An Over-50s Guide To Home Buying

If you are 50 years of age or older, then let me be the first to congratulate you - as this is probably one of the most awesome times of anyone’s life!

You will have already worked for most of your life and in the very near future you will be able to look forward to retirement and living out the rest of your life as comfortably and leisurely as possible!

During this stage of a person’s life, some important decisions have to be made about the future, and where you live is one of them.

Thinking of selling up? Read this first!

Sometimes it can be quite difficult to move on from the family home, a place where you have spent a large portion of your life in, and a place that holds so many dear memories to you.

But when the kids have all grown up and left home to start their own lives and their own families elsewhere, it can get a bit lonely at home, so many people in their 50s decide to sell up for pastures new.

Some people also decide to sell their homes and downsize to smaller properties so that they can build up their retirement fund, whereas others may not want to maintain a larger property, or it may even be impractical for them to live in should they have mobility issues.

Whatever the reason, if you are thinking of selling your home and moving some place else, then you should consider these important factors before you 100% decide to do so.

Live within your means

It might be tempting to sell your home in Ohio and move to Washington, for example, but the golden rule is to never live above your means. As you approach retirement age, you should not have to worry about owing lots of money to people!

This is probably going to be your last ever home purchase if you decide to sell up and buy another home some place else. Make sure that the proceeds of your current home’s sale will cover the purchase price of your new home.

Sometimes it might be necessary to take out a small mortgage to make up for any shortfall, so using the example above, if you are planning on moving to Washington, then enlisting the services of reputable mortgage brokers in the Washington DC area will ensure that you get the best mortgage deal possible for your requirements and circumstances.

Choosing the best location

As we get older, we are less likely to want to drive around as much as we used to, so it makes sense to move to an area with good transit links.

It is also worth considering moving to an area that is well-placed for access to various amenities, and can be easily accessed by visitors such as friends and family.

Get advice on what’s best for you

Finally, it is always a good idea to get professional advice on the best thing to do for your particular requirements and needs. The last thing you want to do is make a decision which may prove to be wrong and costly later on!

5 Traveling Tips for the Retired

We should all agree that your retirement should be planned accordingly. And most importantly, it signifies the beginning of a new chapter in our lives, therefore we must do something memorable. And what better way to celebrate your retirement than to plan a vacation and enjoy it to the fullest? We are not talking here about family vacations though, but a more daring approach: travelling alone or with a group of strangers seeking the same adrenaline. Here is a small guide for a unique traveling experience to celebrate your retirement. 

Tip#1: Helpful Online Visual Tools and Options

The first thing to do is to search for online resources and tools that can help you in planning your vacation just the way you want. From accommodation, to city tours, exhibitions and even outdoor activities according to age. Use tools such as Google Earth, Pinterest, Google Street view to get an idea about what a city or country is like, visually speaking. If you love what you see, then dare to experience it. This means applying the next tip. 

Tip #2: Don’t Be Afraid to Research Your Location

This means taking time to search and read reviews, be it TripAdvisor or local online travel reviews sites. The main idea is to document your travel plans in the way that you get a solid base on which you can build new experiences. Nobody says to research every small detail, you can leave space for unforeseeable great experiences, just remember that a plan needs a solid form. So do your best in creating the form, then open yourself to new, exciting things. 

Tip #3: Online Interaction Before Offline

Think of this as the new millennial approach: you have the chance to socialize with people all over the world, and most of the times, you get to socialize in the online environment. The aim is to get in touch with local communities and groups on Meet Up, Facebook, Twitter, Google+ and even forums. If you are a blogger, you might get the chance to find other bloggers and get in touch with them. Never start your travel plan with limitations, just be open to anything. Retirement is after all about being open to a whole new perspective and life chapter. It doesn't hurt to know someone in a city you plan traveling to, even if you travel in a group. It’s that route to escape boredom. Nothing is better than a genuine local guide, showing you the good stuff (coffee shops, pubs and bars, the local history, architecture, art, music, theater etc.). 

