You may be familiar with the saying, “Accidents don’t take a vacation.” For many, the phrase is just a passing thought. However, it’s something you want to be mindful of because you never know when the unexpected can happen. Sometimes, an accident will require your attention for only a temporary amount of time, like if your spouse breaks his or her arm and will need more assistance throughout the house. Other times, your loved one getting into an accident changes your entire life. This can come in the form of a near-fatal car accident, work accident or more. And, sometimes, an “accident” isn’t really the name for it — sometimes, your loved one falling ill is what requires you to take care of him or her. Each are unfortunate incidents.

When these things happen, it’s possible that you have to take on a new role: the caregiver. This is a loving role to become, but it can be hard to quickly be one. So, this is where The Best Senior Services can help. We have put together this article to help you get a better understanding as to how you can take on the role of the caregiver.

First and foremost, it’s important to understand that you likely are not a professional caregiver. The tips included in this article are to help manage the everyday life and the smaller tasks associated with assisting your loved one. In the event of an emergency, contact 911 and your local hospital for immediate assistance.

Now, before we begin to tell you how to do it, it’s important to note what a caregiver really is and why it’s an important role to become.

 

What is a caregiver?

A caregiver is exactly what it sounds like. It is someone who regularly cares for a child or someone who is sick, disabled or elderly.

 

Being a good caregiver is one of the most important things you can do for your loved one who needs you. It takes patience, compassion, and genuine intentions. It also demands a lot of time on your feet, as you will frequently be moving around to help your loved one.

 

Why is care giving so important?

It’s hard for a lot of people to admit that they need help in any form. So, when a loved one is turning to you for help, it’s important that you are there for them to ease any of the pain they are experiencing. Not only is it your job to help around with the needs that this person has, but it is also up to you to provide comfort and support when this person needs you the most.

 

The person you are helping out no longer has the ability to do the tasks that he or she was once able to perform. Helping this person, while trying to keep his or her life as normal as possible, is an important task because you would want the same thing for yourself.

 

So now, let’s get into how you can take on the role of being the caregiver.

 

How to do it

There are a lot of things you can do to prepare yourself as the caregiver of the household.

• Be kind to yourself. This is one of the most important things you can do while adopting this new role. Undoubtedly, there will be days where being the new caregiver to your loved one will be hard. Your patience will be tested, and you will feel like you will be at your wits’ end. That’s what makes this all the more important. Forgiving yourself will protect you from blaming yourself for any mistakes you have made. Being kind to yourself will give you more room to take care of yourself and do the things that you enjoy. Becoming a caregiver is a large task but taking this on does not mean that you have to abandon yourself along the way. Seek help from a therapist who will emotionally help you throughout this time.
• Establish healthy communication. If you’re able to, establish a line of healthy communication with whom you’re taking care of, as well as other loved ones. Establishing communication with the person you are caring for will open the floor to conversations about what you both need. Healthy communication will also allow you both to continue to build your relationship based on understanding and empathy. You can do this by setting up a time in which the two of you sit down and discuss what you will need from one another. Whether that be quiet hours, alone time or bonding time is up to you, but meeting to establish your desires and needs will go a long way because you are each putting in effort to make this time as easy as you can.
• Pay attention to what your loved one needs. Oftentimes, you will have to help the person you’re caring for with basic tasks, like bathing, feeding and changing. If there comes a time where he or she is no longer able to speak for communication, you will have to be observational and understand what is needed and when. You can do this by setting a schedule — establishing a time for meals, cleaning and bed will help you keep track of what needs to be done and when. Your loved one will also be able to anticipate each day, too, which will ease any stress or confusion he or she may have.
• If your loved one is ill, take the time to learn more about the diagnosis. You can do this by researching online, attending web seminars, or meeting with a specialized doctor to learn more about your loved one’s health condition. Learning more about the diagnosis will help further your understanding of what your loved one needs and help you better assist them if an emergency happens.
• Refrain from creating any unrealistic expectations. This one definitely seems more difficult than it is. A common misconception is that, as you take on this role, you will be nursing your loved back to where he or she can manage alone. This may be the case if your loved one has just gotten into an accident and has been told to expect a full recovery, but it’s not the case for a lot of progressive illnesses, like Parkinson’s or chronic pancreatitis. Focus on the information you have at the moment and spend as much time as you can in the present with your loved one.
• Accept help. In this case, you are a “non-skilled” caregiver, meaning you likely don’t have the medical background to determine the exact needs that your loved one has. That’s why there are many professionals who are ready assist you in any way you need, whether it be advice or teaching through demonstration. Ask for help from a professional (or accept any help that he or she offers) to help you take on this role in a more manageable way. This will lift some confusions you may have had about the role and educate you on how to move forward. And it’s important to note, that any help you are offered does not have to be from a professional. If a family member or friend offers to help you for the day, be sure to allow them to, even if it’s just every once in a while.
• Meal prep when you can. When you are cooking, make enough so that you can meal prep and have leftovers on standby. The beauty of meal prep is, you don’t have to eat it within a few days if you don’t want to. You can freeze the food so that it lasts for a few months and is ready to be thawed when you want to eat it again. Having meals prepped will save you time and will come in handy when the last thing you want to do is cook.
• Establish a schedule. There are still things that need to be done around the house, like cleaning, laundry and running errands. Create a schedule so that you can set aside specific days and times to do these things. This will help you hold yourself accountable so that other needs aren’t left behind. If you are able to, considering hiring a cleaning professional to help you around the house so that you can prioritize one less thing.

