Staying Healthy to Stay Happy

A Guide for Women 

In the first installment, we discussed some ways to get and stay physically healthy—which is critical to being happy today and in retirement. But to be truly happy, you also need to be taking care of your mental health. And this is something women often overlook. We think, “I had my physical. I’m practicing self-care.” But the truth is that if you’re not focused on your mental health as well, you’re not really taking care of yourself.

We’ve gathered a few simple, but powerful ways to start taking care of your mental health.

 Embrace the joy of missing out

You’ve most likely heard people talking about FOMO, or the fear of missing out. It’s a very real thing that can cause high stress and anxiety. Did you know, however, that there is power in choosing to miss out on things? Scientists have proven that empowering yourself to find the joy in missing out (JOMO) can help you become a much happier person. Here are some simple ways to find your own JOMO:

•  Take a tech detox—leave your tech at home when you go on a date or when you’re on vacation or simply put it down for a set number of hours per day. Try a “screenless Saturday.”
• Disconnect—take a break from social media for a few days or a week
• Reflect—set aside time to do nothing
• Reconnect—with the people you care about live or over the phone
• Say no—to parties or events that feel more like obligations, rather than something you’ll truly enjoy

You can find books on JOMO on amazon, can subscribe to the JOMOcast podcast here, and can find countless other tools and articles online.

 Meditate

You may be thinking, “Nope. Not for me,” but hear me out. There have been numerous studies on the benefits of meditation and it doesn’t have to be complicated or take a long time. There are countless books, audio recordings and apps (Mindfulness, Calm and Headspace to name a few) that can help you become a master of meditation. But here are a few tips you can use to get started right now: 

• Step 1: Close your eyes and focus on your breathing (some count their breaths to 10 and start over)
• Step 2: Try to acknowledge the thoughts you have as they come, but to let them go, rather than going down any particular rabbit hole
• Step 3: Don’t judge—if you can’t relax or feel like it’s not working, simply try again later or tomorrow 

Even just a few minutes each day can help you feel more relaxed, less anxious and happier. 

Don’t be afraid to ask for help

While many believe that asking for help is a sign of weakness, I believe it is a sign of strength. And the truth is that everyone, regardless of how healthy they are, can benefit from a person or people who can listen to what they have to say without judgement. There are a number of ways you can get the support you need, including: 

• Talking to a friend—never underestimate the power of confiding in a girlfriend
• Traditional therapy—sometimes we need or want a professional to help us
• Group therapy or group coaching—realizing that we are not alone in our experiences or what we think and feel (sometimes being a mom/wife/entrepreneur sucks) can be one of the most powerful realizations you can have 

Any and all of these outlets can help us to understand that it’s okay to feel how we feel, that we are more powerful and capable than we realize, and that we are not alone. And these ideas are critical to helping us become happier and stronger mentally—today and during retirement.

 Gasber Financial can help you make sure that your finances are staying healthy and that you are on track toward your retirement goals.

How to Remove the Embarrassing Stuff Before it’s Too Late 

Some things you just want to stay private forever, like your internet history or those weird letters from your ex-lover. No one wants their peaceful haunting interrupted by the mortifying moment your child decides to read your diary.

If you’ve been following my blog, you know that this is the year I’m organizing my life, with a little help from my guidebook: 

“In Case You Get Hit by a Bus: How to Organize Your Life Now for When You’re Not Around Later,” by Abby Schneiderman and Adam Seifer (founders of Everplans*) with Gene Newman.

Today, we’re exploring some of the final nuggets of wisdom this book has to offer: cleaning out those embarrassing (or even damaging) skeletons in your closet. 

6 Steps to Clean the Skeletons from Your Closet Before You Die

You don’t want your grandkids to stumble across your embarrassing skeletons, or find out any secret health issues you’d rather take to the grave. 

These six steps, inspired from our guidebook, will help ensure you’ve removed anything you’d like to stay hidden – let’s get started. 

1. Throw Things Away

The first step is to remove anything from your home that you no longer need and don’t want to leave to anyone else to clear out. Get rid of as much as possible while you’re still here to do it. 

Now is a great time to dive into your storage and start sorting. Check out your closets, garage, basement, attic or wherever else you’ve been keeping stuff over the years. If you find anything you’d rather part with now than leave for your loved ones to find, toss it out. 

2. Appoint a Cleaner

Another great idea is to leave a provision in your will stating exactly who you would like to take care of your personal belongings after you’re gone. This could be a close friend or even a professional cleaning service. This way, you can limit the embarrassment to a single person rather than leave it up to fate. 

You’ll need to leave detailed instructions for your appointed cleaner, which you can base off this list. Remember to add a thank-you as well! 

