EMBRACING LIFE TO ITS FULLEST - LEGACY RESERVE

Patrons of Legacy Reserve at Fritz Farm can hardly wait to move into their new homes this month. Some of them signed up over a year ago.  “I chose Legacy Reserve as my future home for many reasons,” said Don Bayer, a retired Chicago Public Schools principal. “I was fascinated by the fact that it is going to have a heated saltwater swimming pool. I love to swim.”   “We decided we wanted to live here the rest of our lives,” said Loretta Jones, another resident looking forward to moving in. “So we are downsizing and we’re ready to go.”

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LIVING FRUGALLY

Many people in the United States with significant savings fear going broke in retirement, according to a recent survey. However, there are ways to live frugally to try to prevent that from happening.

1. Analyze your living situation. According to research, the cost of a home and home-related expenses accounts for nearly 43 percent of spending for people who are 65 to 74 years of age. ....

….FULL ARTICLE

TECHNOLOGY PRIMER FOR GRANDPARENTS

No one needs to be told the younger generations are attached to their technology. It used to just be computers, but now it’s smart phones. These days, if you want to stay in contact with your grandchildren – and sometimes even your children – you’d be wise to learn a few basic methods of keeping in touch in the digital age. A study released in 2012 by Microsoft and AARP called “Connecting Generations” found teens and their parents and grandparents are communicating more because of social media and other online tools.

….FULL ARTICLE

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Teach your children to save for a rainy day as well by putting their gift money or part of their allowance in the bank. By helping them be aware, you may find you step up more to the task.


SOURCES & RESOURCES:

www.bankrate.com

We all know we need to save money, but many of us put off saving. We need to develop a rainy day fund. Having a “rainy day fund” gives you the peace of mind of knowing you are secure and better prepared to meet unexpected expenses.


Bankrate’s Financial Security Index says 20 percent of individuals do not have any money saved. Only one person in five has sufficient funds to cover three months of expenses. Everyone should commit to saving even a small amount monthly. It will add up and become more useful over time.


A rainy day fund should not be confused with an emergency fund. An emergency fund is money saved for times of unemployment and extended illnesses, when it is necessary to find the money to pay everyday expenses such as a mortgage, groceries and utilities as well as medical bills. An emergency fund is usually a savings of $10,000 to $15,000.


Rainy day savings are far smaller. This is the money you use to pay for service when the washer or dryer breaks down or to cover a few sick days or an occasional unexpected doctor visit, car repair or prescription. It is not for funding a vacation or the purchase of a new car. A rainy day fund typically is $1,000 to $5,000.



SAVING FOR A RAINY DAY

To build your rainy day fund, you may want to cut expenses or create extra income. There are two kinds of “rain” here:


Predictable rain:

Car insurance, property tax, car registration – expenses you know are coming and how much they are.


Unpredictable rain:

You know the expense will come, you just don’t know how much or when.


Save for both.

Here are some strategies for starting a rainy day fund:


JEAN JEFFERS

Jean is an RN with MSN from the University of Cincinnati. She is a staff writer for Living Well 60 Plus and Health &Wellness magazines. She has an article in the Fall 2016 issue of Today’s Christian in the Mature Years.

more articles by jean jeffers