Tips for Spending Less in Retirement

If you’re like most of us, you looked forward to retirement. You have more free time to do the things you enjoy. But sometimes having more time means you spend more money. How do you rein in your spending if you’re spending more than you think you should?

I suggest following a four-step process I call T.R.I.P.

Step 1. Track. Begin by tracking what you’re spending. It can be as easy as collecting all the receipts of your purchases over a month. And it should be ALL your receipts. If you paid for something with cash, keep your receipt and put it in an envelope. If you paid by credit card, again, keep your receipt and place it in the same envelope. You may be tempted to say, “I keep track by reviewing my credit card statement.” But, that’s only part of the story.

Step 2. Review. Now that you have an envelope of receipts, take some time to review your receipts by sorting similar expenses into piles. This exercise can be done weekly or monthly and it can be quite revealing. For example, you may have spent more on the grandchildren when they were visiting. You may have had a large unexpected bill for the car. Or you may have simply made more impulse purchases than you thought. Be sure not to judge your spending. Simply sort your receipts into piles that make sense for you and note if the expense is regular or one-off.

Step 3. Intent. Now that you have an idea of how much you’re spending, you can evaluate if the money you spent aligns with your priorities. If not, you can adjust your spending so it does. For example, you may find you’re spending all your discretionary money on day-to-day enjoyment and not putting money aside to go visit your grandchildren. The idea is to be intentional with all your money and make adjustments to match your spending with your true priorities.

Here are some tips on how to make some easy adjustments:

• Look for specials and use coupons! You can save a lot of money by altering when or where you make purchases to take advantage of a coupon or an end-of-season special.
• Comparison shop. It’s a good idea to shop around and look for the best price.
• Check-out second-hand options. You can get some terrific second-hand items (cars, appliances or even clothes) for a lot less money.
• It pays to ask, “Can you do a better price?” Seniors are often offered automatic savings or discounts but there may be an opportunity for further savings by simply asking if this is the best price. If you’re pleasant, the worst you’ll likely get is, “Sorry, no.”
• Spread out the frequency of your activities. Instead of every week or month, try every two weeks or every two months.
• Cut back on spending by taking advantage of free local events and activities. It’s an excellent way to explore different activities and meet new people.

Step 4. Proceed. Now it’s time to put your plan into action. But, proceed with caution. If your spending doesn’t go entirely to plan, be gentle on yourself. Know that you can always go back to the beginning to get back on track!

You can’t take your money with you but you can only spend it once. So Track, Review, Intent and Proceed for good balance.

Lynn Williams
Professional Financial Architect
President & CEO of The Lifestyle Protector
E: Lynn@lifestyleprotector.ca
P: (+1)604 833 0348
1322 – 1111 W Georgia St
Vancouver, BC, Canada

 

World Elder Abuse Day

British Columbia recognizes June 15th as World Elder Abuse Awareness Day. Every year an estimated 5 million older people are victims of elder abuse, neglect, or exploitation. And that’s only part of the picture: Experts believe that for every case of elder abuse or neglect reported, as many as 23 cases go unreported.

Elder abuse in any form is wrong. Unfortunately, some seniors suffer from abuse and neglect, sometimes from caregivers or family members. Abuse can take many forms, such as physical, sexual, emotional, financial, or spiritual.

Neglect and self-neglect are also forms of abuse. Self-neglect happens when a senior lives in a way that puts his or her own health, safety, or well-being at risk.

Many victims are reluctant to report abuse because:

• They feel ashamed and embarrassed, particularly if the abuser is a family member
• Are afraid that the abuser will get in trouble
• Worry that they will be forced to live in a nursing home
• Feel guilty or somehow to blame
• Be in denial that the abuse is occurring or be

RED FLAGS OF ABUSE

Neglect

• Lack of basic hygiene, adequate food,or clean and appropriate clothing
• Lack of medical aids (glasses, walker, teeth, hearing aid, and medications)
• Person with dementia left unsupervised
• Person confined to bed is left without care
• Home cluttered, filthy, in disrepair, or having fire and safety hazards