Tip #4: Don’t Be Afraid to Go Tech

Age should not be a limitation of any kind. And well, being a tech grandpa for e.g. is really cool for the kids. Dare to try out the new gadgets, don’t be afraid, and always motivate yourself in staying connected to the “today” – the present. When you travel, having a gadget and traveling apps can be a life savior. At least you don’t get to stress yourself with booking and planning, yet you can stay up to date with weather, flights, transportation means, hotels, best deals, restaurants, recommendations and actually get to enjoy a great vacation or getaway. Plus, it is easier to connect with people through gadgets and actually keep in touch after you return home. Nowadays, nobody has enough time to talk for 1 hour over the phone, but instead spend 2 hours on social media platforms. 

Tip #5: Stay in Touch with People at Home

When the kids grow and become adults, build families of their own and have children of their own, they start to panic and get worried. So make sure you give them a call at least once a day and talk for at least 10 minutes, to prevent unnecessary worries and problems. And if you travel to a foreign country and worry about phone costs, then worry not. Companies all over the world offer prepaid sim cards which have the same fees applied as if you were calling from the same country. This is also the case of Aussie Sim, a company that offers prepaid cards for Australians who venture outside the country for holidays and vacations. They also suggest fancy travel vacations on their blog at aussiesim.com.au. 

Word of advice: take as many pictures as you can. Because it is a great therapy to take a look at enjoyable happy memories. although we were discussing earlier about a daring approach, we don’t necessarily advise you to buy the first plane ticket to destination Nowhere. 

Rather, we advise you to search for group traveling options for the retired and adhere to a nice mixed group age, even if you plan your own vacation schedule. Reasons: it is fun; you get to communicate with different people; you can choose according to your preferences; you don’t have to worry, just “enjoy the ride”.

Guide to Buying a Static Caravan

Mobile Home (Photo credit: kenjonbro)

If you’re thinking about buying a static caravan for the first time, here are a few tips about things to consider and esquire about:

• What are the site’s conditions? Your site, after your static, is the most important thing to you. Check out whether or not it has the facilities you’ll need and also whether or not you’ll be able (and happy) to comply with all their regulations and conditions;
• Have you selected a static that’s an appropriate size? Buying small and cute might look cost-effective but not if you and your family start to live cheek-by-jowl day after day and frictions start to arise as a result;
• Does the static have all required facilities? You may think that roughing it a bit is part of the fun and it might well be – for a short period! After that, it might become tiresome, so be clear that it has everything you’ll need to provide the minimum comfort levels and facilities you’ll require;
• What’s happening in the local area? Your site might be great but if the nearest restaurants, pubs and shops are a 15 minute drive away the novelty of rural isolation might soon wear off. Considerations here also apply in terms of undesirable things going on nearby – for example that adjacent farm might look appealing but will be less so if tractors and machinery start making noise at 4am every morning; 
• Do you understand what insurance will be required in order to protect your investment? If not then speak to a specialist such as Cover4Caravans or someone similar;
• What condition is the static in? If you don’t know what to look for when performing an inspection, then get someone to help who does. Remember that, just like with a motor vehicle, things might look fine on the surface but there may be troubles internally or underneath that will result in you needing to some big cheques unless you spot them in advance;
• What are your site neighbours like? True, this is tricky to ascertain sometimes and you can’t go around interviewing people but even so, look around at the condition of other caravans around you, how well their pitch is maintained, what the pet situation is and so on. Try to talk to a few people around you before making your purchasing decision – unless you’re planning to re-locate anyway;
• Do you plan to let your static out at times? If the answer is yes, make sure you check before purchase that the site owners (possibly also the local council) will permit it. Insurance might not be a problem, providing you declare your intentions at the outset and don’t start letting out unilaterally without informing your policy provider;
• Why is the current owner selling? The up-front answer is likely to be re-assuring and bland but some subtle questioning and discussion might sometimes evidence that there are issues other than those being declared. In one sense it might be none of your business but in others, it might give you a legitimate cause for concern;
• Look closely at local environment issues. Caravan sites perched precariously on cliff-tops, in flood-plains, alongside local rivers or directly on the coast, might all be at risk during times of bad weather. Some sites might be a challenge in terms of finding things such as flood or storm insurance cover;
• Clarify the site cost issues both in terms of the present and the future. For example, your pitch fees might seem very reasonable at purchase time but might look a lot less so if they rocket next year. Check out past annual increases and look for guarantees about future percentages where possible;
• Don’t assume you can go to your caravan whenever you wish. Some sites may close at certain times of the year and in terms of site conditions, local council regulations and your insurance provisions, it might not be possible for you to spend more than a specified number of days in your static each year. Make sure that you understand the details here and what it will mean for your plans.

