BEWARE THESE RETIREMENT SPENDING MISTAKES
Common Financial Pitfalls
The bulk of retirement planning is spent discussing how you will save money in the years leading up to the end of your career, but that’s only half of the picture. Once you enter retirement, your focus shifts to the smartest way to divest your money for both your own enjoyment and your continued financial security. There are countless ways to wisely spend your nest egg, such as taking trips, providing for the education of your grandchildren, and more. However, this article isn’t about good ideas. Instead, let’s talk about some of the worst ways to spend your retirement funds. TIMESHARES The appeal of a timeshare seems obvious. It’s a space of your own for a few weeks of the year, and you get to enjoy a nice change of pace from your regular environment. The problem is that these properties are full of hidden costs and have been outpaced by other vacationing options. In a world where you can book an Airbnb with just a few clicks, timeshares are poised to become a relic of a past age. ONLINE SCAMS Hackers and cyberscammers love to prey on the elderly. As gross as it may sound, they know that older generations tend to be less tech savvy than their younger counterparts. You should be wary of online offers that look too good to be true. If you have even the slightest doubt, have a loved one take a look at That last thing we want for our clients or our community is for them to be alone in their search for answers to questions regarding aging, mental health, and disabilities. Over the next three months, there will be four presentations through The Education Center at Van Dyck Law on an array of topics. If any of them relate to your current situation, please stop by to hear one of our speakers. There will be two presentations in July. On the 10th, our own Sheli Monacchio, Director of Life Care Resources, will speak on caregiver stress and family transitions. Transitioning into a routine that includes providing care for an aging loved one is never easy — but you don’t have to go in completely unaware. You can learn more about what to expect, and how to cope with added stress in your daily life, at Sheli’s presentation. On July 30, there will be a four-hour workshop on dealing with dementia for either family or professional dementia caregivers. We will provide a comprehensive guide to the facility where we present, so their management team has resource for training their staff. Originally a component of the Rosalynn Carter Institute REACH program, the guide is only offered in 20 locations across the US. The Rosalynn Carter Institute found the guide incredibly useful and What ’s Coming Up
the offer to ensure you’re not being scammed. Never provide your private financial data to a source you don’t absolutely trust.
TCHOTCHKES Many of us have walked into the house of an older relative to find a room full of American Girl dolls or a display case of Candlewick glassware. Collecting can be a rewarding hobby when done in moderation, but amassing junk simply for its own sake is a waste of money and space. Make sure you’re acquiring objects because you truly want to treasure them. RUSHED RELOCATIONS In general, real estate-based purchases can be extremely beneficial for retirees. The exception to this rule is a spur-of-the-moment relocation in order to be closer to your family or a retirement community. Because real estate transactions are so expensive, it’s best to approach them with extreme care and due diligence.
AT THE EDUCATION CENTER AT VAN DYCK LAW
decided to make it available where the REACH program is not. We are pleased to offer it as a resource in our workshops. On August 7, Phoebe Shagan from Reliable Health Solutions will present on the ABC’s of medicare. Finally, on September 4, Sheli will be presenting again on the effects of music on the memory of dementia patients. Numerous studies have highlighted the positive effects music can have on dementia, and this presentation will be a great opportunity to learn more. All presentations will be from 9:30–11 a.m. Seating is limited, but we have a waiting list in case of cancellations. To stay updated, check our website or our social media accounts. We look forward to seeing you!
2
VANDYCKFIRM.COM
Published by The Newsletter Pro • www.TheNewsletterPro.com
Made with FlippingBook - professional solution for displaying marketing and sales documents online