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Don’t Worry if Your Savings aren’t Enough as You Approach Retirement

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It’s scary to know that you’re already approaching retirement age and you are yet to save enough money. You might have started investing late or even completely forgotten about it. If you had other priorities in life while you were still working, there’s nothing you can do now. Since you still need money, these are some of the things you can do.

Get a part-time job

You can find companies or organisations that will accept you for a part-time job despite your age. If you excelled in a specific industry, you could try to apply for a university post. Your experience and credentials are highly valuable. It would be difficult to turn down someone like you. While it’s only a part-time job, it might still be enough to meet your financial needs.

Sell some of your property 

You can start selling things off especially if they’re valuable and you’re not using them anymore. For instance, if you have three cars, you only need one. Therefore, two can go. You might also have other collections that you don’t need anymore. They can also go to other people who might have an interest in them.

Consolidate your debts

Apart from not having enough savings, the worst part is when you ended up accumulating tons of debts. You no longer have a means of paying them off. The interest will continue to increase the overall debt. The best option is to consolidate the debts so that you will only pay one creditor. You will have peace of mind when there’s only one issue you need to deal with.

Sell your property 

You can also think about selling your property since it’s valuable. You can move to a smaller house which is enough to meet your needs. If you don’t like the idea of moving, you can consider equity release over 55. With this loan, you’re going to use your property as collateral, but there’s no need to leave any time soon. The creditor will only ask for the payment once you pass on. You give the full authority to sell the property to the creditor, and a part of the sale value will go to the payment of your loan. It’s a perfect option since there’s no need to leave and worry about what’s going to happen to you. Consult equity release advisers if you wish to get this type of loan now.

Look for short-term investments

Look for reliable investment companies that will allow you to save your money for a few months or years and get it back with a high-interest rate. You can keep the funds rolling until it’s huge enough. If you’re ready to take it back, or you’re in desperate need of money, you can pull the investments out.

The lesson is that you need to start saving at a young age. You can’t be too complacent because you’re young and you have many years left to work. Time flies fast, and you’ll be retiring before you know it. With these options, though, you still have hope for financial security at retirement. You will also stop worrying about what’s next for you.

Image: https://unsplash.com/photos/KRjDLU5j1K8

 

What to Look out for When a Third Party Makes an Insurance Claim Against You

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Perhaps you were involved in an accident and the other party placed a car insurance claim against you, or a stolen identity led to an insurance claim against you. There are many instances where claims are not your fault, or where the circumstances mean your insurance should not be the one claimed on.

Here are some things to consider before you admit culpability and have your premiums go up when they really shouldn’t have.

Home Insurance

         First things first, never accept that you’re at fault or admit liability in any situation.

One thing to look out for if a third party is laying an insurance claim against you is if the documents are sent by their insurance company or solicitor. When this happens, all you need to do is forward the documents to your insurance company.

Car Insurance

Car accident third party insurance claims happen more often than any other. If you’re involved in a car accident that may or may not be your fault and there’s no serious injury, it is important that at the scene of the accident, you:

         Note the extent of the damage to all vehicles involved.

         Take a picture or record a video of the entire scene.

         Do not accept liability for the accident.

         Get as much information as possible such as name and contact information of the parties involved, registration numbers, licence plate numbers, contact information of the witnesses, and insurance details of involved parties.

         Do not move vehicles unless necessary in which case photographic evidence is mandatory.

Accidents, robberies, and thefts are reported to the police. If a claim is made against you and there is no police report of the incident, then the claimer doesn’t have a case against you.

Company Insurance

Business insurance protects one’s assets against damage, risk or financial loss. If you want to secure contracts with other businesses or with the public sector, you will often be expected to properly and fully insured.

When facing a business insurance claim, it is important that you have all records, correspondence, and documents relating to the claim.

Every business owner hopes never to be sued or have insurance claims made against him. With these points outlined above, you’re a step closer to being able to determine the authenticity of a third-party insurance claim.

You must understand that an insurance claim will be assessed in relation to the legal status of the case. If you admit liability some of the assessments and investigations may be automatically halted. You need to allow the due process to proceed so that the correct insurance is billed, and that blame is correctly understood. Insurers will fight it out between themselves to argue who should foot the bill.

