Tag Archives: Planning

Wyoming Parks and Recreation hosts public input meetings, continues accepting community feedback

3-bottom, Citizen Journalism, City of Wyoming, Development, Going Local, Our Cities, Recreation, Upcoming Events, , , ,
Interactive boards provided opportunities for residents to show their priorities for the parks system. (WKTV/Deborah Reed)

By Deborah Reed

WKTV Managing Editor

deborah@wktv.org

Over 700 respondents have given feedback on the City of Wyoming Parks and Recreation Department’s five-year master plan, and the department is requesting even more input from the community.

Director of Parks and Recreation Krashawn Martin talked to WKTV about the importance of community feedback regarding the future of Wyoming’s parks (Courtesy, WKTV)

“The park master plan is very important for our long-range visioning for the park system,” said Parks & Recreation Director Krashawn Martin. “We have a beautiful parks system already here in Wyoming, but these opportunities really help us to get community input, which is really the driver of everything that we do.”

Together, the City and engineering firm Fleis & VandenBrink are working to ensure every option is heard. Two public input meetings have been held with plans for more public opinion opportunities still coming.

“This process is meant to give everyone a voice,” said Rick Stout, Registered Landscape Architect of engineering and architecture firm Fleis & VandenBrink Engineering. “We want to hear your thoughts.”

“We really pride ourselves and do our best to be community responsive,” said Martin, adding that the input helps the department know how people are passively using the parks system for recreation, and also the things they would like to actively see in the parks system.

Input from the community is encouraged by the Parks and Rec Department (Courtesy, Deborah Reed WKTV)

The public input sessions provided three interactive boards that parallel the Parks & Rec online survey. The boards listed possible goals, objectives and priority elements.

During the public input sessions, community members were invited to place stickers next to their top three priorities in each section.

“What potential actions in the area of recreation do you see for the City of Wyoming,” Stout asked input session attendees. “What do they really need to focus on?”

How the planning process works

An approved Parks plan must be on file with the Department of Natural Resources (DNR) no later than Feb. 1, 2024.

There will be a final public hearing and then approval by the Wyoming City Council based on compiled community feedback. Once approved, the plan will be available for a 30-day review period before submission to the DNR.

The ultimate goal, said Stout, is to have a draft plan finished within the next month and start the public review process early.

Landscape architect Rick Stout (right) explains what kinds of feedback will be helpful for the 5-year master plan (Courtesy, Deborah Reed WKTV)

“Ideally, we would like to get this whole process wrapped up in December so we leave ourselves some room on the back end in case something does come up and it gets delayed,” Stout said.

Though a wide range of feedback has already been received from the public, Stout and Martin urge community members to continue involvement in the planning process.

“There will be multiple opportunities to get some more input as the plan gets developed, but in order for us to develop a draft plan and bounce some of these ideas off the recreation advisory committee, we need your feedback,” said Stout. “That’s why we want to reach out to you right now and make sure there is not an opportunity lost.”

Gaining perspective and meeting needs

Fleis & VandenBrink and the Parks & Rec Department have worked to create both broad and specific goals for the Parks plan. This, Stout said, will help them gain a more accurate perspective of what citizens and the general public want.

Aiming for a well-rounded process, the Parks department also plans to talk to youth at local schools since they are primary users of the parks.

Both broad and specific goals are included in the planning survey (Courtesy, Deborah Reed WKTV)

Many trends revealed from the community are fairly universal to all parks and speak to universal accessibility, featuring facilities that appeal to multiple age groups and a variety of activities.

As the City continues to grow, so does the number of people searching for quality recreational facilities.

“The younger generation wants quality of life,” said Stout. “They have high expectations of what their community has to offer for recreation.”

Recreation options can often be a tipping point in deciding whether individuals and families move into a community.

“Communities are known by their assets. Whether it be parks or public spaces or where people have a chance to socially interact, those things are key,” said Stout. “Those really define a community.”

Stout believes the City of Wyoming has made great efforts in defining a sense of place and striving to create those assets.

“I think the next 20 years are going to be really exciting for the City of Wyoming,” said Stout. “It’s a very diverse community, and it really wants to make sure it’s meeting the needs of everyone.”

How to submit feedback

The parks online survey is still available to receive feedback (Courtesy, Wyoming Parks & Recreation Department)

The online survey will continue to be open throughout the planning process and can be found on the City of Wyoming website and social media page.