Financial abuse/exploitation

• Lack of amenities victim could afford
• Vulnerable adult “voluntarily” giving uncharacteristically excessive financial reimbursement/gifts for care and companionship
• Caregiver has control of elder’s money but is failing to provide for elder’s needs

Psychological/emotional abuse

• Unexplained or uncharacteristic changes in behavior, such as withdrawal from normal activities, changes in alertness, othe
• Caregiver isolates elder (doesn’t let anyone into the home or speak to the elder).  Caregiver is verbally aggressive or demeaning, controlling, overly concerned about spending money, or uncaring

Physical/sexual abuse

• Inadequately explained fractures, bruises, welts, cuts, sores or burns
• Unexplained sexually transmitted diseases

If you know of someone who is in immediate danger, dial 9-1-1 or call the emergency number listed in the front of your phone book.

In non-emergency situations, call VictimLink BC – a confidential telephone service available 24 hours a day, seven days a week. Toll-free: 1-800-563-0808

Heather Martin, CDP
Comfort Keepers
Helping you stay Happier, Healthier & At Home
Serving Vancouver, Burnaby, New Westminster, Delta, White Rock and Surrey South of Fraser Hwy
14-1480 Foster Street
White Rock, BC V4B 3X7
Tel: (604) 689-8609/(604)541-8653
Cell: (778) 997-5685
Email: heathermartin@comfortkeepers.ca

Is your retirement at risk from illness?

You’ve spent years saving, doing the right thing and taking care to think about the long-term.

And yet … what would happen if you were to get sick?

Would you dip into your retirement savings to cover costs or unplanned medical expenses? Would you have to work longer once you were back on your feet to make up for those lost savings?

If you answered yes, you’re not alone. In a recent survey, Ipsos Reid  found that 52 per cent of respondents indicated they would dip into their retirement savings if faced with a major illness.

But, dipping into your retirement savings may be costing you more than you think. Here’s one scenario that may get you to re-think your RRSP dipping strategy.

• John is a 38-year-old male with an annual income of $90,000.
• If John were to save consistently and remain healthy until his retirement at age 65, he could retire with more than $673,000 in his RRSP.
• But John suffers a life-threatening cancer at age 52. He needs money to cover costs not covered through his provincial healthcare plan so he withdraws $200,000 from his RRSP.
• John is now back working and to maintain his goal of retiring at age 65 with his original nest egg, John would need to triple his retirement savings.

If tripling your savings to achieve your retirement plans isn’t something you want to contemplate, what choice do you have? Critical Illness Insurance. It’s tailored for you and, once issued, it’s guaranteed. You can even add a return-of-premium rider that means, if you remain healthy, the insurance company will give you all your premiums back.

So if your current strategy is to dip into your RRSP for unplanned medical expenses, perhaps it’s time to re-think that plan. Call me today to talk about the best way to insure yourself and protect your retirement lifestyle. I’m fairly certain you’ll be glad you did.

Lynn Williams
Professional Financial Architect
President & CEO of The Lifestyle Protector
E: Lynn@lifestyleprotector.ca
P: (+1)604 833 0348
1322 – 1111 W Georgia St
Vancouver, BC, Canada

 

Selling Your Home

Decide when to sell:

In real estate, timing can influence your home’s selling price. Factors like how quickly you need to sell, whether it’s a buyers or sellers market and seasonality all play a role in your home’s final selling price.

Determine your home’s asking price:

The right asking price will attract buyers and pay you a maximum return. Setting too low a price means you could miss out on thousands of dollars. Setting too high a price will scare away buyers. Your goal is to find fair market value.

The importance of working with a REALTOR®:

• Consult with you to clarify your needs, expectations and priorities.
• Advise you and suggest any changes you might wish to make in your home is in order to ensure it is even more appealing to the Buyer and also how to prepare your home for showings.
• Negotiate on your behalf for top dollar
• Assist in all aspects of the sale including offering information on home inspections, mortgage contacts and lawyer closing procedures.
• Access to important documents sometimes difficult to retrieve without a licence.