How To Save Money This Year

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One of the most common goals that people set at the beginning of a new year is to save more money and to improve their financial situation overall. As common as this goal is, it is one that many people fail to accomplish. If you want to make substantial progress toward achieving this goal going forward this year, adopting the right strategy is essential.

Create a Realistic Budget
A realistic budget is a cornerstone for financial health. It enables you to identify areas of wasteful spending, and it helps you to determine if you can afford to make purchases or take on new debts without impacting your ability to achieve your goals. Your budget may also include a regular allocation of funds toward a savings or investment account. However, it is not enough to create a budget. You also must know how to use your budget properly and refer to it regularly to make smart financial decisions.

Identify and Eliminate Waste 
Once you have created a realistic budget based on actual expenses, you can analyze your spending habits and identify ways to cut back. Keep in mind that most expenses may be reduced with proper effort. For example, you may adjust your meal plan at home to save money on groceries, or you may comparison shop to find a better insurance rate. When you reduce spending on your regular expenses in this way, you will have more money available to save and invest regularly. The alternative to reducing spending is to make more money with a side job and to save this money.

Maximize Tax Deductions 
Your tax liability is a major expense, but it is easy to overlook. Many people pay between 10 to 25 percent of their taxable income in state and federal taxes each year, so finding a way to maximize deductions and reduce this expense is helpful. One of many ideas is to purchase a receipt scanner so that you can easily document expenses. This may include gas receipts for a business mileage tax deduction, medical receipts for a medical expense tax deduction and more.

Take Advantage of Retirement Accounts
By taking these steps, you may be able to start making regular contributions to a savings or investment account. Through even modest contributions to these accounts, you may see your net worth slowly increase. If you are not also taking advantage of retirement account benefits, consider exploring these benefits today. For example, your employer may offer an employer-matching contribution for a tax-deferred retirement plan. This type of benefit results in free money that your employer deposits into your retirement account for you as well as tax benefits.

While many people may struggle to achieve their financial goals, you can see that having the right strategy may be helpful. In fact, each of these tips will help you to progress steadily toward achieving your goal in different ways. For the best results, apply these combined tips regularly to your financial efforts going forward.

Author Bio: Paige Jirsa– I work with Top10.Today, a shopping comparison site, where we strive to help consumers find the best quality and priced products.

Preparing Yourself for a Property Purchase

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Deciding to buy a new property is challenging. You need to consider several things since you are spending quite a massive amount of money. You will get a mortgage that could take years for you to pay. There are things you can do to prepare for buying a property and avoid having problems in the long run. Here are some of them.

Clear your debts

You are embarking on a new endeavour, and it entails a massive amount of debt. Therefore, you need to clear all other debts before you start a new one. Besides, if you have continuing obligations, banks and lending firms could reject your loan application. Having no commitments before getting a new loan will also give a positive impression since you have been responsible in handling your finances so that you don’t have debts right now.

Prepare your proof of income and other documents

Before you apply for a loan, you need all the documents required. Your proof of income is the most significant document since the bank will use it to decide if you can pay the loan or not. You will also need other documents to back your application. Have all of them ready ahead of time so that when you are prepared to get the loan, your records are good to go.

Prepare your down payment

In most cases, if you give a more significant deposit, you will receive better rates. You will also have more choices for mortgages. Therefore, you need to have enough savings for your down payment and worry less about the monthly payments that you will make for the remainder of the loan.

Straighten up your credit record

Ask about your current credit score, and make sure it is good enough. It will also be another document that banks will use to decide if you will receive the loan or not. If you have a low score right now, find a way to fix it. Pay your debts, or make a deal with your creditors. Applying with a low credit score comes with a risk. You will have limited options. Banks with extremely high-interest rates are willing to offer loans to you, but you don’t want this choice as it could be too risky.

Find a mortgage broker

Going through the entire process is not easy especially if it is your first time buying a property. You need someone helping you understand what you need to do. You also need a broker to match you with the right bank that is most suitable given your financial situation. Without a broker helping you, it is like deciding without any knowledge at all. You will fall into the wrong hands and suffer the consequences. A specialist mortgage broker, for instance, has specialised knowledge of property purchase, so you can’t go wrong with this person.