Martin urges those unable to attend a meeting in person to fill out the online survey.

“We’re just excited to hear from the people,” said Martin. “Not just in this process, but anytime. We are always open to ideas for improvements or recreation programs that our community would like to see in the future.”

In death, the details become essential

3-bottom, Finances, Local Business, , , , ,

By Dave Stanley
WKTV Contributor
Integrity Financial Service, LLC

(Pxhere.com)

In my line of work, I have the unfortunate job of dealing with the passing of someone’s spouse, parent, or sibling. In these moments of grief, I know how, if the details aren’t thought of ahead of time, the pain can be compounded with the frustration of navigating through the messiness of financial matters not thought of ahead of time.

Recently, this aspect hit home recently when a close friend quickly passed away, leaving his spouse and friends to deal with the remaining chaos. Dealing with finances at the time of grieving adds another level of stress and confusion.

I advise my clients to keep a list of all their accounts (checking, savings, CD, annuities, life, mutual funds, etc. in their trust folder. If they don’t have a trust and own any property, that is the first thing they must do along with their advisors’ names and phone numbers for each of those accounts. For the checking, savings, CDs, etc., those accounts should have a POD (Payable On Death), and their passwords should be given to someone they trust.

The reason I say giving the password to someone they trust, you ask? What happens if the mortgage needs to be paid and yet the death certificate is not available yet? Even though the account may have the POD, until the death certificate is produced, only those on the account have the authority to access the accounts to take care of any necessities.

When it comes to a spouse having to deal with the financial decisions, the grief can cloud their choices, and that is why having a plan written out and discussed with the family and the advisor can take away one less decision to make since it has already been made. This is especially true when it comes to planning the funeral.

All the proper planning in the world will not be beneficial if the information cannot be found during the crucial days and weeks following the loss of a loved one or if not having a written-out plan and discussed with an unbiased advisor and attorney to help carry out those wishes. While the topic is maybe challenging to discuss, it is essential.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management

How to develop a safe stream of money during retirement

Citizen Journalism, ,

By Dave Stanley
Integrity Financial Service, LLC

“If you’re worried about running out of money when you retire, then you and the 1920s baseball star may have more in common than you think.”- Lawrence Castillo

Too many people closing in on retirement or who are already retired spend a lot of time worrying. These retirees and pre-retirees fear what will happen with their savings instead of what they want to do when they stop working.

I find this a bit sad. After all, the entire concept of retirement is built around the idea that there should be a time in your life when you can relax and enjoy the fruits of all your hard work and diligent planning.

 

Unfortunately, many Americans spend their days glued to their television sets or computers, fretting over every negative government report and news story. Every time stocks dive, they know their dreams become harder to achieve, and they wonder if there are any safe harbors for their wealth. Many of these hard-working Americans, even some who already have been retired for a while, realize they may have too much of their cash exposed to risk.

As I write this, the world is undergoing a shift unlike any I’ve witnessed. Runaway inflation and the real potential of simultaneous deflation, market turmoil, wars, soaring energy prices, tax hikes, and other global events have nearly everyone in a stressed-out state of panic. Understandably, many folks are looking for a magic pill that will take away their pain when managing their wealth.

I’m here to tell you that, although there is no magic pill that will fix your financial issues, there are ways to achieve greater peace of mind and create a more predictable and successful retirement outcome. Money market accounts, certificates of deposit (CDs), and bonds are safer places to store cash but typically won’t give you the growth needed to beat back inflation.

In my mind, those vehicles, while they can have their uses, are sort of like the modern-day version of stuffing your money into a coffee can and burying it in the backyard or lining the inside of your walls with dollar bills. Your money is a little safer, but it’s doing nothing for you.  These days, you certainly need some growth, and you must shield as much of your money as possible from risk.

That being the case, you might want to look at annuities. You can find annuity contracts in the portfolios of everyone from U.S. Presidents to Fortune 500 CEOs to sports figures. One of the most well-known tales of how annuities came through in the clutch is the story of New York Yankee legend Babe Ruth. Ruth, nicknamed “The Sultan of Swat,” was the highest-paid player in baseball and arguably the most famous sports figure in the world in the 1920s.

