Financial Planning for the over 50s

Whether a school leaver or a septuagenarian, financial planning is a vital part of life. However, as you grow older, the factors you need to consider evolve and change as your needs mature.

When you are younger, financial planning is all about the long-term future and putting ideas together to ensure you start edging your way to getting what you want sooner rather than later.

Once you are over 50, although you may have many things you still want to see and do, you also need to start thinking about how your loved ones would pay for a funeral if the worst happened.

We take a look at financial planning for the over 50s and run through some of the considerations which should be taken into account.

Preparing for the worst

No one likes to think about their own death but making sure that all the necessary financial preparations are in place means that your loved ones will have much less to deal with while they are grieving.

"Look after your money, and it will look after you in retirement."

If you are willing to go that one step further, you could even make the preparations for your own resting place. An increasing number of people are opting to have their memorial stone constructed by a stone mason and pick their own cemetery – and even paying for it in advance – to save their family and friends from making difficult choices at a traumatic time.

You might prefer to leave the actual wording on your headstone, but there's no reason why you can't decide on everything else. Granite or marble? Polished or pitched? The choices over your headstone can be made in advance. You can even opt for a curbed memorial if your chosen cemetery permits these.

Pension arrangements

Hopefully, you will have been able to contribute to a personal pension. If this is the case, now is the time to view what arrangements you have in place and consider whether they would be sufficient to fund a comfortable retirement.

There are many types of pension funds that can be arranged

Although the exact value of your pension fund may well fluctuate in line with the market, it can be helpful to get an annuity quote so you know exactly how much extra income you can expect to receive once you stop working. 

This will help you plan for your future and decide whether you need to keep a small part-time job or whether you can afford that around-the-world cruise you have always promised yourself!

The other factor to consider is whether your pension fund needs to be moved to a low-risk, more secure investment.

Pensions are considered a long term investment, so investing in a fund deemed either cautious or aggressive carries little real risk as there will be time to make up any losses. 

The stock market, by its very nature, undulates, but any dips will even out over time, so there's usually no need to get worried by fluctuations in your fund value.

However, once you are nearing retirement, it's worth considering whether it would be more appropriate to move your fund to a less-risky investment. 

If the worst did happen and the market crashed, you may not have sufficient time for your pension fund to bounce back before you need to cash it in. Experts recommend moving your fund to a low-risk location the closer you take your retirement.

Conclusion

Just because you are over 50 doesn't mean you don't still have a long and fulfilling life ahead of you, and free of the shackles of work, you can finally spend your time doing exactly what you want.

However, financial planning is just as important as ever. Whether making sure your loved ones don't have too much to do if you were suddenly to depart this mortal coil or bolstering your pension fund so that you can have a whale of a time during your retirement, it's vital to make the necessary arrangements.

Easy Ways to Save Money on International Phone Calls

Whether you're a frequent traveler or have friends and family living abroad, you probably already know the toll that international calls can take on your finances. Major international carriers like Verizon, Virgin Mobile, and AT&T offer discounted per-minute rates if you plan ahead, but these can still cost a bundle even for a short phone call. Texting rates aren't much better, costing as much as 50 cents per text to numbers located abroad. These fees have risen in recent years as more consumers carry smartphones, because these mobiles cost more to roam internationally. Fortunately, there are a number of ways to get started with making cheap international calls and lowering your bills. 

Contact your carrier before travelling.

If you're planning on travelling to a foreign country, you'll want to notify your carrier ahead of time and find out if they offer lower rates. At the very least, find out the rates to call home from abroad and what local calls and texts will cost. This will prevent any surprises once you get back home. It may be advantageous to simply turn off your phone if these fees seem too high, and look at the other alternatives mentioned below. 

Use Wi-Fi services to avoid roaming charges.

For those who opt to carry their smartphone abroad, roaming charges can take a huge hit on your phone bill. There are usually settings you can choose from to manage roaming and data usage. This includes turning off international roaming, and turning on the Wi-Fi connection. This will reduce your charges for using data, because you will be using a local network rather than your usual carrier.

Purchase pre-paid phone cards.

Whether you're travelling or need to call loved ones who live overseas, you'll get lower per-minute rates if you purchase pre-paid phone cards. There are old-fashioned calling cards which are designed either for general international use or offer low rates for specific countries. You can also purchase a pre-paid phone or SIM card to call Pakistan or any other international destination. Be sure to compare rates and any associated fees carefully, as these can vary widely. 

Use Smartphone apps to reduce costs.

Another way to benefit from lower rates on international calls is to use online calling services like Skype and Rebtel. These rely on Wi-Fi connections rather than regular international call networks, which is why they're able to provide far lower rates on calls. Many of these can be downloaded as free apps for your phone, so you can still use your mobile. Encourage your contacts to download the same services and you can save even more, because calls placed over the computer or between members of the same network are usually free of charge.

