FINANCE FOR OLDER ADULTS IN COLOMBIA Before the withdrawal or retirement used to be at the time the person was already too old to continue working. In this our life is longer and enjoy better health and retirement is simply another stage of life. Planning for this stage is essential if the money reaches us the rest of life. How many times have you looked with admiration at a mature person because he has money? A person living more comfortably, travel and not have to work to support his family. Want to live like them? Well this is possible. Be surprised to see how to save a little each month can provide a sum of money raised by the time she reaches the age of retirement. By providing at this time for its future is ensuring a high quality of life when you retire without having to rely on government or any other entity. You can do yourself, and if you look at the chart below you can see how money really does accumulate. Money really can multiply if you carefully consider the interest rate received on the account and have the discipline not to use the money you are trying to save. Plan ahead. Save early. Save often. You should start preparing for retirement as soon as possible, at this very moment, if not before. It is easy to postpone it until after marriage, or buying a house, or whatever. But every time we delay your savings plan for retirement will significantly reduce the total savings you have when that time comes. It is better to save in an unplanned way that does not save anything. However, to maximize their retirement savings, decide where you want to go and how you will achieve that goal.
Decide on your strategy If you start saving early for retirement can afford to be aggressive and put the money into riskier funds. Thus, if the fund loses value, it's time to stop it from growing back. But if you are already near retirement age and suddenly their investments lose 40% of its value, this will have a considerable negative impact on its financial position at retirement
The biggest challenge facing women Income inequality between men and women is slowly but "slowly" is the key here. And like saving can lead to big rewards, have a little less revenue the process of saving can create a much larger later.
decreasing a little early in discrepancy
More women than men leave work to care for children. This time that are not paid is also a time that are not saving anything for retirement. Some might expect that removal of the husband meets your needs, but divorce is so common, this expectation is often not
fulfilled. However, the fact that men earn more than women is not the only culprit of these discrepancies. Surveys have shown that women tend to invest less aggressively than men. Women tend to put their money in certificates of deposit and other investments to lower risk and lower growth. Their retirement funds grow more slowly and over his career the difference between high-risk investment and low risk can be enormous. Mother Nature is also partially responsible for this discrepancy. On average women live seven years longer than men. Of course, not many women complain that they can live seven years. But no doubt they are seven years during which they must cover their living expenses, food and medical services, and therefore need to have more money saved for retirement.
Pensions The employer provides the funds for most pensions, although some may require the employee to also make contributions. A pension pays a monthly retirement benefit based on the number of years the person worked for the company and the average wage earned. This benefit continues for the remaining life of the employee and may also provide benefits to the survivor.
The time to think about saving for retirement Time teaches us to make decisions different from what we had taken in the past. We would think that the time to invest will "someday", when age forces us to predict what will we do when we can no longer work as today. Meanwhile, take the time to fever that makes us the first pay and first purchases, we meet many needs and wants. In the moments when we reflect for the future, we say "this is temporary for me, I'll be a few years in this place and then dedicate myself to my own business." The next time we think, probably have spent thirty years. During that time, buy one or two cars, a house, pay for the education of children and all their support, we travel. And now that that future is here, it seems a bit late to start a savings plan for retirement. How to make an investment plan five or ten years if you want to retire? How much I can do with what I have saved through my Afore? So what is the right time to start planning for retirement? The answer is today. The younger we start our efforts will be more profitable. Despite having to fill needs and satisfy desires like buying our first car, the number of obligations and commitments, are less than would have in ten years, with a couple of kids at school who need supplies, uniforms and medical services in addition to all the obligations concerning the maintenance of a home. That's why the savings should begin in youth. The amount we can commit to it will be higher, and when we contraigamos more obligations and a significant amount of work on a
performance plan each day during those thirty years. The result after that time, is totally different and with a great saving for us. Thus, after 65 years, the future will not look uncertain, but very promising. With the possibility of carrying out a project that occupies our time and allow us to remain independent and self-sufficient, without losing the pace of work to which we are accustomed, after a lifetime of work. Therefore, the decision of savings accounts not only capital, but a quiet and drive to continue to face the future with excitement.