3. Go Through the Embarrassing and Illegal Stuff

After you’ve passed, your appointed cleaner will need to get rid of anything embarrassing. Make a list of stuff that you wouldn’t leave in plain sight at Thanksgiving dinner, as well as where your person can find each item. 

If you have any drugs, weapons, dangerous items or illegal activities you want to stay secret, make note of those now as well. 

4. Don’t Forget Your Digital History

One often-overlooked area to wipe clean is your digital history. This could mean tablets, computers, laptops, phones and digital cameras. Your cleaner should have access to all your login information so they can clear your search history as well as delete any cookies. You may also want them to delete your hard drive to ensure any private files saved to your device are cleared. 

Don’t forget about any digital receipts or footprints that may be lurking in your email account as well.

Give clear guidance here on what your cleaner should and shouldn’t delete: you want that adult material gone, but maybe not last year’s Christmas photos.

5. If All Else Fails, Start Smashing

If for some reason your cleaner runs into trouble or you have doubts about their ability to find and delete the proper items, leave a back-up provision. If no one is going to use your computer anymore, you can always just smash the machine and throw it away. 

It may not be the most eco-friendly, but it is effective.

6. Cancel Memberships

Your cleaner can also use this opportunity to cancel any memberships or subscriptions you wouldn’t like popping up on your credit card statement. 

Likewise, if you have any organizations that reach out to you via mail or phone, you can also request that your cleaner call and cancel those. 

A Bonus Resource

If you want to be extra-secure in cleaning out your skeletons, I’ve got another book that can help you dive deeper into after-death organization. 

The Gentle Art of Swedish Death Cleaning: How to Free Yourself and Your Family from a Lifetime of Clutter, written by Margareta Magnusson, details the Swedish practice of clearing out your life and home before and after death. 

Get Your Life Together with Gasber

Ready to start clearing out the skeletons in your closet?

Gasber Financial is here to help you make confident decisions.

 Please call or "connect" with us at the top of the page for more information or with any questions you may have.

Social Security—A Guide for Women, part 1

By Karen A. Miller, CFP®, CFPA

Social Security is an important, but often misunderstood retirement benefit—and one that may require planning on your part. You do have some choices to make, but you don’t have to make them alone. Gasber Financial is here to help you.

First things first

There are a few basics you should understand about how Social Security works. In general:

• You can claim your benefits as early as age 62. However, since this is before your Full Retirement Age (FRA) (see the chart below), your benefits would be permanently reduced by about 25%.
• Your full benefit is available to you at your FRA (see below).
• If you wait until age 70, you can grow your individual benefit by as much as 24-32%.

You can get an estimate of your individual benefits at https://www.ssa.gov/planners/benefitcalculators.html.

Deciding when to elect, however, may not simply be about the size of your monthly benefit. Three of the most critical things to consider include:

• Life expectancy
• Working income
• Marital status

Life expectancy

No one can tell you your exact life expectancy, but it can be important to think about when it comes to Social Security. Did you know that a woman reaching age 65 today, has an average life expectancy of 86.6 years?* That’s the average, which means many will live longer. But why does it matter?

In theory, you should receive the same lifetime amount of Social Security regardless of whether you claim early, on time, or late (because you claim less for more years or more for fewer years). In reality, however, it doesn’t always work this way. In this example, Julie has a full benefit of $2000 and an FRA of 66. Look at the difference claiming early, on time or late can make in her benefits over time.

If we continued this example through the average life expectancy of 86.6, the differences would be even greater. Of course, there is no crystal ball to tell you your life expectancy, but family and individual health histories can be used to try to make an educated guess at what yours may be.

We’ll discuss how working income and marital status can impact your benefits in our next installment. For now, you should know that Gasber Financial is here to help you navigate your Social Security choices so you can create a trulycomprehensive retirement income plan.

*https://www.ssa.gov/planners/lifeexpectancy.html

Social Security—a Guide for Women, part 2

By Karen A. Miller, CFP®, CFPA

As we discussed in part 1, Social Security is an important benefit. And understanding when and how to elect can impact your benefits permanently. In addition to your full retirement age (FRA) and potential life expectancy, there are a few other things you should consider before making your election choices.

Do you plan to work?

Some women not only need to work in retirement, many want to—often trying new careers or new business ventures to keep them active and engaged. While this is an individual choice, it can impact your benefits. If you plan to continue working, your benefits could be significantly reduced if you elect them early due to the “earnings test.” Here is how that can work:

Are you or have you been married?

Another consideration is your marital status. Because married couples are entitled to have two Social Security benefit streams, it may be wise to review the benefits together to determine who should potentially claim early, on time, or late. It’s worth noting that even if you have not worked, you are still entitled to claim “spousal” benefits.

