LIVING 50 PLUS
C8 MARCH 2020
THE NORTH PLATTE TELEGRAPH
5 Reasons Why You Need a Financial Plan Before a Recession
• Maintain a Diversified Portfolio. One of the best ways to prevent emotional swings is to create and ad- here to a diversified portfolio that spreads out your risk across different asset classes, such as stocks, bonds, cash and commodities. • Take a Break from the Bad News. Once you have as- sessed your personal situation and made some choices, it’s smart to tune out from the constant news coverage. The drumbeat of bad news can lead to a cycle of nega- tive thoughts, like “I am never getting this money back,” or “I will never retire.” Psychologists say such thoughts can distort reality, disrupt thinking and erode perfor- mance. To find a CFP professional who can help you prepare a financial plan, visit letsmakeaplan.org. However dire a crisis may seem, having a long-term fi- nancial strategy will keep you on track to achieve your financial goals.
(StatePoint) With speculation swirling that the U.S. economy is heading for another recession, you might be wondering what you can do to protect yourself from feeling the pinch of a slowing economy. Experts agree that proactive and prudent financial planning is key to avoiding emotion-driven deci- sions and maintaining a long-term orientation during times of turmoil. Those who already have a financial plan should take the time to re-evaluate its goals and strategies to ensure it can withstand a dramatic mar- ket decline. If you do not have a financial plan yet, take the initiative to start putting one together. A Certified Financial Planner (CFP) professional can provide you with guidance on creating and maintaining a compre- hensive financial plan. Here are five reasons why you need a financial plan in place before a recession:
are in turmoil and you are feeling scared, your personal situation should guide your decisions. The first step in developing a financial plan is to figure out where you stand, which includes getting a thorough understand- ing of your cash reserves, consumer debt and current retirement contribution level and savings. • Balance Fear and Greed. Bull markets can make in- vestors more hopeful that gains are perennial, leading them to assume too much risk. Conversely, when the market drops, fear takes over and makes them want to sell everything. A financial plan helps you to avoid im- pulsive actions and balance market highs and lows. • Manage Your Cash. A sound financial plan ensures that you do not put money you know you will need in the short term at risk. Money you anticipate needing within a year or so should be kept in a safe place, like a checking, savings or money market account, a short- term Certificate of Deposit (CD) or a bond.
• Know Where Your Finances Stand. When markets
Tips to Help Family Caregivers Avoid Burnout
be found through hospitals, Facebook, Meetup.com or organizations like the Alzheimer’s Association or the American Heart Association. • Make life easier: You can simplify daily tasks for your senior with a few considerations. For example, if utensils are difficult to use, look for opportunities to provide healthy finger foods that help your senior feel more independent. Think sliced frittata, which can be eaten like pizza, versus scrambled eggs. When it comes to getting dressed, opt for Velcro if zippers and buttons have become difficult. Another good trick? Tie loops of string around the ends of zippers so they’re easier to grab. • Don’t be surprised by negative feelings: Caring for someone can be an emotional rollercoaster. Even the calmest person can experience a range of negative emotions. The best way to handle them is to acknowl- edge that they are a natural reaction to stress. If these feelings persist, reach out to local caregiving support groups, a family physician or therapist for help. • Consider home care as a partner: Professional home care services can complement the care you provide, helping ease its emotional and physical toll while offer- ing you peace of mind.
While selecting senior home care services is something to be proud of, family members often feel guilt over the decision. Conflicted emotions are normal. How- ever, knowing that the decision will make you better equipped to care for everyone can help you move past feelings of guilt. Home healthcare has emerged as a powerful option for families seeking a better way to care for their se- nior loved ones. Not only does it provide medical and personal care for seniors, it can nurture their indepen- dence by allowing them to remain at home, all while providing respite care for family members from the daily routine of caregiving. Be sure to look for care that offers a whole-person ap- proach, such as InterimHealthCare’s HomeLife Enrich- ment standard of care, where caregivers look beyond a diagnosis so that every patient is treated as an individ- ual with unique needs and desires. To learn more, visit interimhealthcare.com. More caregiving tips can be found at interimhealthcare. com/blog. Serving as a family caregiver is challenging. But there are ways to make life easier and more fulfilling for both you and your loved one.
(StatePoint) Family caregivers lead busy and at times, stressful lives, often balancing work, their own kids and spouses, hobbies and more, all while ensuring their loved ones are happy and healthy. In celebration of family caregivers and all that they do, Interim HealthCare Inc. shares tips to help them avoid burnout and provide better care: • Know you’re not alone: As of 2015, an estimated 43.5 million adults in the U.S. have provided unpaid care to an adult age 50 or older, according to AARP. Of these in- dividuals, around 28 percent have a child or grandchild under the age of 18 living in their household, and six in 10 caregivers report being employed at some point in the past year while caregiving. Online and in-person support groups can be a great way to connect with oth- ers who may be in similar situations. These groups can
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