Preparing your home for sale:

General Maintenance Curb Appeal

• Oil squeaky doors Cut lawns
• Tighten doorknobs Trim shrubs and lawns
• Replace burned out lights Weed and edge gardens
• Clean and repair windows Pick up any litter
• Tough up chipped paint Clear walk and driveway of leaves
• Repair cracked plaster Repair gutters and eaves
• Repair leaking taps and toilets Touch up exterior paint

Spic and Span The Buying Atmosphere

• Shampoo carpets Be absent during showings
• Clean washer and dryer and tubs Turn on all the lights
• Clean furnace Light fireplace
• Clean fridge and stove Open drapes in the day time
• Clean and freshen bathrooms Play quiet background music
• Keep pets outside

The First Impression

• Clean and tidy entrance The Spacious Look
• Functional doorbell Clear stairs and halls
• Polish door hardware Store excess furniture
• Clear counters and stove
• Make closets neat and tidy

Set the Stage:

Appointments and Open Houses

BE NEAT – If you desire the optimum dollar for your home then your home must sparkle. Have you ever entered into a home where the beds were unmade, toys and clothes were strewn about, the garbage was overflowing on to the floor, and last night’s fish dinner was still evident in the air? Did you feel that this home was neglected? Probably. Would you be prepared to write a full price offer on this home? Not likely. The old axiom, “cleanliness is next to Godliness” couldn’t apply more.

BE OBLIGING – Once you have listed your home, keep it readied as best as you can. Make the beds and d the dishes before you go out. Realtors do try to give homeowners a reasonable period of time to prepare their home for viewings but sometimes this is not always possible. There will always be someone that will want to view it on the spur of the moment. It is best to try to accommodate clients because you do want as many buyers to view your home as possible. More buyers equate to more offers and higher prices. If you make your home difficult to show, especially in a Buyer’s market, some Realtors will not bother showing it. After all, you have lots of competition. Out-of-town buyers are sometimes unable to come back at a different time. Where at all possible, try to be obliging.

ODORS – Use air fresheners or potpourri in closets, bathrooms and the kitchen or where needed to remove cooking, musty or pet smells. Strong offensive odors in a home dissuade many a buyer from purchasing. Coffee brewing or cinnamon sticks on the stove are delightful camouflage.

MUSIC – Very soft background music can be pleasing. Be careful that you do not drown out the Realtors and the buyer’s conversation. Even Beethoven can be annoying if played too loudly.

LIT FIREPLACES – provide for a warm and friendly atmosphere in any home. If the weather is cold, snowy or wet, this extra touch is most pleasurable.

HEAT – Keep your home at a comfortable temperature even when you are at work. Buyers do not wish to linger in a frigid house. If you have air conditioning and the weather is warm and sultry, have it operating.

Lara Regan
Prudential Sussex Realty
My experience in real estate, combined with my outstanding negotiation skills and a thorough knowledge of the local Vancouver real estate market, enables me to offer you the highest caliber of advocacy, guidance and assistance.
www.lararegan.ca

 

Generating a List of Assets for the Estate

When someone dies they are deemed to have sold all of their assets at fair market value immediately before death. So, the big question is, what did they own, and what are the values? Answering this question is one of the first big tasks in settling an estate… generating a list of assets and liabilities, as of the date of death (ie. Balance Sheet). The contents of the balance sheet will be used by the person preparing the probate forms, either the executor or their lawyer.

Generating a list of assets can be very easy in many estates, but very complex and frustrating in other estates. Firstly, is there a will? If there is, then the bank will likely share information with you, such as account numbers and balances. But if there’s no will then most companies will refuse to provide any information due to privacy concerns. Write letters to any banks, financial institutions, insurance companies, service providers, pension offices… everyone who the deceased did business with. Ask them for account numbers, values and any other details you can think of, with respect to the assets (possibly) owned and debts owing.

Most people are helpful, but sometimes you’ll hit a dead end, in which case you’ll have to dig deeper. Search through the deceased’s home. Look in filing cabinets, desks, closets, boxes, drawers. Speak with their lawyer, accountant, financial planner, relatives, friends. Contact any and all companies whose documents you find. And if you ask yourself, “Should I bother contacting this company?”, my answer would be, “For the price of a stamp, why wouldn’t you”.