And, if you were married for more than 10 years, divorced and have not remarried, you are still able to claim spousal benefits (even if the ex has remarried). Spousal benefits:

• Are typically 50% of the other spouse’s full benefit at FRA
• May be more than an individual benefit
• Cannot be collected until the first spouse elects their benefits (unless you are divorced)
• Will be permanently reduced if the individual OR spouse elects benefits early
• Cannot be increased by waiting beyond FRA to elect

Gasber Financial is here to help you navigate your Social Security choices so you can create a trulycomprehensive retirement income plan.

The “Desire-ment” years—Redefining Retirement pt 1 

To many, retirement means getting put out to pasture to live the rest of your days in peace. This isn’t surprising, as the word “retire” can have negative connotations, like when it pertains to retiring a piece of equipment because it’s old and no longer useful. And we can sometimes think of people this way too. Yikes! I think we need to redefine it, since this doesn’t seem to be what retirement means to most people today. 

Personally, I think we should call it “desirement,” because it should be about getting to do the things you really want to do. And for most of us that simply doesn’t mean endless rounds of golf, gardening, or doing any particular thing all day, every day. How boring would that be?

Designing your day

To get a true idea of what your days will look like, consider: 

Will you still work? If so, will you stay in your career or try a new job (see the next installment)? Take some time to imagine how you might feel if you were not doing your current career anymore. How tied to your career is your identity? Will you be happy if you are not doing that job anymore? It’s important to consider these things to help ensure you will truly be happy in retirement. 

Now, if you will be going from full-time work to part-time, or to not working at all, consider how you will spend the rest of your time each day. If you dream of gardening, horseback riding, knitting, reading or other things, try to be realistic about how much time you will truly want to spend doing these things each day. It may not be as much as you think, so you will want to consider what else you will do each day. 

If you plan to volunteer, consider which groups you will want to volunteer with and how much time you plan to volunteer each week or month. 

Will you work out? If you worked out near your place of business, will you still go to that gym or will you need to find a new one? In fact, if you do a lot of things near your job, like shopping, socializing and more, you may want to think about where you will do things once you retire. You may no longer be willing to commute to do these things. And, if there are no facilities near you, or if you feel your home will be too remote once you retire, you may want to consider moving. 

Another thing to consider is who you will socialize with. Where do your friends and family live? Are they close to you or far away? If you are going to be home more, perhaps you want to consider a community that is designed to be more social. 

Getting support

If it seems overwhelming to think about, a great way to gain support is to find a lean-in circle, as these groups are designed to help women encourage and support each other, rather than compete.  Inspired by the book, Lean In, written by Facebook COO, Sheryl Sandberg, they:

• Are often small groups of 8-12 members at a similar stage in life or with shared goals
• Meet monthly in informal settings to learn together and share information and experiences
• Have been highly successful at helping women take the next steps in their lives

You can learn more at leanin.org. 

Gasber Financial can help you not only to define and envision the retirement of your dreams, but also to help ensure that your finances stay on track so you can make your dreams a reality.

The “Desire-ment” years—redefining retirement pt2

What’s the first thing you think of when you hear the word “retirement?” Do you envision an older couple in a rowboat on a lake? You may not be far off from the original definition. Consider that the word “retire” actually means to withdraw for privacy, go to bed, withdraw from danger and, of course, to stop working. 

But, what does retirement mean to you? Chances are it’s something quite different than it meant to your parents. In the first installment, we discussed how to envision your retirement. In this one, we’ll provide a few practical ideas for making it the retirement of your dreams, no matter what that means. 

The “Gig” economy

Many people start new careers or new businesses in retirement, while others continue to work in their original job, expand their volunteering—or any number of other things. There are actually many ways to earn money during retirement, while also keeping your mind and brain active. Today there is a thriving “Gig economy” where women can create great income streams on a freelance basis and have fun. Some ideas include being a: 

• Tour guide
• Temp or a tutor
• Market researcher or mystery shopper
• A babysitter, pet sitter or dog walker
• AirBNB host
• Consultant or direct salesperson
• Virtual assistant or transcriptionist
• Teacher at your local community center 

Some great sites for finding gigs include fiverr.com, behance.net, Guru.com, freelancer.com. You can also look for full time employment through sites designed explicitly for seniors, like Workforce50.com, retiredbrains.com, Seniors4Hire.com and RetireeWorkforce.com, to name a few.

 Continuing your education

Retirement can also be a great time to consider going back to school, whether you just want to take a few classes here and there or to finally get that degree you’ve wanted. My aunt was taking online classes to finish her master’s degree at age 80, which just proves you are never too old to challenge your mind or work toward a goal. Of course, education can be expensive, so you will likely need a strategy to pay for it. You may qualify for scholarships (look at scholarships.com, fastweb.com, return2college.com and others) or even a student loan (check out studentloanhero.com), but there are other ways to pay for it too. Gasber Financial can help you to develop the right strategy for you.

