Ways Seniors and Technology Can Enhance Retirement Life

Recent studies reveal that 75% of adults aged 65 and older use the internet regularly, showing a remarkable transformation in how seniors embrace technology. With countless options regarding retirement planning in Fresno CA available digital tools have become vital for modern retirement living, and the right technology choices help senior citizens stay independent, connected with loved ones while achieving a better retirement.

Managing Finances Securely with Online Banking

Online banking has changed how seniors manage their finances and gives them convenience and control over their money. Older adults can handle their financial tasks from home and access their accounts 24/7 through smartphones, computers, or tablets.

Security remains paramount in digital banking because seniors have become frequent targets of online scams. Adults over 60 reported $3.10 billion in losses to the FBI’s Internet Crime Complaint Center in 2022, which shows an 84% increase from 2021. Modern banking platforms provide resilient security features and practical safeguards to curb this trend:

Modern budgeting applications have made financial management more available to seniors. Tools like YNAB and PocketGuard have easy-to-use interfaces that help track spending, manage fixed incomes, and plan future expenses. These digital benefits include automated bill payments that help prevent late fees and reduce the stress of managing multiple payment deadlines.

Exploring New Hobbies Through Online Learning

Seniors now have amazing opportunities to explore new interests and develop skills through online learning platforms. Research shows that learning during retirement improves cognitive health by a lot. It helps them think clearly, learn better, and keep their memory sharp.

Seniors can go beyond traditional learning with virtual museum tours, online book clubs, and digital art classes. These activities encourage mental stimulation and create opportunities to connect socially through discussion forums and virtual communities.

Maintaining Independence with Assistive Devices

Assistive technology has become the life-blood of helping older adults stay independent and safe at home. These innovative devices connect capabilities with daily living needs and provide practical solutions that address age-related challenges.

Smart medication management systems have changed how seniors handle their prescriptions. These devices come with automatic dispensing, audible reminders, and send notifications to caregivers through smartphone apps. Advanced systems can track when medications are taken and alert family members about missed doses.

The digital transformation has made assistive devices more intuitive and efficient. To cite an instance, modern hearing aids adjust automatically and connect through bluetooth, while GPS trackers provide live location monitoring with geofencing features for seniors who tend to wander.

Conclusion

Smart technology brings a remarkable transformation to retirement living and creates opportunities for seniors to stay more connected. Modern digital solutions help older adults tackle age-related challenges and discover new possibilities for growth and social connections. Seniors who welcome these tech solutions find themselves better prepared to handle everyday tasks.

We have a strong team of professionals helping ensure you receive all the assistance you need not only in developing your retirement income strategy, but in maintaining it throughout your retirement. Contact us today at 559-230-1648 or visit us today at Soutas Financial to see how we can help you Retire ”Your Way!”

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Investment advisory services offered through Foundations Investment Advisors, LLC, an SEC registered investment adviser. The commentary on this website reflects the personal opinions, viewpoints, and analyses of the author, Soutas Financial, and should not be regarded as a description of advisory services provided by Foundations Investment Advisors, LLC (“Foundations”), or performance returns of any Foundations client. The views reflected in the commentary are subject to change at any time without notice. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security, or any security. Foundations manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Foundations deems reliable any statistical data or information obtained from or prepared by third party sources that is included in any commentary, but in no way guarantees its accuracy or completeness.

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The Ultimate Guide to Side Hustles for Retirees

Studies show that 40% of retirees look for ways to make extra money in retirement. Side hustles give retirees a great chance to add to their retirement savings while staying active and achieving their goals. Your retirement consultant in Fresno CA will explore how these flexible earning options help seniors keep their minds sharp, stay connected with others, and remain financially stable.

Leveraging Professional Skills: Consulting and Freelancing

Studies show that 86% of business professionals want to work after retirement, and consulting and freelancing stand out as profitable side hustles. Retirees can use their professional expertise to create the perfect mix of flexibility and income potential.

Professional networks play a vital role in consulting success. Smart consultants keep their professional connections active and build new relationships through industry events and online platforms. Most successful consultants find their first clients through their professional networks built over years.

Monetizing Hobbies and Interests

Retirees are discovering new ways to earn money from their hobbies. The digital world now provides endless possibilities to monetize creative work and share expertise on different platforms.

Creative entrepreneurs in retirement can explore these marketplace options:

Etsy and Amazon Handmade for crafts and handmade items

Amazon Kindle Direct Publishing for writing and publishing

Online course platforms for sharing knowledge

Digital product marketplaces for downloadable content

Success in hobby monetization comes from starting small and growing steadily. Many retirees sell their handcrafted items at local farmers’ markets first, then move to online platforms.

Teaching through online courses offers huge potential. Retirees can turn their professional knowledge or hobby expertise into structured learning experiences. This helps them reach students worldwide while keeping their schedules flexible. They can share their wisdom and build recurring revenue at the same time.

Managing Your Retirement Side Hustle

Managing a retirement side hustle needs a good grip on your finances and lifestyle choices. Tax planning is a vital component, and retirees must factor in the 15.3% self-employment tax rate. They should also make quarterly tax payments to stay clear of penalties.