Wills A will is a document that states what will happen to their property when you die. Also determine who will inherit your property, who will be the guardian of his children, and who will administer its mass Probate, ie who is the person who will handle your affairs after you die. If there is no will all these decisions are made in accordance with the provisions of the law. The executor of a will is the person responsible for collecting all the deceased's assets and distribute under the terms provided in the will. That person is also responsible for: • Pay the funeral expenses, taxes and life insurance • Obtain death certificates • Make funeral arrangements and help with the burial and the publication of the obituary • Dealing with creditors • Manage sales and property valuations • Call your insurance agent and ask for claim forms • File tax returns federal, state and local • Notify banks, insurers and brokerage firms on the death • Make an inventory of assets and liabilities • Process the legal process required to validate the will in the register of wills • Open a checking account on behalf of the Probate mass (this requires an identification number) • Pay all debts For more detailed information about the will, the responsibilities of the executor and the estate go to his lawyer.
Trusts
Using a trust can bequeath their money to a beneficiary and still control how that money is used. The trust allows you to designate how and when the beneficiary will receive the funds. For example, you can require that the funds are placed in low-risk investments and that the recipient does not have access to the funds until you reach a certain age. Similarly, the trust will protect the money from creditors if you have the funds should not leave the same to settle a debt of the beneficiary. The living trust is established and endowed with funds while its creator is alive. Going through the process of liquidating the estate Probate, property belonging to a trust of this type are excluded from the probate process, saving time and money beneficiaries. Although a will is a document public, the trust, by contrast, is a private document and therefore may be more difficult to challenge.
The trust is established during life can be: • Revocable-the revocable trust can change until the death of his creator. • Irrevocable, the irrevocable trust can not be changed once it is established.
Powers If a person in their care can not make decisions for herself as having a disability, need a power to make decisions on your behalf. Obviously, the powers will have to sign before the time comes to need them or the same law can give them. There are many types of powers. For specific information or to place an order contact a lawyer.
Decisions about funerals Planning ahead has become more and more popular as people realize how useful it can be to have already taken these decisions beforehand. The death of a loved one is always a difficult time to overcome. But trying to make decisions for a moment so painful and overwhelming it can be extremely arduous. You can meet with various funeral homes, inquire about their services and prices and decide which options are most appropriate for you and your loved ones. Include specific instructions about the funeral in a will or testamentary letter ensures that no one has to guess what he wanted once you have died. When considered in the case of decisions immediately after the death of a loved one, there are steps you can avoid some stress. First, if there is an urgent need to make these decisions immediately, do not take. Wait until you had some time to recover. If there is an urgent need to make these decisions immediately, ask for help from a trusted friend. That
person will not be so overwhelmed emotionally as you and can help you make objective decisions.
OPTIONS FOR YOUR HEALTH Among the many activities we do every day, there is very important that we should pay closer attention to our health care. Should not let pass the opportunity to check us constantly to monitor that we are healthy. Remember that the ideal is to have a health insurance, that gives you the confidence to visit a doctor, get tested, buy medication or even hospitalization, when needed. However, if you can not purchase insurance, here are some recommendations to avoid or neglect their health and budget.
Screenings Companies that specialize in medical or medical checkups, often offer a variety of promotions to users or packages for people to do a review comprehensively. Also, some cards offer which become even more discounts. Another option is to use the card of health insurance, thanks to which, being secured, the patient may get a discount on the cost of studies. Sometimes the cost of regular checkups to make us much less to meet in the middle of a condition that could have been avoided with foresight. Now we can all be victims of illnesses or accidents. When illness strikes us, as well as laboratory studies or otherwise, medical appointments, transfers and medications are one of the major costs have to be addressed.
Drugs Today there are various options on the market when we need some medicine. These options benefit us, because our health care can not exceed our ability to pay. The recommendation in question is the following drugs: You must consult your doctor can establish what we buy prescription drugs, according to the formula of these. The physician must be who decides which medicines are those that can take the patient and whether they are suitable for your health, according to medical history. Save on drugs may be possible with the comparison between a pharmacy and another. It listed the medications prescribed by your doctor has at least three places to find the one that best suits our economic capacity, much more if we are in the midst of a chronic disease for which we need to constantly of the same drugs. Another way to save on medicines is if received by the physician. Sometimes they given
away their patients half or full dose that the patient requires. We talk to the doctor and ask if you can give us this option. Finally, do not forget to check with your insurer if you have a discount program with a particular pharmacy.
Alternatives to the financial health Some pharmaceutical companies offer programs assist in the treatment of certain diseases. That is, give talks and advice to patients and families of sufferers. There are also social welfare organizations that offer support in understanding both the disease and in obtaining the necessary medicines.