 Make your move

Retirement can be an opportune time to move, whether you’re interested in cutting down on your maintenance costs, moving to a warmer climate or just want a change of scenery. Of course, if you are going to move, you should consider things like where you may be able to live most affordably, where you can avoid state income taxes (yes, you will likely still pay income taxes in retirement), or maybe just the best overall places to live in retirement.

At Gasber Financial, we believe strongly in the power of planning and positive thinking. We can help you review your plan for the retirement of your dreams—whatever that means to you.

*https://www.kiplinger.com/slideshow/retirement/T006-S001-cheapest-states-where-you-ll-want-to-retire-2018/index.html

Creating an Estate Plan  

We’ve talked about how to organize your finances, your home and even your contacts – now it’s time to dig into the actual pieces of your estate plan: a will, Power of Attorney and trusts. We are not attorneys and nothing here should be considered legal advice; please work with a qualified estate planning attorney when it’s time to create your estate plan.

While paperwork isn’t anyone’s idea of a good time, it’s important to address these elements – no matter your age. As the title of our guidebook for this series implies (see below), no one is guaranteed a tomorrow.

That sentiment hit all too close to home for me when two relatives suddenly passed away at relatively young ages. It reminds me why I’m trying to organize my life in the first place: to ensure my family and loved ones are taken care of when I’m no longer here.

As I went through this section of the organization process, I realized that we had some provisions in our estate plan that needed to be taken out – a special trust for a dependent that need to be removed. Had I not taken the time to organize and review our estate plan, that money would have ended up in the wrong place.

This is all to say that there’s no time like the present. Get started on organizing your life now, instead of when you’re older and may not realize your faculties are failing (or before it’s too late). You don’t want you (or your family members) to be left scrambling to get everything sorted out.

And, of course, for an even deeper look at the organization process, I suggest you pick up a copy of “In Case You Get Hit by a Bus: How to Organize Your Life Now for When You’re Not Around Later,” by Abby Schneiderman and Adam Seifer (founders of Everplans*) with Gene Newman.

Designate a Power of Attorney

A Power of Attorney (POA) is a person you’ve appointed to speak for and make decisions on your behalf in case you are no longer able to do so for yourself (like if you’re sick, traveling or deemed incompetent to make your own decisions). Your POA’s responsibilities can include managing your:

• Bills
• Banking and investments
• Real estate
• Insurance
• Taxes

As you work with an attorney to designate your POA, you can choose to expand or limit the person’s abilities as you see fit. To be clear, your POA’s powers expire in the event of your death – they can only make decisions on your behalf while you are alive (another reason to make sure your will is all in order).

3 Types of Powers of Attorney

There are actually several different types of POAs, so you have options depending on your specific needs.

1. Durable Power of Attorney

This is the most common form. Once you sign on the dotted line, your POA is in effect. As long as you haven’t been deemed mentally incompetent, you can still make changes to this document at any time. Typically, people name someone like a spouse or child to be a durable POA, but it is not limited to relatives, you can also name a trusted friend or a professional fiduciary.

2. Non-Durable Power of Attorney

This type of POA is used for more specific occurrences, like if you’re out of the country and need someone to file your tax return for you. If you are declared mentally incompetent, the document is no longer considered valid.

3. Springing Power of Attorney

This option is similar to the Durable POA, but it only goes into effect if you’re seriously ill, injured or incompetent. It “springs” into actions when needed, but not before or after.

How to Choose your POA

Your Power of Attorney acts as “you” when you can’t – and that’s no small task. How do you choose the right person?

When deciding who you’d like to act as your Power of Attorney, ask yourself these questions:

• Is this person good with money?
• Do they work well with others?
• Are they responsible?

You’ll also want to make sure that whoever you choose is up for the task – working as a Power of Attorney is no small ask, and can be quite time-consuming.

Create a Will

Next up: it’s time to create a will. While a POA goes into effect while you’re still kicking, a will really only matters once you're dead.

A will is a document that outlines what you’d like done with your assets and money after you’re gone. It also allows you to designate someone to take care of your children or other dependents in your absence. A will can be as simple or as complicated as you’d like – it’s up to you.

What does a will cover?

There are some rules surrounding wills, like what you can include and what you can’t. Some of the things a will can include are:

• Cash
• Property
• “Intangible personal property” (stocks, businesses you own, copyrights, etc.)
• “Unproductive property” (cars, artwork, jewelry, etc.)

