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

 

Claris Healthcare Announces Claris One™-an Affordable Solution to Connect Adults and Their Aging Parents

All-in-one device providing independence for older seniors and peace of mind for families

SOURCE: MARKETWIRED
VANCOUVER, BRITISH COLUMBIA–(Marketwired – June 17, 2014) –

Claris Healthcare today introduced Claris One™, an easy-to-use countertop device that offers family members the ability to connect with their aging parents and share the responsibility of caregiving. Claris One™ is an affordable solution for busy adults wanting to provide the conveniences of online communication to their older parents without having to worry about unfamiliar technology.

“Most families rely on technology to stay connected, whether it’s through email, text, or online services,” said Geof Auchinleck, co-founder and CEO of Claris Healthcare. “Unfortunately many older seniors are left out of these conversations. We believe every senior deserves to be connected online with their family and home care providers.”

The natural bamboo frame is specifically designed to appeal to older, more reluctant seniors. The device offers a 10-inch high-definition screen with 10-point multi-touch navigation, dual internal speakers, and a front facing camera that allows for video calling. User monthly subscription includes unlimited family and caregiver access to Claris Healthcare’s website, allowing Claris One™ to be configured remotely, any time, anywhere. Each device essentially creates a secure social care network around seniors and includes a private email address and text message number, with unlimited text messaging, video and photo sharing capacities. Older seniors wary of technology will find comfort in spam, scam and privacy protection, as well as customer care available 365 days a year.

“Whether or not they’re in the neighbourhood or across the country, families want to know their elderly family members are being taken care of,” said Paul Sharman, co-founder and COO of Claris Healthcare. “Our goal in developing Claris One™ was to connect multiple generations by stripping away the barriers associated with modern technology. After enabling more than 170,000 online interactions with the successful launch of Claris Companion™, we’re looking forward to helping more 86-year-old grandmothers stay in touch with their grandkids with Claris One™.”

As easy to use as a telephone, Claris One™ is ready to display messages and notifications at all times without the need to launch applications or login, and large buttons and text make interaction easy. Further, Claris One™ only allows invited contacts to send email or photos and does not deliver advertising or any other unsolicited content, making it safe and secure for all users.

For more information visit: www.clarisone.com

About Claris Healthcare: Claris Healthcare was founded with the goal of enabling seniors to increase connectivity with loved ones while limiting unnecessary hospital admissions. In order to achieve this goal, Claris Healthcare designs technology that shifts the typical care pathway for seniors living on their own from an ambulance ride destined for an emergency room to a preventative and interactive healthcare approach centered on overall patient wellbeing. After extensive consultation with health care workers, home care providers, retirement home operators, hospital physicians, community physicians, seniors and family members to discover what could be done to ensure seniors are able to live independently, we developed Claris Companion™ and Claris One™, innovative communications systems that help promote self-managed care for seniors in their homes and enable a more appropriate escalation of care including visual consultations via video conferencing to ensure they are not unnecessarily admitted to hospital.

Contact Information:

Paul Sharman, Co-Founder
Claris Companion
P: 1-866-284-4939
E: support@clariscompanion.com

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

The Importance of a Will

You might be surprised to learn how many people do not have a will. In March, 2012 a poll conducted by Harris/Decima revealed that 31 per cent of Canadians between the ages of 45 and 64 don’t have a will. Many people would be concerned with that statistic, but others would say, ‘Who cares, I’m not going to be here anyway’. Well, here’s a few things you might want to consider.

Having a will gives you control. Control over who gets what. Control over who becomes the guardian of your kids. Control over who manages your estate. Control over whether family heirlooms get sold or handed down to younger generations. In short, you get to make all of the decisions.

I know many people who hate government involvement of any kind. Well, guess who controls your estate if you have no will (ie. die intestate)? That’s right, provincial legislation controls how your estate will be divided, and the government gets to decide who will raise your kids.

I know someone who is widowed, has 2 estranged kids, no will, is worth $1M, and hates giving money to the government. Since he hasn’t spoken with his kids in ages and likely doesn’t know where they are (and vice versa), if he dies his kids will likely never even be informed. Since he has no other family, if his kids are not located, his wealth will eventually go the government… exactly what he would not want. And that’s after the Public Trustee gets paid to settle his estate, since there may be no one else to step in as Administrator. Even if you have no family to leave your estate to, you could still leave your wealth to one or more charities… if you have a will. No will, no control.

Many wills that I read are quite simple: the estate is split amongst a handful of beneficiaries, family members most often. Perfectly fine. Other wills are more detailed, leaving items of sentimental value to certain friends and family. Again, perfectly fine. At least there’s a will… control.

People often assume that it’s more difficult to settle an estate when there’s no will and, for the most part, that’s an accurate assumption. Due to privacy laws, third parties, like banks, will provide no information, sometimes refusing to even acknowledge if a bank account exists, let alone tell you the balance. This makes it hard to generate a list of assets & liabilities when applying for Letters of Administration, and the person applying may even need to post a bond. But, there’s a bright side (no, I’m not being facetious). When there’s no will everything gets sold, and there’s no question about who gets what… everything is clearly spelled out in the Estate Administration Act. It really is that clear cut. But, getting back to the guy with $1M and 2 estranged kids, since the Administrator will have no access to the deceased’s bank account, I wonder how much of his own money he’ll have to spend trying to find the kids.

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.

(Source for statistics: CNW Canada Newswire, May 9, 2012, “CIBC Poll: Nearly one third of Baby Boomers don’t have a will”)

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

Park it or Drive it

You have been an exemplary driver for 50 years time comes to consider letting someone else do the driving for you; an encouraging exercise would be to examine the dollars and cents.

It costs a lot to operate a car in Vancouver. You own a late model sedan. You buy annual auto insurance policy. There gas, repairs, tolls and parking. You will need a new set of snow tires this winter! Break it down-

Car value approx $3000 (Based on 2000 Toyota Corolla)

Annual insurance $1800 (Full 43% discount)

Fuel $ 500 (12 fill ups annually @ $1.30/liter)

Parking and Tolls $ 100

Maintenance $ 600 (Seasonal oil changes/belts and hoses)

$6000

If you were to use those funds to purchase personalized private accompaniment services you would have a budget of $500/month in the first year. Plus you could have a safe, comfortable and reliable way to get around town, how does a dedicated driver sound?

There are private options available. If you or a family member is interested in exploring the alternatives, have them call Home James Service for Seniors – where we are Opening Doors for Seniors. Personalized private accompaniment services like Home James can ensure that new non drivers can get out of the house and attend to errands, appointments and social events.

Mike Oakley
Owner/Director of Home James Service for Seniors
Phone: 604 928 7789
Email: mike@homejamesforseniors.ca
Web: www.homejamesforseniors.ca