By following these basic steps, you can significantly reduce your international phone bills and avoid getting taken for a ride by your mobile service provider. Terms and conditions will vary, so it's best to weigh all options to find the best deal for your most-called destinations

Practical Tips for Cutting Expenses

When looking for ways to cut expenses, there are some rules you should follow. The first rule of thumb is to limit the number of credit cards you have. Spending now to pay later should only be for emergencies. Secondly, pay off a bill as soon as possible to prevent accruing interests that may leave you in debt. Do not go to buy food when you are hungry as you will spend more at the store than you intended to. Do not take your children on a shopping expedition when you are on a limited budget, their wondering eyes and hands always means more money spent than your budget can handle. Some other methods that can help you cut down on expenses include;

Pack Your Lunch

You can pack a healthy lunch to take to work. This saves on the amount you spend; since you made it at home you are sure of the ingredients included. Most offices have a microwave oven for their staff to enjoy a hot meal. This is not only good for your budget, but also excellent for your health. 

Learn to accessorize

You do not need a large variety of clothing to look good when you go out in public. A gorgeous belt can make your simple black dress look elegant when you attend an after office party. Invest in a good pair of black high heeled shoes. A man will require at least one black jacket in a good cut. A good quality pair of black shoes is a must. A white shirt in good condition is necessary for either gender. Launder your clothes as indicated on the label to ensure they remain in good condition for longer. 

Bargain hunting

The online platform allows you to compare prices easily. The same item you see in your local store can be bought at a discounted rate online if you do your research. Ask for discounts when you make your purchases locally. Most people pay the asking price without asking if a discount is offered. Bring your coupons when you go to shop and save a few coins.

Switch off lights when you leave a room

Most people forget to switch off lights in the kitchen when they sit in the dining room to have a meal. Always switch off lights when you leave a room. Unplug your electronics from the power supply when they are not in use. Do not forget to switch off the water heater power supply when you leave home.

Full loads

You save power when you wash dishes by waiting until you can put in a full load. The same applies to the washing machine in your home.

Can you trade in?

Some localities can allow you to trade what you have for something you need. Find out if it is possible in your area. You may get what you need without spending much to obtain it. Sell what you do not need in your home to make extra spending money. The online platform has simplified the way we live. It is free to place an ad to sell an item on most websites. You can take a photo of what you want to sell and attach it on your social media page as you chat with your friends. It will be bought in due time.

By cutting your expenses, you will find you are able to live more comfortably. In the long run, it will pay off with less stress and more money in your savings.

Measures to minimize cyber security threats

For all companies, there are several potential cyber security threats. As a matter of fact, a lot of businesses are unaware of security measures they can take to help them in protecting their technology. Some of the things that a business may do to minimize the threats include;

Raising awareness

Ensure that all the staffs comprehend the importance of being curious with emails. Not to automatically supply information, check who they send emails to prior to clicking "send". This should be a continuous process because problems are bound to change.

Use defensive technology

Ensure that all the protections are up-to-date. Ensuring that defensive software is properly installed and functioning and programs are updated. This can prevent hackers from gaining access or finding weaknesses to the company's systems.

Secure the physical assets of the company

Make sure the office computers are guarded from theft. The main server should be locked away securely and they should be alarmed and adequately secured. It will be catastrophic if a person gets into your system and destroy your data. Make sure there is an effective back-up system tested routinely, stored correctly and taken regularly.

Safeguard remote and mobile access

Ensure all the data are correctly transferred especially the ones which are sensitive. Data can easily be protected on the move by the use of encryption. This means additional programs scramble data and that only a key (Password or a PIN) can typically unlock it.

Review personal devices

It is worthwhile to have an idea of the personal devices used by staffs especially if they are using them to connect to the business network. If the staffs are utilizing their own devices, the devices should be protected and properly secured.

Assess redundant equipment

Photocopiers, printers and computers all store data even after everything is deleted. It is vital to find a reputable firm to dispose all equipment to make sure all the data in them is destroyed. 

By enhancing vigilance and implementing all these measures, you will greatly minimize cyber security threats to the company and safeguard the assets.

Personal Reasons that can Affect Your Auto Insurance

Has anyone of us ever thought of the essential personal factors that cause great on the rates of car insurance? We all know that in reality, there are many factors which affect these rates. Hence, it is important to understand what these factors are and how they affect insurance rates? Let us find out:

1) Driving record. Driving records comprise of things such as the total number of distance one drives every year, amount of accidents faced by you and other factors that contribute a lot in evaluating the insurance rate for your car. For instance, if you don't drive much then the chances of accidents even get reduced along with the opportunity of making claims. A car insurance company serves people that have a clean and efficient driving record which means free from all sorts of accidents and other violation.