Things you can’t include in a will:

• Co-owned property
• Anything that already has a designated beneficiary
• Securities willed to someone else
• Digital assets

Digital Assets

Digital assets include non-physical, primarily online assets, such as movies, music, apps, social media accounts, ebooks, emails and texts. While you may want to bequeath some of these items to a loved one in your will, it’s actually a bit complicated to do so.

The problem lies in the companies that provide these assets – in most cases, laws forbid them from disclosing digital assets to third parties. We recommend working directly with an attorney to figure out how to leave behind these items through your will.

Guardians

This one is a toughie – choosing someone to raise your children (besides yourself) isn’t really a happy thought, but it’s necessary to ensure your children are well cared for.

If you’re married, your guardian of choice will likely be your spouse. If you're divorced, it will likely be your ex-spouse.

Which person will make the transition easiest for the kids? Who do you trust most to ensure their health and happiness? Consider their personal values, religious beliefs, lifestyle and location – do those line up with your wishes and what would be best for your kids?

Spend time really thinking through the answers to these questions, while also facilitating open conversations with the would-be guardian.

Executors

Your executor is the person who will turn your will into reality – they “execute” your wishes. Your executor is held legally responsible for making sure your will is carried out accurately and to the best of their ability.

When choosing an executor, it’s wise to think of someone who understands finances, knows how and when to ask for help, and is patient. They’re the ones answering all the questions for you – an unenviable position for most. Who do you think would be up for the challenge?

How to create a will

For simple, straightforward wills, you can actually use online, DIY legal services. This is also a good option if you need to get something in place as soon as possible – it may not be perfect, but it’s better than nothing.

When you’re ready to create your fully-detailed and complex will, it’s time to turn to an attorney. They can help you ensure all your will’s details are exactly to your liking and squared up with any legal guidelines you need to follow.

Once you have your will ready to go, it’s best to keep it in a safe place, like in a locked safe at home or even with your attorney or executor.

Set Up Your Trusts

A trust can serve several purposes, but at the most basic level, it serves as a barrier between your assets and taxes or lawsuits.

You might want a trust to avoid probate court, which happens when a will needs to be validated – trusts bypass that process entirely and ensure your assets go straight to your beneficiaries.

A trust can also help you qualify for Medicaid, in that the assets are owned and controlled by a third party rather than yourself.

You can also use a trust to set parameters around assets. For example, you might want to leave a significant amount of money to your grandchild, but only if it will be used for educational purposes.

Living vs. testamentary

There are two main types of trusts: living and testamentary.

A living trust becomes effective as soon as you create it, and it’s usually the most common type. Living trusts are also private – only you and the trustee need to know the terms.

Testamentary trusts exist as a part of a will and only become effective after your death. These are usually used to control exactly how or when a beneficiary receives the money, like if you want your child to reach adulthood or graduate college before they get the payout.

Revocable vs. irrevocable

Beyond choosing a type of trust, you’ll also need to know whether it’s revocable or irrevocable. Don’t let the big word fool you – it’s not that complex.

A revocable trust is one in which you retain ownership, and can enact changes at any time. Once you pass, the trust becomes irrevocable, meaning it can no longer be changed. You can also set your trust as irrevocable from the get-go to avoid tax penalties, but once it’s done it can’t be undone.

How to create a trust

Although there are online options for creating trusts, we recommend you work directly with the professionals for this type of estate planning.

A financial planner can work with you and your estate planning attorney to help ensure your trust is set up according to your wishes. However, the legal questions and ramifications are best left to your attorney. 

When it comes to estate planning, sooner is always better than late (or never). Although many of these documents won’t go into effect until after your passing, it’s important to get them in order now – after all, no one knows just how long they have left.

Grow with Gasber

Need help in your journey to organize your life and finances? Gasber can help – click here to schedule your complimentary “Get Acquainted” meeting today

 When to Review Your Estate Plan 

Life is full of uncertainties we just can’t predict. Turn back time to the holiday season of 2019, and who could have known all that would transpire as a result of the Covid-19 pandemic? But although life is unpredictable and uncertain, that doesn’t mean your plans should be.

We once had a client who had been divorced for many years. During our annual review of his financial beneficiaries, we noticed that his ex-wife had been listed as the primary beneficiary on an annuity.

Despite our encouragement to update that information, the client kept putting it off – thinking there was no urgency to the situation. This continued for several years, until he suddenly passed away in a car crash. All of the proceeds ended up going to the ex-wife rather than the loved ones he truly wished would have inherited the money.

This is all to say that estate planning isn’t a “set it and forget it” project – rather, it’s an ongoing plan that you should regularly check in on and keep updated. If something were to happen to you, there’s no going back.

