preparation

Retirement Preparation Measures to Do Now

Lifestyle

Old man sitting on a log smilingAs you near the age of retirement, you start thinking about the most comfortable way to maintain your lifestyle. Even if things have to change, you want to keep your independence as long as possible and have enough money to cover your growing medical bills.

Here are three preparation measures to consider:

Reverse Mortgage

Those who are 62 years and older may qualify for reverse mortgage programs to get an amount that they can use to augment their finances in old age. You have the option to get the money through a line of credit, as a lump sum, or as regular payments. HUD backs this kind of mortgage so that when the time for repayment comes, the borrower will not have to pay for more than the fair value of the house on the market. What remains of the mortgage will be shouldered by HUD.

Retirement Home

A lot of things have to be considered when choosing your home in your old age. Though you can stay in the house you’ve lived your whole life; some changes may be necessary to prevent common problems faced by people in old age, such as trips and falls. A retirement home is an ideal place for you to move into because the facility is designed to address the needs of the elderly. They also offer the assistance you might need, and they have an in-house physician to check your health regularly.

Funeral Plan

The taboo surrounding early preparations for one’s death is slowly being lifted, and the earlier you prepare, the more you will be saving in the long run. Funeral arrangement prices keep increasing because of the limited plots of land available, which means the plan you get now might cost significantly more if you only start paying for it in the next decade.

There are several reasons to prepare for old age as early as now. The biggest reason is that you want to be able to make sound decisions and keep your worries to a minimum in the future.

Right Place, Right Time Won’t Matter if You’re not the Right Businessman

Information Services

Of the billions of people in the world today, there’s a good chance someone will stumble upon some piece of precious stone – a fist-size diamond, perhaps. However, no matter how valuable that accidental find is, if the finder does not really know anything about diamonds, there is a good chance they would just throw it away. There goes millions of dollars down the drain.

Same with business is such a predicament. You could be facing a once-in-a-lifetime opportunity but if you do not know how to capitalize on it, then it’s good as if you haven’t found that opportunity in the first place. To succeed enormously in business, you have got to look beyond ROI (return of investment) and set your sights to an enterprise to last a lifetime and beyond.

Resortbrokers.com.au offers a glimpse into this issue.

Charting Your Course

You can take such a wonderful opportunity as Australia’s tourist boom. It’s no secret the Land Down Under has been getting a lion’s share of tourists from all over thanks to the Cricket World Cup and the celebration of the Chinese New Year. And as you may have been aware of by now, it’s the Chinese that are leading the charge. In February alone, over 164,000 tourists from the most populated nation in the world dropped a short-term visit.

While getting your hands into a viable hospitality business would look most promising these days, doing your due diligence should be wise. First stop, look long-term. Do extensive feasibility studies and ask around the area where you plan to put up your business address – be it a motel or a hotel. Doing your homework should help you maximize opportunities – for instance, management rights for sale that may come your way.

The Magic of STOs

Then you can cut your goals into small tasks called STO (short-term objectives). Over 80 percent of small business owners do not keep track of their business goals – lost in the details of their daily grind.

Their businesses may have survived, true. But who needs to survive if you can thrive – something only possible if you keep your eye on your goal on daily basis.