This can be an irreversible lifetime decision. Timing your social security correctly is crucial to help maintain your lifestyle throughout retirement.

If you are married, your Social Security strategy should also account for your spouse’s benefits. For instance, you may decide that one spouse takes their benefits at a different time. This decision is highly depending upon your personal circumstances which is why Retire Safety First offers a Social Security Timing Report.

Request your complimentary no obligation Social Security Timing Report today or call 860-757-3644 .

2. Maintain A Healthy Mindset

Retirement is not the end; it is a new beginning. It is completely normal to experience a rollercoaster of emotions but you should try to focus on what you’re excited about in your next chapter of life. After all, now is the time to do what you love with the people you love.

Always remember you are not alone. Remain social by meeting with friends, family and other loved ones for support along your retirement journey.

3. Develop And Continue Healthy Habits

Exercising is a fantastic way to stay active during retirement. It not only keeps you healthy but depending on your choice of exercise, you can increase your social circle. Now that you have all the free time in the world, it is easy to create an exercise plan that works around your schedule.

You want to focus on exercises that can improve and maintain your flexibility, strength, and balance. Simple hobbies, such as walking, tennis, swimming, and cycling, can help you remain active throughout your retirement.

Considering that according to HealthView Services, a healthy 65-year-old couple that retired in 2019 will need $390,000 to cover medical expenses, you need to prioritize your health for both physical and financial reasons. As the cost of health care continues to rise, you need to select the right Medicare plan for your needs when you are turn 65.

4. Create A Retirement Budget

Many folks transitioning into retirement do not know how much money they need on a monthly basis. Before you call it quits, it is crucial to figure out whether you can have a safe, secure and predictable retirement on your new income and budget.

Start by adding up your non-discretionary monthly costs such as mortgage or rent, groceries, electricity, and other utilities. Then add in your discretionary spending or wants such as travel, entertainment, shopping, and dining out. Once you’ve calculated your estimated monthly expenses, it's time to figure out whether you'll have enough income to cover them throughout retirement.

Contact u s to review your budget or call us 860-757-3644 .

5. Knowing Saving For Retirement Is Not The Same As Spending In Retirement

Most workers today are encouraged to save with retirement accounts like 401(k)s and IRAs. These accounts are great for accumulating money, but they don't address the issue of withdrawing in retirement and don't provide a guarantee that your retirement savings will last your lifetime. During your working years, time is on your side. You are able to save more for retirement but when spending in retirement, you no longer have that luxury. The risk of outliving your retirement savings is called longevity risk. With about one third of 65-year-olds today expected to live past age 90, you need to make sure your money lasts as long as you do.

The first step to a fulfilling retirement is preparing. Depending on how you prepare, retirement can be the most rewarding or stressful times of your life.

If you use the Retire Safety First Approach and these tips you will be on your way to having a safe, secure, and predictable retirement experience.

Contact Retire Safety First today for your complimentary no obligation consultation or call at 860-757-3644 .

At Retire Safety First we believe everyone has a right to a safe, secure and predictable retirement. Our goal is to remove the fear and uncertainty out of retirement, to provide a safe retirement.

Retiring Early? What You Must Consider First

Thu, 19 Aug 2021 20:25:35 GMT

Retiring early is not for everyone.

While many fantasize about retiring early, the reality could be far different than what you imagine. You may feel emotionally ready to retire, but you must make sure you are financially ready as well. Here are a few things to consider if you are thinking about an early transition into retirement.

1. You Could Spend More Than You Think

Being able to maintain your lifestyle throughout retirement is crucial in making sure your money lasts as long as you do. Many believe that once they are retired, their spending will decrease. While this may be true in the long run, in the early years of retirement the opposite could be true. When you're younger, healthier and have newfound free time, you can easily spend as much as or more than you did before retirement. Retirees simply have more free time to spend money and do the things they have always wanted.

2. Withdrawing Money From Your Retirement Early Could Be Costly

If you retire before 59 ½, you could pay a 10 percent early withdrawal penalty from tax-deferred accounts like traditional IRAs or employee sponsored 401(k) plans.

If you are withdrawing from a 401(k) plan, in addition to the 10% early withdraw fee, you will also owe taxes. You could end up owing nearly 30% of what you withdraw!

3. Sequence Of Returns Could Bankrupt Your Retirement

Sequence of returns risk is when a down market takes place during the early years of your retirement. If you are required to take money out and the market or your account is down, then you will be taking a higher withdrawal rate than you might have initially planned. In this situation, you may need to take less out to make sure you don’t out life your savings or change your spending habits.

4. Health Care Expenses Go Up

If you retire before age 65, you will have to find health coverage on the open market. You will not have a discounted option from an employer sponsored plan and you will not be eligible for Medicare until age 65. As you age, health care costs will only go up and could drain your retirement savings. According to HealthView Services healthy 65-year-old couple retiring in 2019 will need close to $390,000 to cover health-care expenses. By retiring early, this cost will only go up as you lose coverage options which is why it is crucial to know how to maximise your Medicare benefits when you turn 65.

5. Your Social Security Benefits Could Be Affected

While you are eligible for your Social Security benefits as early as age 62, this may not be the most efficient way to take your benefits. If you are retiring early and take your Social Security incorrectly, you could make an irreversible decision that could decrease your benefit by 30%, costing you tens of thousands of dollars in retirement. Knowing when and how to take your Social Security is crucial to maintaining your lifestyle in retirement.

Request your complimentary no obligation Social Security Timing Report today or call 860-757-3644 .

At Retire Safety First, we understand the fears and uncertainties you have when you are preparing for retirement. If you are considering an early retirement, request a complimentary no obligation consultation to make sure you can maintain your lifestyle throughout retirement. You will be better off safe than sorry!

Contact Retire Safety First or call us at 860-757-3644 for your complimentary no obligation consultation!

Looking To Save Money In Retirement? Here Are Some Can’t Miss Deals

Thu, 19 Aug 2021 20:23:08 GMT

A great way to combat inflation and make it easier to maintain your lifestyle in retirement is to lower your expenses.

Many businesses offer exclusive discounts to customers over a specific age. You may be surprised that some senior discounts are offered years before you turn 65. Here are some great companies that are going to help you save in retirement!

1. Grocery Stores

One of the easiest ways to save money on food is to reduce the amount you spend at the grocery store.

Aldi offers Senior Discounts once each month. With this opportunity, seniors over the age of 60 receive a 20% discount.
Shop Rite Senior Discount: 5-10% off on Tuesdays or Wednesdays at participating locations
Whole Foods Market has had special senior day events at participating locations in the past. While not outstanding, you can contact your nearest wholefoods to see if they have another senior day planned.

2. Traveling Discounts

While traveling is considered discretionary spending, there are still great ways to save and live your best life in retirement.

Cruise lines:

Cruise providers are almost always offering discounted fares for seniors. Make sure you call your preferred cruise line to make sure you are getting the best deal available for your next trip. The following cruise lines frequently have discounts for those age 55+.

Carnival Cruises
Norwegian
Celebrity Cruises
Royal Caribbean

Flights:

American Airlines: Numerous discounts for ages 65 and up.
Southwest Airlines: Numerous discounts for ages 65 and up.

Car Rentals:

Hertz offers exclusive rental car deals for renters aged 50 and above.
Dollar Rent-A-Car offers a 10% off discount for those age 50 and above.

3. Last Minute Travel Deals

Now that you are retired, you are no longer required to notify your boss to take a vacation. Why not take advantage of extreme discounts on last minute travel deals. From hotel rooms to flights and even cruise lines, they all offer last minute deals if they aren’t completely booked. You can sign up on many websites like Travelocity, Orbitz and Priceline to notify you when deep discounts are available.

4. Retail Stores

Michaels offers a 10% discount off most purchases for customers over 55, every day.
Home Depot offers a 15% off discount to those who are above 55.
The Salvation Army Thrift Stores Offers up to 50% off, days vary depending on location.
Kohl’s: 15% off on Wednesdays.
Goodwill offers 10% to 20% off once a week for those 55 and older depending on location.

5. Restaurants

Eating out is often why retirees over spend their budgets. There are too many discounts to mention, so when you are eating out at your favorite restaurants, make sure you ask what discounts they offer. Here are some widely available restaurants that can be light on your wallet.

Subway offers 10% off discount for those 60 and older. Varies by location.
IHOP offers a discounted 55+ menu.
Arby’s offers a 10% off senior discount.
McDonald’s Discounted or free coffee at participating locations.
Friendly’s Restaurants: 10% off meal with free coffee at breakfast or free small sundae with lunch or dinner.
KFC offers a free small drink with any meal for seniors.

6. Cell Phone Plans

With how often cell phone plans change, you should review yours to make sure you are not overpaying.

T-Mobile offers a discounted phone plan for those 55 and older.

AT&T and Verizon offer 55+ plans but only in the state of Florida.

We, at Retire Safety First want you to live your life to the fullest in retirement. You should be focused on creating memories with your loved ones and not be worried about if your money will last as long as you do.

The first step to having a secure retirement is knowing what you spend monthly. Do you need help with your budget?

Contact us or call us at 860-757-3644 .

At Retire Safety First we believe everyone has a right to a safe, secure and predictable retirement. Our goal is to remove the fear and uncertainty out of retirement, to provide a safe retirement.

11 Tips To Have A Happy Retirement

Thu, 19 Aug 2021 20:20:24 GMT

Now that you are transitioning into retirement you need to know how to keep yourself busy.

