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

Is a 'Failure to Launch' Eating Your Household Budget?

November 4, 2015 2:39 pm

As more multigenerational living arrangements take hold in American homes, many homeowners find themselves providing financial support for their adult children. In fact, more than half of those polled in a recent American Consumer Credit Counseling (ACCC) survey report they are footing some of the bills for at least one child over age 24—the most common of which is housing.

“Parenting doesn’t end when your children reach age 18 and, for many people, neither does the financial responsibility of supporting them,” says Steve Trumble, president and CEO of American Consumer Credit Counseling. “Setting aside the often crushing burden of student loan debt, everyday expenses for adult children are something parents are trying to manage every day.”

Respondents to the survey also report supporting their adult children with household bills, providing transportation and covering medical expenses, despite the fact that 65 percent of those adult children are employed.

Over 25 percent of those polled say they’re providing over $250 a month in financial support to their adult children; nearly 15 percent are spending over $500 a month. More than three-quarters of respondents believe providing that support is hindering their ability to save.

ACCC is a national nonprofit that helps consumers with budgeting, financial education and debt management.

Source: ACCC

Published with permission from RISMedia.


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5 Disaster Preparedness Tips for Seniors

November 4, 2015 2:39 pm

They say with age comes wisdom—and when it comes to weathering disasters like fire, flood or hurricane, older individuals and their caregivers would be wise to prepare, according to the Insurance Information Institute (I.I.I.).

Older individuals are particularly vulnerable to disaster, as they may have special needs, and seniors may also have trouble keeping up with the routine maintenance necessary for protecting their home. To be prepared, the I.I.I. suggests the following tips:

1. Have a disaster kit on hand with the supplies you need if you have to evacuate or manage on your own for a period after a disaster. For a full list of disaster supply items, visit Ready.gov.

2. Keep an up-to-date file of medical history including doctors, prescriptions and dosages. Include a copy in your disaster kit.

3. Plan for an evacuation by first learning if you are in an evacuation zone. Your local county government or municipality can provide this information.

4. Keep your homeowners insurance up-to-date, and continue to insure your home even if it is paid off. To ease the claims filing process, keep an up-to-date home inventory.

5. Consider flood and earthquake coverage as neither are provided under standard homeowners and renters policies. Flood insurance is available from FEMA’s National Flood Insurance Program (NFIP).

Source: I.I.I.

Published with permission from RISMedia.


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