That’s why we’re walking you through the seven major life changes that warrant an estate plan review, from marriage to inheritance and everything in between. This information is based on the book, “In Case You Get Hit by a Bus: How to Organize Your Life Now for When You’re Not Around Later,” by Abby Schneiderman and Adam Seifer (founders of Everplans*) with Gene Newman.

7 Life Events That Warrant an Estate Plan Update

Estate planning might not be your idea of a good time, but it’s an important part of planning for your future. Whenever you encounter a major life change, you should set aside time to review your estate plan and make any necessary updates. Here are seven such changes:

1. Marriage

Weddings are no walk in the park – between all the craziness of planning and hosting a big event for all your friends and family, finances are likely the last thing on your mind.

But combining two separate financial lives into one is no small potatoes, either. In addition to a will, a few of the things that you’ll want to review and discuss when you get married are:

• Life insurance
• Emergency contact information
• Beneficiaries on health and insurance benefits
• Potential life insurance plans

If you’d like to split your assets between multiple persons, like children and extended family members, it’s even more imperative that you designate your beneficiaries.

2. Divorce

On the other side of the coin, divorce is also a major life event that can heavily affect your financial planning. Whether you wish to completely erase your ex from your will or to leave some funds for them in the future, there may be legal stipulations that dictate what exactly you’re allowed to do.

During and after your divorce proceedings, it would be wise to review several estate planning documents, including:

• Beneficiary designations for life insurance and retirement accounts
• Emergency contacts
• Shared passwords
• Power of Attorney
• Health Care Proxies

These issues become even more important (and possibly complicated) if you’re looking to remarry. An attorney and trusted financial advisor should be able to help answer any of your questions.

I once had a client who we discovered still named his ex-wife as a beneficiary on one of his accounts. We reminded him to update it several times but he never got around to it. One day, he died suddenly and sure enough, his executor had to hunt down his surprised ex to inform her of the money she had inherited.

3. Children

Ah, new babies. They scream, they throw up on you, and they take over your entire life with those adorably chubby cheeks and tiny little fingers.

They also come with a lot of paperwork. Between birth certificates and social security cards, you may be tempted to swear off all documents for anything ever again. But actually, there are probably some important things you still need to fill out some forms for, such as:

• Appointing a legal guardian in the event that you pass away
• Updating your beneficiaries

As your family grows through more children, stepchildren, or even adopted children, you’ll need to revisit these items again.

It’s also worth your while to periodically assess your plans as your children grow older to make sure everything is distributed appropriately – nobody wants a sibling war at your funeral.

4. Deaths

Unfortunately, sometimes life comes to an unexpected early end. Some of the people you’ve named as your beneficiaries, executor or Health Care Proxy might pass on before you do.

Likewise, if the person you’ve appointed as legal guardian of your children isn’t around anymore, you’ll want to put a plan in place to ensure they’re still taken care of in your absence.

In the event that someone named in your estate plan passes away before you do, make sure to update the necessary documents and make those changes as soon as possible.

5. Health Complications

It’s not fun to think about, but if you or your spouse receives a tough diagnosis, you’ll want to make sure everything’s in place before you become mentally or physically incapable of doing so.

A good place to start is with an Advanced Directive, also known as a living will, dictates what you want to happen health-wise if you’re no longer able to make those decisions down the road.

6. New Laws and Regulations

This one is more for the pros than for you, but it’s still important to keep it on your radar.

If there are any major laws or regulations changes that could affect your estate plan, you’ll need to get in touch with your financial advisor or estate attorney.

For example, if a health directive from a previous state of residency will no longer be accepted in your new home state, you’ll need to create a new one.

7. Inheritance

Sometimes extra money unexpectedly comes your way, whether that’s through an inheritance, a salary bump, or even a lucky lottery ticket.

In these instances, you’ll need to review your financial plans (or create a new one altogether). Pricey assets and big bank accounts are worth protecting, and without a plan in place, you risk your family members fighting over your assets once you’re gone.

A proper estate plan is one that changes and grows with you over time, riding out life’s biggest moments and setting your loved ones up for a secure future.

While we suggest you review your estate plan at least annually, these seven big events definitely warrant a phone call to your financial advisor and an extra close look at the plans you have in place. 

Grow with Gasber

With nearly three decades of experience in financial planning, Gasber Financial Advisors, Inc. has the knowledge and expertise to create the financial plan of your dreams – click here to schedule your complimentary “Get Acquainted” meeting today.

Women helping women

The holidays are supposed to be about family, friends, spending time together, being of good cheer and probably a bit of religion thrown in as well. We’re supposed to be merry and maybe smile a little bigger and spread our love. I’m not quite sure when it became about spending the most on gifts or decorating our homes to within an inch of our lives (think I’m kidding? Just google “extreme Christmas decorations”).