Seek whatever help you may need to establish market values, such as professional appraisals for jewellery, antiques, real estate and companies. Calculate interest earned up to the date of death on financial investments such as bonds and GIC’s. Research those stock certificates you found in the safety deposit box. The company may have changed its name or been sold.

The CPP Death Benefit as well as the final pension cheques need to be shown as assets, even if they haven’t arrived yet. And then there’s the assets that can easily get overlooked, such as the damage deposit from the apartment rental, or the trust/comfort account at the care home. The condo or timeshare in Florida needs to be shown. Insurance policies where there is no named beneficiary must also be included, because the estate will be the beneficiary.

You do not need to include joint bank accounts where there’s a right of survivorship, or real estate owned in joint tenancy, because the surviving owner simply continues to own them.

Now that you have your list of assets & liabilities, what’s next? In most cases, filing for probate.

Gregg Medwid is the owner and president of Executor Support, a firm based in Coquitlam, British Columbia, with expertise assisting executors and administrators in settling estates. The project management expertise and customer service focus Medwid brings to Executor Support ensures questions are answered and help is given when it is most needed.

This article is in no way intended to substitute for competent legal advice.

Gregg Medwid, Owner
Executor Support
gregg@executorsupport.ca
604-999-2106
http://www.ExecutorSupport.ca

Will you be able to stay on track for retirement? Plan for the unexpected

The good news is that there are more cancer survivors in the population than ever before.

The bad news is that higher survivorship presents additional financial challenges for the affected individuals and their families.

With more than 40 per cent of women and 45 per cent of men (source: Canadian Cancer Society) experiencing cancer at some point in their lives, many Canadians will find themselves in the position of either patient or caregiver and, as a result, will face financial pressures. However, most Canadians are not even aware that these hardships exist.

There is no universal experience leading to financial hardship. The contributing factors vary, but the outcome is the same – troubling financial pressure, ranging from mild to crushing. In all cases, the common thread is the mounting impact of treatment costs and of lost income – by the patient, the caregiver or both.

Most Canadians do not know that a cancer diagnosis has caused some people to declare bankruptcy, lose their homes, lose all of their savings, make less than optimal treatment decisions or become dependent on taxpayer-funded programs for the rest of their lives. Until cancer comes into their own lives, they believe the myth that all health care is free. Most never imagined that they could face such difficult challenges at such a vulnerable time of their lives. The reality comes as a shock to many.

There are many things that can be done to ease the financial pressure on those affected by cancer and other serious diseases including ensuring you have your personal insurances up to date.

If you haven’t looked at this, perhaps it’s time.  Take a moment to review your plan and ensure you can get back on-track in the event of a cancer diagnosis. Call your financial advisor today to talk about the best way to insure you and your family. We’re fairly certain you’ll be glad you did.

Lynn Williams
Professional Financial Architect
President & CEO of The Lifestyle Protector
E: Lynn@lifestyleprotector.ca
P: (+1)604 833 0348
1322 – 1111 W Georgia St
Vancouver, BC, Canada

How to overcome resistance, save your relationship and keep clutter from controlling your life

When people make a commitment to share a residence, their respective positions on clutter often go uninvestigated. Yet, one of the greatest sources of marital and family discord can be attributed to conflict around neatness, order and what to do about junk. In cases where romantic entanglements lead to co-habitation, lovers, temporarily blinded by passion and novelty, can excuse or overlook qualities in the other person with which they may not be entirely comfortable. Nevertheless, nowhere does incompatibility rear its ugly head more ferociously than around issues regarding disposal of excess belongings. When a couple opts to downsize to smaller living quarters decision-making takes on an even more challenging dimension. Downsizing can transform happily married couples into bitter adversaries wrangling over possessions that become objects of contention.