What do most retirees want? They want a safe, secure and predictable retirement so they can do what they love with the people they love. Here are some great tips to help you live your life to the fullest.

1. Have A Retirement Party

Having a retirement party is a great way to kick off your retirement. In addition to the general celebration, your retirement party can bring closure to this chapter in your life. This celebration will help you transition into retirement.

2. Be Aware Of Your Health

According to an AgeWave study, more than 80% of retirees say health is the most important factor for a happy retirement, even more so than financial security. Therefore, efficiently preparing for retirement includes not just your money but also staying physically healthy. Walking, working out at a gym, and eating healthy are all great ways to stay physically fit.

Additionally, it is important to plan for how to fund healthcare costs. According to HealthView Services, a healthy 65-year-old couple retiring in 2019 will need close to $390,000 to cover health-care expense. Therefore, when you turn 65, you need to pick the best Medicare plan for your needs. Picking the right Medicare plan can make all the difference.

3. Find Your Purpose In Retirement

When you have a purpose in retirement, you can contribute the best of who you are to those who need what you have to offer.

Here are some questions to ask yourself in your pursuit of purpose. What kinds of activities have I been drawn to? What have I done in my spare time that I enjoyed? What are the topics of movies, books and lectures that I’m drawn to?

4. Volunteer

If you are looking for deeper meaning in retirement, volunteering could be a great solution. According to an Encore study, over 50% of Americans believe that putting skills and expertise to use to help others is a critical part of how they view retirement.

5. Do Something Amazing

Transitioning away from the traditional 9-to-5 opens a world of opportunity for you. You can do what you want when you want. If you ever wondered what would have happened if your life had taken a different path, this is your perfect opportunity to make that change and see what happens.

Retirees are achieving incredible things. They are hiking the Appalachian Trail, traveling and returning to school.

6. Go Back To School

Going back to college for retirees does not need to be an academic or career driven choice. Returning to school is a great way to challenge yourself in retirement and keep your mind sharp.

If school does not sound appealing to you, you could learn a new skill like playing guitar or taking a cooking class. Your options are limitless. Taking classes in retirement can also be a great way to meet new people with similar interests and maintain your social life in retirement. Many towns offer free training classes for retirees so contact your town hall to see what your town offers.

7. Keep A Budget

You will want to be sure that your retirement funds last as long as you do. If you do not have a retirement budget set up, this should become your top priority. Estimating how much you will spend monthly is critically important to know if you have enough money saved to maintain your lifestyle throughout retirement.

8. Think Positively About Aging

Research completed by The London School of Economics and Political Sciences found that happiness peaks at the ages of 23 and again at 69! Your best years are ahead of you!

With studies conducted over four decades, Harvard psychology professor Ellen Langer showed that mental attitude can reverse the effects of aging and improve physical health. It was proven time and time again that age is truly a mindset and not just a number. The right mental attitude can reverse the effects of aging and improve physical health.

9. Focus On Relationships

Working on creating and maintaining friendships is one the most crucial ways to have a healthy retirement. You need people you can rely on emotionally.

If you have grandchildren in your life, you should spend as much time as possible with them. “The greater emotional support grandparents and adult grandchildren receive from one another, the better their psychological health,” said Sara M. Moorman, an assistant professor at Boston College.

10. Get A Dog

Dogs are called man’s best friend for a reason. Dogs provide emotional benefits because of their unconditional love for us. Several studies from Harvard found that pet owners had lower cholesterol, lower blood pressure, and a lower heart attack risk than people without pets.

Dogs can also keep you active by going for daily walks and you could find yourself in new social circles because of your pet.

11. Know When And How To Take Your Social Security

Request your complimentary no obligation Social Security Timing Report today or call us at 860-757-3644.

At Retire Safety First we want you to do what you love with the people you love. If you combine these 11 tips with the Retire Safety First Approach, you can have the retirement you have been dreaming of!

Contact us today to learn about the Retire Safety First Approach or call us at 860-757-3644 !

At Retire Safety First we believe everyone has a right to a safe, secure and predictable retirement. Our goal is to remove the fear and uncertainty out of retirement, to provide a safe retirement.

10 Hobbies You Will Love In Retirement

Thu, 19 Aug 2021 20:16:34 GMT

You have been looking forward to the day you retire for most of your working life.

Now that you are transitioning into retirement, you have all the time in the world. While your top priority might be getting some much-needed rest, it is beneficial to have a place to go and maintain a schedule.

Here are 10 hobbies that you will love in retirement:

1. Volunteering

Volunteering is often the most rewarding activity for retirees. Volunteering can come in many forms, from giving museum tours or spending time helping those in need at something like a food pantry. Volunteering is highly social and is a great way to continue to have purpose as a new retiree.

2. Photography

Photography is a great hobby to pick up. Whether you are a novice or an expert, you can capture your most treasured moments and be able to share your retirement adventures with all your loved ones. You can start with something as easy as a smart phone or buy a professional camera. Photography can lead you to new sightseeing adventures and experiencing new things with the people you love.

3. Blogging Or Journaling

If you have a clever personality, blogging or journaling could be for you. Blogging can help improve your writing skills and connect you with likeminded retirees which benefits your social life.

If you chose to lead a more private life, journaling is a great alternative. Writing down your memories and life experiences is a great way to provide your children and grandchildren a chance to get to know you and their family history.

If you just want to document your retirement, you can bring your journal with you when you go on vacations and document all your adventures with your loved ones.

4. Playing A Musical Instrument

A great hobby for retirees is taking music lessons. This classic pastime is something retirees may be hesitant to start because of the learning curve but now is the time for new adventures! Learning a new skill keeps you mentally active and challenging your brain improves health and could even lower the risk of age-related diseases like dementia. Learning a new instrument will give you a great sense of pride and accomplishment!

5. Painting And Drawing

Staying creative in retirement should be a top priority. If you are just starting to explore your creative side, you can purchase a starters paint kit with different sorts of paints or if you prefer to learn with others, you and your loved ones can go to a sip and paint class.

You can also watch tutorials on the internet on how to paint with alternative techniques. This way, you can explore what side of painting or drawing you enjoy the most.

6. Bicycling

Biking is a great hobby that will keep you physically active. Many retirees agree that bicycling brings back the feelings of freedom they experienced as children when they biked everywhere. Bicycling is dynamic because it can provide a social group and be great exercise.

Cycling is also less impactful on joints, knees, ankles, and feet. So, it could be a better exercise option than running or walking when you’re nearing retirement age.

7. Hiking

If you live near beautiful landscapes like lakes, mountains, or forests, hiking could be for you. Or if you live somewhere that does not have these landscapes, you can combine hiking with another hobby, traveling. You could create a National Park list to begin your exploring journey! If you haven’t had the opportunity to visit the national parks, it’s highly recommended to see the beautiful landscapes and wildlife they have to offer. What mountain or trail are you most looking forward to exploring?

8. Golf

Golf is an ageless sport that is still being played after its inception in the late 1200’s. Incredibly, golf is still expanding in popularity worldwide. It’s never too late to take up the game! While golfing is traditionally a hobby for retirees, many younger folks are flocking to the sport. Golf offers great outdoor exercise and a great place to expand your social circle.

9. Crafts

Finding a creative hobby can be extremely rewarding. Crafting is very popular and covers an incredible number of creative hobbies. Those who love crafting do so because you can start a new craft, finish it, and then start something completely new again. Crafting covers everything from knitting or creating jewelry. More importantly, you are keeping your brain active and challenging yourself in new ways. If your skills grow, you could even sell your creations on the internet!

10. Cooking and Baking

Cooking and baking can be enjoyable if you make a hobby out of it. You can read cooking books or watch cooking shows to brainstorm new ideas, and then try out some recipes that stood out to you. It is greatly rewarding to make a meal or baked goods and bring them to loved ones or neighbors as a surprise or special occasion. These gestures will be treasured by your loved ones and can give you a sense of purpose and joy in retirement.

Or if you are not yet confident in your cooking or baking skills, you could take a class. Classes are available online or if you are looking for a social event, in person classes may be available in your area.

Trying new things and creating memories with your loved ones can be the foundation of a fulfilling retirement. We want you to do more of what you love with the people you love.

The first step to a fulfilling retirement is preparing. Depending on how you prepare, retirement can be the most rewarding or stressful times of your life.

Contact us to learn how the Retire Safety First Approach allows you to focus on what matters or call us at 860-757-3644 .

At Retire Safety First we believe everyone has a right to a safe, secure and predictable retirement. Our goal is to remove the fear and uncertainty out of retirement, to provide a safe retirement.

8 Of The Best Activities For Retirees In Connecticut

Thu, 19 Aug 2021 20:13:44 GMT

Despite being one of the smallest states in the US, Connecticut is filled to the brim with classic New England charm.

A beautiful place to see all four seasons, Connecticut offers flourishing landscapes, sandy beaches, and stunning lakefronts.

Now that you are transitioning into retirement, you have the time to do what you love with the people you love. You can create memories with your children and grandchildren as Connecticut has plenty of activities for all ages. With numerous opportunities for rest and relaxation, physical activity, and other events, you will always have something to do! Here are some of our top suggestions:

1. Visit Downtown Mystic

If you love history then downtown Mystic should be on your must-see list. This Connecticut seaside village is focused on its glorious maritime history. Visitors can explore the Mystic Seaport, a beautifully recreated 19th-century village or visit the Mystic Aquarium which is home to a wide variety of sea life.

