To quote one of my very favorite and famous beloved female comedians, Gilda Radner’s character, Roseannadanna, “It just goes to show you, it’s always something – if it ain’t one thing, it’s another!” I regularly re-quote Roseannadanna’s words to those who contact me about various unavoidable home ownership problems. The quote usually puts a smile on everyone’s face and gives us all peace of mind.

Home Ownership Issues

Recently, I received a call from a gentlemen asking for advice of what to do about some abnormal home settlement he has noticed around his home after heavy blasting from a nearby rock quarry.

Another call I received was from a homeowner worried about a state road widening project taking place that will take 25 feet off her front yard. And last but not least, I have recently gotten multiple calls from homeowners worried about their rising property tax rates while living on a fixed income.

What can we do as homeowners to protect our largest investment? The best general advice I can give you is to be patient, be calm, research, treat everyone involved with respect and realize that you are not alone.

Document Everything

The gentleman living near the rock quarry is documenting his damage with before and after photos, timelines, contacting his homeowners’ insurance company, and alerting all local authorities involved of possible blasting being conducting outside of legal limits.

Seeing cracks or settlement in your home is extremely upsetting and should be addressed. Taking the time to take the proper steps to document, finding the cause and then seeking a cure is your best solution. Don’t give up if you run into a wall… keep moving forward to get results.

Be Pro-Active with Government Agencies

The homeowner contacted by a government agency alerting her to a proposed highway widening project was told the widening was essential due to her community’s growth. As her community grows, roads and utilities must grow with it and sometimes that growth may end up in her backyard, so to speak.

The thoughts of strangers (government) taking her property by eminent domain are confusing and scary. She has contacted the highway department asking for maps and details of the project. She is now asking for face-to-face meetings with local officials to gather even more information about the project.

In addition, property specialists have been contacted to give her information about her property’s value now and property value after the highway widening project. Thus far, she is taking steps to protect her property rights. No doubt, there will be bumps in the road, but she will get through it.

Increasing Property Taxes

The mere mention of property tax hikes seems to be on almost every homeowner’s mind these days, especially when on a fixed income. It seems everyone is feeling the crunch from higher inflation, including local governments.

So what can you do about it, or should you do anything about it?

If you feel that your property tax increase seems fair, say nothing. However, if you feel that your property tax increase is out of line with increasing costs, you certainly should research the reasons for the increase and make any objections clear.

You might start by contacting your local elected officials and ask questions about the property tax hike. If your elected officials’ information is not satisfactory, then you have the right to ask for public documents which include budgets, expenses and projected costs.

Look over those documents and see if you can find ways to trim costs or find more effective ways your local government can be ran. Share the documents you receive with other citizens in your community that are also concerned with rising property taxes and see if they, too, have suggestions for streamlining costs.

Next, take your findings to your elected officials and respectfully ask them to consider your suggestions for streamlining. It may take them some time to consider proposed changes to trim the budget (government moves slowly), or you may find that your suggestions may be ignored, but at least you have contributed to finding a solution to a problem.

Being a homeowner brings a lot of responsibility and with that, Gilda’s character Roseannadana’s quote continues to resound in my head over and over again. Home ownership obstacles seem to appear whether we like them or not. How we react can help determine our outcomes and our survival!

Let’s Have a Conversation:

Have you had any home ownership obstacles lately? How did you deal with them? What advice would have helped you solve your problems?

Robyn Dixon’s Black Ribbed Dress in Miami

Real Housewives of Potomac Season 7 Episode 9 Fashion

They should credit Robyn Dixon as a producer on last night’s episode. She managed to produce a whole production of Candiace’s rant at the final dinner. And she managed to produce a simple and chic look whle doing so. She wore a black ribbed dress which I think is a solid go-to for any event even an “ambush”. Either way if you find yourself “sitting and scrolling” today make sure to scroll down to the links and Style Stealers below.

Sincerely Stylish,

Jess

Click Here Shop Her Atoir Dress

Originally posted at: Robyn Dixon’s Black Ribbed Dress

For many women, the years after 60 are dominated by the transition into retirement. Finally, all the savings and investing you’ve been doing for decades feel real. Your last day at the office isn’t out of reach; you can start pulling money from your retirement plans penalty-free and soon begin collecting Social Security.

As you navigate your 60s, consider these eight smart money moves.

Consolidate Your Retirement Accounts

If you’ve worked for more than one company throughout your career, you likely have multiple retirement accounts at different institutions. If you haven’t done so, now is the time to consolidate everything into one central account.

