Jamaica Money Market Brokers - February 2019

EMBRACING ‘SPENDOPHOBIA’ 3 Ways to Invest in Yourself After Retirement

An in-ground pool or a private tennis court might be outside your budget, but new kitchen countertops or a deeper tub will add a touch of luxury to the

You’ve spent your entire life being told to save, save, save. Now you’re finally retired, so it’s time to spend some of that money — but you’re scared! This is only natural because it means breaking a lifelong habit of socking away money and refusing to touch it. You’re not alone. A recent study of retirees’ spending habits showed many people actually spend less than they can afford to. They’re scared of the “what ifs” that come with living on a fixed income. However, at age 70 1/2, you have to start taking the required minimum distributions (RMDs) from your traditional IRA and 401(k) whether you want to or not. Instead of stressing over the fact that you’re pulling money out of these accounts, embrace the opportunity to do something for yourself. TRAVEL It can be tempting to hold off spending money as long as possible. After all, who knows how long you need your savings to last? Travel, however, is one thing you can indulge in early without feeling guilty. Even the most leisurely trips can be physically demanding, so it’s better to see the world at 70 rather than wait until you’re 90. To keep yourself on track financially, use the bucket system to set up a separate savings account just for travel. INVEST IN YOUR HOME Once you no longer have to work five days a week, you’ll be in your home more often, so why not make it amazing?

space you spend the most time in. Upgrading your home is almost always a good investment because it adds equity, which will pay off down the road. That extra cash will come in handy if you decide to sell later on in order to downsize or you plan to enter assisted living. Don’t forget to set aside money for ongoing maintenance, such as a new water heater or roof repairs. GO BACK TO COLLEGE It might sound counterintuitive to go to college when you’re not planning to go back to work, but continuing your education after retirement offers many benefits. Many individuals find themselves with more time on their hands than they’re accustomed to, and without a plan to fill this time, it’s easy to become depressed or isolated. Numerous studies have shown that continuing to exercise your brain has a positive impact on cognitive function, so taking a few classes can be the perfect way to stay busy and keep your mind sharp. Attending school late in life is also a great opportunity to indulge your passions and learn more about subjects you’ve always been interested in. Many colleges offer free classes or reduced tuition to seniors, so check with your local schools and see what classes or programs they have available.

HEAR FROM OUR CLIENTS!

“Thank you very much Mrs. Racquel… You are excellent in customer service!”

–Ryland T. Campbell

Contact Your Personal Portfolio Manager: 1. Alaine Samuels – 551 7739 2. Gillian Bernard – 550 8020 3. Mark Gilzeane – 552 4586 4. Melissa McKenzie – 552 4666 5. Nicole Henry-Dewar – 469 2704 6. Racquel Henry-Burke – 403 9550 7. Ian Belcher (RBO) – 551 0521 8. Joan Edwards – 877 5512

This is a miracle from the Lord; a real blessing, yes, all is well, thanks so much for being proactive in sending me the letter for my tax preparation. thanks for your usual kind assistance.

Thanks again,

–Jean Lindo.

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