Don’t rush into buying property since it is a challenging endeavour. Take your time until you are ready to purchase the property.

Using Technology To Transfer The Way You Manage Money

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Money is important and essential for living. Unfortunately, not everyone is like Bill Gates, and has billions of dollars to spend. This is why it is important to budget, and manage your money efficiently.

Moneyfarm’s infographic on the wealthiest people in history shows the many different ways that people of inspiration like Bill Gates, and Oprah have built their wealth and success.

See what you can learn from some of the wealthiest people in history from past to present and in what ways they spent and managed their earnings.

If you’re interested in learning more about how you can manage your money like the icons in Moneyfarm’s infographic and in what ways you take advantage of technology in relation to your money, simply continue reading to discover 4 tips on how to harness the power of technology in order to positively affect your savings!

Using technology to transform the way you manage money:

  1. You can set up automatic payments within minutes, with little hassle

As an example, if you want to ensure that you save a reasonable portion of your income, you can set up your primary bank account to transfer a set amount of money to your long-term savings account. Which will make it far easier for you to save a portion of your income, which you can then choose to invest if you’re not happy with the interest rate which your bank currently offers you.

  1. You can use an app on your phone in order to quickly and effortlessly transfer money to your friends and family members

As an example, if you go out for dinner with friends and the restaurant asks your group to pay your bill as a single bill, you’ll easily be able to transfer your portion of the cost to your friend’s chosen bank account using your chosen bank’s app on your smartphone. Which means that you’ll never have to walk to an ATM in order to get out cash, in order to pay a friend back for money which they’ve spent on you, ever again.

  1. You can use Paypal in order to pay for any goods and services which your purchase online

If you ever feel comfortable giving out your bank details or your credit card details to online companies, it’s well worth signing up for a free Paypal account. As a large portion of online stores now offer Paypal as a payment option. You can even use Paypal to pay for any eBay auctions which you win.

Better yet, if a company doesn’t send you the item which you purchased or there is some kind of dispute with a purchase you’ve made through Paypal, you can contact Paypal’s friendly customer service team you’ll be able to reverse the charges which have been made. Which means that you should always select Paypal as your preferred payment option, in order to decrease your chances of being scammed online.

  1. You can keep up to date with your expenses on a daily basis

While in past decades you may have had to wait for a printed bank statement to be sent to your home address in order to see all of the transactions which you’ve been made, in today’s day and age you can log into your internet banking account as often as you’d like. Which will give you the chance to cut back on your spending, if you find that you’ve already exceeded your weekly budget. Which will help you keep on track of your monthly expenditure.

In conclusion, it’s well worth using all of the four tips listed above in order to harness the power of technology in order to help you manage your money better today!

Save Money By Avoiding Common Car Maintenance Problems

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Cars today come in a greater range of sizes and shapes than ever before, the choice is simply mind-boggling, and becomes greater every day. However, one common theme runs through them all, and that is increased complexity. In response to our demands for more power, more luxury and more gadgets, the cars manufactured today are more complex than ever. Most are run by powerful computers, and problems are diagnosed by them as well, making it more and more difficult to repair them yourselves!

In turn, the motorist of today is much less well educated about car maintenance than the driver of 30-40 years ago, simply because in that time they broke down so often you had to know how to fix them! Despite the DVLA adding in more mechanical parts to the driving test, such as changing oil and other fluids, it seems we are even more clueless that ever. Some might say this is a general theme with the younger generation, who are far more adept on their phones and online that with their hands!

However, despite the complexity of the modern car and the seeming lack of interest of the modern driver to fix them, there are still basics that everyone should know in case of emergency. These include simple fixes, but also what to look out for in order to diagnose more complex problems, which might turn into a serious accident if not fixed. We have compiled the most common car problems and some simple advice of what to do:

Won’t Start
– If the car wont turn over at all, the battery is likely dead. Jump start
– If the car does turn over but wont start, it could be the starter motor or a problem with the fuel. Call a garage

Steering
– If the steering feels very heavy, you may be low on fluid. Check power steering fluid, wheel alignment and tyre pressure
– If the steering feels light, check tyre wear and pressure

Braking
– If the brake pedal is stuck down or up, the brake booster likely needs work. Call a garage
– If the brakes feel spongy, check brake fluid levels
– If the stopping distance increases, or the car veers off to one side under braking, brake pads may need replacing

The AA has an excellent reference section on their website to diagnose simple car problems, and this infographic from Autodoc gives more detailed information and is a handy take away guide to possible braking problems.

