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Do you worry about running out of money during your retirement years? If
so, how can you help prevent this from happening?
In the first place, if you
have this type of fear, you’re far from alone. Consider this:
58% of
retirement savers from all age groups, including current retirees, say that
outliving their assets is their greatest retirement fear, according to a study by
Cerulli Associates, a financial services research organization.
This type of fear can certainly
affect your quality of life when you retire. Still, there’s no need to panic –
because you can take steps to help prevent the running-out-of-money scenario.
Here are a few to consider:
• Know how much you’ll need
during retirement. You need to get a clear picture, or at least as
good an estimate as possible, of how much money you’ll need to support your
retirement lifestyle. Once you do retire, some costs, such as transportation or
other work-related expenses, might go down, while others – medical expenses, in
particular – will likely go up. The fear of running out of money, like many
fears, is caused largely by what you don’t know, so having a good sense of
how much you’ll need in retirement can help reduce your anxieties.
• Build financial resources
before retirement. You’re probably at your peak earning capacity in
the years close to your retirement, so consider contributing as much as you can
afford to your IRA and 401(k) or other employer-sponsored retirement plan.
• Maximize your Social
Security payments. You can start collecting Social Security as early
as 62, but your monthly benefits will be larger if you can afford to wait until
your full retirement age, between 66 and 67. (Payments will “max out” at age
70.)
• Re-enter the workforce. Going back
to work in some capacity is one way to possibly help build retirement resources
and delay taking Social Security. If you have a particular area of expertise,
and you enjoyed the work you did, you might be able to go back to it on a
part-time basis or do some consulting. You could boost your cash flow, and potentially
extend your contributions to an IRA and to an employer’s retirement plan.
• Cut costs during retirement. Possibly the
biggest cost-cutting measure is downsizing – are you willing and able to move
to a less expensive area or scale down your current living space? Of course,
this is an emotional decision, as well as a financial one, and downsizing isn’t
for everyone, but it might be something to at least consider. As for the lesser
ways of reducing expenses, take advantage of senior discounts, which are
offered in many areas, including entertainment, public transportation,
restaurants and retail establishments. And look for other opportunities, such
as cutting out streaming services you don’t use.
• Look for more income from
your investments. As you get closer to retirement, and even when you
do retire, you might want to adjust your investment portfolio to provide you
with more income-producing opportunities. However, even as a retiree, you’ll
want some growth potential in your investments to help keep you ahead of
inflation.
Ultimately, the more you can bolster
your financial security before and during retirement, the less fear you may have
of outliving your money.
Chad Choate III, AAMS
828 3rd Avenue West
Bradenton, FL 34205
941-462-2445
[email protected]
This article was written by Edward Jones
for use by your local Edward Jones Financial Advisor.
Edward Jones, Member SIPC
Digital what? Footprint? You may be thinking thats what you leave behind at the beach. While that may be correct, it is also what you leave behind every time you provide your email, set up a new online account, or allow your data to be tracked. Your digital footprint is the trail you leave behind with Location services on your phone. It is the data you leave behind when commenting on Aunt Sallys Facebook page, sharing your familys vacation pictures on Instagram, or traipsing around the internet to various sites looking for that cute Lladro figurine your mother wanted for Christmas. All of it tells something about you whether you realized it was happening or not.Most of the time, the sharing of your data what you do, how you do it, etc. may not be a big deal. Or is it? The reality is that your data supports big business every day. It is collected, bought and sold (mostly without your knowledge) by data brokers (i.e., Acxiom, Epsilon), credit and identity bureaus (i.e., Experian, Equifax, TransUnion), and Big Tech Companies (i.e., Google, Amazon, Meta, Microsoft, Apple) that share your data with their partners and ad networks.The danger to you is when there is a data breach at one of the many sites that has your data and your data is captured and posted on the dark web. This enables nefarious characters to better target you for scams and potentially steal your identity. Call Lily in the Details today 941-237-0157 and schedule Understanding Your Digital Footprint, Navigating the Online World Safely and Wisely for your community.
