Libman Tax Strategies July 2019

BEWARE THESE RETIREMENT SPENDING MISTAKES

Common Financial Pi tfal ls

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.

OneVery Cool Client!

Meet Sherry Hodge of Sherry Hodge Design

successfully sell their properties. An ability to collaborate with agents, contractors, and her clients has earned Sherry a well- deserved reputation as a true professional. Sherry is so great at what she does that she made my office look beautiful and sellable even with the cheap budget I gave her to work with back in 2014. In the five years she and her husband have been clients of mine, I’ve been impressed by their dedication to hard work. I distinctly remember when her husband decided to take on the challenge of going back to school to become a registered nurse. It was amazing to me not only that he had the ability to start his career over and assiduously work to earn the career he wanted, but also that Sherry supported him emotionally and financially during this time. If you are ever looking for a professional with a keen artistic eye to help stage your home or work space, I’m telling you, Sherry is the gal! You can check out her portfolio at SherryHodgeDesign.com!

Originating in China almost 6,000 years ago, feng shui literally translates to “wind” and “water.” In ancient times, farms and villages were often built within the protective folds of mountains, shielded from harmful winds and nurtured by the gentle, winding streams. Since then, this concept has managed to stay at the forefront of the architectural and design world and influences people all over the world to closely consider the placement, layout, and color of buildings and objects in relation to natural energy. These rules of thumb allow for the most ideal arrangement in any given situation. Perhaps no one has mastered this concept better than Sherry Hodge, owner of Sherry Hodge Design. Sherry began her career in the television production business working with clients like HGTV, Fine, and Sony Television. While working in TV, she and her husband were also renovating and restoring homes in South Pasadena. After 25 years in the TV business, she decided to focus on her passion for real estate. Since 2006, she has worked side by side with nearly 200 homeowners and real estate agents to

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