Utilizing one prominent account will make tracking statements, balances, and logins easier. Plus, if you need to take required minimum distributions (RMDs), it will be easier to keep track so you don’t miss an RMD and get hit with a hefty penalty. In addition, ensuring that the same asset allocation is standard across all accounts is much more complicated when you have many different accounts.

Decrease High-Interest Debt

If you have high-interest debts, such as credit card debt, personal loans, or student loan debt, now is the time to pay it off. Follow the snowball or avalanche debt paydown strategy to eliminate your debt one at a time.

As you get closer to retiring, the last thing you want to worry about is unpaid balances on your credit cards. If you overspend by using a credit card, lock the account or cut up the card and don’t request a new one. Instead of using a credit card, try an envelope system to get control over your spending and conquer your debt permanently.

Know Your Target Nest Egg

Do you know how much your retirement nest egg needs to be to retire? If not, create a desired annual budget for your retirement. Include everything from necessities to splurges. Then, using the basic assumption that you will live 25 years in retirement, you can estimate a 4% withdrawal rate per year or multiply your annual budget by 25.

You may find that you have already hit your target nest egg and can support your annual retirement budget with your investment income. Or you may need to save more.

If the latter, you have a few options: you can reduce your budget in retirement, save more for retirement now, or plan to work longer. Depending on your retirement plan, you might need to combine a couple of these options. But above all, it is essential to know your target nest egg before you retire.

Give Your Retirement Plan a Test Run

Sitting on the beach daily might get boring if that’s your only plan for the next 25 years. If you can, consider taking a month or two off from work to see if your retirement plans will be ideal for you long-term.

You will also want to determine if the financial logistics are doable. During your test run, you should track your spending and compare it with how much you plan to withdraw during retirement. If your expected retirement income isn’t enough to support your desired lifestyle, consider consulting with a financial planner to get the most out of your nest egg.

Have a Plan for Long-Term Care

Long-term care may not be the most exciting thing to think about, but about 70% of Americans over 65 are expected to require some long-term care in the future, according to a Genworth study.

If you don’t have long-term care insurance, you will either have to pay for it out of pocket or rely on family or Medicaid to support you. No matter what you decide, it’s best to share your long-term care wishes with the people who may be affected.

Reevaluate Your Insurance Policies

Analyze your insurance policies against your needs. Unless your partner doesn’t work or you are highly underprepared to retire, it will be unlikely that you will need to pay for life or disability insurance coverage.

Evaluate your car and home insurance policies yearly to check for differences in coverage amounts and compare policies across competitors. If you have trouble and want someone to review your insurance policies, speak with a financial professional.

Make a Health Care Plan

Medicare eligibility begins at age 65; if you are considering retiring before 65, you will have to consider your health insurance options. Few employer plans offer continued group health insurance in retirement.

However, look into COBRA coverage if you have an 18-month buffer before you hit 65. It is essential to understand that coverage under COBRA is often more expensive than the group employer plan.

Another option for bridging the gap is purchasing marketplace health insurance. However, purchasing marketplace health insurance is often not suggested, as premiums are likely to be high for those who are 60. In addition, those with pre-existing conditions may not be able to purchase coverage.

If you are turning 65 soon, watch out for the Medicare enrollment period to limit a late enrollment penalty. Before enrolling, educate yourself on the four parts of Medicare and the coverage options. Many Americans don’t realize that Original Medicare does not cover long-term care, hearing aids, or dental care.

Update and Organize Your Documents

As you prepare your finances, your financial plan shouldn’t be a puzzle. Tell your family or financial professional about changes to your financial situation. A collection of documents should include your will or trust, legal documents, insurance policies, account information, and a list of important contacts.

If your documents haven’t been updated in the last year, now is the time to ensure that everything is up to date.

Let’s Have a Conversation:

What financial moves have you made in your 60s? What do you wish you knew about managing your finances in your 60s? What other money advice would you add to this list?

Robyn Dixon’s Neon Green Jumpsuit in Miami

Real Housewives of Potomac Season 7 Episode 9 Fashion

I agree with Robyn Dixon, I don’t think I would have chosen a green wide leg jumpsuit for a booze cruise. But hey, nobody knew that’s what they had in store. Something we do know that’s in store is Robyn’s jumpsuit though. Meaning we all should cruise down to the link below to snatch it up and take it for a spin ourselves.

Sincerely Stylish,

Jess

Click Here to Shop Her Jumpsuit

Originally posted at: Robyn Dixon’s Neon Green Jumpsuit