By Dr. David RiceSouthwest Florida is home to more than 100,000 veterans, according to the U.S. Department of Veterans Affairs.They own homes, manage businesses and pay taxes here. They volunteer at local nonprofits and donate to local causes. They are the core of our community.Nearly every day, at least one veteran walks into Advocate Radiation Oncology for treatment. Cancer impacts people from every background, including veterans. Even the most hardened veterans struggle with a cancer diagnosis, which is understandable; no one is invincible and cancer generates a wave of emotions shock, anxiety, frustration, fear and stress.Over the years, veterans in Charlotte and Sarasota counties have found an ally inside the treatment room Dr. Brian Lawenda. A board-certified, Harvard-trained physician who completed medical school at Temple University, Lawenda has all the credentials to help a patient feel confident that they're in good hands, medically speaking. Then they find out something else about their physician. He is a veteran, too, having served this country 13 years with the U.S. Navy and attaining the rank of commander."When I enlisted, I took an oath to serve this country and uphold the U.S. Constitution," Lawenda said. "When I became a doctor, I pledged to dedicate my practice to patients and the community I serve, and it's especially gratifying when those patients are fellow veterans."The best doctors don't just treat symptoms; they connect with patients, usually through shared experiences they're from the same state, cheer for the same sports team or attended the same university. Lawenda's military experience helps create an instant doctor-patient bond that continues during treatment and beyond. In fact, Lawenda has become the region's go-to radiation oncologist for veterans, not just Navy veterans, but those who have admirably served across all six branches of the military."When he told me he served in the Navy, it gave me comfort," said Ret. Command Master Chief Scott Fusco, a North Port resident who recently completed prostate cancer treatments at Advocate. "I had absolute trust in him from that point on."Lawenda wasn't the only veteran on Fusco's care team, either. His urologist also served in the Navy and referred Fusco to Dr. Lawenda for treatment."We served at different times and places, but we're all part of the same team," Fusco said. "They've been there, done that, just like me. There is instant respect, instant trust."Lawenda, who sees patients at Advocate's cancer treatment centers in Port Charlotte and Venice, specializes in the treatment of prostate, lung, breast, head and neck, rectal, liver, bone, cervical and other types of cancers. Although Lawenda doesn't technically specialize in the treatment of veterans, he is especially proud to support patients like Fusco on their cancer journey."A veteran may retire or end their military service, but he or she will never stop serving this country and their community," Lawenda said. "Being able to help local veterans beat cancer is extremely gratifying and certainly rewarding. The military is a brotherhood and a sisterhood, and I'll continue fighting for my brothers and sisters."About the AuthorDr. David Rice is a board-certified radiation oncologist who sees patients through Advocate Radiation Oncologys cancer treatment centers in Port Charlotte and Venice. Visit AdvocateRO.com for more information.
Managing diabetes is more than watching your blood sugar. Its about staying active, maintaining your strength, and continuing to enjoy the activities you love.Diabetes affects millions of older adults and can have a significant impact on overall health, mobility, and independence. As we age, managing diabetes becomes especially important because it can increase the risk of falls, nerve damage, muscle weakness, and other health complications.The good news? With the right support, regular physical activity, and a personalized treatment plan, older adults living with diabetes can take meaningful steps toward better health and a more active lifestyle.Why Is Exercise So Important for Diabetes?When you have diabetes, your body has difficulty regulating blood sugar levels. Physical activity helps your muscles use glucose for energy, which can improve blood sugar control.Regular exercise can also help:Improve muscle strength: Maintain the strength needed for walking, climbing stairs, and completing everyday activities.Improve blood sugar management: Help your body use insulin more effectively.Support heart health: Improve circulation and help manage blood pressure.Improve balance: Reduce the risk of falls and injuries.Maintain independence: Make daily activities such as dressing, bathing, cooking, and shopping easier.Increase energy and confidence: Help you feel stronger and more comfortable staying active.Even small amounts of movement throughout the day can make a difference!How Can Physical and Occupational Therapy Help?For many older adults, beginning an exercise program can feel overwhelming, especially when dealing with joint pain, weakness, balance problems, or other medical conditions.Thats where FOX Rehabilitation can help.FOX provides personalized physical and occupational therapy designed to help older adults safely improve their mobility, strength, and ability to perform everyday activities.A physical therapist can evaluate your walking, balance, endurance, and muscle strength to develop an exercise program that meets your individual needs.An occupational therapist can help you find safer, easier ways to perform everyday tasks while improving your ability to remain independent at home.Together, these professionals can help address the physical challenges associated with diabetes, including decreased sensation in the feet, muscle weakness, and difficulty with balance.The Benefits Go Beyond Blood SugarResearch has shown that structured exercise programs can help people with Type 2 diabetes improve their blood sugar control, preserve muscle mass, and increase overall strength.Regular physical activity may also improve blood pressure and reduce the risk of certain diabetes-related complications.Most importantly, staying active can help older adults maintain the freedom to do what matters most whether thats spending time with grandchildren, enjoying a walk with friends, gardening, or simply moving safely around their homes.Therapy That Comes to You!One of the greatest benefits of FOX Rehabilitation is that therapy can take place right in the comfort of your own home.FOX provides physical, occupational, and speech therapy through Medicare Part B for eligible individuals.You do not have to be homebound or recently hospitalized to receive services.This means older adults who may benefit from skilled therapy can receive personalized care in their familiar surroundings without having to travel to an outpatient clinic.Take the First Step Toward Better HealthLiving with diabetes doesnt mean giving up the activities you enjoy. With proper management, regular movement, and professional guidance, you can continue building strength, improving mobility, and maintaining your independence.Before beginning a new exercise routine, speak with your healthcare provider, particularly if you have diabetes-related complications or take medications that can cause low blood sugar.Remember: Its never too late to get stronger, move better, and take control of your health!