Love may conquer all, but clutter may be its nemesis. As professional organizers, we run into situations that render us marriage counselors as well as clutter busters. Many a call has come from true-to-life desperate housewife driven to the brink of exhaustion from battling a husband unable to part with his boyhood collections of action figures, record albums and 4 decades worth of magazines. What about the distraught husband who has been unsuccessful in his attempts to prevent his wife from taking everything from a 3500 square foot home with a basement and try to make it fit into a downsized.2 bedroom condo? The circumstances may be different, but the problem is the same. How can you live with another person who is so tied to his or her possessions that it threatens the fabric of the relationship? Short of coercion, ultimatums or moving out, there are solutions to preserve your sanity

In essence, you can only de-clutter your own possessions, While you should never attempt to de-clutter anyone else without first seeking permission, you can justifiably make your case for your significant other’s support for your efforts.. Support means no active interference or sabotage on your partner’s part. He or she should not remind you of past failures in this department, or procrastinate when you make small requests that prevent you from moving forward in reaching your downsizing goals. For instance, rather than expecting your husband to clean out the entire garage this weekend, it may be more effective to ask him to help you by driving your stuff to recycling or to work on sorting through athletic gear. You can lead by example and hope that your hard work will inspire those closest to you.

You may also have to relax your own standards for the sake of keeping the peace. Once again, you need to pick your battles. Recognize your partner’s autonomy and engage when the situation is critical to meeting your objectives. Sentimental attachment can loom large in the downsizing process. Make sure that you allow for adequate time for making difficult choices where memories are involved. Instead of focusing on what is being discarded put the emphasis on selecting what to keep, within limits. If definitive decisions cannot be made within the allotted timeframe, consider renting storage space on a temporary basis.

Lastly, if you cannot compromise easily, it makes sense to bring others into the process. You may have a relative or friend who could provide an un-biased third party perspective who can be solicited. Or, there are professional organizers and senior move managers who can be hired to solve the logistical problems associated with distributing excess belongings and develop solutions for storing what you both want to keep.

Susan Borax
Good Riddance Professional Organizing/Practically Daughters
www.goodriddance.ca
Phone: 604 421 5952
Mobile: 604 328 5117
CRUD Blog: http://goodriddanceclutter.wordpress.com/

The Number One Secret to Managing Millenials

If you are a Boomer or Gen X leader tasked with managing a team of Millenial employees, there is really only one thing you need to know – they aren’t that different from you.

Much ado has been made in the media about the differences between generations, but there is also ample research on their similarities. One such study, conducted by Ben Rosen, a PhD. and Professor of Organizational Behaviour at the University of North Carolina, reveals that the top motivators for all four generations are:

· To work on challenging projects.

· To receive competitive compensation.

· To have opportunities for advancement and chances to learn and grow in their jobs.

· To be treated fairly.

· To maintain a work-life balance.

The main difference between Millenials and their older colleagues – especially their managers – is that Millenial’s ideals regarding what work can and should be are still intact. They have not bought into the “work is a necessary evil” mindset and still – possibly naively – expect that work should be about more than a paycheque. Rather than seeing this as a sense of entitlement, managers and colleagues would do well to welcome their youthful enthusiasm and learn to provide the necessary guidance to channel it without squashing it all together.

Instead of investing time and energy in courses and books on how to manage Millenials, look at what all workers want across the board and put those foundations in place first. The philosophy of managing younger workers effectively is the same as the skills and knowledge required to engage the performance, potential and commitment of workers of all ages.

To be sure, there are some needs and interests that will differ as people move through their lives. Boomers, for example, value a manageable workload because they might be dealing with aging parents, being grandparents, and addressing their own health issues. Millenials value work-life balance so that they can pursue hobbies, start their own business ventures, and have an active social life. Gen X ers want the extra time available to spend it with their young families. Regardless of why balance is important to them, the best leaders understand that bringing out the best in people is about respecting and valuing differences, understanding their personal strengths, cultivating their career aspirations, and aligning all of these with the interests of the company.

At the end of the day, we are all busy. If you are a leader with limited time to develop your skills and knowledge, I would suggest that investing your time in studying more widely beneficial topics like employee engagement, effective communication, conflict resolution, systems design, and time and energy management techniques would give you far more “bang for your buck” than focusing too heavily on Millenials.