If shopping is more your style, then Olde Mistick Village may be for you. An outdoor mall designed to represent a 19th-century New England Village, this village is filled with era themed stores for you to browse and buy. With many restaurants within Olde Mistick Village, this is one of the best places in Connecticut to visit for lunch or dinner.

2. Visit The New England Air Museum

The New England Air Museum, at Bradley International Airport, is the largest aviation museum in the northeastern US with 80 aircrafts featured in multiple display buildings. The three hangars of the museum display different eras, from the pioneering flight era to modern planes, as well as helicopters. There is an exhibit of aircraft engines showing the history of flight, another display highlighting commercial flight, and educational videos for all ages.

With interactive exhibits at this air museum there is something for everyone! Visitors are entertained with a flight simulator and interactive games for children. You can even watch the aircraft restoration process! Be sure to stop by the gift shop so you can pick up your souvenir!

3. Essex Steam Train And Riverboat

Want a relaxing sightseeing adventure? Find a seat and get ready to relax on the Essex Steam Train. An antique train pulled by an original steam locomotive featuring vintage coaches, this ride allows visitors to roll their way along the lovely Connecticut River.

A lively conductor and tour guide will entertain you with historical facts while traveling from Essex Station on this 12-mile round-trip journey. Along the way, you will pass the towns of Chester and Deep River.

We suggest also purchasing a Riverboat tour to prolong your breathtaking adventure. The MV Becky Thatcher is a 70′ Mississippi-style riverboat that comfortably holds 150 passengers. Inquire about a cocktail reception or sit-down dinner for the relaxation you have been craving. This riverboat will take you on a stunning cruise highlighted by glimpses of incredible wildlife (even a bald eagle if you take this trip during February and March), mesmerizing shoreline, and other historic sites on this list like Gillette Castle.

4. The Gillette Castle

Gillette Castle was originally a private residence commissioned and designed by William Gillette, an American actor, most famously known for his portrayal of Sherlock Holmes. Gillette lived at this estate from 1919 to 1937. The estate was purchased by the state of Connecticut in 1943 for a price of $5,000!

The castle re-opened in 2002 after a four-year, $11 million restoration. It now includes a visitors' center and museum, hiking trails, and a picnic area. Gillette Castle now receives 350,000 visitors annually.

This 184-acre estate displays stunning views of the Connecticut river. Inside, the medieval Gothic castle contains secret passages, intricate locking mechanisms, and other fascinating treasures that all point to the creative genius of William Gillette.

5. Volunteer At The Connecticut Humane Society

If you are looking to give back and love animals, then you should consider volunteering at the Connecticut Humane Society to have the best of both worlds. With multiple locations needing help, volunteering includes cuddling with cats, cleaning cages, and dog walking. Don’t worry about becoming too attached, as the Humane Society offers fostering and adoption opportunities.

6. Visit The Yale University Art Gallery

If you have an appreciation for the arts, then The Yale University Art Gallery is a must see. Home to nearly 300,000 artistic pieces, this art gallery has something for everyone. Founded in 1832 when patriot-artist John Trumbull donated more than 100 paintings of the American Revolution, this is the oldest university art museum in America and is filled to the brim with history from all regions of the world and across time.

You will find works by the likes of Degas, Monet, and Manet within this art gallery. The gallery features timeless art and artifacts on display from regions such as Asia, Europe, and the Indo-Pacific.

If you prefer more modern art, Yale boasts an impressive collection of modern and contemporary art pieces to keep you entertained. The gallery is open to everyone and completely free to visitors.

7. Visit Arethusa Farm

Arethusa Farm is a dairy farm in Bantam, originally opened by the Webster family in 1868 and named after the region's pink orchard. In 1999, the farm was purchased by Anthony Yurgaitis and George Malkemus, who have maintained a dairy storefront and stunning restaurant at the site since 2013.

Visitors can stop in at the dairy's open barn hours on Saturday to meet-and-greet with farm cows and learn about milking and bottling operations. The company's ultra-pasteurized milk is sold year-round and is designed to maintain as much of its natural flavor as possible. If your grandchildren are with you, then you must try their homemade ice cream. If ice cream is not your thing, then you can try their farm-fresh yogurt, European-style cheeses, butter, and seasonal eggnog made with cage-free eggs.

The dairy farm's restaurant, Arethusa Al Tavolo (opened in 2013), prides itself on exclusively using the farm’s dairy products and for procuring only the finest locally sourced ingredients for its daily menu. Executive chef Dan Magill looks forward to serving you.

8. Visit Candlewood Lake

What can beat a lake on a hot day? Candlewood lake is an impressive 8.4 square miles in size, the largest lake in Connecticut. Created by the Connecticut Light & Power company in 1928, this man-made reservoir is a hot spot for summer fun. Swimming, boating, fishing, kayaking, and all types of water activities top the list of things to do. Candlewood lake also included a total of twelve islands!

Did you know a small village by the name of Jerusalem was also buried under the waters? Jerusalem included a grist mill, a school, and a few homes. Many homes were burned down to the foundations before they filled the lake with water, although the foundations themselves were left which can make for quite the surprise when scuba diving!

Creating memories with your children and grandchildren, having purpose, and trying new things can be the foundation of a fulfilling retirement. We want you to do more of what you love with the people you love.

The first step to a fulfilling retirement is preparing. Depending on how you prepare, retirement can be the most rewarding or stressful times of your life.

Contact us to learn how the Retire Safety First Approach pursues the safe retirement you deserve or call us at 860-757-3644 .

At Retire Safety First we believe everyone has a right to a safe, secure and predictable retirement. Our goal is to remove the fear and uncertainty out of retirement, to provide a safe retirement.

Are You Ready To Retire? Here Is What You Must Do First

Thu, 19 Aug 2021 19:51:06 GMT

Retirement demands a considerable amount of preparation.

Most people only think about how much they need to save for retirement. As you transition into retirement, it’s just as important to plan on how you are going to spend that money to be able to maintain your lifestyle throughout it. Since we cannot predict the future, we should hope for the best but prepare for the worst, especially since for many, retirement could last multiple decades.

You do not want to leave your retirement up to chance. Here is what you must do before you retire so you can do more of what you love with the people you love.

1. Create A Retirement Budget

When making a retirement budget, it is helpful to split up expenses into two categories: fixed and discretionary. Fixed expenses may be month-to-month charges like rent or mortgage payments, insurance, car payments, food, and utilities. Discretionary spending or non-essential spending can be vacations and travel expenses, entertainment, and going out to restaurants.

Estimating how much you will spend monthly is critically important to know if you have enough money saved to maintain your lifestyle throughout retirement.

2. Understand Where Your Retirement Income Is Coming From

Retirement is the first time for many folks that they will have multiple sources of income. To maintain your lifestyle in retirement, you must identify what income is coming from where and designate what each will be used for.

While pensions are becoming a thing of the past, one in three baby boomers may be entitled to one. First, find out what your benefit is and if the benefit passes to a spouse should something happen to you first.

If you have an individual retirement account (IRA) or 401(k) employee sponsored plan, you should be reviewing your allocation and creating a plan to maintain your retirement lifestyle. Be sure to go over the 15 risks in retirement to make sure you are properly protected.

You could also be entitled to Social Security benefits. Depending on when and how you take your benefits, Social Security can be the foundation of a safe and rewarding retirement. It is of upmost importance to maximize your Social Security. Taking your Social Security at the right time can mean tens of thousands of dollars more in retirement.

Request your Social Security Timing Report or call us at 860-757-3644 .

3. Prepare For Medical Expenses

Health care continues to be one of the largest expenses in retirement. According to HealthView Services, a healthy 65-year-old couple retiring in 2019 will need close to $390,000 to cover health-care expenses. These costs are only rising each year. Therefore, picking the correct Medicare plan for you can make all the difference.

4. Ask For Help

You can not leave your retirement up to chance and it never hurts to get a second opinion. Knowing someone is on your side and rooting for the financial success of you and your family is an incredible relief.

Retire Safety First can highlight opportunities or risks that you may not be considering. Having someone in your corner will allow you to sleep better at night knowing they are looking after your finances with the same care you do.

Contact us to learn about the Retire Safety First Approach or call us at 860-757-3644 .

At Retire Safety First we believe everyone has a right to a safe, secure and predictable retirement. Our goal is to remove the fear and uncertainty out of retirement, to provide a safe retirement.

The 5 Road Trips You Need To Take In Retirement

Thu, 19 Aug 2021 19:49:13 GMT

You are finally transitioning into retirement!

You have worked your whole life to get to this point and now is the time to celebrate! Many new retirees have been fantasizing about having the free time to take vacations as they wish. No more waiting for your once-a-year vacations or approval from a boss.

Your options are seemingly endless. With your job now being in the past and the rest of your life free to do whatever you want; your biggest concern should be where do you want to go? Let’s take a look at some of the most fulfilling road trips you can take as a new retiree.

A road trip may be appealing if you have been yearning for the freedom of getting in your car or RV and taking off without any schedule or time limitations. Here are some great road trips to kickstart your dream retirement.

1. Route 66

Historic Route 66 is 2,400 miles long and crosses eight different states (Illinois, Missouri, Kansas, Oklahoma, Texas, New Mexico, Arizona, and California). This historic and famous route starts in Chicago and ends at the Pacific Coast in Santa Monica, California.

