Archive for the ‘Downsizing’ Category

Baby Boomers And Retirement: Are You Financially Prepared?

Friday, July 15th, 2016
Financially prepared

Baby Boomers, are you financially prepared for retirement?

America, we’re getting older. Those of us born in the USA after World War II and before 1964 (ages 51-69 respectively) are known as Baby Boomers, and we’re nearing retirement. Are you financially prepared to get to retirement or through retirement? Is there a chance you will not get through retirement because you are not financially prepared to do so? It’s time we evaluate our fiscal health.

None of us knows what’s ahead in the next 1, 5 or 10 years, but there are ways to prepare financially to get us through retirement One of the best ways to ensure your money lasts through retirement is to plan on living longer than you think. Here are four ways for Baby Boomers nearing retirement to get financially prepared:

Reduce Your Expenses and Get Rid of Debt

Take charge of your spending. It’s important to create a budget that you can stick to now in case your income is reduced in the future. If you’re looking for ways to save money, look here: Federal Citizen Information Center.

Stop Self-Investing and Go Pro Instead

The pros can manage a lot of money cheaply. How?

  • Their costs to do what they do for their clients are at an institutional rate
  • They get lower commissions on buying/selling securities
  • They can manage money for a lot less

Your 401(k) and IRA returns can amount to little because money managers charge you “retail” and overcharge for their commissions for sales, management and securities. Costs matter. Find the lowest-cost provider in every retirement fund you have, particularly in your 401(k) if you have one.

Add to Your Income-Producing Investments

Take a look at your investment portfolio. Is it heavy on the stock funds side?  If so, now is a good time to increase the percentage of bond funds or other investments that are designed to provide a steady income for you throughout retirement. Ask your financial pro to review your money distributions.

Invest in Real Estate to be Financially Prepared for Retirement

Real estate is a secure investment, and homeownership is critical in building wealth and financial security over time. That’s important when planning your retirement. Owning is much wiser than supporting a landlord financially and having no equity to show for any of it. Homes appreciate. Owning is far superior to renting because it locks in your housing costs and over time your real costs decline.

In the past two years, home prices have increased more per year than the 4% average that rents have risen per year. And homeownership comes with valuable tax benefits, too.

If you don’t own a home, consider purchasing one. Real estate is a secure investment to use as your retirement fund.

Take advantage of the great real estate market situation. Brooklyn real estate is at an all-time high, but we don’t know for how long.

The bottom line

Because we are nearing retirement, don’t take unnecessary risks to get financially prepared. There is no wisdom in trying to recover losses we may have incurred by putting even more money in risky investments. We will need that money for living expenses throughout our retirement.

But do get financially prepared for your retirement now. Save with purpose and intensity, invest wisely and take advantage of the benefits of today’s great real estate market.

Are you financially prepared for retirement? Are you ready to downsize and simplify as you near retirement? Is it time to sell your real estate investment? Get the help of real estate agent Charles D’Alessandro, your Brooklyn real estate agent with Fillmore Real Estate. Call (718) 253-9700 ext. 206 or email him at charles@brooklynrealestatesales.com today!

To Move or Not to Move in Brooklyn? That May Be Your Question

Monday, December 15th, 2014
move in Brooklyn

Is it time to make a move in Brooklyn?

As a Baby Boomer, chances are you have had to come to terms with one or more of the following by now:

  • Your home has become too big. You’re an Empty Nester now and no longer need 5 bedrooms and 3 bathrooms. Cleaning rooms you no longer use or need just isn’t practical.
  • You want to downsize your home maintenance. Lawn care and maintenance of your home’s exterior is overwhelming and burdensome.
  • You’ve retired. You need a new and more manageable lifestyle.
  • Your neighborhood is deteriorating. You are concerned about safety.
  • Stairs in your home, if you have them, have become hard to navigate.
  • Cash is needed, but your assets are tied up in your home.
  • You no longer drive. The availability of adequate transportation is a must.

Whatever the reason, choosing to move or not to move in Brooklyn takes a lot of planning. Moving is always stressful, but if you do your homework and know what to expect before deciding to move in Brooklyn, you’ll be happy with your new location.