These are a very few basic points but they might help you to avoid making a purchase you’ll subsequently regret! 

Insuring Your Household: Will Give You Peace of Mind

The home is where most, if not all people, feel secured and safe. It symbolizes one’s hard work and perseverance in order to provide a quality living to the family. While there’s no place like home, it is also one of the most vulnerable places since it contains our most prized possessions. There are also unforeseen events such as fire, earthquake or theft which hampers the security of the family.

There are many ways where you can insure your household. Aside from employing safety and security measures such as padlocks, double doors or CCTV camera, getting a home insurance is one way of giving you a peace of mind.

Here is an overview of what you should know about home insurance policies and why you should get one for insuring your household.

Features of a home insurance policy

Every insurance company has its own features that will make them unique and more saleable to consumers. However, most insurance companies cover the following fortuitous events:

• Fire and lightning
• Earthquake
• Damage caused by accidents, storm, rain, or flood 
• Losses or theft
• Structural damage
• Acts of war

It is also important to note that not all coverage is included the basic policy. Oftentimes, a basic insurance policy covers only fire and lightning. If you want additional coverage for earthquake or other natural calamities, there needs to be a separate policy and payment of additional premium. 

Benefits of insuring your household

With today’s economic slowdown, most homeowners think whether having an insurance policy is viable. The answer is yes. You don’t want your home to be struck by a fire before you consider applying for an insurance policy. Hence, here are the benefits of insuring your household:

• It protects your home, period. Imagine if you live in a hurricane-prone area. If you insured your home, you know you have something to turn to in case hurricane happens. Some companies even extend an additional coverage wherein if your home is not liveable, the living expenses incurred will also be shouldered by the insurance company. 
• It protects your personal belongings. Aside from your home itself, you can have the contents inside it be protected as well. This feature must be included in the policy and may require payment of additional premium. In case your house got robbed while you and your family are on vacation, this feature can help replace the valuable items lost. 
• It protects you against any court proceeding. If you’re having a party and someone slips and gets injured, you can save yourself from being sued. Your insurance company can help pay for the medical expenses – after you paid your deductible, of course. 

The more coverage you include in your home insurance policy, the greater the amount of premium to be paid. While you may think it’s a waste of money, think again. It is better to be ‘paranoid’ and prepared for any calamity or event rather than worrying about it when the time comes. 

Easy Money: Make The Most With These 4 Investment Hints

When looking to enjoy a decent return on investment, most people do not have a clue as to where to begin. Financial markets are not easy to understand. A complex maze of options leaves many individuals puzzled about the best places to put their money. While plenty of people try to invest in the stock market, they usually fail in the long run but don't know which way to turn. With that being said, here are four ways to make easy money if you have a desire to try something new.

Index Funds:

Most people cannot beat the market averages. When trying to, the average investor will miss out on gains and waste valuable time picking stocks. Instead, one should buy index funds and continue contributing money every month in a retirement or cash account. With this, an investor will not pay too much in fees and will enjoy solid returns on his or her investments.

