Viking Magazine - May 2012 - 29
themoneycoach.net). To trim
travel expenses, consider home
exchanges or house-sitting. To
rein in the cost of presents for
all those grandchildren, make
photos albums or give the gift of
time for a special event.
Be mindful of the limits to
your generosity. Many retirees
become strapped when they bail
out friends and family members,
says Khalfani-Cox. " Some made
'loans' to children who want to
start their own business or cosigned
a loan for someone who
didn't pay it back and it messed
up their cash flow, " she says. " It's
challenging learning
to say no-not
just to yourself,
about not needing
certain luxuries-
but to say no and
set limits with family
members. "
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aren't paying too much in fees
and that the asset allocation will
help fund what could be a long
retirement. " When people go
ultraconservative and tie up too
much in bonds or fixed income
instruments, they do themselves
a disservice. People are living
longer, " she says. " Banish that
old thinking...have a mix of
investments in stocks, bonds
and cash. "
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" Retirees have to work hard to
maximize whatever income they
have-if it's a little or a lot, "
says Khalfani-Cox. It's hard to
stretch your money in this lowinterest
rate environment, but
shop around for the best interest
rates on your savings at moneyrates.com.
It could be that you'll
get better rates from an online
bank, rather than a brick and
mortar one.
Review your investment
portfolio to make sure you
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Retirees should review their
policies to make sure they have
adequate coverage, especially if
they are still paying
on a mortgage or
want to leave an
inheritance to their
family, experts
advise.
" Most Americans
are woefully
underinsured, "
says Khalfani-Cox.
Even if you are
retired and your children grown,
life insurance can be used to
help pay final expenses and
cover remaining debts.
The biggest risk to the finances
of retirees is the cost of long-term
health care, says Branham. If
you qualify and can afford it, he
suggests getting a long-term care
insurance policy. Paying for care
out of pocket is not only costly,
it reduces your nest egg and,
therefore, future income that can
be earned from it.
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hdchd[cdglVn#Xdb K>@>C< B6N '%&' 29
ask an expert
http://www.themoneycoach.net
http://www.rates.com
Viking Magazine - May 2012
Table of Contents for the Digital Edition of Viking Magazine - May 2012
Contents
Viking Magazine - May 2012 - Cover1
Viking Magazine - May 2012 - Cover2
Viking Magazine - May 2012 - Contents
Viking Magazine - May 2012 - 4
Viking Magazine - May 2012 - 5
Viking Magazine - May 2012 - 6
Viking Magazine - May 2012 - 7
Viking Magazine - May 2012 - 8
Viking Magazine - May 2012 - 9
Viking Magazine - May 2012 - 10
Viking Magazine - May 2012 - 11
Viking Magazine - May 2012 - 12
Viking Magazine - May 2012 - 13
Viking Magazine - May 2012 - 14
Viking Magazine - May 2012 - 15
Viking Magazine - May 2012 - 16
Viking Magazine - May 2012 - 17
Viking Magazine - May 2012 - 18
Viking Magazine - May 2012 - 19
Viking Magazine - May 2012 - 20
Viking Magazine - May 2012 - 21
Viking Magazine - May 2012 - 22
Viking Magazine - May 2012 - 23
Viking Magazine - May 2012 - 24
Viking Magazine - May 2012 - 25
Viking Magazine - May 2012 - 26
Viking Magazine - May 2012 - 27
Viking Magazine - May 2012 - 28
Viking Magazine - May 2012 - 29
Viking Magazine - May 2012 - 30
Viking Magazine - May 2012 - 31
Viking Magazine - May 2012 - 32
Viking Magazine - May 2012 - 33
Viking Magazine - May 2012 - 34
Viking Magazine - May 2012 - 35
Viking Magazine - May 2012 - 36
Viking Magazine - May 2012 - 37
Viking Magazine - May 2012 - 38
Viking Magazine - May 2012 - 39
Viking Magazine - May 2012 - 40
Viking Magazine - May 2012 - 41
Viking Magazine - May 2012 - 42
Viking Magazine - May 2012 - 43
Viking Magazine - May 2012 - 44
Viking Magazine - May 2012 - 45
Viking Magazine - May 2012 - 46
Viking Magazine - May 2012 - Cover3
Viking Magazine - May 2012 - Cover4
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