There is a wide variety of independent living options available to you:

  • retirement homes or retirement communities
  • low-income or subsidized senior housing
  • 55+ or 62+ communities
  • senior apartments or congregate care housing
  • Continuing Care Retirement Communities
  • Active adult communities

Ask yourself these questions about each independent living option listed above before you make a move in Brooklyn:

  1. Will I have common interests with my neighbors or other residents?
  2. Are the people that will be around me friendly and helpful?
  3. Are support services timely?
  4. Is this move going to take me farther away from friends and family than I want to be?
  5. How active is the community? What kinds of activities are offered?
  6. How large is this community?
  7. Is medical care available at the facility? If not, is a medical care facility nearby?
  8. What amenities and services are included? If none are included, how much does it cost to add on services if I need or choose to want them later? Are the amenities and services outside of the facility within walking distance or is transportation needed?
  9. What is the climate like here?
  10. Do you feel safe coming and going at any time of day in this community?
  11. Are pets welcome?
  12. Can I comfortably handle the initial investment and monthly fees?

Moving is a major life change that can be tough to do. Feelings of anger, embarrassment, regret, grief for the loss of your home and memories of the old neighborhood, vulnerability, anxiousness, loss of control, longing for the way it used to be, are normal. It’s okay to admit that you are not as independent as you once were. It’s time to reach out to those you trust for support.

Give yourself time to mourn what once was and to adjust to your new home and living environment. A new chapter in your life has opened up. Look forward to and enjoy new experiences and relationships. Explore new interests, too.

To move or not to move in Brooklyn? For help with the answer to that question, call your Brooklyn Realtor, Charles D’Alessandro Your Brooklyn real estate agent with Fillmore Real Estate, at (718) 253-9600 ext 206 or email charles@brooklynrealestatesales.com today. You can trust me to sell your home for the best possible price and find the perfect independent living home for you.

More help for independent living for seniors:

 

Article Resource for this post:

http://www.seniorresource.com/house.htm

Downsizing in Brooklyn – Thinking Big by Living Small

Wednesday, October 15th, 2014
downsizing in Brooklyn

Downsizing in Brooklyn – thinking big by living small

by Charles D’Alessandro | Leave a Comment

What is downsizing? It is the concept of living simpler, utilizing space to its fullest. It is having fewer financial burdens, living in a home that requires minimal maintenance. It is getting rid of excess stuff that has been accumulated over time and paring down to basic essentials. After all, how much stuff do we really need to live a normal life? How much living space do we really need? There’s a trendy movement among us called micro-living. Fans of micro-living swear by it, and they are encouraging others in Brooklyn to start thinking big by living small.

Many people live beyond their means and accumulate stuff over time. Living beyond your means creates one or more of the following realities in day-to-day life that must be dealt with, sooner than later:

  • Excessive debt
  • Too much stuff
  • Debilitating stress

Enter the desire for change, the desire for simplicity, the desire for downsizing. Downsizing in Brooklyn can be stressful, but the benefits listed below far outweigh the negatives. Advocates of micro-living say downsizing will:

  • Increase cash flow
  • Provide more time
  • Lower utility bills
  • Reduce consumption
  • Minimize stress

Downsizing in Brooklyn requires:

  • Assessing your actual needs
  • Prioritizing needs versus wants
  • Getting rid of clutter. (If you don’t need or use an item within 6 months, give, sell or throw it away). (When you come across boxes of items that haven’t seen the light of day for years, get rid of them at once. You don’t need them).
  • Donating electronics and furniture
  • Moving to within walking distance of work, grocery shopping and downtown amenities

Once your downsizing in Brooklyn is complete, try to stay organized. Be ruthless about what enters your space. Then, relax and enjoy surrounding yourself with only those things that are truly most important to you. You’ll be able to rest a little easier knowing that a move to living a simpler life will be smoother, too.

And, of course, your Brooklyn area real estate agent, Charles D’Alessandro, your Brooklyn real estate agent with Fillmore Real Estate, knows where the smaller and good-quality houses are. I will find you just the right location to meet your needs for downsizing in Brooklyn. Contact me by email at charles@brooklynrealestatesales.com or by phone at (718) 253-9600 ext. 206 today.