What makes Route 66 unique is you will mostly bypass Interstates and see small towns across America. In addition to its uniqueness, Route 66’s rich history allows you to follow American History. From its origin, many used this route to travel from the North East across the Rocky Mountain to the Pacific Ocean. From the Native Americans in the 1800s, families migrating to seek a better life in the 1930s, and many travelers enjoying the view and history now.

You can find many deserted ghost towns along the Route 66 that reflect the old days from the past. You will be able to at some of the most famous diners along the way and visit many eccentric roadside attractions that are the perfect break during your road trip.

2. Pacific Coast Highway

The Pacific Coast Highway is more than 650 miles long and takes you along the California 1 highway. It is recognized as one of the most beautiful routes in the USA and is an ideal route to celebrate your retirement.

You can start in San Francisco and drive south to San Diego. Officially the Pacific Coast Highway begins in Southern California at Interstate 5 south of San Juan Capistrano, and it ends at US 101 in Leggett in Mendocino County. But most people describe it as the route between San Diego and San Francisco. The scenery is stunning, but you should still take time out to and stop and tour some of the areas you are driving by like San Francisco, Los Angeles, San Diego, and Santa Cruz.

3. Blue Ridge Parkway

The Blue Ridge Parkway is 490 miles and is one of America’s favorite routes that runs through Virginia and North Carolina. It is most well-known for its beauty linking Shenandoah National Park to Great Smoky Mountains National Park. It is a great retirement road trip if you are looking for a slow and relaxed road trip.

If you prefer breathtaking landscapes and seeing green forests, misty mountains, blooming meadows, and blue horizons over beach views, then this is the route for you but do not forget to stop and see these beautiful views:

The Natural Bridge: Milepost 61.6 Virginia
Linville Falls: Milepost 316.3 North Carolina
Oconaluftee Indian Village Milepost 469.1 North Carolina.

4. Miami To Key West, Florida

A frequent retirement destination is Florida. So why not make a road trip to celebrate your retirement and get a taste of Florida? With stunning white sandy beaches, remarkable blue oceans, and a seemingly infinite number of locations to relax, there is no reason you should not make a road trip out of the Overseas Highway from Miami to Key West. The drive is about 160 miles long and will take you roughly 4 hours if you drive straight through.

You may want to take a few days to fully enjoy and appreciate all the best Florida has to offer. If you are looking for a more relaxing road trip you can visit the many beaches, go boating, or eat out and enjoy fresh seafood while enjoying the gorgeous view. Or, if you are looking for a more adventurous road trip then activities like sportfishing, scuba diving, swimming with dolphins and watersports are an incredible way to begin your retirement journey.

5. US Highway 1 East Coast, Florida To Maine

Totally nearly 2,400 miles, this incredible road trip takes you from the beaches in Florida to the rocky coastline in Maine. This route proves to be quite dynamic because it has something for everyone to appreciate.

Between enjoying the beaches and views of Florida or visiting big cities like Miami, Boston and New York, this road trip is a great idea for your retirement. With roughly 2,400 miles to explore you could even make rest stops visiting old friends or loved ones.

You may want to drive to visit loved ones or drive a historic route like Route 66.

If you are more of a sightseer, you could map out a list of National Parks to visit. The options are seemingly endless.

What will your first road trip look like? Now is the time to do more of what you love with the people you love.

Are you unsure if you can have the retirement of your dreams? We believe that you deserve to have an incredible retirement filled with creating memories with your loved ones. Depending on how you prepare, retirement can be the most exhilarating or stressful time of your life. Do not leave your retirement to chance.

To learn about how The Retire Safety First Approach can lead you to an incredible retirement please contact us .

Or call us today at 860-757-3644 for your complimentary no obligation consultation!

At Retire Safety First we believe everyone has a right to a safe, secure and predictable retirement. Our goal is to remove the fear and uncertainty out of retirement, to provide a safe retirement.

The Costly Mistakes Of Not Preparing For Retirement

Thu, 19 Aug 2021 19:46:34 GMT

Depending on how you prepare, retirement can be the most rewarding or stressful time of your life.

With how stressful this process can be, you need to be aware of the avoidable mistakes that could

impact your retirement lifestyle. We, at Retire Safety First, want you to do what you love with the

people you love and that starts with preparing.

Not Preparing for Retirement

Not preparing for retirement is the biggest mistake you could make. The good news is, this is easily avoidable. You should first discover what your dream retirement looks like. Does this include lots of travel or staying home to be near grandchildren? This will help you determine how much money you need saved. You will be able to prepare properly to be able to maintain your lifestyle in retirement. Without preparing, you could be at risk of running out of money during retirement.

Not Asking For Help

Attempting to prepare for retirement without any help can be a daunting task. Many individuals do not know who to trust or how to ask for help. Working with someone to receive a second opinion can reveal opportunities or risks that were not initially evident to you. With the Retire Safety First Approach, there is no downside in asking for help by requesting a complimentary consultation. By not doing so, you could cost yourself years of savings and add unnecessary stress to your life.

Giving Up Because You Started Late

If you started your retirement savings late, do not give up hope. You may have heard of this old proverb: “The best time to plant a tree was twenty years ago. The second-best time is now.” You can save more, spend less and work longer to make up for lost time. Creating an action plan will help you overcome the fears that naturally come up while preparing for retirement. By going through your budget, finding more work, and increasing your retirement contributions, you can still rest easy knowing your bills will be paid when you transition into retirement.

If you are 50 years or older, then you may be able to contribute up to $1,000 more to your IRAs. You can make catch-up IRA contributions to your Traditional or Roth IRA in accordance with IRS income rules. If you are eligible for an HSA account, you can also contribute up to $1,000 more per year if you are age 55 or older.

Under the same age requirement of 50, you can contribute an extra $6,500 per year in an employer sponsored 401k. This would put your total contribution limit to a total of $26,000! Plans of state and local governments (403(b) and 457 plans) may also allow catch-up contributions for participants who are aged 50 and older.

Remember, many have started saving late and have still enjoyed their retirement. You are not alone.

Relying On An Inheritance

While this will not be relevant to everyone, relying on an expected inheritance is not a safe practice. Correctly preparing for retirement is built around knowing your essential needs are covered like housing, utilities, and groceries. You do not want to leave this up to chance.

Even those that do retire with a significant amount of money saved may end up with little to nothing left at the end of their life to pass on to their loved ones. This is due to the rising costs of medical bills, long-term care, the 15 risks in retirement, debt, and expenses due to living longer.

Relying Entirely On Social Security Benefits

While Social Security can be the foundation to a safe and secure retirement, you should not rely solely on these benefits. Social Security benefits make up about one third of an average retiree’s monthly income, according to the Social Security Administration. With nearly 10,000 baby boomers retiring every day, your benefits could be impacted in the future as reserves are slowly depleting. Ultimately, Social Security is based upon the government and not your own doing. As a result of this, there are hidden risks associated with Social Security and you should not rely solely on this to maintain your lifestyle in retirement. To protect yourself, it is imperative to know how to maximize your Social Security benefits.

Click here to request your Social Security Timing Report or call us at 860-757-3644 .

Believing You Will Never Retire

While being passionate about your career is a great thing, believing you will work into your 80’s or 90’s can be a dangerous assumption. In fact, 60% of people retire earlier than expected due to unforeseen circumstances, according to USA Today. Your money should already look as if you are retired and it is imperative to still save for retirement even if you do not have plans to retire.

At Retire Safety First we want you to do what you love with the people you love. Preparing for retirement is the first step to achieving this. While we understand this transition can bring on new fears and worries, delaying preparing will only hurt you.

At Retire Safety First we believe everyone has a right to a safe, secure and predictable retirement. Our goal is to remove the fear and uncertainty out of retirement, to provide a safe retirement.

The Hidden Truths Of Retirement That No One Tells You

Thu, 19 Aug 2021 19:43:44 GMT

Retirement can be one of the most exhilarating times of your life.

Between creating new memories, spending time with loved ones and doing what you want when you want, retirement can be truly fulfilling. Unfortunately, there are some issues to retirement that are seldom discussed. We, at Retire Safety First believe that you should be made aware of these truths so you can prepare and have the dream retirement you have always wanted. Now is the time do more of what you love with the people you love. Knowing you may face some of these challenges, will better help you transition smoothly into retirement.

1. Your Net Worth Means Nothing When You Retire

This may seem like an absurd statement on the surface because you have spent your whole life saving and preparing for retirement. Often when preparing for retirement the goal in mind is around how much should be saved. Unfortunately, while maintaining your retirement, this is not very helpful.

You need to work backwards and figure out what you need on a per month basis to be confident that your monthly expenses will be covered. With the Retire Safety First Approach, you will know your monthly bills are covered so you can maintain your lifestyle throughout retirement. Without using this approach, you could find yourself living a stress filled retirement unsure of how you will pay your bills as you age.

Click here to learn about the Retire Safety First Approach or call us at 860-757-3644 .

2. Taxes In Retirement

Many retirees are often caught off guard by hefty tax bills that come due. This is due to a mistaken belief that your taxes will be lower in retirement which is not always the case.

If your retirement money is within a tax-deferred account like an employee sponsored 401(k) plan, you will have to pay taxes at your regular income tax rate when you take money out. This means you will have to withdraw more than you need just to pay your taxes in retirement.