 

It may feel like taking on the role of the caregiver is a lot, and it’s likely that at times you will feel overwhelmed with confusion and wide-ranging emotions. Not only is that a normal thing to experience, it’s also a part of the process. If you are struggling with how to become a caregiver, remember that you are not alone. You are doing a noble thing and it is worth acknowledging.

 

At The Best Senior Services, we focus on educating seniors and providing them great options for insurance and other financial services. Call us at 855.979.8277 or visit our website today to learn more about how we can help you or your loved ones.

On the last day of school, children are thrilled to throw away or burn any homework they kept during the school year. In fact, some colleges used to host rituals in which graduating seniors would burn all of their class notes. It meant that their papers were no longer important and no longer needed.

However, as you get older, it’s harder to throw away papers and documents that you once needed. This is because you’re unsure about whether you will need them again in the future. This is especially applicable to outdated insurance or financial policies that you no longer refer to.

If you have just switched insurance policies with an agent, you are probably wondering what you need to keep and what is safe to throw away. You may even be asking yourself what should be done if you do decide to get rid of them. Is it something you should think about?

This article is designed to help guide you in understanding what documents you need to keep, what you can toss, and how to get rid of the documents you decide you no longer need to have.

 

What you need to keep

Before we get into what you should retain, let’s first address that yes, many things are digital, and we’re only going to continue further into this online era. This means that, overall, there is less of a demand for physical copies of documents because — depending on what it is – an online copy exists.

 

However, if you best organize with physical copies, keep the important ones on file and toss what you know you’ll never need. And, still, you shouldn’t toss everything. You should generally keep any outdated policy that has underlying cash value or an investment opportunity. You should also keep every insurance document for at least six years after your policy has been canceled so that you can protect yourself down the line.

 

You also need to keep:

• The basics. These include, in no particular order: wills, marriage certificates, military records, passports, birth certificates, death certificates, Social Security cards, and more. These are things that pertain to your identity, as well as your way of life, so you must note that these are documents that you should never get rid of. Doing so could result in many obstacles for you to overcome. For example, without your birth certificate, it would be hard to determine citizenship.
• Occurrence basis insurance(s). This policy protects you for any accident or situation during its cover period, even if it’s a couple of years old and never looked at.
• Copies of policies that continue until cancellation. For example, life and health insurance. No matter how much time has changed, it’s important not to get rid of these. Even if you’re unhappy with your current plan, there’s always room for adjustments. Use The Best Senior Services to be connected with a specialist that will help guide you with the right steps toward updating your plan if you see that your important policies aren’t living up to your expectations.
• Loan records. Keep all records of loans – whether it be auto loans, mortgages, or anything else – so that you have proof on file that your loan has been paid off or is actively being paid off.
• Workers’ compensation insurance. This is one of the most important documents you need to keep. Why? Because what you might have been exposed to at a previous company may develop years later. If you had a long and successful career as a welder. For this employment alone, there are several health effects that you could endure long-term, including lung damage, cancer, Parkinsonian syndrome, and more. Even if you retired over a decade ago, you need to keep this document for an unlimited amount of time, because these companies are responsible for your exposure.