FINANCE FOR ELDERLY IN SPAIN ENPEZAR TO REVISE THE BUDGET BE When you retire, you will need to review their financial situation. Financial planning, including saving and investment does not end at age 65. Need to develop a new budget with the actual amounts of all sources of income and expenditures. Review your budget every year. If you have not managed to accumulate a sufficient cushion for retirement will probably have to cut or eliminate spending. Remember rule number one of "always spend less than it takes" is as valid after retirement. Savings and investments that will generate interest not withdrawn. The thing is that now you probably recall more than it saves, so the interest receivable and the cumulative total will decrease rather than increase, as in the years before retirement. Be careful: your savings will have to last many years, and if you spend time before, only public pensions will to live. Do not forget to take advantage of economic aid to pensioners. Entitled to significant discounts on bus passes, trains, hotels, tickets to museums, theater and cinema. They do not always offer these discounts if not asked, so you should always do so. Once retired, probably withdraw more money than it saves. Be careful: if you spend the savings will only public pensions to live. State governments, regional and local programs offer increasingly comprehensive travel and holidays for all budgets, both within Spain and to travel abroad. Also have increased the offer and acceptance of the many educational activities designed for seniors. In the centers of continuing adult education, municipalities and larger classrooms, pensioners have access to a variety of training courses from computer science and languages to
gardening and crafts, through economics, history, science, literature, yoga, Pilates and tai chi. Banks and offer specific products for retirees. Most of these banks offer checking accounts with different policies and incentives (advances, loans, free cards, prizes and trips, no fees, accident insurance, etc..) For those who are domiciled pension. Ways to supplement income after retirement housing using If you own your home and need extra income to enjoy your retirement, you have several options.
Sell the house Many retirees prefer to sell your home and switch to a smaller one. Apart from the gains that can be obtained by selling a smaller home requires less maintenance and less cleaning work. It is also possible to change to a neighborhood or city where housing prices and living costs are generally lower. Be careful with the tax implications of selling the house because it would be a capital gain subject to tax. Housing board (also called real estate annuity) It's a formula that allows a person over regular income, using the value of your own home. It enters into a contract of sale of the house with an insurance company in exchange for an annuity whose amount is linked to the assessed value of housing and life expectancy of the client. The owner reserves the life estate of the property, which means you can continue living at home while I live. You can also rent it to others and receive additional revenues (eg when moving to another property, with a son or a residence). With the housing board owner receives regular income in exchange for ownership of your home. Reserves a life interest, but his heirs have no choice over the house. From the time of signing the purchase contract is allowed to own and pay all costs of ownership and the community, taxes and others. This product is intended for people over 70 years, owning a home, and need to improve their quality of life. Receive an income that are often high, without having to give up his house. There may be requirements as to size, location and value of the home. The downside is that the heirs will have no choice about the property.
The Reverse Mortgage The reverse mortgage is another product designed to provide older people own their homes, obtaining additional monthly income. But unlike what happens with the housing
board, with the reverse mortgage is not necessarily lost ownership of the house. This is a loan that is made to the owner, with housing as collateral. Instead of paying a monthly fee to the bank as when buying a home, it is the reverse. The credit institution is paying a monthly fee to the owner over a fixed time period (usually between 10 and 20 years) at a fixed rate. The amount of the allowance will depend on the appraised value of the house and run. With a reverse mortgage, instead of paying a monthly fee to the bank, the credit institution will pay a monthly amount to the owner for a period of time set. Do not give up ownership, but the heirs have to pay back the loan. The older person still owns her home and can continue living in this or use the money received for rent or buy another home or to finance a residence. When you die, your heirs will have to repay the amounts loaned to the bank. Logically, the more years living and the senior monthly copper, more will have to pay the heirs. If they want to keep the house but do not have enough savings to repay the money, can hire a new mortgage loan (only have to pay the amount of credit used). If they can not or will not keep the house may well sell it and pay the debt. This product has tax advantages. The older person does not have to pay taxes on the monthly payments that will receive and the amount of all fees paid are deducted from the value of housing in the Heritage and Inheritance Tax. The major drawback of the reverse mortgage is that it is not an annuity. If the older person is still alive at the end of the deadline for the loan, you will stop receiving monthly installments and also have to repay the borrowed money. If you have no other resources will have to sell the house to pay the debt or, if not, the house becomes the property of the bank.