 

However, when the global Great Depression hit, other players who’d heavily invested in the stock market lost everything. While many of those once-wealthy athletes stood in soup kitchen lines, Ruth lived a life of relative comfort with no worries about running out of money. His secret? Instead of putting all his cash at risk in the market, Babe Ruth had purchased an annuity a few years before the Depression.

 

At the Depression’s height in 1934, Ruth was getting a guaranteed stream of income equal to around $290,000 in today’s dollars! Ruth was so impressed with his annuity’s performance that he bought a lifetime annuity for his wife so she’d have secure income after he passed away.

Summing it up: Even in challenging times, it’s still possible to enter retirement on a high note, with less stress and a greater chance of achieving your financial goals. If you are looking to protect your principal investment, create income that lasts until you die, and possibly provide a legacy for loved ones, you should consider an annuity.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management

Eight important facts about retirement planning

3-bottom, Citizen Journalism, Finances, Local Business, Senior Living, , ,

By Dave Stanley
Integrity Financial Services LLC

Retirement can mean many different things to many people. For some, it will be a time to travel and spend time with family. For others, it will be a time to start a new business or begin a charitable endeavor. Regardless of what approach you intend to take, here are nine things about retirement that might surprise you.

1. No Age Restriction on When You Can Retire

In the past, most people retired around age 65. However, retiring later in life has become more prevalent in recent years. In fact, there’s no age restriction on when you can retire. As long as you have the financial means to do so, you can retire at any age.

Don’t roll the dice when it comes to retirement, make a plan and review it. (pxhere.com)

2. Retirement Income Can Be Taxable

Depending on your retirement account type, you might have to pay taxes on your retirement income. If you have a traditional IRA, you may owe taxes on the money you withdraw in retirement based on your overall income. If you have a Roth IRA, you won’t owe any taxes on the money you withdraw.

3. You Might Need to Adjust Your Withdrawal Rate

The 65-and-older population is the fastest-growing age group in the United States and has grown by 34.2% over the past decade. The percentage of money you can safely withdraw from your retirement account each year depends on several factors, including the size of your nest egg and how long you expect to live. However, as a general rule of thumb, you should withdraw no more than 4% of your nest egg each year.

4. Consider Delaying Your Social Security

You’ll receive a reduced benefit if you start collecting Social Security benefits at age 62. For example, suppose your full retirement age is 67, and you start collecting benefits at 62. In that case, you’ll receive only 70% of your monthly benefit. If you wait until age 70 to start collecting, you’ll receive 132% of your monthly benefit. The average Social Security retirement benefit is $1,536 per month or about $19,000 per year. The maximum possible Social Security benefit for someone retiring at full retirement age in 2020 is $3,345 per month or $39,000 annually.

5. Don’t Forget The Cost Of Nursing Homes.

Most health insurance plans don’t cover the cost of long-term care, such as the cost of a nursing home. Consider purchasing a long-term care insurance policy or set aside funds to cover any future care costs. The average cost of nursing home care in America is expected to be more than $8,000 a month by 2023. However, actual costs will vary from state to state.

6. You Might Have to Downsize Your Home

If you plan on downsizing your home in retirement, you might be surprised to learn that the cost of living in some areas is quite high. For example, the cost of living in Manhattan is more than double the national average. As a result, you might have to downsize your home to a smaller apartment or condo.

7. Consider Working in Retirement

If you don’t have enough saved for retirement, you might need to work during retirement. In fact, about one in four Americans over the age of 65 are still working. Working during retirement can help supplement your income and allow you to stay active.

8. You Might Need to Save More Than You Think

The amount of money you need to save for retirement depends on a number of factors, including your lifestyle and how long you expect to live. However, as a general rule of thumb, you should aim to have at least 10 times your annual income saved by retirement. For example, earning $50,000 a year, you should aim to save at least $500,000 by retirement.

Bonus Fact About Retirement: Don’t Forget About Inflation

Inflation will have a significant impact on your retirement savings. For example, if inflation is 3%, the cost of living will be 33% higher after 10 years. As a result, you’ll need to save more money for retirement than you think.

The future points to one conclusion: The 65-and-older age group is expected to become larger and more influential. Have you made arrangements for health care expenses? Are you comfortable with your decisions?  Have you considered market volatility?  Inflation?