 

As you gather a better understanding of the policies you should hold onto, let’s get into the insurance documents that you will no longer need.

 

Documents to get rid of

Of course, as you consider the documents you no longer need, you have to first answer if they are outdated documents. You should never throw away documents that are still in use.

 

However, outdated insurance policies that are safe to get rid of include:

 

• Old auto insurance policies. As long as you have received your new and current auto insurance document, and you have successfully closed out of your old one, this is something that is safe to throw away.
• If you purchased a phone, computer, or any type of technology a while ago, it’s possible that it came with warranties. Typically, the warranty over your purchase will only cover you for a year. Once that year is up, you no longer need a document of that warranty.
• Pay stubs. Nowadays, most people are paid with direct deposits that go straight from their employer and into their bank account. However, if you are still receiving physical pay stubs, you will want to discard of them as soon as the money hits your account.
• Paid medical bills. Even after these are paid, you need to hold onto them for at least one year. This is in case you are ever asked for proof of payment. Otherwise, after the one year has passed, it’s safe for you to get rid of them.
• Monthly bills. You can toss your monthly bills after you have already paid for them or the payments have already been credited to your bank statement. That’s because the company who is billing you will keep your payments on record. Otherwise, your banking institution will be able to provide you with the bill payment with your online account.

 

The next thing to address is whether they are currently relevant to you, and whether they will be in the long-term. Even if they are meaningless to you at the moment, they could hold significant value in the future. If you are still debating whether to get rid of a document, you need to:

 

• Ensure this is a policy or document you will not need in any future sense.

• Talk with a specialist to ensure that what you are trying to get rid of is, in fact, something you can toss. Nothing is worse than throwing away an important document that you’ll need down the line. To determine whether something is irrelevant enough to be discarded, ask:
  • Is this a policy that I am still covered under?
  • Has anything significant happened to me or my loved ones during the time this policy offered coverage?
  • Do I think I will need to reference this policy after I have properly discarded of it?
• Mark out any important information that could lead to identify theft.
• This won’t be enough to combat identity theft on its own, but it offers an extra layer of protection in case someone tries to claim your name or document. With a black pen, mark out any information that could help someone figure out who you are. This includes:
  • Name
  • DOB
  • Address
  • Policy name
  • Social Security number

• Shred your old policy or document.

• Again, this is more for the safety element than anything else. Although you’ve marked out important information, that may not be enough to stop someone from attempting to steal your identity. If you don’t already have one, purchase a paper shredder and toss your papers into it. Shred all of your old insurance policies or documents that you are confident that you no longer want before recycling the scraps you are left with. You can also burn your old policies in a well-contained fire. These are the most effective ways to ensure no one will get a hold of anything.

Deciding what is important enough to keep, and what can go, is a hard and frustrating process. You often feel as though you have too many things to keep track of, or you don’t have enough. This article is designed for you to reference in case you ever wonder what you should do if you’re torn between the two options. And, of course, if you are still worried that getting rid of a document will cause you a headache in the future, you can always keep it somewhere safe for another time. There’s no shame in that!

If you have any further questions, visit The Best Senior Services. TBSS works with you to ensure you’re educated insurance and other financial services. We love helping you or your loved ones make not only the best decision, because putting you in the right hands is important. That’s why we connect you with a licensed professional who specializes in answering your questions and leading you in the right direction. You can contact us today by visiting our website or calling us at 855.979.8277.

No one is perfect. If we were, we wouldn’t be needing to address regrets and mistakes. You’ve made many mistakes in your life, and there are going to be multiple times when you’ll make more. The only thing you can do is learn from them. But sometimes, the mistakes we make have to do with our money and finances. These can be small accidents we can bounce back from, like paying your internet bill a week late, but others can be larger ones that can really hurt you later on.

 

This article is designed to tell you about the nine financial mistakes that you may possibly regret later, and why you will want to avoid making them. Let’s get right into it.

 

Not saving your money

This one is obvious. It always seems enticing to spend your leftover cash flow for other things,

like nights out or new items, after you take care of your necessary payments, like your bills. It seems harmless at the moment, but this will leave you little money for your future.

