The Benefits of Ride-Sharing for Older Adults
According to the Community Transportation Association, 26 million older adults rely on others for transportation. Between the lack of autonomy and the fear of being a burden, this dependency often leads to a decreased quality of life. Most seniors don’t want to call a loved one every time they need a ride, and public transportation is often a hassle at best. Recently, ride-sharing services like Uber and Lyft have offered older adults an alternative way to get where they want to go.
reach out to a tech-savvy friend or family member. Odds are they’ve used these services themselves. If you need help getting in and out of the vehicle, Uber even offers a special service called uberASSIST. Drivers in this program have special training and offer door-to-door assistance. Newer companies designed specifically for seniors, like SilverRide and Lift Hero, are expanding into new regions all the time. Ride-sharing offers a number of benefits to older adults who don’t want to rely on a friend or loved one for transportation. Have a medical appointment? Getting there has never been easier. Looking to take a walk somewhere that requires a short drive? You can ride-share there and back. Going out for a bite to eat? With the touch of a button, you’ll soon be on your way. Ride- sharing offers increased independence, security, and efficiency, which far outweighs most other transportation alternatives. You might think of mobile technology as an industry aimed largely at younger generations who live their lives on their phones. Ride-sharing services, however, can offer just as much benefit to you as to those rowdy 20-somethings. If you need a quick, affordable ride, give these apps a shot.
If you’ve never tried ride- sharing before, here’s how it works. Using an app on your phone, you set a pick-up and drop- off location. In just a matter of minutes, a driver is at your door, ready to travel to your destination. Payment is automatically linked to your phone, so you don’t need to worry about having cash on hand. If you need help setting up the app,
3 Retirement Money Mistakes Are You Making These Blunders?
When you’re enjoying your hard-earned retirement, the last thing you want to worry about is having less money than expected. One month you’re living the life, and then the next, your cash flow is crippled. It happens with remarkable frequency, and it often comes down to a few simple mistakes — things that are easy to overlook if you’re not paying attention. Here are three big money mistakes to watch out for.
LIVING YOUR ACCUMULATION-PHASE LIFESTYLE When you were working, you lived a certain way. Perhaps you were willing to spend a little more on your home, cars, and vacations because you knew you had a steady and reliable income. Then you retired, but you continued to spend like you were working. Even for a well-planned retirement with extensive savings, this can be problematic. Plans are ideal versions of what we want to happen, not necessarily what will happen. You need to reprioritize, and you may need to scale back your lifestyle to get the most out of your savings. SKIPPING REQUIREDMINIMUMDISTRIBUTIONS Once you hit age 70½, you must take required minimum distributions (RMDs). The only exception is if all your retirement savings are in a Roth account. Often, retirees skip taking RMDs because they continue to live with a saving mindset. Alternatively, they may have other sources of income and feel the RMDs are unnecessary. Regardless, not taking RMDs comes with a penalty: a 50 percent tax on the amount you didn’t withdraw. If your RMD was $5,000, you would be out $2,500.
NOT PREPARING FOR FUTURE TAXES It’s not uncommon for your taxes to go up when you retire. However, improper planning can send those taxes higher than anticipated. For example, if you decide to rely on a 401(k), a traditional IRA, or both, you may find yourself stunned by what you owe the IRS. Pair that with taxes associated with Social Security benefits and your tax bill may send you into shock. Speak to your retirement advisor and CPA to learn how to mitigate your taxes and avoid any surprises.
2 • CampbellWealth.comcampbellwealth.com
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