Legal But Inappropriate Financial Products – By Jennifer L. FitzPatrick, MSW, LCSW-C, CSP

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Like many investors, my Grandmom lost a lot of money in the late 2000s.  It caused her a great deal of stress…and anger.  After losing so much money, she was told by a representative at her bank that if she wanted to earn some of that money back there was a way. 

Click here for a video of the story:  https://www.youtube.com/watch?v=lWBSab0djvM

There was nothing inherently wrong with the product.  But it wasn’t a suitable one for my Grandmom for a variety of reasons.  Maybe it was ignorance on the part of the financial professional.  Or perhaps the financial professional just cared more about making a commission on the sale of the product than serving his client.  While most financial professionals are ethical and knowledgeable, it is critical for older investors and their loved ones to keep their eyes open.  And this is why I recommend the 24 Hour Rule to most older adults.

The 24 Hour Rule means that most older adults should take a day to consider any new “opportunity” to part with their money, particularly when this “opportunity” is presented by someone they don’t know very well.  This includes a new financial product that’s being recommended by a new person.  Or a charity request.  Or lending money to somebody they don’t know very well.   Or buying property… or a vehicle. 

Take 24 hours to talk it over with people you trust.  Sleep on it.  Do some research about what you’re getting into.

Jennifer L. FitzPatrick – MSW, LCSW-C, CSP
The founder of Jenerations Health Education, Inc., Jennifer FitzPatrick has over 20 years’ experience in healthcare and gerontology. The author of Cruising Through Caregiving: Reducing The Stress of Caring For Your Loved One, she is also a gerontology instructor at Johns Hopkins University. She helps you reduce stress and increase productivity, morale and revenue. Jennifer and Cruising Through Caregiving have been featured in Forbes, U.S. News & World Report, The Huffington Post, Reader’s Digest, Univision and The Chicago Tribune. She has also appeared on ABC and Sirius XM.

Should They Move After Retirement? By Guest Blogger Barbara Milller

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My mom retired at the young age of 63 from the State of Alabama. She had been single longer than she was married, so her decision to leave Montgomery, Alabama and move elsewhere was not a surprise. My sister and I tried to persuade her to move closer to us; I was in a Baltimore suburb and Susan was in the Atlanta area. Our small hometown, though familiar, was not offering our mother the peace and relaxation she wanted. She did not have any ties keeping her local, but she didn’t want to move to a city with big city problems, big city traffic and big city prices. She had always enjoyed visiting her sister, so she eventually opted to move 15 minutes from her sister’s home in the mountains of western North Carolina. My mom was familiar with this new town from her annual visits. Before she moved, though, she—and other retirees in similar circumstances– have to consider the following:

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3 Strategies Women of All Generations Can Use To Retire More Comfortably

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The National Institute on Retirement recently reported that females are “80% more likely than men to be impoverished at age 65 and older.” We’ve known for a long time that women make less money over a lifetime than men do and that battle is still being fought. But what can women of all generations do right now to ensure a more financially comfortable retirement?

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Overcoming Retirement Anxiety

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Over the last few years, there’s been so much news coverage on how the economy and stock market crash delayed retirement for many. Everyone knows retirement-age adults who continue to work because they can’t afford to retire. But another major reason older workers postpone retirement gets less media attention: they don’t know what to do with all that free time.

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