Research shows that the average American has $95,776 saved for retirement, and one in three Americans have no retirement savings. Suppose you don’t have enough saved for retirement. In that case, you should consider working during retirement, downsizing your home, or delaying your Social Security benefits. You should also be aware of the potential costs of nursing care and long-term care. Finally, remember that you might need to adjust your withdrawal rate as you get older. With careful planning, you can ensure a comfortable retirement.

A retirement strategy is not a “set it and forget it” proposition. You should review your strategy annually to ensure you are on track to reach your goals. How have you prepared for retirement? Are you on track to reach your goals? Have you even defined your goals? Take a few minutes and conduct personal evaluation.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management

Five reasons women should consider annuities for retirement

Citizen Journalism, Finances, How-To's, Local Business, Senior Living, , ,

By Dave Stanley
Integrity Financial Services

If you’re a woman in or near retirement, let me ask you this: “How do you plan to take what you’ve so diligently saved and turn it into a lifetime stream of dependable, predictable, tax-advantaged income?”

Five reasons women should consider using annuities to create more prosperous, less stressful retirements. (pxhere.com)

If you’re like many of us, you probably don’t have a ready answer to this question. That’s because you’ve been busy doing “all the right things.” You’ve been working, saving, maximizing your 401 K, paying off debts, being a caregiver, running a household, etc. It’s likely you haven’t really had time to think about what to do when the time comes to stop working and live on what you’ve accumulated.

I want to suggest: Take some time to consider annuities carefully. After spending time studying this often overlooked, but powerful financial vehicle, I’ve come to believe that nearly every woman planning on retiring could benefit from the features found in annuity products.


Here are a few reasons you should consider an annuity when it comes time to empty your “accumulation” bucket.

  1. An annuity creates guaranteed income for life. When you deposit a lump sum into an annuity, you enter into a contract with an insurance company in which the company guarantees you income for the rest of your life. This will eliminate a chief concern of many women entering the retirement phase of their lives, namely, running out of money too soon.

  2. Flexibility and customization. Annuities have come a long way in the past few years, offering a full spectrum of long-term care and inflation protection features. No longer are you constrained to a “one size fits all” annuity. These new kinds of annuities now provide for a new level of customization, safety, and functionality.

  3. Annuities provide predictability. Many people, especially those in their pre-retirement and retirement life stages, want to know exactly how much income they will be available when they retire. If predictability is one of your top priorities, then an annuity can provide that.

  4. Zero maintenance. When you agree to the terms of the annuity contract, you’ll be assured of a steady income for life even if you live for another 50 years after retiring. An annuity is one of the few available financial products you can actually “set and forget.” there is nothing to keep tweaking or moving around; no more crossing your fingers every time the market hiccups.

  5. Tax benefits by using an annuity for a portion of your nest egg allow that portion to grow tax-deferred, just like the money in traditional retirement accounts. That means if you don’t take out all the money for a while, you could see a significant tax reduction in retirement.

There are many other reasons that an annuity, while it may not be for everyone, is still worthy of your attention as you enter retirement. Partnering with an annuity specialist will allow you to examine these safe money alternatives more thoroughly to see if they will work in your particular situation.

If you’d like to know more about how women can use annuities to create safer, saner, more prosperous post-work lives, email or call me, and I will be happy to send you educational information to help you make the right decisions about your retirement blueprint.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management

Why it is important to use math, science when planning for retirement

3-bottom, Citizen Journalism, Finances, Local Business, Senior Living, , , , ,

By Dave Stanley
Integrity Financial Service, LLC

First and foremost, I want to let you know that I would never try to sell you on anything. I have learned in my 40 years of experience that if I try to talk you into something, anybody can come right along and talk you out of it so, that is not my objective. However, with math, science, and reason, I would like to reaffirm some very important facts and figures about your retirement planning:

Math and science are key in helping with retirement planning. (pxhere.com)

1. We all know the market is cyclical, it goes up, and it goes down. We have had the longest upmarket, “Bull Market,” in the history of the stock market; over the last nine years. Thus, Reason alone, tells us that we are due for a market correction, “Bear Market.” Math and science prove that we are due for a soon coming market correction. Just to name a few of the catalysts of a possible Bear Market, but not limited to, are these indicators:

•   The most significant “Buyback” in the history of the market took place in the last quarter of 2018. A “buyback” is essentially corporations run out of ideas to increase stock market shares and dividends of their company. They are buying back their stock held in foreign countries and inflating their profits. As of October of 2018, there were over $800 billion in stock buybacks, a stock market record. Corporations used funds from $2.6 trillion dollars sitting overseas.


