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https://preservewm.com
We've been keeping up with the latest headlines...
here are two of our favorites worth sharing.
** Your Money
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With the stock market down 25% over the past year and Social Security payments rising to a maximum benefit of $4,485/month in January, even wealthy clients are starting to pay much closer attention to Social Security.
The recent cost of living adjustment is a considerable increase from what we’ve seen, especially when we didn’t have any meaningful increases in recent memory because inflation adjustments were so low. The Social Security Administration announced the 8.7% cost-of-living adjustment on October 18, its most significant increase since 1981.
When Social Security benefits increase significantly, it gives investors more options when deciding what assets to tap first to maximize and extend the longevity of a retirement portfolio. Be sure to recalculate how much you need to take from your portfolio this year in light of your new cost of living and your benefit income.
Social Security More Valuable Than Ever, Even for Millionaires (https://www.fa-mag.com/news/social-security-more-valuable-than-ever--even-for-millionaires--advisors-say-famag-70775.html#:~:text=Social%20Security%20More%20Valuable%20Than%20Ever%2C%20Even%20for%20Millionaires%2C%20Advisors%20Say,-December%201%2C%202022&text=With%20the%20stock%20market%20down,to%20Social%20Security%2C%20advisors%20say)
by Tracey Longo
** Your Life
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Here is a great reminder of something easily forgotten or procrastinated. Who has the passwords to your aging parents' accounts if something should happen to them? Over 53 million Americans are currently caring for an elderly relative or friend who needs help just navigating daily life. One in 5 spends an average of 24 hours a week caring for an aging parent, a spouse, or another family member with compromised health. And 48 million do it without any financial help.
Aside from watching over physical and mental health and becoming an agent between health professionals, you also need to oversee their finances. Scammers are everywhere. People are out there that target and groom the elderly, endearing themselves to their confidence and alienating them from others. Monetary gain is their goal, no matter how prettily they package themselves and their assistance. Rather than getting passwords (usually written down in a notebook or something by the elder), create a digital estate plan and permit the caregiver to speak with the elder's bank personnel or financial advisor.
According to AARP, most states have passed laws giving a person's family or executor the right to access and manage digital assets, information, and devices after death. But it is essential to write clear instructions for your family/executor and to keep the instructions updated to help them handle your final affairs. Equally important is that we give someone authority to access and manage digital assets and information before we die. Here's why: in many households, adults split the duties. One opens utility accounts and pays those; another handles the car insurance, and so on. Family members may keep separate bank accounts that receive direct deposits or cover specific bills. In one-member households, the individual handles everything, usually solely in their name. Whether living independently or with others, many of us don't think about who would take over (and how!) if we were suddenly unable to handle our day-to-day life due to a medical crisis or catastrophe.
Whoa, Managing Mom's Finances: Passwords? Anyone? (https://www.forbes.com/sites/cindyhounsell/2022/02/01/whoa-managing-moms-finances-passwords-anyone/?sh=223c91754d95)
by Cindy Hounsell
https://www.linkedin.com/in/danheth/
https://www.linkedin.com/in/rosalynn-harvey-heth-mpa-ceps-3a3aa3191/
** Complexity Simplified
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Are you suffering from wanderlust now that travel is starting again? Some people are nervous about another pandemic and are seeking to move permanently to an ideal location should we need to quarantine again. Well, no need to worry about finding a new place that is unaffordable. Here are six cities around the world where you can live on $1,000 a month or less. Bon Voyage and Welcome Home!
Here are six cities around the world where you can live on $1,000 a month or less (https://www.businessinsider.com/6-cities-you-can-live-1000-or-less-per-month-2022-8)
by Pembe Bilir and Nathan Rennolds
** Trivia
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A: Spiciness
Q: What US president put a Twinkie in the country’s millennium time capsule?
https://youtu.be/wCwCAoOpDjI
** Back in 1977, this song reached #1
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