Care Costs in Retirement – Controlling Your Health

It’s no secret that health care becomes a bigger concern for most of us as we grow older. More ailments are likely to develop, which means more money spent to visit health professionals and buy medication. Even if you remain healthy through your later years, the costs of preventative care and preparing for potential unexpected health situations are rising.

Health-related expenses will likely be one of the biggest components of your retirement budget. You need to be prepared to pay for comprehensive insurance coverage and potential out-of-pocket costs for care. Here are three strategies to help you manage this critical expense in retirement.

Understand how Medicare works

The good news for Americans age 65 and older is that you qualify for Medicare. That makes increased dependence on health care services more affordable. At age 65, most people automatically qualify for Medicare Part A at no cost, which primarily provides coverage for hospital stays and skilled nursing care. Medicare Part B must be purchased (approximately $109 per month in 2017 for most retirees). Part B covers the costs of visiting a physician, but with some deductibles. Many people purchase additional coverage to use for out-of-pocket expenses, such as a Part D prescription drug plan or a Medicare Supplement policy.

With Medicare, timing is important. Signing up when you first qualify for coverage will keep costs at the lowest level. If you maintain insurance through your employer after turning 65, you can delay Medicare enrollment without risking late penalties.

If you retire prior to age 65, you will need to purchase insurance on the open market to cover health-related expenses until you become eligible for Medicare. Individual coverage tends to get more expensive as you grow older, so work the cost into your retirement budget. Some employers offer retiree health insurance as a benefit. Check with your human resources department to see if this option is available to you.

Allocate sufficient funds for health care costs

As you develop your retirement income strategy, make sure you have money set aside for health expenses that will be your responsibility. By one estimate, the average 66-year-old couple will need to tap more than half of their lifetime pre-tax Social Security benefits to pay for health care expenses throughout retirement. Most people will likely have to rely, in part, on their own savings to help offset some medical expenses.

Along with other retirement savings, you may want to establish a health savings account (HSA) during your working years. HSAs are designed to help build tax-advantaged savings to pay for out-of-pocket medical expenses you incur during your working years. However, any leftover funds can be applied to health expenses later in life, including premiums for Medicare and long-term care insurance. Keep in mind that you must be enrolled in a high deductible health plan to open an HSA.

Focus on your own health

One way to potentially keep health care costs under control in retirement is to create or maintain a healthy lifestyle. Small changes you make today, such as eating right or prioritizing sleep, could reduce the likelihood that medical issues will impact you later in life. Being physically active may also benefit your finances in retirement – according to the American Heart Association, it could potentially help you save $500 a year today on health-related expenses.

Having a plan doesn’t guarantee that you will avoid heath issues, but you may find comfort in knowing how you can tackle health care costs in retirement.

Can I Set Up An Online Business In 2017

If you’ve been considering setting up an online business you’ve most likely been motivated by sheer volume of buying and selling that is now taking place on the internet.

More and more people are buying products and services online. And if you set up your own online business you can claim your cut of this expanding marketplace. Here are the 5 steps to follow to set up an online business.

1. Pick Your Market

If you’re going to set up an online business your first task is to determine what type of business it’s going to be. Are you going to sell products or services? You can sell your own products or you can sell products produced by other businesses who will pay you commissions on your sales. Or you may choose to set up a membership website or offer teaching and coaching services online.

2. Build Your Website

Getting a website online isn’t as complicated as you may think. Initially you’ll need to purchase a name for your website (known as a domain name). Next you need to ‘rent’ some space on the internet (known as website hosting). Lastly you’ll need a software package that will make it possible for you to put written text, images, videos etc onto your website. There are many website building programs available that make this whole procedure very easy.

3. Get Visitors To Your Website

When you website is online you have to get potential customers to visit it. There are two main ways to do this. You can use free website traffic techniques or paid website traffic techniques. Both have their pros and cons and the most effective traffic tactic to use a mixture of both.

4. Develop A Customer List

It’s doubtful that your website visitors will want to buy anything from you on their first visit to your website. They may visit your website and never return. But obtain a visitor’s email address with a special email capture form, you can remain contact with them via email. Your emails can keep them informed about your business and encourage them to return to your website.

If you offer something of value for free in return for someone’s email address they are more likely to give you their email address. This can be something as straightforward as a free report or eBook that is relevant to your industry.

5. Provide Value

The content material on your website and in your emails, articles or blog posts has to be more than continuously trying to sell. When you provide high quality, useful information to your target audience will come to know, like and trust you. Your prospective customers will then be more willing to buy from you and continue to be as loyal customers for many years.

Economics and Collateralizing Future Earnings Ownership

In order to stand a snowball’s chance in this brave, new, globalized, Trumped-up economy, here’s something that millennials need to know and understand. For all practical purposes, ALL THE DISCRETIONARY WEALTH IS BEING GENERATED ON THE OWNERSHIP SIDE OF THE ECONOMY!

That’s right. There are two ways in which to generate income. You can work for it in order to earn a wage or a salary. Or you can own wealth producing capital assets such as stocks, bonds, real estate, machinery, copyrights, or patents, etc. Owners of such wealth producing capital assets collect dividends (i.e. generate an income) strictly by virtue of their ownership.