Andrea Jacques and The Kyosei Team
Suite 502, 2045 Barclay St.
Vancouver, BC, Canada
V6G 1L6
P: (604) 558-0909

Alzheimer And Personality Changes

Since Alzheimer’s disease is a degenerative brain disease, it affects all aspects of a person’s mental ability. A person’s thinking, reasoning, and memory are affected, and also their personality.

What does it mean to have a changed personality? Well, for as many different personality traits a person could have and does have, before the disease, there’s potential for some or all of these to be affected and altered as the brain degenerates. For example, a person who is known to be on an even keel and calm could change into a frazzled and frightened person. Another who may have been extremely shy and reserved might become expressive and over the top outgoing. A person who could have been easily angered and irritable before the disease could become as gentle as a baby.  There can be slight to extreme changes in anyone with Alzheimer’s disease.

Change in personality, due to having Alzheimer’s disease, is simply because the person’s brain function is deteriorating. A person’s personality is instinctual behaviour as well as learned actions – it’s based on a person’s way of thinking, learning, understanding, and emotions. This disease makes a person unlearn what he or she knows, understands and remembers; this can include forgetting learned and even instinctual mannerisms.

Change in personality can be a key factor in diagnosing Alzheimer’s disease. The earlier we recognize personality change, the more prepared one can be to deal with the disease when diagnosed. You can learn more about dementia in chapter 3 of my book, “Cracking the Dementia Code – Creative Solutions to Cope with Changed Behaviours”.

If you notice a very distinct change in someone’s behaviour, it might be a good idea to have him or her assessed by a specialist, in case Alzheimer’s disease is the cause.

Karen 🙂

Karen Tyrell, CDP, CPCA
Personalized Dementia Solutions

www.DementiaSolutions.ca

What Is A Funeral Director?

People know that a funeral home and its funeral directors assist families with preparing and providing final services, whether they are in the form of a funeral, memorial service, graveside service or direct cremation. But they do not know what a funeral director is and who they are as individual people.

A funeral director is a very special person; there can be no doubt about it. Who else deals with the subject of death, and ONLY the subject of death every single day? Most individuals and families in our society today are anxious about the subject of death. They will avoid the topic, and are unfortunately often completely uninformed on the topic. This is only made worse when a death occurs in their family. They don’t know who to call and have no idea of the steps involved in making the final arrangements.

The funeral director is a professional who is trained, not only to provide a service to the family, but who is also able to help guide the family; provide them with various options available, and walk with them throughout the decision making process. Imagine if you had to deal with death every single day of your life! It takes a special individual, filled with knowledge, professionally trained and certified, completely empathetic for the family, and with ultimate respect for the deceased.

The funeral director is your family’s professional ally to help guide you through the maze at such a very difficult time for the family. At Alternatives Funeral & Cremation Services, our funeral directors will come to see you in your own home to help you understand the options available and guide you to make the decision that best suits your family. It is not just a more convenient approach, in that you don’t have to go to the funeral home. What is really means is that when you need to make such difficult decisions, you are in your own home, sitting around your kitchen table, under your own roof. It’s in your home that you are most comfortable and emotionally safe. Plus by being in your home, you remain in charge.

At Alternatives we pride ourselves on establishing this business model when we opened our doors in 1992. Virtually every family has and continues to tell us that being in their own home has made all the difference for their comfort, security and satisfaction. They have also told us they would not have anticipated how much of a difference it was for them by not having to go to a funeral home to make the arrangements.

There is a lot to know and we offer an educational presentation that is NOT a sales pitch. You learn about the procedures that must be followed when a death occurs in a hospital, care facility or a private residence. You also become familiar with the law with regard to who has the legal right to make decisions on behalf of the deceased. You’ll be informed regarding the options available for services; the important role the doctor has in the process; the difference between a death benefit and survivor’s benefit; and much more.

This one hour presentation is available at no charge for your organization, seniors residence, church, library or recreation centre, as well as for professional allies such as social workers and hospices.

If you are interested in either attending or hosting this very helpful and informative education presentation, please contact Michael Godin, Director Community Relations, at Alternatives Funeral & Cremation Services at 604 857 5779.

Michael Godin
Director Community Relations
Alternatives Funeral & Cremation Services
P: 604 857 5779