•   The tariffs imposed on foreign countries in June 2018.


•   The housing market, as interest rates increase, so will adjustable rate mortgages increase. A Zerohedge chart reflects that home-builder stocks are already dropping as lumber prices forecast a drop in the housing market.


•   Interest rates tend to go up when the federal reserve unwinds its balance sheet and adds to the supply of Treasuries and mortgage-backed securities on the market. When interest rates go higher, stock valuations need to go down with a lower P/E ratio. (Profit /Expense ratio)


•   Federal Reserve policy. A JP Morgan study reflects that the Federal Reserve is decreasing its balance sheet of treasuries and mortgage-backed securities by $50 billion a month, which is known as Quantitative Tightening, which is projected to continue to at least the end of 2020.


•   Valuations. The United States Stock Market is the most expensive in the world at this moment. The Buffett indicator is flashing red with a total market capitalization vs. GDP (Gross Domestic Product) of 150%. Studies reflect that any ratio above 115% is an indicator that the market is significantly overvalued.

2. Historically the S&P time-line for recuperating from market corrections is between 13 to 22 years. Studies reflect that 64% of the time, the S&P is either losing ground or making up losses. Let me ask the question, “Going into retirement, do you want the 64% chance of a market correction and taking 13 to 22 years to recuperate the retirement savings you’ve accumulated over your lifetime?”

Mortality tables reflect that one retiring at age 65 will live 20 to 25 years.

3. Mathematically, it’s a proven fact that if a retiree experiences double-dipping (losing value in their account and drawing income from their account simultaneously) at the beginning of their retirement, they will outlive their retirement funds before they outlive their retirement life. This is known as the “Sequence of Returns.” Also, add the devastating fact of fees, the account now has triple dipping!

4. Psychological studies prove that retirees with a guaranteed, known, and predictable source of income live a much happier, stress-free, and worry-free retirement life.

5. The Fixed Indexed Annuity (FIA) relieves merely the risks of outliving one’s money and the burden of trying to manage and chase market returns and trying to avoid market losses of managing a retiree’s portfolio. It gives a guaranteed, predictable income for life as well as a projected income, based upon only upside market growth. It automatically tracks this upside market growth.

I trust that the above information on math, science, facts, and figures will assist in journeying into a peaceful, stress-free, worry-free retirement.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management.

Sooner Rather Than Later: The Intent of National Healthcare Decisions

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By Emmanuel Hospice

It might be a stretch to say we celebrate National Healthcare Decisions Day, but to Erica Beitel, it’s certainly something she honors and observes.

It is important to have end-of-life care and death discussions so everyone understands your final wishes. (Supplied)

Though still shy of 30-years-old, she’s already had a conversation and drawn up documents in response to “the talk” about end-of-life care and death that many who are more than twice her age have not or aren’t willing to initiate.

“I had a loved one who was in a car accident,” she explained. “They couldn’t make their own decisions about healthcare. It was an unbelievably tragic episode that put the issue front and center for me.”

Beitel’s perspective is also unique because she works as a healthcare professional, serving as a social worker for Emmanuel Hospice. The role places her in front of people every day who are making tough decisions – and in many cases wishing they’d considered their futures much earlier.

That’s the whole point of National Healthcare Decisions Day on April 16 – to encourage adults of all ages to plan ahead for a health crisis. It’s typically recognized during the same week that includes “tax day” in reference to Benjamin Franklin’s famous quote, “nothing is certain except death and taxes.”

“This day is an annual reminder for people to consider making healthcare decisions for a time when they may not be able,” Beitel said, “and that includes everything from making advance care directives to choosing an advocate to honor your decisions about end-of-life care.

“Sometimes the biggest barrier is when patients are ready to opt for the comfort and care route that includes hospice, but the caregiver isn’t on board. They feel the patient is giving up hope, but hope can be redefined and can look different depending on where you are on your journey.”

Beitel also points out that people avoid the talk because “it’s a vulnerable space to enter, or you don’t think death or dying is imminent.” Indeed, having a talk about final wishes acknowledges the tough topic of death itself. Even with groundbreaking books like Elisabeth Kubler-Ross’ book, “On Death And Dying,” in 1969, which revolutionized the public’s perception of death, many of us avoid the subject.