Nearing Retirement? Make Sure You Won’t Run Out Of Money

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Are you nearing retirement? Wondering how to make sure you won’t run out of money during your old age?

The simplest recommendation is most likely the idea of waiting until you’re 70 to claim Social Security and then use the IRS’ required minimum distribution table to know how much you could withdraw from your savings each and every year. Based on information provided by a research scholar from Stanford Center on Longevity, this might be the best approach for people who have saved anywhere between $100 000 and $1 million.

The traditional way has long been that you should withdraw 4 percent of your retirement savings in the first year and increase the amount yearly depending on rate of inflation.

Some people try not to use the money at all, using it only as an emergency fund and some people do pretty much the opposite, using their retirement funds as a checking account. Neither of these versions are too reasonable.

Whether this recommendation is the way to go for you, we can’t really say. It could be great but we couldn’t give you a definitive answer. However, it is definitely reasonable to make a retirement plan and think through it all logically. That’s the very minimum all of us should be doing, independent of the age. Financial planning is important to make sure you don’t run out of money too soon, or to make sure you had any in the first place.

Working during your first theoretical retirement years is also a good idea, especially for some people who are used to and still capable of being active, for them to keep doing some work is the best idea. Not just because of money, but just to keep themselves active. For other people, like me, can i buy powerball tickets online might be the first question that comes to my mind when I start thinking about financial planning. Meaning, I would usually just think about anything else than planning and money and hope to get lucky.

Sadigh Gallery – The Rulebook For Purchasing Ancient Artifacts

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Purchasing ancient artifacts is one of the most complicated and difficult things to do in the art world. There are so many forgeries and so many legal pieces in the marketplace that even a skill  Authenticator will be hard-pressed 2 verify a piece.

If you are interested in purchasing ancient artifacts, there is a methodology that if strictly adhered to will greatly diminish the chances of your purchasing an illegal war forged piece. Here are some guidelines for you to use:

Never Purchase Ancient Artifacts Online

Unfortunately most ancient artifacts listed for sale on the internet are forgeries or do not exist. Knowing this fact, you can understand that avoiding purchasing artifacts on the Internet is a smart thing to do. Additionally, it is impossible to tell the validity and authenticity of an ancient artifact online. Pictures and even video cannot accurately display all of the things that you will need to understand about the piece of art. Further depending upon who is selling the ancient artifact, you will need to have an independent expert verify the piece when sure that it is neither counterfeit, nor stolen. If you see a piece online and you are very interested in purchasing it, you should make the purchase in person after you have had an independent expert completely review, authenticate and check the provenance of the Peace

Always Purchase from a Reputable Dealer

Reputable ancient artifact dealers like Sadigh Gallery go through international certifications in order to have made available to them the Antiquities they sell. These galleries will employ archaeologists, authenticators, and other experts who can both track the history of the artifact and verify is change of ownership. If there is any discrepancy or missing piece of important information regarding the ancient artifact, a reputable dealer will reject that artifact rather than sell it. They also appreciate and understand that many artifacts are stolen causing not just lost money from the owners, but in some cases loss of a national treasure. There are many countries throughout Africa, South America, and Southeast Asia who struggle to locate and have returned ancient artifacts that are legally owned by them. By working with a reputable ancient artifacts dealer you’re guaranteed to only view authentic and legal ancient artifacts for purchase.

Check the Provenance of the Piece before You Purchase

It is imperative that you check the Providence of any ancient artifact you intend to purchase. If the piece is more than a few hundred dollars you might need to bring in your own expert. Although determining the maker of the antiquity may or may not always be possible, an expert will always need to determine an artifact’s authenticity via the chain of ownership: who owned it first, and then through the chain of ownership, and how did that piece make its way to the present owner? If there’s a gap in that chain creating time periods where there is no record meaning they don’t know who owned a particular artifact for a decade or century, there is a possibility that the object was forged.