If you want to prevent this situation, we strongly recommend hiring, along with the reverse mortgage, insurance annuity. With this insurance, should survive the time limit for the loan, the senior can continue to charge the monthly fee the rest of his life. If you die before the end of the period, the heirs will be charged the proportionate share of the premium paid by insurance.
To continue receiving the monthly payments after expiry of the deadline must have an additional annuity insurance. However, annuity insurance much more expensive a product that already has high recruitment costs. Your insurance rates will depend on age, sex, and life expectancy, but can be expensive. This cost should be added to the other initial expenses, similar to any mortgage loan and are paid by the client:
• Opening Commissions • Notary expenses, agency and registration • Pricing • Stamp Tax Overall, the initial costs to hire this product with annuity insurance can reach almost 10% of the appraised value of the home. We must weigh carefully whether to receive monthly offset this expense. Finally, although not a mandatory requirement, it is advisable to have the consent of the heirs before hiring a reverse mortgage, because it affects them directly. Planning for retirement regardless of age, should be among your financial goals. Above all, you must estimate how many years would last their savings after retirement. With the simple tool finanzasparatodos "Accumulation of capital for retirement" may determine how much you can save if you start investing your money. You can also check the information contained in the section "The economy in the early stages of life: Planning for retirement" and the tab number 9 basic tips household economy. Retirement should always be a priority financial objectives. The sooner you start planning for retirement will cost less effort. See products available for this purpose and pay attention to the tax advantages which have some of them.
FINANCE FOR ELDERLY AND N MEXICO Finances during retirement Caring for our heritage and plan for managing our finances is of crucial importance during all stages of life. As you prepare to start your work life using the tools they had at hand. It is therefore key to prepare for retirement with even greater anticipation and use the best financial tools for this step is successful. Retirement is a time to enjoy what we have made during our working lives, and this requires learning to save, invest and manage our resources in a way a tantodistinta. Will quitting work involves stop producing?
Reaching retirement age does not mean that it ceases to be productive, there is simply a transformation in the way of living everyday life. Upon entering the retirement period can choose to continue working in a more relaxed and less demanding. For example, many doctors who worked full time for a public or private, to retire decide to put an independent office and seeing patients several days a week. The same applies to lawyers, accountants, dentists, engineers, among others Some people choose to combine the passions of his life that could develop during their work with a small income after retirement. Thus, they may decide to open a craft shop, painting, carpentry, gardening, decorating, and so on. Thus, retirees continue to be part of the productive sector with the advantage of living a more relaxed and rested. But to reach this, you need to plan ahead and build a plan of retirement fund.
Advance planning To do enjoy the benefits of retirement, it is essential to start planning now. No matter what stage of our life we are right now, it's never too late or early to fix our system of retirement savings, or to think how we will get support when we lower the rate or suspend work (by choice or necessity). One of the most used and effective strategies in this regard is the right choice of a retirement fund administered by an institution. With the establishment of a fund of this type, workers have the ambition to accumulate during their active working sufficient financial resources to carry the desired standard of living after retirement. To calculate how much you will save for what we achieve our objective, taking into account the age at which you plan to reach retirement, the monthly amount to be received during that period and life expectancy (according statistics). Who manages the funds for retirement? There are a number of specialized institutions in managing the resources allocated to workers and their employers to shape the retirement fund. These financial institutions are called Afores. In addition to the Afores, which are responsible for managing the money simply, there are also calls Siefores, which are responsible for investing the savings to maximize profits. However, to increase the efficiency of these systems, it is necessary that the worker
actively involved in managing their resources for retirement. It is desirable to keep regularly informed about your statement and returns you're getting in the Afore. Also, you should be aware of what they offer different Afores market for, at any given time, transfer resources from one Afore to another, looking for one that offers the greatest benefits. How does the fund for retirement? The retirement fund complies with the resources accumulated during the work period during which Social Security is traded or, if selfemployed, it accords the individual account retirement savings. In case you are affiliated to social security, both the worker and the employer and the federal government make proportional contributions to the salary received in shaping the retirement savings.
Additionally, the Afore, to manage the money generated returns commensurate with the savings add up the same amount. Yields are also based on the fees charged by Afores manage money.
So we talk about net return when you mention the real benefit to be gained by letting certain specialized financial institution manage our resources. .