While some of this may vary depending on your state income tax laws, if you take your Social Security benefits while still working, you could create unnecessary taxable events further complicating your taxes.

3. You Could Outlive Your Savings

The number one concern for those preparing or already transitioning into retirement, is running out of money, also known as longevity risk. Complicating this is the fact that it is impossible to know how long you will live and how long your savings must last in retirement. Subsequently, you should prepare for multiple decades of retirement so you can maintain your lifestyle because 1 in 4, 65-year-olds will live into their 90’s.

4. You May Have To Continue Working Longer Than Expected

You might have to go back to work after you retire for a variety of reasons or continue working later than you had planned. According to Bloomberg in 1985 the number of retirement age workers was about 10% but in 2019 that number had doubled to 20%.

The reasons may vary as to why you must continue to work but frequently this is due to improper preparation including not knowing how to maximize your Social Security. Taking your benefits inefficiently can cost you tens of thousands over dollars over your lifetime and make maintaining your lifestyle in retirement more difficult than it needs to be.

Request your Social Security Timing Report or call us at 860-757-3644

5. You May Become Bored And Question Why You Even Retired

Transitioning from a typical 9-5 job for 40 or more years, to having an open schedule can be an emotional rollercoaster. Usually during the first year of retirement, retirees are thrilled doing all the things that they did not have time to do while they were still working.

After the first year of retirement, you may find yourself questioning why you retired and wondering what your purpose is. Having outlets to remain social, trying new hobbies and finding your purpose can work wonders in creating your dream retirement.

Depending on how you prepare, retirement can be one of the most rewarding or stressful times of your life.

At Retire Safety First we do not stop at just preparing. We help you transition and maintain your retirement lifestyle.

At Retire Safety First we believe everyone has a right to a safe, secure and predictable retirement. Our goal is to remove the fear and uncertainty out of retirement, to provide a safe retirement.

6 Ways To Have An Emotionally Stable Retirement

Thu, 19 Aug 2021 19:41:40 GMT

Being financially stable has tremendous benefits for your overall health and well-being. Emotional and financial stability go hand in hand.

We, at Retire Safety First believe everyone has a right to a safe, secure, and predictable retirement. Knowing how to be financially and emotionally stable will help you maintain your lifestyle in retirement. Consider these 6 ways to have an emotionally stable retirement so you can enjoy your golden years to the fullest.

1. Prepare For Retirement

Depending on how you prepare, retirement can be the most rewarding or stressful time of your life. By preparing with the Retire Safety First Approach, your retirement can be filled with creating memories with loved ones, traveling, trying new hobbies, and most importantly, not worrying about money.

Retirement is the time to do more of what you love with the people you love and this is only made possible by preparing correctly.

Contact Retire Safety First today or call 860-757-3644 to learn more.

2. Get Spending Under Control

Often, folks who are preparing for retirement are not aware of how much they will need monthly to pay for essential needs when they retire. This could prove disastrous and lead to running out of money in retirement. The good news is this is easily avoidable.

Setting up a monthly budget allows every dollar you have to carry a purpose. Sticking to the budget you create leads to peace of mind knowing that your bills are covered throughout your golden years. Build in wiggle room and modify your budget month to month as expenses like birthday or anniversary gifts come up. Now with your budget set up, you can focus on the next step to having an emotionally stable retirement.

3. Pay Off Debt

Paying off debt will allow you to breathe a sigh of relief. Not having monthly payments or being called by creditors is extremely freeing. Paying off debt can lead to a noticeable improvement in your mental and even physical health!

In addition to possibly raising your credit score, you will now have more income available to save, invest, travel or spoil your grandkids. It is like giving yourself a raise every time a debt is paid off!

Paying off debt has also been shown to improve relationships. Money is one of the biggest sources of stress within a marriage. Creating a plan and paying off debt together creates a sense of pride and accomplishment. The process of paying off your debt will open lines of communication and strengthen your relationship.

4. Save More

Even if you are starting with nothing in savings, saving more will change your life. As your savings build up over time, what was once a stressful financial emergency can be a mere inconvenience. By having this safety net, you will rest easy at night knowing if the worst does happen, you will be prepared mentally and financially.

You will be able to avoid any high interest debt that could set you back. Once you have an adequate amount of savings, you can then put this money towards retirement, vacations, charity or whatever you like! Afterall, this is the time to do more of what you love with the people you love.

5. Ask For Professional Help

Now that you have created a budget and paid off some debts, you can focus on managing your money. While you may be confident as you are making great progress, it never hurts to get a second opinion. Knowing someone is on your side and rooting for the financial success of you and your family is an incredible relief.

Retire Safety First can be there to highlight opportunities or risks that you may be unaware of. Having someone in your corner will allow you to sleep better at night knowing they are looking after your finances with the same care you do.

6. Find Your Purpose In Retirement

While preparing for retirement, retirees are often consumed by making sure their finances are in order before retiring but often neglect what retirement will look like on a daily basis. While transitioning into retirement, you should create a routine around what you love to do. Maybe that is gardening, traveling, spending time with loved ones or all the above. Building a routine will help you maintain purpose with all your newfound time.

Remember, emotional stability takes time and does not happen overnight.

If you combine the Retire Safety First approach and follow these steps, you may increase your physical and mental wellness, reduce stress, and increase your ability to maintain your lifestyle in retirement.

At Retire Safety First we believe everyone has a right to a safe, secure and predictable retirement. Our goal is to remove the fear and uncertainty out of retirement, to provide a safe retirement.

Should You Pay Off Your Mortgage In Retirement?

Thu, 19 Aug 2021 19:36:20 GMT

Deciding whether to pay off your mortgage or not is both a financial and emotional decision. This frequently debated topic does not seem to have a simple answer and that is because the answer is based on your specific situation.

A study by AmericanFinancing showed that 44% of 60 to 70-year-old homeowners are carrying a mortgage into retirement. Here are the things to consider when deciding on if you should pay off your mortgage in retirement.

The Emotional Side vs Financial Side

1. The Emotional Side

Emotionally, paying off a mortgage can be very rewarding. Some of the benefits of paying off your mortgage in retirement are:

Your monthly bills will be lower.
You have the satisfaction of being debt free.
Can help remove fears of being able to make your monthly payments without a job.

While paying off your home may be emotionally rewarding, it is only half of the picture, which is why you must consider the financial side.

2. The Financial Side

With interest rates being historically low, the decision to pay off your mortgage early is more complicated than it once was. Some of the financial aspects you need to consider if you decide to pay off your home in retirement are:

Your taxes could increase significantly if you use retirement funds to pay off your mortgage.
Your Medicare premiums could increase substantially.
Interest rates are near all-time lows and the money may be invested elsewhere which may earn higher returns. This is known as lost opportunity cost.
Paying off your mortgage could cause liquidity issues.
You may take too much out of your accounts to pay off your home and open yourself up running out of money later in retirement. Also known as longevity risk.
The financial side of paying off a home in retirement is highly dependent upon your personal situation but as you now know, the emotional and financial side of paying off a home do not always line up which is why you should also consider a third option.

3. The Middle Ground

As you can see, the emotional and financial side can tell different stories. You may prefer something in the middle. If your mortgage has no prepayment penalty then you could make an extra principal only payment monthly, quarterly, or a lump sum amount once per year. When you make biweekly payments, you could save more money on interest and pay your mortgage down faster than you would by making payments once a month. By making payments every two weeks, you'll make 26 payments per year instead of 24. While each payment is equal to half the monthly amount, you end up paying an extra month per year with this method.

You could refinance to lower your mortgage. If you are considering finding a solution in the middle, you need to consider the following:

If you refinance, you may increase your debt but lower your payment
If you refinance, you may have to pay closing costs.
If you make extra principal payments, you can shorten your loan.

What should you do?

Paying off your mortgage in retirement is no longer the easy clear-cut decision it once was. You need to consider both the emotional and financial side when choosing to pay off your mortgage or not. Overall, paying off your mortgage is not always the best financial decision for everyone but making an informed decision is. We can help you make this important decision and help bring you the peace of mind you deserve.

Let us help you make this complicated decision an easy one and help bring you the peace of mind you deserve.

Contact us or call us today at 860-757-3644 .

At Retire Safety First we believe everyone has a right to a safe, secure and predictable retirement. Our goal is to remove the fear and uncertainty out of retirement, to provide a safe retirement.

5 Secrets To A Fulfilling Retirement

Thu, 19 Aug 2021 19:34:54 GMT

Many older folks preparing for retirement are only worried about money.

The reality is yes, having money for your retirement can help you have an enjoyable retirement, but most retirees need many other things to have true joy in retirement. Most importantly, money does not buy good health or meaningful relationships.

Consider these 5 secrets to have the fulfilling retirement you have always dreamed of:

1. Money Is Not The End All Be All.

Many people believe when they are transitioning into retirement, they need a substantial amount of money to have a safe retirement. You do not need large sums of money to have a satisfying retirement. You just need enough. In fact, with the proper use of the Retire Safety First Approach you may have enough with less. Making sure you have enough to pay your monthly bills in retirement is more important than your overall net worth.

Most retirees think they need the same income they had when they were working their day job, but this may not be true. You will no longer be commuting to work, saving for retirement, your taxes could end up being lower, and your house may be nearly paid off.

