Florida Women's Law Group - January 2019

the

WOMEN’S

Advocate

January 2019

CHANGING RESOLUTIONS

I’ve got a bone to pick with New Year’s resolutions. Maybe the idea started out nice, but these days, it seems they’re made to be broken. Even the word “resolution” just seems to carry negative weight. This year, my advice to you is throw everything you know about this annual tradition out the window. This isn’t to say I’m against setting long-term goals. On the contrary, I love planning for the future — here at the firm, we started having 2019 planning sessions last October. It’s the mindset and approach we typically take toward New Year’s resolutions that I take umbrage

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with. So I’d like to share some of the techniques that work best for me whenever I need to make a change or achieve something in my life. First and foremost, I don’t make this a yearly exercise. While the symbolism of renewal and starting fresh can be a great motivator for some, I feel like it also makes it easy to arbitrarily stop the first time you stumble. Making a major life change for the new year doesn’t feel nearly as impactful in March as it does in January; the more time goes on, the more tempted we’ll be to shrug and say, “Better luck next year.” You don’t need an arbitrary number on the calendar to tell you when you can make a positive change in your life. Second, I’ve found that the more intentional I am with my goals, the better. As the saying goes, if you don’t write them down, they’re just

dreams. For me at least, I’ve found putting pen to paper helps make my plans more than just internal musings. It helps me begin to think of my goals in concrete terms, forcing me to confront logistics and challenges that I may not have otherwise considered. Plus, having something tangible you can keep close at hand to give you that extra boost of motivation is a very powerful thing. Lastly, know that having a goal for the future doesn’t say something negative about your past. This is my biggest issue with New Year’s resolutions — they are so often framed as “fixing” something. They carry the connotation that we were somehow “not good enough” last year and need to make some radical change as the year rolls over. This is a toxic mindset. We should never seek motivation by dwelling on the things we don’t like about ourselves.

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“YOU DON’T NEED AN ARBITRARY NUMBER ON THE CALENDAR TO TELL YOU WHEN YOU CAN MAKE A POSITIVE CHANGE IN YOUR LIFE.”

-Heather Qu ick

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HOWMUCH TO SPEND The easiest way to budget for your retirement is with a level spending plan. In this system, you simply estimate how many years your retirement will last and divide your savings by that number. It’s better to make a generous estimate rather than a conservative one. A survey of financial planners conducted by the American Institute of Certified Public Accountants (AICPA) found that outliving savings is the No. 1 concern of those approaching retirement. Underestimating your life span is an easy way for this fear to come true. Of course, a level spending plan assumes that your financial needs won’t change over the course of your retirement. If you’re the type of person who regularly meets and exceeds your budgeting goals, you can probably make it work. If not, you may want to consider a plan that allocates more money with each passing year of retirement. In the event of increased medical costs or other later-life expenses, an escalating plan provides a financial safety net. WHAT TO SPEND ON Some of your spending choices will come down to personal preference and interests, but you might be surprised to learn that one category of spending consistently proves more fulfilling than others. Professor Michael Finke of The American College surveyed nearly 1,500 retirees and found that spending money on leisure activities and experiences caused the lowest rate of regret. Finke calls this “social spending” and surmises that it’s favored because it encourages older adults to get out into the world and enjoy their retirements. There is no perfect plan for how to spend your savings during retirement. But there is one very wrong way to go about it, and that’s mindlessly. However you choose to spend your savings, make sure you have a plan.

How to SpendWisely in Retirement

Make Your Savings Last

When it comes to retirement and finances, there’s enough material about saving to fill a library. You see commercials on TV showing one tiny domino gradually becoming a massive tower, you hear advice from coworkers and family members, and you read books and articles on the topic. Much less attention, however, is paid to how to spend those savings once you’re actually retired, even though it’s a significant part of the equation. After all, it doesn’t matter how much you save if you blow it all in a year. Here are a few considerations to keep in mind as you begin chipping away at that nest egg.

