Plan for the worst and hope for the best. That’s what a friend of mine used to tell me she always did. That’s how she ran her life. I’m a planner – I plan just about everything. But I do not plan for the worst and I always hope for the best. However, when it comes to feeling good about what our future holds as far as health care and retirement looks like, this would be a time to plan for the worst and hope for the best.
Health care is and will continue to be one of the biggest expenses in retirement. Yet many people nearing retirement don’t understand the risks these costs pose to their financial plan – and aren’t preparing for them. According to the 4th Annual Nationwide Retirement Institute survey, America’s workers are “terrified” of health care costs in retirement, but few are doing anything about their concerns.
Here’s just a few statistics and things to ponder:
Remember when everyone used to work at the same… department store, firm or manufacturing company for 35+ years. Back then, you were promised a pension and
How to Save your Money?
1. Turn off the television.
The Greatest way to save money is to drastically cut down on the amount of television you watch. There are a lot of financial benefits to this: less exposure to spending-inducing ads, a lower electric bill (and perhaps a lower cable bill if you downgrade your subscription), more time to focus on other things in life, such as a side business and so on.
Want to take things a step further? Consider cutting the cord to cable TV altogether.
2. Enough with the collection and time to sell
Many years ago people thought their collection would bring them riches. Beanie Babies were a big fad at one time, as were Longaberger baskets. Now you can find those items on resale sites like Craigslist and at garage sales for a fraction of their initial cost, leaving many people who sunk thousands of dollars into their “investments” wondering what happened.
To avoid situations like this, never collect items of questionable value. And if you want to recoup some of the money you’ve already spent on collectible items, you can start selling them now and use those funds for any number of worthy financial goals.
3. Sign up for as
One of the biggest concerns for anyone considering bankruptcy is how their credit will be affected by filing. Everyone knows there is some impact. Most disagree as to the size or the duration of the impact. That, and how to rebuild are two things I hope to shed some light on in this post.
What if I just grin and bear it?
A question you should ask yourself is, “What is going to happen to my credit score if I don’t file bankruptcy?” For many people contemplating bankruptcy, they are already at the point where they are not able to pay their ongoing debt obligations. If this is you, your credit score is taking a hit every month that goes by where you aren’t making your monthly payments. To give you an idea, once you go 30 or 60 days late, your credit score starts to take a hit. If you let a payment get to the point where it is 90 days late, it will stay on your credit report for up to 7 years and will have a significant impact on your score. Having just a couple of these occurrences could be as damaging or more damaging than filing a