 

This is especially true when you think about your retirement. When you retire, there are payments you are still expected to pay. This can be insurance premiums, mortgage payments (unless you sign up for a reverse mortgage), final expenses and more. Although you will be receiving other incomes, like your 401(k) and Social Security, these may not be enough. Undoubtedly, you will need to have a separate savings fund to tap into when you retire. This will help cushion any unexpected expenses or bills.

 

Save your money and prepare for retirement while you are doing it. There are budgeting apps available, but The Best Senior Services is also here to help connect you with an agent who will get you navigate budgeting.

 

Buying what you know you don’t need

This could be multiple things, ranging from small knick-knacks to designer clothes to cars. Believe it or not, people buy things just because they can, not because they need to.

 

If there is a purchase that you are facing and you cannot picture yourself using it often and consistently, it may be better that you don’t get it. Now, this isn’t to say that you should never buy yourself something fun every once in a while. But if you are constantly purchasing things you don’t need, you will be hindering yourself in the long run.

 

Not investing as soon as you can

You will want to start investing as soon as you possibly can, and this is why: when you invest money now, it grows later. So, let’s say you invest $200 a month over a ten-year period. You would think that you would only have $2,400 saved, but in reality, because of accumulating interest, the amount will be higher. This is all because of a great strategy known as compound interest, which is the additional interest to an initial amount of a deposit.

 

A lot of people are scared of investing because they don’t want to lose their money. If you’re thinking to yourself, I’m not rich enough to invest, you’re wrong. You don’t have to be rolling in money to be able to begin. Anybody can get started by simply downloading apps, visiting with a broker, or investing through your employer.

 

Deferring loans

When you’re younger, one of the first loans that you will likely be responsible for is student loans from college. When you graduated from undergrad, and you might have had the option of moving onto graduate school. Doing this allowed you to defer your loans or paying them at a later date.  That might have been something you passed on, or it was something you felt like you needed to do at the time.

 

You’re not in your college years anymore, but deferring loans is something you are very familiar with now that you have been acquainted with it. That’s because you don’t just have to defer your student loans. There are others out there that you can put off, too, like personal loans.

 

This is something you will want to avoid doing. Interest is almost always added onto your loans and will likely accumulate even while they are deferred. Although there are interest-free options, that doesn’t guarantee that you will have interest-free deferments.

 

Work out a payment plan with a financial specialist to figure out how you can begin paying off any loans you have at the moment so that you don’t have to pay more at a later date.

 

Relying on your credit card

Sure, credit cards are great. At least, until it’s the end of the month, and you realize you might have made a few too many purchases with it. Credit cards are great in the sense that they allow you to build upon your credit. Using your credit card will also earn you points and bonuses that you can use at a later time. If you use it wisely, then you will help yourself out of debt and promote financial well-being from the bonuses you will receive. However, credit card debt is easy to fall into, yet incredibly hard to pull yourself out of.

 

Try limiting the use of your credit card and use it for small purchases. Using it for smaller purchases will lead to smaller bills that are easier to pay off. After a certain amount of time, you’ll start to get the hang of things and depend less on the card.

 

Buying the newest version of everything

It can be really hard to stay away from new things sometimes. Let’s take Apple for example. Every year, Apple updates its iPhones. Apple also regularly updates its laptops, desktops, iPads, watches and more. A lot of the time, the company’s newest features are extremely desirable, and as a result, many people upgrade their old phones to get it.

 

The bottom line is, many people forget how their technology, clothing, appliances, and more are built to last for as long as they can. Buying the newest version of things will hurt you in the long run because you will find yourself in what seems like a never-ending cycle of funding wants over needs.

 

Living above your means

When you were younger, it’s likely that you didn’t start out making as much as you do now. As a result, you probably lived below your means, meaning you didn’t go out and buy unnecessary things. Once people get older, and generate a better income, they tend to start living above their means. This means that they begin to purchase things that they can go without.

 

Living above your means is one of the worst financial mistakes you can make because you’re not leaving yourself any extra income. In the long run, you are hurting yourself by living this way.

 

If you have a sudden family emergency, or you have a pet that needs to go through surgery, you won’t have the money to support the situation. Begin living below your means so that you can be prepared for whatever emergency happens, and so that you can gain control over your bills and other payments you need to make.