The most common fear for those preparing for retirement is running out of money. While a family crisis or medical bill can harm your retirement, you should focus on the simple principal of don’t spend what you don’t have. If you want to maintain your lifestyle in retirement, make sure your budget matches your lifestyle.

Never forget that a happy retirement does not just mean lavish vacations. While lavish vacations are nice, it is important to cherish the small things. Be it enjoying your coffee without having anywhere to be, having dinner with your loved ones, walking your dog, or spending time with your kids and grandkids: these are the moments that lead to a joyful retirement.

2. Stay Social.

People who live in isolation typically do not live as long or as happily as those who prioritize staying social. According to the Mayo Clinic, the benefits of being with other people are incredible. Adults with strong social support from family and friends have a reduced risk of many significant health problems, including depression and high blood pressure. Retirees with an abundant social life tend to live longer than those who are more isolated.

If you decide to move to a new area when you retire, you should visit a handful of times so you have an idea of what the area is truly like, meet people to see if you can develop any friendships and then make your decision on where you will spend your golden years.

3. Prioritize Your Health.

Health is a huge part of maintaining your retirement. It will affect your quality of life and how long you will be able to remain active. You cannot control your genetics, but you can work to make sure your health remains a top priority.

Finding an active hobby that you like is a great tool to maintain your health. Golfing, biking, playing tennis, or walking will not only keep you active, but also bring you enjoyment. Overall, any exercise is better than none.

If you plan on moving to a new area when you retire, check out your local hospitals and other nearby health facilities so you can remain confident in your care. If you have a preexisting condition, make sure you do your research so you can remain confident in the local specialists you would be visiting on a regular basis.

With your health and wellness in mind, try not to put off doing things that you have always wanted to do. If you are healthy and can afford it, then you should prioritize it. Now is the time to do more of what you love with the people you love.

One of the most important decisions you will make while transitioning into retirement is making sure you have proper health coverage. At age 65 you will be eligible for Medicare. Having the right Medicare plan can make all the difference and can help you save thousands of dollars.

4. Create And Maintain Goals.

You have been making and accomplishing your goals for your whole life, like getting an education, a promotion, or starting a family. Retirement should be no different. By setting goals, you create direction in your retirement. You will challenge and push yourself out of your comfort zone, which can lead to great satisfaction in retirement. Learning to set new goals throughout your retirement can help you remain happy and active.

If you are married, setting goals as a couple can bring a new form of bonding. Many couples who work their whole lives keep their goals separate but now you can set and accomplish goals together. The sense of pride and accomplishment will bring the two of you closer together and lead to a more enjoyable retirement.

5. Find Your Purpose.

In addition to creating and maintaining goals in retirement, if you want to have a fulfilling retirement you may need to find your purpose. In the first year of your new life, most retirees are satisfied doing all the things they did not have time to do. However, after this first-year, retirees often find themselves bored and question why they even retired.

In the past, elders matured into different roles for their families and society. Elders typically became leaders or mentors to those around them. Unfortunately, that is no longer the case in modern society, instead you must find your purpose. This will look different for everyone and could include you going back to work in part time or in a consulting role, running for your local town council, volunteering your time for those in need or helping raise grandchildren.

At Retire Safety First, we understand the fears and uncertainties you have when you are preparing for retirement. If you apply these 5 secrets with The Retire Safety First Approach, you are on the right path to having the fulfilling retirement you always imagined.

To learn about The Retire Safety First Approach please contact us .

Or call us today at 860-757-3644 for your complimentary no obligation consultation!

At Retire Safety First we believe everyone has a right to a safe, secure and predictable retirement. Our goal is to remove the fear and uncertainty out of retirement, to provide a safe retirement.

What Are The 15 Risks Threatening Your Retirement?

Thu, 19 Aug 2021 19:32:05 GMT

Financial stress wreaks havoc on mental health. When thinking about retirement, most people plan and address one risk, market risk.

At Retire Safety First we believe everyone has a right to a safe, secure and predictable retirement. Our goal is to remove the fear and uncertainty out of retirement, to provide a safe retirement.

Traditional investments like stocks and bonds do not solve risk, they simply trade them off. Market risk is only 1 of 15 risks that you should be prepared for in retirement. Here are the top risks associated with retirement. Depending on how you prepare for retirement, it can be the most rewarding or the most stressful time of your life. The Retire Safety First Approach is designed to provide peace of mind that leads to a less stressful and more enjoyable retirement experience.

1. Market Risk

Market risk is the possibility that an individual will experience losses due to the overall performance of investments. Market risk cannot be eliminated through diversification, though it can be hedged in other ways. Imagine the feeling of a 30% loss in your retirement savings when you are this close to retirement!

2. Longevity Risk

One of the biggest concerns for retirees is outliving their money. If you design your withdrawal strategy with an assumed death of age 82 but you live until 90, there is a danger of exhausting your savings.

3. Inflation Risk

Inflation is the silent threat to your retirement. The risk is assuming too low of a rate or not taking it into consideration at all when planning your expenses. Like the problem with longevity, if you choose too high of a number or too low of a number, your withdrawal rate may not be appropriate to support your desired lifestyle.

4. Interest Rate Risk

Interest rates directly affect your retirement whether they move up or down. The amount of money you receive from savings accounts, CD’s or bonds will increase and decrease with interest rates. This can make your retirement stressful and unpredictable.

5. Sequence Of Returns Risk

You are exposed to sequence of returns risk when a down market takes place during the early years of your retirement. If you are required to take income out and the market or your account is down, then you will be taking a higher distribution rate than you might have initially planned. In this situation, you may need to take less out to make sure you don’t out life your savings or change your spending habits.

6. Excess Withdrawal Risk

The baseline of retirement planning is knowing what your monthly budget will be. A safe withdrawal rate assumes we can take out a certain percentage of our savings each year without running out of money. Everyone’s life and financial circumstances are different and there is no universally appropriate rate.

7. Health Care Expense Risk

The average 65-year-old couple in 2019 will need $390,000 in today’s dollars during their retirement, excluding long-term care, to cover health care expenses according to HealthView Services. You never know when or how long you may be sick, so being prepared for unexpected medical expenses will help you have peace of mind.

8. Long-Term Care Risk

You do not know if, when, or how long you may need long term care. According to the U.S. Department of Health and Human Services, a person turning 65 today has almost a 70% chance of needing long-term care services. The average cost of a semi-private room in CT nursing facilities is $157,700, according to the State of CT Office of Policy Management.

9. Forced Retirement Risk

Did you know 60 percent of people retire earlier than planned due to unforeseen circumstances according to USA Today? Your family, health, or job loss could make the choice of retirement for you. Retiring earlier than planned forces you to draw from savings earlier than anticipated and takes years of saving away. For this reason, at age 60 your money should look as if you are already retired.

10. Public Policy Risk

One thing that is certain is the government changes laws continuously. Social Security and Medicare are frequently undergoing adjustments that can make your retirement unpredictable. Not only do you need to be aware of changes the federal government makes but states can make policy changes that could impact you significantly as well.

11. Unexpected Financial Responsibility Risk

Life in unpredictable. You could find yourself being the primary caretaker of a loved one. Even knowing you may not be able to afford to help, many will care for their loved parent, child, or grandchild. This will add stress to your budget.

12. Frailty/Financial Elder Abuse Risk

We all hate to admit it, but as we age, we lose a step or two mentally and physically. We are more at risk with mismanaging our money. This could be as simple as forgetting to pay a bill or as dangerous as falling for a scam. Unfortunately, the elderly are at a higher risk for becoming financially abused than the rest of the population.

13. Employer Insolvency Risk

Pensions are a great benefit that some employers will offer to their retired staff, but you should never fully rely upon this income as this could prove costly. These benefits could dissipate as any company can go bankrupt or worse, your old company decides to stop their benefit programs. You need to have multiple sources of income should this situation happen.

14. Loss Of A Spouse Risk

Dealing with the emotional turmoil of losing a loved one is painful enough. Dealing with the loss of income on top of it is overwhelming. If the primary breadwinner dies first, there is likely a reduction of income which can make matters worse. Your Social Security could drop between 33 and 50 percent.

15. Liquidity Risk

While stocks and bonds are easy to sell, some things are not. Houses, businesses, and collectables may take time to sell. You may have to sell them when the market for them is low, or you may not be able sell them at all. If you are relying on income from one of these sources, you should be prepared to wait or take less than expected.

At Retire Safety First, we look at all these risks and hope for the best but plan for the worst. Now is the time to pursue your passions, to have new experiences, and to do more of what you love with the people you love. You should be able to spend more time living your life to the fullest and not worrying about these risks keeping you up at night.

To learn about each of these risks and how they may affect your retirement, please contact us .

Learn how the Retire Safety First approach can help give you the retirement you have been dreaming of.

Call us today at 860-757-3644

4 Ways To Enjoy life Now And Save For Your Retirement

Fri, 13 Aug 2021 14:23:13 GMT

You don’t need to choose between happiness today or happiness tomorrow when preparing for retirement

Wanting to enjoy life today while saving for your dream retirement can be challenging but it is possible to achieve both! You need to find the proper compromise between your future goals and your happiness now. Depending on how you prepare, retirement can be the most rewarding or stressful time of your life. Here are 4 ways to enjoy life now and save for your retirement.

1. Split Your Pay Raise

While it is easy to let a raise vanish into your monthly spending or splurge on something expensive you have always wanted, you should divide that pay raise between current spending and retirement savings. We often hear from people that just received a raise and in just a few months, they feel like they do not have any extra income because the average person that receives a raise, will spend more.