2) Car you own: The type of car you are driving is also an essential factor. This consists of the built, model, security system and the theft checking devices, installed in the car. These security devices contribute in the reduction in the amount of the required insurance for your car. In addition, a few types of cars may be more costly to insure in case the spare parts of the car are costly to replace and difficult to find.

3) Age, sex and location: Young and less experienced car drivers such as teens are charged with high insurance rates than the experienced people in their 40s as they spent more time in driving on the road. Men get high rates as compared to women, as they are considered to as rash driver.New driver insurance rates are also high. Areas much prone to accidents and other damages are again quoted with high insurance rates.

4) Credit score: The insurance companies like to cover people that have a fine credit score. People with a fine credit score are given preferences, as they are considered to be more responsible. The credit scoring include whether you deposit the regular payments within the given time or not and have you ever fail to remember any payment. The people with a bad credit score might face difficulties such as higher rates as no company will offer an incentive for a person with a bad credit score report.

5) Marital status: The majority of companies offering insurance policies have an opinion that married insurance seekers have a tendency to pose a low rate of risk when compared to the unmarried ones. The reason behind this logic is, married insurance seekers will be more careful while they drive. They are relatively safer and not much risky drivers like the unmarried people. Hence, marriage can’t bring a great change in the rates yet it is an essential factor.

6) Work: Your work or job plays a great role in fixing the reasonable insurance rate for you. A person with a job that requires a lot of driving like in transport companies, etc. then you’ll get high insurance rates. But if you don’t have to drive much and work while sitting comfortably in your brick-and-mortar offices then low insurance rates are available for you.

Hence, with the right knowledge of the personal aspects that can affect the insurance rates for your car, you can select the best insurance for your car.

Teach your Kids How to Build Good Credit While in College

After graduating from High School, new financial responsibilities become prevalent in a college student’s life. In addition to college choice and preference, classes, grades, staying in contact with friends, and freshman year roommate stresses, the need for thoughtful financial decisions becomes very important. Although it may be foreign to most incoming freshman, college is the very first exposure to important financial decisions in life. These decisions should not be ignored and learning how to organize your finances can become a key driver in your future financial goals. By practicing and developing effective financial habits in college, you will better prepare yourself for larger financial decisions in the long run.

When discussing successful financial habits in college, people tend to avoid suggesting credit cards. Although this can be great advice, it is important to consider the idea that developing a good line of credit in college will be significantly easier to attain while in school. Establishing a good line of credit can be frightening as it is new and foreign to many students, however it becomes much more difficult after college, stressing the importance you understanding how to build good credit. 

Compare Banks

A good first step in the process of building your credit is to compare banks and asses which one best suits your current needs. It can be helpful to pursue banks that offer high interest rates and minimal fees. I would advise comparing all your bank options to find the best savings and checking accounts offered by prospective banks. Depending on the savings and checking accounts you decide to open, you will know if signing up for a credit card is right for you.

Select a Credit Card

If you have decided that signing up for a credit card is best for you, it should be noted that there are several potential benefits that you may stand to qualify for. One of the benefits of qualifying for a credit card is the opportunity to receive rewards on the essentials in college such as gas, groceries, or cash back for every dollar spent. When using your credit card at a gas stations, drug store, or restaurant, you can often earn 2x and 3x the rewards. Some cards allow you to receive 5% cash back at any of these locations as well.

It is always recommended to look for a card that has a minimal or no annual fee. Whether you use your card actively or not, you will be charged an annual fee. I would also suggest looking for cards that have low fees and penalties for late payments and overcharging. As a college student, this is the time to get your financials organized and finding a card with low penalty fees will encourage you to make better decisions that will keep you on track with your payment and spending schedule.

The Annual Percentage Rate (APR) is important when looking for the right credit card. APR is the percentage rate that is applied to your unpaid monthly bill and can be based on your current credit history. This can be tremendously risky for students who have never owned a personal credit card or have not been taught by their parents or friends on how to properly handle a credit card and statements. If you have a high interest APR card, and you do not pay your monthly balance in full and on time, the high interest is added to your unpaid bill. In any case, having the lowest APR is the best choice and some cards offer 0% for an introductory period. 

Takeaways

Regardless of your age, whether in college or recent graduates, it is important to build a good credit history. Make sure to account for your spending and make wise purchasing decisions. Creating a consistent payment schedule in order to get organized will help keep your bills inexpensive and in control. By prioritizing your credit and making sure to stay updated with your billing statements will allow you to make larger purchases later in your adult life when seeking a mortgage loan or buying a car. Learning how to build good credit will prove to secure your financial life and make financial decisions in the future much easier and attainable.