That’s why best-selling author and motivational speaker Robert Kiyosaki says “A job is a short term solution to a long term problem.” The long term solution to the long term problem of course is capital ownership because for all practical purposes ALL THE DISCRETIONARY WEALTH IS BEING GENERATED ON THE OWNERSHIP SIDE OF THE ECONOMY – NOT ON THE JOBS/LABOR SIDE. The jobs/labor side of the economy has stagnated for over three decades now, while the ownership side has expanded exponentially during the same time period.

So What Can Millennials Do?
So what can millennials do with this insightful piece of knowledge? For starters, in the wake of graduation, as they make their way into the brave, new, 21st century economy, they can look for companies that are owned by employees (including worker owned co-ops and ESOPS) and submit their resumes and applications.

Collateralizing Future Earnings
You see, companies that are employee owned (ESOPs which is short for Employee Stock Ownership Plans) are organized in such a way that employees who qualify are rewarded with opportunities to buy stock (become semi-partners) in the company they work for using FUTURE EARNINGS OF THE COMPANY (as opposed to their own savings or equity, which minimizes personal risk) AS COLLATERAL. In investment circles this strategy would be called a Leveraged Buy Out (an LBO).

THIS UNIQUE FORM OF CAPITAL CREDIT FINANCING IS ACCESSIBLE ONLY TO EMPLOYEES WORKING FOR COMPANIES OFFERING AN ESOP OPTION. More specifically, it’s not available in employee owned co-ops, which is the next best option. And it has NOTHING TO DO with a company offering employee stock options which is not only highly speculative, but 100% dependent on conventionally collateralized financing possibilities.

Two Income Streams
So, without dipping into savings or jeopardizing the family home, ESOP employees develop TWO STREAMS OF INCOME. One from their wage or salary, and the other from their stock based dividends. The first is actively generated through the employee’s own time and effort. The second is passive or residual income that’s generated by virtue of their ownership.

Suddenly you see employees/workers who are benefitting from both the job/labor and the ownership side of the economy – which, as we’ve said before, is where ALL THE DISCRETIONARY WEALTH IS BEING GENERATED in the 21st century economy.

What Else Can Millennials Do?
So what else can millennials do in this regard? They can support political candidates who advocate employee ownership as a business model. For example, Senator Bernie Sanders of Vermont has sponsored two bills in the US Senate that are specifically designed to encourage employee ownership practices. The first (S.2909) “Provides programs designed to encourage employee ownership and participation in business decision making throughout the US.” The second (S.2914) “Creates a US Employee Ownership Bank” which is designed to be friendly to the idea of using future earnings as collateral in the stock ownership transaction.

The more millennials know about the power of ownership, the better their odds become of participating on the ownership side of the economy, where as we’ve said before, all the discretionary wealth is being generated. In the process the malignant wealth gap that’s so threatening to American democracy can be reversed. Corporate plantations that are built on hierarchy and on the backs of modern wage slaves can be democratized. And the odds of millennials surviving, even thriving in the 21st century economy will be maximized.

Plan The Most Professional Conference Call Possible – The Simple Tips

A conference call is a telephone call that allows more than two people to join in the conversation. It breaks geographical barriers and makes it possible for professionals to hold meetings without the cost or need to travel and make accommodation arrangements. More and more companies are now embracing the technology that saves so much cost and time and also offers lots of convenience. There are so many platforms you can use for your business conference calls, some of which even make the calling free for your convenience. But how do you make sure the call is as professional as it ought to be?

1. Consider even the smallest details in your plan. Before anything else, you need to know what you are doing and when you will be doing it. Set the date and time and make sure you have all relevant participants include and laid out. If it is an international conference call, then make sure that you remember to consider time zone differences so all participants are comfortable with the scheduling.

2. Give participants early notice. Professionals tend to be very busy people and for this reason you really cannot assume that they will be available at the time you have scheduled the conference call. It is advisable that you tell them about the conference call at least a month or few weeks to it. This is good enough time for everyone to reserve time for the call or make any necessary changes to the scheduling early enough for you to come with better alternatives. If everyone is okay with the date and time, then you need to provide them with instructions to access the call including dial-in numbers and PINs. Proposed start and end time and also the topic should also be provided.

3. Keep all necessities handy. Visual aids, charts, spreadsheets and even graphs may be necessary during the call and you should have them handy. If possible you can send them out to the participants before the call for their analysis. Whether your call is an audio call or a video call, you will need to avail necessary guides to get the most from the session.

4. Create a good agenda. Your teleconference will only be successful when you have a complete and well-organized agenda for it. A good agenda should cover topics, speakers on each of the topics, and even time every speaker has on the topics. Consider any requests from the participants and include them in the agenda too.

5. Exercise good teleconference etiquette. It may be a conference call, but you should show professionalism in handling it. Call on time and introduce yourself appropriately immediately you dial in. Allow speakers to finish talking before you jump in and keep your phone mute when not talking to prevent background noises from seeping in. You should also remain attentive to what is happening during the call; you do not want to seem lost in the conversation just because something distracted you during the session.