You could take 50% of your raise and apply it towards your retirement contributions. The other half of your raise can fund your current lifestyle. This is arguably the most effective way to save more while enjoying your life now.

With this approach, you still experience the reward of a pay raise and you are still prioritizing your future lifestyle.

2. Look For Ways To Save On Your Budget

One of the easiest ways to save more money to prepare for retirement is looking for ways to save on your monthly budget. Here are a few suggestions to get you started.

Have you reviewed your insurances? You should review all your insurance policies yearly and shop around for the best deal. The savings can add up very quickly and you could be able to add hundreds of dollars per month to your retirement contributions.

You should also be reviewing your automatic subscriptions. These can quickly add up and end up being a substantial portion of your budget. You may even find services that you are paying for that you are not even using.

Quickly looking through your bank statements and budget can uncover significant saving opportunities. These savings can then be applied to your retirement contributions to help fund your fulfilling retirement.

Don’t have a budget? Contact us or call us at 860-757-3644 .

3. Invest Any Additional Cash

Cash windfalls are not limited to inheritances or big lottery tickets. Any additional cash, like a bonus from work, a tax refund, gifts, or money from selling your old used items can be used to prepare for your retirement without sacrificing your happiness now.

Saving this extra money can add up year over year as your money is working for you. This could be the difference from having a stress filled retirement and the retirement you have always dreamed of.

4. Pay Your Bills On Time And Do Not Overdraw Accounts

Did you know credit card companies and banks make hundreds of millions each year on late payment fees and charges on overdrawn accounts? By paying your bills on time, you can avoid late fees. With a detailed budget, you will be able to track when you are going to be paid and when your bills are due. Do not exceed your credit limits and take the time to read the fine print the next time you sign up for a new credit card or loan.

The Importance Of A Balanced Financial Mind

Retirement is all about enjoying your hard work and doing what you love with the people you love, creating experiences, and making memories. But you do not want to miss creating those moments before you retire.

If you follow these simple steps, you can have the best of both worlds. Retire Safety First will help create a budget with you so you can enjoy life now and prepare for retirement.

Contact us or call us today at 860-757-3644

At Retire Safety First we believe everyone has a right to a safe, secure and predictable retirement. Our goal is to remove the fear and uncertainty out of retirement, to provide a safe retirement.

Are Social Security Cost Of Living Adjustments Enough For Retirees?

Fri, 13 Aug 2021 14:16:31 GMT

What is a Cost-of-Living Adjustment?

A cost-of-living adjustment is an increase in your monthly social security benefits to combat inflation. If you are unfamiliar, inflation is a general increase in prices which decreases the purchasing power of the dollar.

The Social Security Administration announced that the cost-of-living adjustment is increasing by 1.3% for 2021, which equates to an average monthly benefit increase of $20 per CNBC.

With inflation rates nearing dangerous levels, it is important to be aware of the possibility that these cost-of-living adjustments may not be enough to maintain your lifestyle in retirement. Mary Johnson, a Social Security policy analyst for The Senior Citizens League, in a press release said the following: “When the prices of the goods and services that retirees depend on go through the roof, their Social Security benefits don’t buy as much, and that causes enormous financial stress for all retirees”. Knowing when and how to take your Social Security benefits correctly is crucial in preparing for retirement and combating inflation.

Request your Social Security Timing Report or call us today at 860-757-3644 .

The below chart showcases how inflation has increased the prices of everyday goods and services.

In June Of 2021 Inflation Rose At Its Fastest Pace Since 2008

As you can see, the prices of everyday goods have increased dramatically over the past year. Inflation rose to 5.4 percent over the past year due to multiple factors including, supply chain issues and high demand as covid restrictions are easing. This is nearly double the expected inflation rate of 3% per year. This is the largest jump we have seen since August 2008 which was right before the financial crisis.

Inflation can erode the value of your money and create a stressful and unpredictable retirement.

Did you know to have the same $5,000 purchasing power today, you will need $6,719 in 10 years adjusting for a more modest 3% inflationary rate? Inflation is the silent threat to maintaining your lifestyle in retirement. This chart shows how much you will need in your future retirement years based on this 3% inflation rate.

Since 2010, the average Cost of Living Adjustments per year has only been 1.4%, according to data from the Social Security Administration. Do you think this in enough to combat the looming inflation fears?

Have you noticed how inflation is affecting your budget?

Learn how the Retire Safety First approach can help protect you against inflation.

Contact us or call today at 860-757-3644 .

At Retire Safety First we believe everyone has a right to a safe, secure and predictable retirement. Our goal is to remove the fear and uncertainty out of retirement, to provide a safe retirement.

5 Great Cities To Retire In

Fri, 13 Aug 2021 14:08:04 GMT

Now that you are transitioning into retirement, you will no longer be tied down to a single location.

Have you considered relocating? Maybe you want to enjoy warmer weather year-round or be part of a retirement community. Depending on the state, housing could be more affordable and your income may be taxed at lower rates. If you have been considering a move, then you should consider the following cities:

Sarasota, Florida

Florida lives up to its nickname of the Sunshine State. With blue skies, tons of sun, and a slight breeze, your retirement will look like a postcard. Sarasota is much more than just beaches though, as the downtown area offers a vibrant art scene, live music, and highly rated restaurants for every occasion. Sarasota is a stunning city for the retiree looking to live their life to the fullest.

Benefits:

Has a great retiree population. The median age is 53 years old.
Has many highly rated hospitals.
Average high/low temps of 81.7 and 64.1
Does not have a state income tax which includes Social Security benefits, pensions, IRA’s, 401ks and other retirement income.
Has no inheritance or estate tax.

Things to Consider

Homes prices are above national averages at $387,630.
The areas infrastructure has not kept up with its population growth, so a car is a must have.

Augusta, Georgia

Augusta, Georgia may be best known for hosting the Masters tournament but this city has much more to offer than just golf. The Augusta Canal is filled with outdoor enthusiasts as the adjacent trails provide plenty of opportunities enjoy the comfortable climate. If you are a lifetime learner, you will be ecstatic to learn that residents who are 62 or older can take any class free at Augusta University on a space-available basis.

Benefits

Home prices are well below national averages at $134,000.
Georgia has generous tax breaks for its older residents.
Augusta University Health is a health care network that includes the 478-bed Augusta University Medical Center. The network offers a long list of specialists, including doctors who focus on oncology, geriatrics and senior health.
Climate provides comfortable summers and mild winters.
Low crime rate.

Things to Consider

Augusta has a higher poverty rate than the national average.
Having a car is a must have for transportation.

Charlestown, South Carolina

Charlestown, South Carolina provides a subtropical climate making it the perfect location for rest and relaxation. With Folly beach nearby you will be a destination for family reunions so you can do more of what you love with the people you love. South Carolina is also filled with rich history. If you drive up to Charlotte NC, you will have an abundance of sports teams to watch (21 minor and major league teams) for your entertainment .

Benefits

Cost of living is 1% less than the national average.
No tax on Social Security income and no State Estate tax.
Favorable ratio of doctors per capita.
Strong economy if you choose or need to re-enter the work force.
Has a large senior population.
Many public transportation options to choose from.

Things to Consider

Good climate, however, will experience above average rainfall and a hurricane season.
Overgrowth is reducing the amount of land available as housing developments are built.

Contact Retire Safety First or call us at 860-757-3644 . We would love to help you decide if relocating is the right decision for you!

Chattanooga, Tennessee

Looking to live near the mountains and water? Chattanooga, Tennessee allows you to enjoy the best of both with Lookout Mountain and the Tennessee River. The Riverwalk is in the lively downtown area which is a local and tourist hot spot. Best known for its’ shops and restaurants, a spectacular aquarium, and Creative Discovery Museum for the grandkids.

Benefits

Median homes prices are $232,000, far below the national average.
16.6% of the population is 65 years or older.
Has no income or estate tax (includes Social Security and retirement income).
Great health care is available through the Erlanger Health System, which has five hospitals based in Chattanooga. Other local hospitals include CHI Memorial and Parkridge Medical Center.
Growing economy if you need or want to re-enter the workforce.
Robust senior citizen transportation available

Things to Consider

High sales tax
Summers can be very humid.

Roanoke, Virginia

If you love outdoor adventures, then Roanoke, Virginia should be a top consideration for places to move to in retirement. With over 600 miles of trails and outdoor activities you will always have something to do outdoors. The famous Appalachian Trails is just north of Roanoke. With the local economy recently being brought back to life by healthcare and technology, Roanoke is slowly but surely becoming a retirement destination.

Benefits

Median home prices are below national averages at $200,000.
The cost of living is lower than national average.
Enjoys all four seasons but tends to lack the extremes of other seasonal areas.
Social Security income is not taxed.
While in a rural setting, Carilion Medical Center’s headquarters is in Roanoke.

Things to Consider

Higher than average crime rate.
Has a smaller and younger population.

You have worked incredibly hard to prepare for retirement. Now is the time to do what you love with the people you love. Relocating can be an attractive option when retiring because of warmer climates and lower taxes.

At Retire Safety First, we would love to help you decide if relocating is the right decision for you!

Contact us today or call us at 860-757-3644 !

At Retire Safety First we believe everyone has a right to a safe, secure and predictable retirement. Our goal is to remove the fear and uncertainty out of retirement, to provide a safe retirement.