 

Taking from your 401(k) early

Just because you have the option to pull from your 401(k) before your retirement, it doesn’t mean that you should. If you do this, you get penalized by the IRS. In fact, it will hold 10% of your withdrawal as taxes if you are under the age of 59 ½. Not to mention, if you pull the money out now, then you won’t have that money saved for your retirement.

 

If you still feel like you should pull from your 401(k), make sure that you re only doing this as a last resort. You do not want to do this if you have any other means of acquiring your needed money. One possible method is taking out a loan against your 401(k). Doing this means that you will replace the funds at some point.

 

Listening to get-rich-quick schemes

This last mistake we are mentioning is a big one that you will definitely regret later in life. If life were easy, we’d all have pockets overflowing with cash. There is no true way of “getting rich quick,” and if there is, it may not be completely legal. In fact, these get-rich-quick schemes are likely to be scams. Most of the time, the people who are trying to “get you rich” are actually taking your money.

 

Some of the get-rich-quick schemes that you’ll want to say far away from include:

• Internet business opportunities that require a down payment to be a partner. It’s likely that if a business idea is proposed to you online, it’s a get-rich-quick scam. You probably don’t know this person, and he or she is now asking for your money to be a part of the business. This is something you will want to avoid, or at least heavily investigate, because it’s likely that you won’t receive a penny back.
• Investing in a company that withholds vital information from you. This is a major red flag. If there is an opportunity for you to invest in a company, but the company is refusing to tell you information like price-to-earnings ratio, debt-to-equity ratio, dividends, etc., then you need to immediately decline the offer. Your investment will go nowhere.
• Lottery tickets. There is nothing wrong with occasionally playing your hand to see if you’ll hit it big. However, if you are relying on the luck of winning the lottery, then you need to quit while you’re ahead. In fact, your likelihood of hitting the jackpot is about 1 in 13.9 million.
• House flipping. Unless you are a professional, this is something you want to avoid doing. Many homes require more repairs than you might expect, and as a result, you’re faced working on a house that should have been demolished. This is an unfortunate circumstance to find yourself in, especially when you think about the money you have drained into this. Avoid house flipping DIYs so that you can save yourself the money in the long run.

 

Making financial mistakes happen. It only goes to show that we are human. However, identifying financial mistakes that are common is key to preventing them from happening to you. If you still need more guidance in making the best financial decisions for your future, we are here for you at The Best Senior Services. We educate you and other seniors and connect them with a local licensed agent because helping you is what we do best. Contact us today by calling 855.979.8277 or visit our website.

 

If you’re nearing your 62nd birthday, you’ve probably heard from the Social Security Administration (SSA) a few times in regard to signing up for your Social Security benefits. And, if you’re worried about not knowing what to do, don’t be. Social Security is a tricky concept, and signing up for your benefits is equally as confusing because there are many things you need to consider when signing up.

 

There are three ideal age categories in which you will want to sign up for these benefits. They are: 62, 66 and 70. Age 62 is the earliest in which you can sign up, 66 is your full retirement age and age 70 is the latest in which you can sign up. We will get more into the importance of these ages in a moment, but let’s first understand what Social Security benefits are and what qualifies you for them.

 

What are Social Security benefits?

Social Security benefits are payments that are made to retirees or to those who are disabled, as well as their spouses and family, as applicable. It is assigned as a partial replacement for the income for those who are qualified.

 

Here are some of the advantages and disadvantages to Social Security:

 

• Advantages:
  • Social Security makes it possible for you to receive healthcare. The payments that retirees receive could be used for health treatments that they otherwise would struggle to pay for.
  • The government insures Social Security. That means, regardless of the economic climate, you will receive your benefits.
  • Collecting unemployment will not reduce your Social Security benefits. This is because Social Security does not count unemployment as earnings. Of course, you must factor in your age to how much you will receive.
• Disadvantages:
  • Inflation does not go toward calculation. What does this mean? It means your payments will remain the same forever, regardless of what happens. Let’s say your cost-of-living increases, meaning the prices for your housing, healthcare and others become more expensive. Your Social Security benefits will not be increased on account of this.
  • There are limits on eligibility. This means that not everyone who is of retiree age, or disabled, can qualify. This includes those who don’t have a steady work history or immigrants who came to the United States later in their lives. Before considering Social Security benefits, you have to decide whether you are eligible.
  • Working while collecting Social Security benefits may temporarily reduce how much you receive on payments. This is only applicable if you earn over a certain amount of money, however.