Beitel noted that it’s arguably easier than ever to tackle such challenges, thanks to organizations and websites that exist solely to promote open dialogue, including TheConversationProject.org. The site and others like it provide step-by-step suggestions for how to prompt the conversation, what issues to confront and even where to stage the conversation, such as the kitchen table, at a restaurant or during a walk.

Beitel said she wishes more people would approach advance planning like they do in arranging for home and auto insurance or providing a friend a spare key to their home in case of an emergency. We spend countless hours planning weddings, but recoil at the thought of devoting the same energy to our last wishes.

After having the talk, the next step is to take action, arranging for an advocate and creating directives, a task eased by the availability of free forms from a host of sites, including CaringInfo.org. Lawyers will also assist, usually for a fee.

“What some family members sometimes don’t realize is that a patient might endure the medical system for so long that they’re just physically spent and want to be home to enjoy what they can of the time they have left – to spend it with family and friends.

“Making that wish, or other wishes, known can prevent an ambiguous situation ahead of time. It’s also a gift to your loved ones. It’s lifting a burden from their shoulders.”

Financial Perspective: Financial planning for the divorced woman: you are in control

3-bottom, Finances, How-To's, Local Business, , ,

By Dave Stanley
Integrity Financial Services, LLC

Photo from Pxhere.com

If you’re a woman, who is divorced, in the process of divorcing, or is contemplating a divorce in the near future, understanding a few key things about the financial implications of a marital dissolution will go a long way toward helping you regain the confidence you need to take control of your wealth.

After a divorce, some women, especially those whose spouses were in charge of the household finances; find themselves in the confusing and uncomfortable position of having to learn personal finance from scratch. They now have no choice except to take responsibility for earning, saving, paying bills, and investing for retirement.

It’s unfortunate that many divorced women find themselves faced with some unpleasant and unanticipated realities in their post-marriage lives. For example, women often greatly underestimate the costs involved in the divorce process itself. The website Divorcestatistics.info puts the average cost of a divorce in America at around $15,000.

Beyond the legal costs, things such as lack of financial literacy, standard office expenses, the need to hire valuation and other financial experts, and even the emotional states of the divorcing couple can contribute to the high price tag a divorce usually carries.

Divorcing women face other nasty surprises


• Health insurance costs are often more than they envisioned. Usually, divorced women will have to pay their health insurance premiums, which can be staggering. Nationally, health insurance premiums have been increasing by an average of 5% every year, for the last six years. In some states, coverage for a single woman can be more than $1,000 per month!
• They need to find a job as soon as they can. Economic necessity can mean that some divorced women will see they need to start working quickly. Those who were stay-at-home wives and mothers may not have had time to acquire new skill sets or update their existing skills, making it difficult to get hired or get better wages.
• They could find themselves homeless. In a typical divorce, the family home can be the most valuable financial asset as well as a big bone of contention. If divorcing women do want to stay in the home because they have young children or due to an emotional attachment, they may have to fight to keep it. Fighting with an ex-spouse over the home is an expensive and time-consuming process that could quickly deplete any savings and create even more stress.
• Alimony and/or child support is not what they thought it would be. For whatever reason, some divorced women overestimate how much money they feel their ex-spouse should pay in spousal or child support. The amounts arrived at during the divorce process may be much, much less than anticipated.

These and other unwelcome surprises in the aftermath of a divorce don’t have to spell disaster, though. With a little pro-active “divorce planning,” you can lessen the sting of the process and begin to regain control over your financial future.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management.

Financial Perspective: Retirement planning for singles and unmarried couples

3-bottom, Citizen Journalism, Finances, How-To's, Local Business, ,

By Dave Stanley
Integrity Financial Services, LLC

Photo from Pxhere.com

Retirement planning is crucial enough as it is for a married family. Still, it becomes even more critical for singles or unmarried couples considering that they are not accorded the same tax breaks and advantages which a couple gets upon marriage. Statistical studies report that single women are the fastest-growing group of home buyers, while the number of married families buying a house has dropped by 10% in the last ten years.

With increasing divorce rates and increased tolerance of non-traditional definitions of the concept of a family, the taxation laws have not been able to keep up with the growing purchasing power and numbers of people who fall into the definition of singles or unmarried couples, including divorcees, same-sex couples and singles living in an extended family with other members. What proactive financial planning steps can people who fall under these characterizations take to ensure a secure future?

