Page 7 - Senior Times South Central Michigan - September 2017 - 24-09

Senior Times - September 2017 Financial Moves For
Page 7
Hearing and
Vision Services
Seniors without insurance coverage may receive hearing screenings, hearing aids, eye exams, and glasses that help them support their independence.
Calhoun Co. Public Health Dept. - 269-969-6377
315 West Green Street, Marshall, MI 49068 Office: 269-781-0846
Fax: 269-781-0770 www.calhouncountymi.gov/seniorservices
“Empty Nesters”
By: Brent Fast, Edward Jones Financial Advisor
When your children leave home and you become an “empty nester,” you’ll probably make several adjustments in your lifestyle. But how will your empty nest status affect your financial situa- tion?
Everyone’s story is different, involv- ing a range of variables. But here are a few issues to consider:
Insurance
If your kids are through school, your mortgage is nearly paid off and your spouse has accumulated a reasonable amount of money in an employer- sponsored retirement plan, you may not need life insurance to replace income
or pay off debts. However, you might start thinking about other goals, such as ensuring your savings will last your life- time or leaving a legacy to your loved ones or a charity. Life insurance may be able to help in these areas.
Downsizing
Deciding whether to downsize your living space isn’t just a financial deci- sion – it’s also a highly personal one. Still, downsizing can offer you some potential economic benefits.
If you still are paying off your mortgage, a move to a smaller place could free up some of your monthly cash flow, which, again, you could use to boost your retirement accounts.
If your home has greatly appreciated in value, you might make a sizable profit by selling. (If you are single, you may be able to exclude $250,000 of the gain on the sale of your home; married cou- ples may have a $500,000 exemption. Some restrictions exist on this exemp- tion, though, so you’ll need to consult with your tax advisor before selling.)
Estate Plans
Years ago, you might have made vari- ous arrangements in a will or a living trust that dealt with taking care of your children if something should happen
to you and your spouse. For example, you might have established a trust and directed it to make payments to your children at certain times and for certain purposes, such as education. But once your children are grown and have left your home, you may need to review and update your estate plans.
Keep in mind, though, that “empty nester” status is not always permanent. You’ve no doubt heard about “boomer- ang” kids who return home after college and stay until they can afford a place of their own.
If your children become “boomer- angers,” even for a short while, will it greatly affect your financial situation? Probably not. However, if your children are going to drive your car, you may want to be sure that they are listed on your car insurance. Also, if they are going to bring guests to your home, you might want to consider an “umbrella” insurance policy, which typically pro- vides you with significantly greater lia- bility protection than your regular home- owners policy. (In fact, it may be a good idea to purchase an umbrella policy even if you don’t have grown kids at home,
as this coverage offers you wide-ranging protection from potentially devastating lawsuits that could arise from injuries on your property or through an auto acci- dent in which you are involved.)
You may have mixed feelings about becoming an empty nester, but, like most people, you will adjust. And by making the right financial moves, you can get off to a good start on this new phase of your life.
50 Sanderson Lane Coldwater, MI 49036
517-279-9587
www.maple-lawn.org
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Timing counts when it comes to your social security benefit
Social Security can be one of your most valuable retirement assets. The decision of when you start taking your benefit impacts how much you’ll receive.
Call or visit today, and learn how your decision impacts your overall retirement income strategy.
Final decisions about Social Security filing strategies always rest with you and should always be based on your specific needs and health considerations. For more information, visit the Social Security Administration website at www.socialsecurity.gov.
Brent D Fast, AAMS®
Financial Advisor
18 West Michigan Avenue, Suite 1a Battle Creek, MI 49017 269-965-8531
www.edwardjones.com | Member SIPC
Farmers Market
Albion
William R. Stoffer Memorial Plaza Wed 3-5pm
Sat 9am-2pm
Athens
Wilson Park by the dam Fri 2-6pm
Battle Creek
Festival Market Square Wed 9am-1pm
Sat 9am-1pm
Bellevue
Washington Park Thur 3-6pm
2017
Coldwater
Downtown 4 corners Sat 9am-1pm
Hastings
Court House Lawn Wed 1-6pm
Sat 9am-1pm Homer
Under the Water Tower Sat 9am-1pm
Jackson
Grand River Farmers Market
Tue, Fri, Sat 8am-1pm
Kalamazoo
1204 Bank Street
Tue, Thur, Sat 7am-2pm
Marshall
125 Green Street Sat 8am-1pm
Mendon
Reeds Riverside Park Thur 2-6pm
Texas Township, Kalamazoo
7110 West Q Ave. Tues 4-7pm
Sat 8am-12pm
Union City
Corner of Broadway and Hammond
Sat 9am-1pm
Battle Creek Area
A Hand Up, Not A Hand Out
Senior Critical Home Repair & Wheelchair Ramp Program
These programs are available to low income seniors who have a need and an ability to repay a 0% interest loan.
To Find Out More About These Programs Call
269-966-2502
Help us live out our Mission by donating your unwanted furniture, appliances and home furnishings at our ReStore, 545 North Ave, Battle Creek, MI.
Pick-Up For Larger Items Available By Calling 269-441-1038