 

What makes you eligible to receive Social Security?

There are a lot of requirements that you must meet before you are fully eligible for Social Security benefits. On top of being a retiree or disabled, you must have been paying into the Social Security program during your years of employment and accrued 40 credits. You can earn up to four credits a year. A credit is earned whenever one makes a set amount of money. The number changes every year alongside inflation.

 

You must also apply for Social Security benefits. You can apply online with the SSA or over the phone by calling the toll-free number at 1-800-772-1213. You are also able to apply for Social Security benefits in-person. When you apply, there will be information you need to expect to provide. Below are a few examples of what you should have prepared:

 

• Your Social Security number
• W-2 Form or self-employment tax return
• Proof of U.S. citizenship — or Green Card, if you were born outside of the United States.
• Financial institution information. This is information pertaining to your banking account, like your routing number.

 

The best time to sign up for social security

There’s not a blanket timeframe that applies to everyone in terms of when they should sign up for Social Security. However, the longer you live, the more appealing it is to take it later. This is because you’ll get more money for a longer amount of time. Easy, right? Well, unless you know exactly what age you’re going to live to, it’s hard to say. You can begin collecting benefits when you are 62, but the earlier you draw, the less you will receive on your payments. That works in reverse, too. The later you draw, the more you will receive on your payments.

 

Because no exact time is the best time, you should sign up for Social Security when it is best for you. A great way to get started on your discussion of which age is best for you to start drawing benefits is the Break-Even Analysis chart. This chart will compare how much money you’ll receive based on when you decide to sign up for Social Security — at age 62, 66, or 70. The chart will take into consideration your income and how much you will be making per month, depending on what age you are when you sign up.

 

Although this chart will help you get the ball rolling in your decision-making process, it should not be used when making your final decision. There are other things that you will need to consider when choosing to collect earlier or later:

• Should you delay benefits?

  • The most important factor you should consider when delaying your sign up is your health. The healthier you are, you are more likely to be able to delay receiving your benefits. If you wait until you are 70 to receive your Social Security benefits, then you will receive a 32% addition in the number of benefits you receive.
  • If you are still able to work at 62, or you have other assets that will help with any pressing financial needs, you will also still want to consider delaying your claim. Because you will be taxed on that income, it’s best to wait if you know that you don’t need the money immediately.
  •  Another advantage to delay signing up for benefits is if you’re coordinating with your spouse. Talk with your spouse about a plan that best benefits the two of you, in regard to your ages, incomes and health.

• Should you file early?

  • If you are unsure whether you will live long enough to reach the general life expectancy age in America, which is around 78.6 years old, then you will want to file early. This way, you will still be able to reap the benefits for as long as you can.
  • If you are prone to medical issues, and you need an extra income to help cover these expenses, it may be in your best interest to file early.
  • Consider how much money you’re making at the moment. If you’re in need of the extra income, it may be wise to get your benefits earlier. Or, if you decide you want to invest the money, you will want to get the money earlier. It’s important to note that when you pull your Social Security benefits at 62, you will receive a 25% reduction in the number of benefits you will receive. That reduction will remain in place and the amount will not change.
  • Advantages for taking your filing for your benefits early include unlocking another family member’s benefits, like your spousal benefit. Your spouse cannot file until you file, and vice versa. You will also adopt a higher spousal benefit when your partner files, especially if the 50% of their benefits that he/she gets is higher than the 100% you get.
  • You will also have extra cash to spend early in your retirement years.

 

Collecting your Social Security benefits early just because you have the option to isn’t the smartest move you can make. Instead, you need to focus on why you may need to sign up early. If you’re in a position to sign up when you’re closer to 70, waiting may be in your best interest. This doesn’t mean that you should hold off on collecting your benefits, either. If there is a reason in which you need to receive your monthly payments at an earlier time, don’t hold off for the sake of getting higher payments.

If you are having trouble deciding whether it would be best to collect early, wait until you’re at full retirement age or when you’re 70, then you’ve come to the right place. The Best Senior Services is dedicated toward ensuring you know what’s in your best interest, and we prove it by setting you up with an agent who will work with you to help you better understand plans based on your specific needs. Visit our website to get started or call us at 855.979.8277!