If you live with a partner, the best thing you can do is be transparent about your finances and discuss all expenses and bills payable, to work out a satisfactory arrangement. This could mean a pooled fund for monthly payments and joint assets, while payments towards significant individual assets are paid for the owner(s).

Remember that there will be no legal recourse in case of a split and the asset not being in your name. If you have joint ownership of assets, contact a lawyer to put in writing arrangements for the distribution of assets in case of a split. A commonly availed arrangement for partners buying a home is under a JTWROS or joint tenants with the right of survivorship. A living trust can be set up to avoid the gift tax, which would be payable for transferring property to the surviving partner.

Funds in 401(k) plans, IRAs, and other retirement plan vehicles will not automatically be transferred to the survivor, as in the case of a spouse. Take special care to nominate your partner as the beneficiary and change as and when necessary if you are single. Write powers of attorney for each other, which would only come into effect in the sudden demise of one partner, or extreme disability. Note that unmarried couples do not have a right to each others’ social security benefits. IRA rollovers from one partner to the other are also taxable, unlike those for a married couple.

Also, laws governing rights over assets and responsibilities for joint debts may vary depending on the state of residence and the contracts signed with financial organizations.

All this means is that for single and unmarried live-in couples, retirement planning needs to be taken a bit further than that done by a married couple to offset the lack of clarity in governing laws and tax benefits. Everything has to be put down in writing in clear terms. It is generally advisable to consult a financial planner and set your finances to go in the right direction before jumping into a long-term live-in arrangement.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management

Manage chronic conditions by making an action plan

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Courtesy Michigan State University Extension

By Gretchen Stelter, Michigan State University Extension

 

One of the best ways to manage chronic conditions such as diabetes, arthritis or Parkinson’s disease is to make a weekly action plan. This will guide you to achieve your health goals. Michigan State University Extension suggests you make sure your action plan has these key ideas:

Make your action plan something you want to do

  • This is your plan, not someone else’s plan for you. Action plans can help you feel better by successfully accomplishing tasks.
  • Your plan is something you think you should do and want to do or achieve yourself. An example is if you hate pool water, you shouldn’t make a goal to swim three times a week.

Pick something you can do easily

  • Ask yourself if your plan is realistic and achievable for you right now. You wouldn’t want to begin walking three miles a day if you have not walked after your knee surgery!
  • If you feel you will fail at this action, then change it so you can succeed. If you do fail at an action plan, usually you will not try again.

Be action specific

  • What is it that you are going to do?
  • How much are you going to do? This can be broken down in minutes or days.
  • When are you going to do it? Be specific.

Plan ahead for possible barriers

  • Ask yourself what might get in the way of achieving this goal. If the weather is bad you may not want to walk.
  • Figure out ahead of time how you will handle barriers, such as plan on walking in an open gym in the evening when the weather is bad.
  • Know who you can call if you need help. You may like to have a partner when you walk.

Celebrate and evaluate:

  • Congratulate yourself on what you’ve achieved.
  • If things went well, the next week you may be able to stretch your goal. Instead of walking a quarter of a mile three days a week, you may walk a half mile four days a week.
  • If things got in your way, find solutions to help get past the barrier. Perhaps walking through a box store three days a week is better than walking in inclement weather. Keep track of your progress. If things get in your way, think of solutions that can help you achieve your goal.

An example of a weekly action plan to get more exercise

What am I going to do? I will start taking a water aerobics class.
How often will I do it? I will do one hour a week.
When will I do it? I will go to the 9 a.m. class every Friday.
What might get into my way? The weather, which may make it challenging to get out of the house in the morning.
What might make doing this easier for me? I will ask a friend to join me; one that has mentioned water aerobics before.

Action plans outline steps you can take to attain a larger health goal. Research shows that such plans are instrumental in bringing about behavior changes in patients. American College of Physicians Foundation gives ideas for some opportunities to use an action plan:

  • Making diet changes
  • Quit smoking
  • Increase physical activity
  • Reducing stress
  • Improving sleep habits

This article was published by Michigan State University Extension. For more information, visit http://www.msue.msu.edu. To have a digest of information delivered straight to your email inbox, visit http://www.msue.msu.edu/newsletters. To contact an expert in your area, visit http://expert.msue.msu.edu, or call 888-MSUE4MI (888-678-3464).