Gillette Law - June/July 2019

BEWARE THESE RETIREMENT SPENDING MISTAKES

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

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.

SAVING MONEY ON PRESCRIPTIONS? THERE’S AN APP FOR THAT

If you’ve been struggling to pay for medication, you’re not alone. According to a recent poll by the Kaiser Family Foundation, nearly 1 in 4 Americans struggle to afford their prescriptions, leading many people to make very difficult decisions about their

You can purchase discounted generic medication right from the app and pick it up at your local pharmacy if they participate with the app. Most major pharmacies do. If getting out to the pharmacy proves difficult, Blink Health also offers FREE home delivery, meaning you can have your medicine brought right to your door!

health and finances. Thankfully, tech companies are finding innovative solutions to this challenge. Many free apps have been developed to help you find the medication you need at the absolute lowest price. GoodRx The most well-known prescription app, GoodRx, helps those with and without insurance find the absolute best deals on medication. Users can compare pricing at different pharmacies and collect digital coupons to get even better deals. GoodRx accomplishes this by partnering with pharmacy benefit managers. Thanks to this, many GoodRx users find medication is even cheaper than it was on their insurance plans. Blink Health An up-and-coming competitor in this space, Blink Health offers some innovative tools and fantastic services to save users time and money.

Rx Saver With a simple, easy to use layout, Rx Saver by RetailMeNot is focused on one thing: finding you the absolute best price. With a similar approach to GoodRx, this app lets you compare prices from local pharmacies and big box stores to help you find the most savings. Their coupons are straightforward and easy to use, meaning fewer headaches and more money in your pocket. So which of these apps is the best? Each brings a lot to the table, but what they all have in common is that they’re FREE. Different apps may have different deals with pharmaceutical companies, so it doesn’t hurt to shop around for the app that offers your specific medication at the best price.

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