FEELING ASSURED BY HOW INSURED YOU ARE

Don’t Overdo it Today Just to Get Drained Tomorrow

The new year is the perfect time to invest in well-being, both your own and your family’s, for today and for the future. Having a proper insurance plan to fall back on in the event of the sudden loss of a loved one can help ease the panic and confusion that often accompany the pain and mourning of losing someone close to you. On the other hand, being overinsured while everyone still has their health could mean shelling out for unnecessary costs that drain the estate. While everyone’s coverage may be different, these guidelines should help put your post-holiday mind at ease. One of the most important life insurance tips is to avoid being worth more when you’re dead than when you’re alive. It is a very real risk to take out a massive policy on yourself and then trust that a schemer will not try to make that payout come to fruition sooner. On a less cosmically dangerous level, cut down on the number of riders in your insurance plans. If they seem too overcomplicated, you may be getting taken for a ride by your insurer! No pun intended. In terms of long-term care insurance, make sure you are utilizing the 80 percent rule. Committing to high premiums for 100 percent coverage just isn’t necessary in most cases. If a loved one gets put into a nursing home, for example, about 20 percent of the cost goes to essentials like food and medicine, which you would be paying for anyway. If your policy only covers 80, you’re saving that extra 20 percent in premiums, which can add up quickly.

Planning for your estate isn’t always mentally or financially easy. It’s hard to imagine what will happen after you’re gone; after all, this has been mankind’s great spiritual battle for millennia. Yet we owe it to the ones we love. If you find yourself with more questions than answers, your friends at the Florida Women’s Law Group can help guide you through the ins and outs of estate planning. Think ahead today for an easier tomorrow.

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Women Speaking Wisely

EVALUATING YOUR NEWYEAR’S LOVE LIFE

Love Lost and Found Doesn’t Have to Mean Heartache Some loves aren’t meant to last, but love should always be given a chance to begin again. If it was worth sacrificing to start a relationship, then it is well worth the time to cultivate maintaining it. With the new year upon us, it is more pertinent than ever to take that healthy step back to

evaluate where you stand with your partner. Look deeply and objectively at what your future could and should look like together in order to maintain a healthy balance. A new start doesn’t always have to mean beginning from a blank slate. Communication with your significant other is invaluable to understanding where you stand together. If you take the time to sit down with your other half instead of shutting down or letting emotions reach a boiling point, you may just find that you’ve both wanted the same thing all along.

We are given a new day each day and a new year each year on the calendar as a tangible reminder of the shifting tides. With this representation, we can see the turning pages of time as opportunities to make ourselves whole again. Nothing can bring a person more acceptance or sheer pain than a relationship.

If you find that you’re ready for some changes, there’s no better place to start than with The Florida Women’s Law Group. With the care and know- how to get you back to where you want to be, we can help guide you to your ideal options for your future. Don’t let another unhappy year go by. Allow yourself the passions you deserve.

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Inside

Rethink Resolutions

Spending Tips for Older Adults

Being Better Prepared for Estate Planning

Making the Tough Choices for Yourself

Have a Cold? Recover Faster!

3 EASYWAYS TO RECOVER QUICKLY FROMA COLD During the winter months, colds and the flu can spread like wildfire. Getting sick at least once during the season can be hard to avoid, and once you are sick, you want nothing more than for it to be over and done. While there is no way to completely avoid getting sick, there are ways to speed up your recovery. Next time you’re suffering from a cold, try these remedies to get back on your feet a little bit faster. ELDERBERRY SYRUP Also referred to as elderberry extract, this syrup is made from a plant called European elder. It can be purchased at many health food stores or made at home (but use caution when doing this, since raw and undercooked elderberries are toxic). Many people swear by the berries’ ability to ease congestion and relieve a number of other cold symptoms. Plus, elderberry syrup is known for having anti- inflammatory and antiviral properties, making it

ZINC While many people turn to vitamin C to hurry through a cold, that’s not the supplement you should be focusing on. In fact, an overwhelming number of studies show that vitamin C does absolutely nothing to help shorten a cold. Instead, take zinc. You can find it as a nasal spray or lozenge, or even as part of a vitamin C supplement. One study published in the Annals of Internal Medicine found that those who took zinc reduced their recovery time from a cold by half. Cold symptoms among those taking a zinc supplement lasted about four days, while symptoms among those taking a placebo lasted about eight days.

an ideal tool for fighting the common cold. Some research even suggests that it can shorten flu symptoms by up to three days. EUCALYPTUS If you’re suffering from congestion or can’t stop coughing, eucalyptus may offer the relief you’re looking for. Available in several different forms, including syrup, oil, and dried leaves, eucalyptus can be used as an expectorant or as a way to relieve a sore throat. When you’re at home and sick, try adding a few drops of eucalyptus oil to the water in a humidifier. The results are remarkably soothing!

4 Florida Women’s Law Group | (904) 241-0012

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