I admit that this is an unusual year, so we likely not only need more holiday cheer, but may need some new ways to find it, since we may not be able to have the traditional parties and gatherings. Here are a few ideas.

Decorations

I confess that I haven’t begun to decorate yet, but I feel uplifted seeing lights on my neighbors’ trees and displays in their yards. And, if that gives you pleasure, then by all means go for it. Just make sure you aren’t going into debt or sacrificing your other goals to buy the trimmings or lights. You don’t want those good feelings to go away when that January power bill arrives.

Gifts

Consider setting a budget for what you want to spend on gifts. You could even set a budget that includes everything you want to spend on gifts, decorations and food during the holidays and begin saving for it in January, depositing 1/12 of the total into the holiday account each month. Then when December rolls around, you’ll be golden.

And even though it’s too late to do that for this year, it’s not too late to set budgets overall or for each member of your family. Parents often want to give their kids the world—and likely, especially in a year like this where you feel they’ve lost far more than they’ve gained. However, it’s still a good idea to put a limit on things or at least go in with a budget in mind to help you keep things from getting too out of control.

Giving

Another idea that can help warm your heart this year is to give a little more. There are more people in need this year than ever before. And even though you won’t see Santa on every corner, there are many ways to give. Did you know that in 2012, the National Day of Giving, or Giving Tuesday, was created as an antidote to the commercialism from Black Friday and Cyber Monday? It’s true. But we shouldn’t need just one day to give. We should be making a plan to give to the causes that matter most to you throughout the year.

Try to determine which organizations you want to help and how much you feel comfortable giving and then stick to it. Don’t be swayed by those sad puppy-dog eyes in the ASPCA commercials and go over-budget (guilty as charged!). If you’re not sure where to give, check out www.Charitynavigator.org—an independent non-profit organization that helps you evaluate the choices and determine the best places for you to give.

Gasber Financial is here to help you make confident decisions. We’d be happy to help you budget for the holidays, for giving throughout the year, and more. Please call for more information or with any questions you may have.

Women Helping Women -

What to do When Going Your Separate Ways Part 1

By Karen A. Miller, CFP®, CPFA

Disentangling finances is often more complicated than it was to combine them in the first place. But it’s an important step toward asserting your financial independence. And, while it can be a long, overwhelming process, it doesn’t have to be—especially if you take it one step at a time.

In this first part of our series “What to do when going your separate ways,” we’re talking about the things that you can—and should—do right away.

1. Change the name(s) on your utilities—this may not sound like a big deal, but often if you are not named on the utilities, the company will not let you make changes to the account. And when things are not amicable, it could be hard to get your ex to call the utility company to make the changes you desire.

2. Re-establish your individual bank and credit card accounts—if you have joint accounts, you should likely close them and open your own. And if your ex has a credit card under your name, you’ll want to close those out as well. Far too often, one partner raids the bank account or drives up your debt simply out of spite.

3. Redirect paychecks and other direct deposit items (like tax refunds) to ensure they do not accidentally end up in your old joint account—again, this may seem simple, but it’s easy to forget that your paycheck gets deposited to your joint account (if that’s the case). Make sure your payroll office has the new information for your new direct deposit.

4. Check your credit rating to ensure it remains separate and is not negatively impacted by your ex—there are a number of free services like creditkarma.com, nerdwallet.com, freecreditreport.com and others that enable you to get your credit score without impacting your credit rating.

5. Have all your home, auto and life insurance policies brought up to date—if you can (life insurance and other policies are sometimes dependent upon your divorce agreement), bring your policies up to date to ensure they include the appropriate parties, properties and beneficiaries (if appropriate).

Get a head start

Now is also a good time to at least begin gathering the information you need to gain a comprehensive picture of your true combined worth. In addition to the most recent banking, investment and retirement account statements for both of you, it may make sense to get up to date appraisals on homes, art and jewelry. It’s worth noting that an estimated 1 in 5 Americans (that’s about 29 million) have a bank account or credit card hidden from their partner.¹

A divorce attorney can provide more comprehensive legal information, a forensic accountant may be able to help you find assets you were unaware of, andGasber Financial can help you aggregate the financial information you need to move forward.

In our next installment, we’ll discuss some of the longer-term changes you should make and things you should consider as you continue to assert your independence.

¹https://www.cbsnews.com/news/millions-of-americans-keep-financial-secrets-from-spouses/

 The current pandemic has thrown everyone some curve balls. Regardless of your age, wealth, health, relationship status or working status, each of us has had to make some adjustments.And in doing so, we may have let a few things fall through the cracks. I want to make sure that your health care, or that of your loved one, isn’t one of those things. 