Charitable Giving In Retirement: What You Need To Know

Fri, 13 Aug 2021 12:23:32 GMT

For many retirees, the desire to participate in charitable giving to family, communities or charities grows with time.

Numerous studies have shown that there are psychological benefits to giving. Giving could even make you both happier and healthier. Consider what you need to know before making a charitable donation.

1. Make Sure You Can Afford To Make A Donation

No matter the amount you have saved for retirement you can always make a donation. Remember that every dollar counts. Whether it is $5 or $5,000, you are making a difference. If you cannot afford any donation, you can always volunteer your time to make an impact.

It is important before making any kind of monetary donation to family or charity to make sure you can afford it. To do this safely you must know your budget so you do not overextend your finances.

2. Know How To Vet A Charity

The last thing you want to hear is that charity you have been giving to is scam or not being financially responsible. You must know how to vet a charity.

If you want to see what a charities goals are, check its mission statement on its website or marketing material. This will tell you the charities purpose for existing and their plans to work towards achieving their goals. This ensures that the charity aligns with your beliefs.

As always, be careful about giving out your personal information. Pay close attention to how a charity handles donations. The safest way to donate is to use a credit card on a secure website. Consider it a red flag if a charity asks for money through a wire transfer, prepaid debit card or gift card.

3. Make Sure Your Donation Is Tax-Deductible

While completing your research prior to giving to a charity, you should ensure that your donation is tax-deductible. You must donate to a qualified charitable organization and they must be tax-exempt 501(c)(3).

Many charitable organizations qualify for tax-deductible donations, but not all, making it important to know whether your chosen group qualifies. You may search in the IRS online database for all of the acceptable charities or check to see if the organization is designated with 501(c)(3).

With the Retire Safety First Approach you can know your monthly bills are covered so you can give to loved ones or charities you believe in.

To learn about The Retire Safety First Approach please contact us .

Or call us today at 860-757-3644 for your complimentary no obligation consultation!

At Retire Safety First we believe everyone has a right to a safe, secure and predictable retirement. Our goal is to remove the fear and uncertainty out of retirement, to provide a safe retirement.

Are You Prepared For Retirement?

Thu, 12 Aug 2021 19:37:53 GMT

Does the thought of retirement worry or excite you?

You have been working your whole life to finally be able to transition into retirement. You deserve a safe retirement that leads to a satisfying retirement experience. If you prepare correctly, retirement can be one of the most wonderful times of your life. Consider these topics that could signal you are not preparing for retirement safely.

1. Not Knowing Your Monthly Budget

To prepare for retirement, you must work backwards. This starts with knowing how much you need to spend to cover your monthly expenses. You probably have a good idea of how much money is coming in each month, but just how much is being spent? If you do not know what your monthly budget is, we can help. Knowing how much you spend monthly is the baseline of a secure retirement.

For help with your budget contact us or call 860-757-3644 .

2. Not Knowing How To Pay For Your Medical Bills In Retirement

Unfortunately, as we age medical expenses continue to increase. In fact, a healthy 65-year-old couple that retired in 2019 will need close to $390,000 to cover health-care expenses according to HealthView Services. Considering this, it is crucial to select the best Medicare plan for your needs when you turn 65. Selecting the right plan can make all the difference and save you thousands of dollars in retirement.

3. You Have High Interest Debt

If you are currently living off credit cards or trying to pay off your high interest debt, there's a good chance this is taking your focus away from preparing for retirement. You should review your spending habits and use your newly created budget to make sure you are not overspending. Then create a plan to eliminate your high interest debt so you can prepare for your dream retirement.

4. You Have Not Asked For Help

Preparing for retirement is an incredible challenge, so it could be in your best interest to ask someone for help. Having someone to review your goals, help you plan for the 15 risks in retirement, and make any necessary changes so you can maintain your lifestyle in retirement. With a complimentary consultation from Retire Safety First, you will be made aware of opportunities and risks you may not have known about and be re-assured someone is looking out for you and your family.

5. Not Knowing When To Take Your Social Security Benefits

When Social Security was created nearly one century ago, it was much simpler than it is today. Once you turned age 65 you were eligible and there was no option to take your benefits earlier or later. Today, the decision is much more complex as you must consider your full retirement age (which is not 65 for everyone), your health, and which spouse is entitled to higher benefits. You now have an eight-year window to start your benefits. Social Security can be the foundation of a fulfilling retirement if you maximize your benefits correctly.

Request your Social Security Timing Report or call us at 860-757-3644 .

At Retire Safety First, we understand retirement is the time to do what you love with the people you love. To have the lifestyle you want in retirement, you need to prepare correctly. Like learning any new skill, it takes the willingness to learn and patience. The Retire Safety First is designed around making sure you have the safe, secure and predictable retirement you are entitled to.

To learn about The Retire Safety First Approach please contact us or call us today at 860-757-3644 for your complimentary no obligation consultation!

At Retire Safety First we believe everyone has a right to a safe, secure and predictable retirement. Our goal is to remove the fear and uncertainty out of retirement, to provide a safe retirement.

5 Practical Tips To Catch Up On Retirement Savings

Thu, 12 Aug 2021 19:25:53 GMT

Having a safe and predictable retirement generally means saving as much as you can as often as possible.

If you are worried that you do not have enough money to maintain your lifestyle in retirement, there are ways to get back on track. Here are some practical tips to put your mind at ease and get you excited for retirement again!

1. Increase Your Retirement Contributions

If you have a work sponsored 401(k) plan, this is an effective way to catch up on retirement savings. Finding out if your current employer offers a match is the first step as that should be the minimum you invest since it’s free money. You can contribute all the way up to $19,500 in tax deductible contributions per year with an employer sponsored 401(k) plan.

If you have an IRA, you can contribute up to $6,000 a year. While there will be no match, an IRA is still a vehicle you can use to catch up on retirement. If you have a ROTH IRA (after tax contributions) you can utilize both your employer sponsored 401(k) and Roth IRA and contribute a total of $25,500 per year to your retirement accounts annually.

If you have a 403(b) (for private nonprofits and government workers including public schools) or 457 (state and local government sponsored plans) you have the same contribution limits of $19,500 per year.

2. Utilize an HSA Account

HSA stands for health savings account. HSAs are designed to help you pay for your current healthcare expenses and save for future healthcare expenses. You can make tax deductible contributions up to $3,600 per year or $7,200 if you are married. With an HSA you will also earn interest tax-free and take tax-free withdrawals to pay for qualified medical expenses.

Payments from this account must be used for a qualified medical expense or withdrawals from this account are subject to income tax and may have additional penalties up to 20% if done before the retirement age of 65. If you qualify, the HSA account is a great vehicle to catch up on retirement savings because of the incredible tax savings.

To be eligible for an HSA account you must be enrolled in a high deductible health plan and be a US taxpayer.

You may not be eligible to use an HSA account if you can be claimed as a dependent on someone else’s tax return, you or a spouse cannot be covered by a disqualifying insurance coverage like Medicare, and you or a spouse cannot be covered by a full-purpose flexible spending account of health reimbursement arrangement.

A healthy 65-year-old couple retiring in 2019 will need close to $390,000 to cover health-care expenses according to HealthView Services. With the cost of health care continuing to rise, you should consider an HSA account if you are eligible.

3. Take Advantage Of Catch-up Contributions.

Another retirement savings tip is that you may each be able to contribute up to $1,000 more to your IRAs if you are age 50 or older. You can make catch-up IRA contributions to your Traditional or Roth IRA in accordance with IRS income rules. If you are eligible for an HSA account, you can also contribute up to $1,000 more per year if you are aged 55 or older.

Under the age requirement of 50, you can contribute an extra $6,500 per year in an employer sponsored 401(k). This would put your total contribution limit to a total of $26,000! Plans of state and local governments (403b and 457 plans) may also allow catch-up contributions for participants who are aged 50 and older.

If you take advantage of both traditional catch-up contributions, you could contribute a total of $7,000 in an IRA and $26,000 in an employer sponsored 401(k) plan totaling $33,000 every single year!

4. Increase Your Income

If you are not able to increase your retirement contributions, increasing your income can be the next best thing. You may be able to approach your employer and ask for more responsibilities in addition to a raise. If you are in sales or have overtime opportunities, you could increase your hours to increase your income.

If your income is capped, you could pursue a 2 ^nd job that offers flexible hours. While this may not seem like much at the time, if you invest this income, it could be the difference from having a stress filled retirement to having a safe retirement.

5. Decrease Your Expenses

If you are unable to increase your income or your retirement contributions, then you can look to decreasing your monthly expenses. If you do not have a monthly budget set up, that should be your first step. Once you set up your budget, compare that to your bank statement. You may be shocked to see how much extra you spend per month. You may even find subscriptions that you are still paying for that you have not used in months!

Shopping around for the best prices for recurring expenses like a phone plan, insurances, and cable could help you save thousands of dollars per year. Taking this saved money and putting into your retirement accounts is an incredible way to help catch up on your savings.

We understand how stressful preparing for retirement can be. These 5 practical tips combined with the Retire Safety First Approach can bring you the peace of mind you need for retirement.

Contact us today to schedule your complimentary no obligation consultation or call us at 860-757-3644 .

At Retire Safety First we believe everyone has a right to a safe, secure and predictable retirement. Our goal is to remove the fear and uncertainty out of retirement, to provide a safe retirement.