Money experts suggest this simple 50/30/20 rule to handle your side hustle income:

50% goes to your basic needs

30% is yours to spend as you like

20% should land in your savings and investments

Your Social Security benefits need close attention. Earning more than $22,320 in 2024 could reduce your benefits if you haven’t reached full retirement age. The system deducts $1 for every $2 you earn above this amount.

Conclusion

Good planning and management can turn these side hustles from simple money makers into fulfilling second careers. Successful retirees find the right balance between work and free time. Their side jobs add value to retirement instead of taking it over. When retirees choose opportunities that match their interests and manage their finances well, they can create steady income streams that bring both financial security and personal fulfillment throughout their retirement years.

We have a strong team of professionals helping ensure you receive all the assistance you need not only in developing your retirement income strategy, but in maintaining it throughout your retirement. Contact us today at 559-230-1648 or visit us today at Soutas Financial to see how we can help you Retire ”Your Way!”

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Investment advisory services offered through Foundations Investment Advisors, LLC, an SEC registered investment adviser. The commentary on this website reflects the personal opinions, viewpoints, and analyses of the author, Soutas Financial, and should not be regarded as a description of advisory services provided by Foundations Investment Advisors, LLC (“Foundations”), or performance returns of any Foundations client. The views reflected in the commentary are subject to change at any time without notice. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security, or any security. Foundations manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Foundations deems reliable any statistical data or information obtained from or prepared by third party sources that is included in any commentary, but in no way guarantees its accuracy or completeness.

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Annuities 101: What They Are and Why You Might Need One

Retirement planning can be a complex puzzle, and annuities are often a misunderstood piece. What are annuities, and why might someone need one? Your financial consultant in Fresno CA wants to help you to understand that these financial products offer a unique way to secure a steady income stream so you can Retire”Your Way. They have the potential to provide peace of mind for those worried about outliving their savings.

Annuities come in various forms, each with its own set of benefits and drawbacks. This article aims to break down the basics of annuities, exploring their advantages and potential pitfalls. By the end, readers will have a clearer understanding of what an annuity is and whether it might be a good fit for their retirement strategy.

What is an Annuity?

An annuity is a financial contract between an individual and an insurance company. It’s designed to provide a steady income stream, often for retirement. The buyer makes either a lump-sum payment or a series of payments, and in return, the insurer promises regular disbursements over a specified period or for life.

The Benefits of Annuities

Annuities offer several advantages for retirement planning. They provide a guaranteed income stream, ensuring financial stability throughout retirement. This unique feature sets annuities apart from other retirement instruments like 401(k)s or IRAs. Additionally, annuities offer tax-deferred growth, allowing earnings to accumulate without immediate taxation.

Many annuities include death benefits, enabling beneficiaries to inherit the remaining value. This feature makes annuities a valuable tool for legacy planning. For those seeking steady, low-risk growth, fixed annuities can be an excellent choice.

Potential Drawbacks of Annuities

While annuities offer benefits, they also have potential drawbacks. High fees are a significant concern, varying based on the annuity’s complexity. These may include administrative fees, mortality expenses, and surrender charges. Administrative fees, typically around 0.3% of the contract value, cover management costs.

Surrender charges can be steep, often starting at 10% of the contract’s value if money is withdrawn early. These charges usually decrease over time, typically lasting six to eight years. Variable and fixed index annuities tend to have more complex fee structures, including rate spreads and investment expense ratios.

Is an Annuity Right for You?

Determining if an annuity fits into one’s financial strategy requires careful consideration. A financial advisor can be invaluable in navigating the complexities of annuities. They assess an individual’s long-term goals, risk tolerance, and income needs to determine if an annuity is appropriate.

When evaluating annuities, it’s crucial to consider one’s entire financial picture, including current income, savings, and tax situation. Recent updates to annuity options may offer more flexibility in withdrawal options, potentially benefiting some clients.

Conclusion

Annuities can play a key role in retirement planning, offering a guaranteed income stream and peace of mind for those worried about outliving their savings. Your investment advisor in Fresno CA understands that they come with their own set of challenges, including high fees, liquidity constraints, and complex terms. Understanding these pros and cons is crucial to decide if an annuity fits into one’s financial strategy.

We have a strong team of professionals helping ensure you receive all the assistance you need not only in developing your retirement income strategy, but in maintaining it throughout your retirement. Contact us today at 559-230-1648 or visit us today at Soutas Financial to see how we can help you Retire”Your Way!”

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Investment advisory services offered through Foundations Investment Advisors, LLC, an SEC registered investment adviser. The commentary on this website reflects the personal opinions, viewpoints, and analyses of the author, Soutas Financial, and should not be regarded as a description of advisory services provided by Foundations Investment Advisors, LLC (“Foundations”), or performance returns of any Foundations client. The views reflected in the commentary are subject to change at any time without notice. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security, or any security. Foundations manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Foundations deems reliable any statistical data or information obtained from or prepared by third party sources that is included in any commentary, but in no way guarantees its accuracy or completeness.

The post Annuities 101: What They Are and Why You Might Need One appeared first on Soutas Financial.

source https://soutas.com/annuities-101-what-they-are-and-why-you-might-need-one/