Street Smarts

Purse snatching is a crime of opportunity, but you can take steps to help protect yourself. Start by leaving these items at home:

Social Security Card –

Your name and social security number are all a thief needs to steal your identity.

Spare Keys –

Since your driver’s license has your address, a thief now knows where you live and has a key to your house or car.

Blank Checks –

These can be forged and cashed or the routing number and account number at the bottom can be used to make electronic withdrawals.

Passwords –

Don’t keep a list of passwords in your wallet and don’t write your debit card PIN on your card or on a note in your wallet.

Gift Cards –

Carry only those you plan to use immediately. Otherwise it’s like having free money for a thief to use.

Even better, keep your driver’s license and credit cards on your person.

Retiring Earlier Than Planned

Did COVID-19 change your plans to work? Layoffs, forced retirement, reluctance to return to the office to dodge exposure or being an early survivor. Whatever the reason, retiring before planned is stressful and requires a lot to think about and do.

BUDGET REVIEW

Look at how you’re spending money. Are there expenses you can eliminate or reduce? For example, consider using a mail order pharmacy to save co-pays. Can you find less expensive plans for cell phones, internet or television? Maybe now is the time to downsize into a smaller house.

PORTFOLIO REVIEW

Make sure that your retirement funds are diversified and in sync with your needs, goals, risk tolerance and timeline. You will want to conserve assets but being too conservative could deprive you of growth. That’s why is it important to review your portfolio allocation with your financial professional.

SOCIAL SECURITY

If you’re at least 62, you can start collecting Social Security retirement benefits. However, each year you can delay the start date, your monthly check will increase. Understand your options and after you’ve reviewed your budget and retirement account balances, decide when is the best time for you to start collecting Social Security.

EMOTIONAL NEEDS

Stopping work unexpectedly can be emotionally challenging. Without a plan for your new free time, you may feel lonely or lost. Consider how you’d like to fill your day. Consider your options including, dedicating time to your hobbies, learning something new, more time with family and friends, volunteer work or finding a part-time job.

PART-TIME WORK

Instead of stopping work cold turkey, you may wish to pursue part-time employment opportunities. You can earn money to cover some of your expenses and reduce your reliance on retirement accounts. Also, it can help you feel productive and keep you mentally stimulated. But remember, it could trigger taxation of your Social Security income. Companies with tight budgets may value your work experience.

October 2020 ClientLine Newsletter

Retiring Earlier Than Planned – Did COVID-19 change your plans to work?

Street Smarts – purse snatching is a crime of opportunity, but you can take steps to help protect yourself.

Reinventing Your Business – the COVID-19 pandemic disrupted everything from education to business as we know it.

October 2020 Client Profile

Protect Your Children – unless you properly draft legal documents, the court decides what happens to your children and assets.

Raising Money-Savvy Kids – it falls on parents to teach kids about money.

Questions and Answers

October 2020 Short Bits