 

Golden State Financial Group Helps to Avoid Foreclosure Through Home Loan Modification

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It is increasingly common for people to look into home loan modifications this day. The real estate market is still quite volatile, which means people are looking for better deals, or options that cost them less. Refinancing used to be the traditional method of doing this, but Golden State Financial Group has found that there continue to be a lot of people in negative equity, which means this is not an available solution. That said, the home loan modification needs to be taken seriously and not seen as a quick way out of some financial distress.

Golden State Financial Group Explains Home Loan Modifications

Two key types of modification programs exist and they have different application and acceptance criteria. The first is an in house modification, which means you must follow the guidelines as set by your lender. The second is the Making Homes Affordable Program, whereby a lender has to lower what you pay each month to no more than 31% of your gross income.

How Making Homes Affordable Works

Lenders have three key ways in which they can lower payments to 31% of your income:

Reducing the interest rate. This is the preferred method, because it is quite easy and means you still pay back the principal and some interest. Some lenders will lower the interest far below the current standards.

Extending the home loan term. Because interest rates are still at historical lows, reducing the rate may not be enough. Instead, they will extend the term. They could add an extra 10 years to the overall mortgage. While this does mean the borrower has to make payments for much longer, those payments become more affordable and everybody is happy.

Reducing the principal. This is very rare, but it means that the lender agrees to essentially write off some of the money that is owed. Naturally, it is a last resort option for the lender.

There are millions of people who need a home loan modification. Unfortunately, only a few thousand have been able to qualify. One of the reasons for rejection is because many people already have mortgage payments that are less than 31%. This is one of the few situations, therefore, where having a high debt to income ration is the best way forward.

If you want to apply for a home loan modification, you may consider enlisting the services of a company like Golden State Financial Group. They have a lot of experience in helping people be accepted, as they understand what lenders are looking for and what is realistic or not. In so doing, they have helped many Americans to avoid foreclosure. They will help contact the lender, write the necessary hardship letter, provide the paperwork, follow up on progress, and more.

Too many people continue to hope that if they simply ignore a problem, it will go away. The reality is that this head in the sand attitude could cost you your home. Before that happens, consider a home loan modification.

Patrick Dwyer Merrill Lynch Explains why Family Wealth Management Is so Important

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Wealth management, Patrick Dwyer Merrill Lynch’s area of specialization, is something that concerns every family in the modern world. A lot of things have an impact on wealth and how it grows or contract. It is very important to work together with a wealth manager, and particularly one that is experienced in family wealth, for those who want to make sure it grows. These professionals understand not just investments, but also the gamut of other financial services. Family wealth in particular is all about long term financial growth. While it may be stable in the present day, there is no guarantee that it continues to be so stable, and that is what wealth management concerns itself with. The factors that influence it include where the money came from and how it is used. For instance, some people inherit wealth, which is often invested in estate programs and trusts. In those cases, management is relatively easy becomes it is set as per the trust or program. However, even those need to be reviewed regularly to ensure they continue to be fit for purpose.

Patrick Dwyer Merrill Lynch on Newly Acquired Wealth

When someone hasn’t grown up being wealthy, or has never had to manage their money themselves, suddenly being landed with this responsibility can be difficult to deal with. It is not unheard of for people to squander all their money away. For instance, people who have won the lottery have often been declared bankrupt within just a few years. This is simply because they didn’t receive sound advice from wealth managers on how to stabilize their finances and ensure it continues to grow.

Good wealth managers are those who have a lot of experience and who have a range of financial specializations. They go above and beyond what a financial advisor does and it is therefore very important that people properly consider who they entrust with their wealth. Commonly, wealth managers work in teams, with each individual having experience and expertise in a different element of finances, such as banking, investments, or insurance. They also have the necessary links with other professionals, such as brokers and real estate trusts, with whom they can ensure the money is invested properly and that it can grow.

True wealth managers know that they do not know it all. Instead, they seek out the people who do know all there is to know about different elements of wealth and bring it all together. This is why someone who is new to wealth should avoid working with a single financial planner, choosing a wealth manager instead. In so doing, they will ensure their money works for them and will continue to grow. Additionally, it will ensure that the rights investment opportunities are chosen for them from the perspective of their own personal financial needs. Essentially, it is the only way to truly secure a stable financial future. Should you have come into money, therefore, make sure you find a wealth manager to help you manage this.