RE/MAX 440
John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

Planning for Retirement: A Checklist

August 24, 2016 2:39 am


Planning for retirement is a manifold and ongoing process, with many variables to consider. Dive into it with this checklist, courtesy of the National Association of Insurance Commissioners (NAIC):

• Map out a yearly budget for each year you plan to be retired, up to age 100. Expect to need 80 percent of your current annual income each year, minus anticipated pension or Social Security payments.

• Take stock of your finances by valuing assets (e.g., your house, savings bonds) and consolidating retirement accounts, if beneficial. (Consult with a professional before rolling over any funds.)

• Consider your health, life and long-term insurance needs in retirement. If you are the primary earner in your family, for instance, it may be prudent to obtain long-term disability insurance; if your spouse has life insurance, on the other hand, it is wise to confirm you as the beneficiary. Bear in mind, too, that out-of-pocket medical costs are one of the largest expenditures in retirement.

• Start saving through your employer’s 401(k), 403(b), ESPO, IRA or profit-sharing plan, if available. If your employer matches contributions, save at least the amount necessary to receive the full match.

• Explore the possibility of securing an annuity, which can provide additional income in retirement. The four types of annuities are deferred income; fixed and fixed-indexed; single premium immediate; and variable, with guaranteed lifetime withdrawal benefits. (For more information on annuities, visit NAIC.org/documents/consumer_alert_annuities.htm.)

• Revisit your savings strategy every five years. If change is needed, consider consulting with a certified financial planner to determine the next best course of action.

For more resources related to retirement, visit NAIC.org.
 
Source: National Association of Insurance Commissioners (NAIC)
 

Published with permission from RISMedia.


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Roof in Need of Post-Storm Repair? 3 Tips

August 24, 2016 2:39 am


(Family Features)—Roof damage brought on by a severe weather can render your home uninhabitable if it is left in disrepair. Act fast with these tips from the experts at CertainTeed Roofing.

1. Exercise caution. Do not attempt to make roof repairs unless you are qualified to do so.

2. Prepare for the insurance adjuster. Make detailed notes and take photographs of the damage, if possible, and give them to the insurance adjuster upon arrival. Look for blown-off shingles or damaged gutters during your assessment, as well as leaks inside the attic. Determine, in addition, any requirements the insurance company may have regarding the materials used for repairs.

3. Hire smart. Disreputable roof contractors are a dime a dozen. Consult with at least three professionals before hiring one to perform repairs, and ask them:

Are you licensed? Not all states have licensing requirements, so a “no” is not necessarily a red flag. Confirm the contractor’s response with your local licensing authority.

Where are you located? Local contractors are not only within reach, but can also provide in-town, reliable references.

Do you have insurance? A reputable contractor will be fully insured, with liability and workers compensation coverage.

What are your specialties? Hiring a contractor with storm restoration experience can be beneficial in the insurance claims process.
 
Seeking a recommendation for a roofing contractor? Contact a real estate professional for references.

Source: CertainTeed

 

Published with permission from RISMedia.


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