GET OUT AND MINGLE As humans, we thrive on love and companionship. In our golden years, that desire and the benefits that come from it don’t go away. In fact, socialization is especially important for seniors. According to a study from the Harvard School of Public Health, a healthy social life in your 50s and 60s slows down the rates of memory loss and deterioration. It also provides many other positive benefits.
THE IMPORTANCE OF SOCIALIZATION IN RETIREMENT
FOSTERS POSITIVITY After your working years come to a close and you no longer interact with coworkers, loneliness and isolation have a higher chance of settling in. Socialization is key to keeping your spirits high. So, to create and maintain positive relationships, make plans with friends and family to keep yourself busy and entertained. REDUCES STRESS In today’s world, stress can creep up easily. Whether it’s a busy schedule, worry about family members, fear of shifts in the economy, or unstable current events overseas that keep you on edge and anxious, get out and do something! A night out with a friend or even just time spent chatting with a family member on the phone can help to reduce stress. INCREASES SELF-WORTH Social activities such as exercise classes, group dinners, walks with a friend, or events at a clubhouse are great ways to build friendships. While friendships are a two-way street, being on the giving side can help you feel needed and increase your self-worth. To be good company is a great way to help others, which makes you feel great about yourself, too! Engagement, socialization, and creating meaningful relationships are necessary components of being happy and healthy, especially as you age. So, sign up for water aerobics, take that group pottery class, go fishing with your friends, take your neighbor up on that walk, and go to that party! You just might have a great time, and you’ll never regret interacting with others!
Don’t Make Prince’s Estate Planning Mistake! SAVE YOUR LOVED ONES MONEY AND HEARTACHE
The pop star Prince was fantastic at hitting high notes and cranking out No. 1 hits like “Kiss,” but he had a serious flaw: He was terrible at estate planning. This single oversight has cost his family thousands of dollars and caused them years of heartache since his death in 2016. When Prince, only 57, passed away from a drug overdose, he didn’t leave behind a will or any other legal documents. He may never have thought about his estate plan, or maybe he planned to deal with it when he retired. Either way, the lack of documents left his family without any idea whom he wanted to inherit his $82 million estate. This confusion kicked off a long legal battle. Prince’s siblings, ex-wives, and other relatives all wanted a piece of his fortune! For a moment in 2017, the world thought the probate fight was finally over when a judge in Minnesota sided with Prince’s sister and five of his half- siblings. However, more people kept popping up to stake a claim. The family never got a chance to rest, and several of them passed away during the battle. Then, in 2021, things got worse. The IRS revalued Prince’s estate and claimed it was worth $163 million instead of $82 million. The extra value meant the estate owed an additional $38.8 million in taxes and penalties. Yikes! In July 2022, six full years after Prince’s death, the drawn-out probate fight finally came to a close. The IRS and Prince’s bank met in the middle and agreed to value his estate (including his real estate, back catalog, and unreleased recordings) at $156 million. His family
members divided up the assets; some kept their stakes, and others sold them to the music company Primary Wave. According to Rolling Stone, the company is on a mission to protect Prince’s legacy. You may not be as rich as Prince, but if you pass away without a will, you’ll set your family up for similar struggles, expenses, and heartaches. Don’t let that happen — put a will or trust in place today! And if you’re in the middle of an estate battle like Prince’s, call our team. We’ll make sure you’re treated fairly.
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