Free Money:

When trying to save for the future, one should take advantage of tax benefits. For example, when opening an IRA or 401k, one can put money away for retirement without having to pay taxes. This is a massive benefit for a person who wants to save money for the future while enjoying a lower tax rate. Furthermore, some companies match 401k contributions and an employee would be foolish to skip this free money.

Refinance:

When carrying a mortgage, many overpay the on interest as they do not shop around often. This is a mistake and can cause a person to waste thousands of dollars over the life of the loan. Instead, a smart consumer should opt to refinance and get a lower rate on their mortgage. Luckily, with Low VA Rates, one can save money on their mortgage. In fact, when heading to LowVARates.com a customer can enjoy lower rates than others. This will enable a person to pay off their loan quickly and without as much struggle.

Do Nothing:

When trading too often, a person will miss out on market gains. Furthermore, he or she will have to pay taxes and deal with commissions and fees. Instead, when investing for the future, a person should sit back and do nothing. When relaxing and watching the account grow, an investor will beat most people who try to trade the market every day. Without a doubt, when trading too often, a person will have to work harder just to meet the market averages. Remember, with a slow and systematic approach, one will save enough money for retirement without much stress.

With these four investment tips, a consumer can save money for the future and pay off old loans. Most of these ways are sure fire to gain you some revenue if you have the extra cash to invest or if you are in a bind but remember it is important to have a long-term outlook on the situation when your finances are concerned.

The Best Way of Buying Expensive Things

What is the essence of ‘salary sacrifice Australia’?

‘Salary sacrifice Australia’ is an innovative financial scheme that is prevalent in Australia, which gives good benefits to both the employers, as well as the employees. All monthly salaried employees can make use of this specific financial plan, for making valuable purchases. 

 This scheme is also officially approved by the ‘Australian Taxation Office’, and so, it is a legally valid method. This financial agreement, which is also termed as ‘salary packaging’ or ‘total remuneration packaging’, is a contract between the employers and the employees. 

As per this contract, the employee gives his or her consent for giving up a part of their monthly salary, as a replacement for some other equivalent benefit, which will be actually in par with the surrendered salary. This is indeed a great method, which enables the salaried class to buy expensive goods, without pumping the needed capital for the same from their existing savings, and just because of the constructive feasibility, this specific scheme is very much appreciated by all employees. 

As far as the employers are concerned, for sure they will be able to enhance the quality of their ‘Human Resource Management’ efforts, by offering this scheme; another positive side-effect of this salary scheme is that it will augment the productivity of the workforce, considerably, and thus the overall profits of the company can be amplified. The scheme will also increase the loyalty level of the workforce, thus helping the management in their ‘employee retention’ endeavors.

What are the fundamental requirements for ‘salary sacrifice Australia’?

There are some mandatory requirements that should be followed by the concerned parties, and only when these conditions are met in accordance with the set rules, the contract will become legally valid. Some of the main requirements are as follows:

• The contract should be made into effect, before the implementation.
• It should be noted that the agreement can be done by oral methods also, even though it is always advisable to get it done in black and white, as it will go on records.
• Yet another significant matter that should be remembered by all employees who are preparing to salary sacrifice is that, they will not have any claims for the relinquished salary, until the contract with the company comes to an end.
• The benefits that have got accumulated in the account of the employee before the enforcement of the contract will not be a part of the contract. 
• In case the concerned individual is awarded a new financial benefit, outside the salary sacrifice scheme, then obviously that will come under the taxable income account. 

What are the general things that can be bought by the scheme of ‘salary sacrifice Australia’?

On the whole, many kinds of valuable goods, which in normal cases will need bulk money for buying, can be acquired by using this financial scheme, in an easy manner. Some of such items are ‘brand new motor vehicles’, ‘laptops’, ‘tabs’, ‘iPads’, ‘GPRS Units’ and ‘Income Protection Insurances’. Many more items can be added to the list, and so, whenever you decide to go for ‘salary sacrifice’, try to get hold of a reliable and professional finance firm, for making arrangements for the same.