Medicare sign ups start now

From October 15^th through December 7^th, you and your loved ones have the opportunity to elect (if you didn’t at age 65) or change your Medicare coverage. And while you may not think it matters, Medicare is an important benefit with a number of options that can make a significant difference in the care you can receive. 

And since your needs can change from year to year—and may have changed significantly during the pandemic—it’s important to review what you currently have and the other options available to you. Below are a few items to review, but there are also many others.

• Is your Primary Care Physician still included in the network?
• Have you added or stopped using any medications?
• Are the medications you take still part of the formulary?
• Does your Medi-gap policy still meet your needs?

If not, it may be time to consider making some changes. 

Navigating your choices

Most of the choices you will want to review are related to parts D, C and Medigap—which are all offered by private insurance companies approved by Medicare and may cover things Medicare typically does not. As a refresher on the different parts of Medicare and what they generally cover, we’ve included this table. 

Reviewing Medicare options for yourself and your loved ones now can help keep you all prepared for whatever the future holds.Gasber Financial has an expert on retainer to help you navigate the confusing options surrounding Medicare and can help guide you on all of your healthcare planning needs.

I have a friend whose father used to joke about having boomerang children. He would say “I keep trying to get rid of them…I send them to college, but they keep coming back.” We used to laugh because it was true—all four of the kids had gone to school and then moved back home for a few years before truly going out on their own. He was apparently ahead of his time, however, as today being a “boomerang” is actually a strategy that many families are using for a number of reasons. 

If it’s good enough for TV

Consider that, if nighttime soap operas like “Dallas” and “Dynasty” are to be believed, wealthy families often have multiple generations living together in either one very big home, or on a compound with multiple homes. And while these families may not have been doing so for financial reasons, it has become far more common today for these reasons and more. 

For decades, having an older loved one who requires caregiving live with you has become fairly common. And there have always been some families with a set of grandparents living with them in a multifamily home. Today, however, the opposite is happening more frequently—as young couples or families move back “home” with their parents. 

A new, old-school method

Remember that there are many generations who grew up living next door or down the street from their cousins or grandparents. Rising costs of living in general and the pandemic specifically have sped up a return to this type of close-knit family for many. According to a recent article in The Wall Street Journal, Pew research found that “64 million people—20% of the U.S. population—were living in households with at least two generations in 2016.” And in a survey in June 2020, Pew found that “22% of respondents had moved due to the pandemic or knew someone who had…and most of those were now cohabitating with family.” 

And while there are many financial benefits of this type of arrangement, there can be some emotional ones too. For example, families and couples using this strategy may be able to: 

• Save money, so they are not financially stressed and will be able to afford college or retirement
• Receive help caring for their children and with remote learning
• Enjoy stronger family bonds and gain more emotional support
• Lower their expenses if one or both have been laid off
• Spend time with family without fear of spreading COVID 

Of course, there can be drawbacks, like losing some privacy and needing your own space. In many instances, however, the benefits can outweigh the negatives—and it’s certainly a strategy worth considering whether families are struggling or not. 

Gasber Financial is here to help you even in the most stressful of life’s situations. We’re here to help you find the right path for yourself and your loved ones. Call us to talk about your accounts, the markets, the strategies that may be best for you—or even just to chat about life.

A lot goes into keeping your household running smoothly. From cleaning to upkeep and maintenance or repairs, these to-dos don’t disappear – even if you do. 

And renters don’t have it any easier. Even if you don’t own your home, there are likely still big pieces to your home life that will require some attention in your absence.

So, as part of my quest to organize my home and life this year, I’m turning to the next chapter in my guidebook: “In Case You Get Hit by a Bus: How to Organize Your Life Now for When You’re Not Around Later,” by Abby Schneiderman and Adam Seifer (founders of Everplans*) with Gene Newman. 

In the first part of this series, we talked about getting your finances in order so your surviving loved ones aren’t left trying to track everything down. 

This next step is all about how to organize your home (and everything in and around it), so that all your systems continue to function smoothly in the event of an emergency.

How to Organize Your Pad for When You’re Gone

It’s important to take a look around every part of your home (that creepy area in the basement you’ve been avoiding for years? Yep, that too!). It’s time to grab your pen and paper and carve out an afternoon to get everything in order.

Utilities

Some of the major aspects of your home might be hiding in plain sight, like your electricity, phones and internet.

Take a minute to check these things out – is there a light that always goes out? Where’s the fuse box located, and what do you do to fix it? 

Is your ancient home phone collecting dust in the corner, or is it bundled up with your internet package in a deal that’s too good to pass up? Do you own your own wifi equipment, or are you renting from the internet provider? 

Don’t forget your smoke alarms and carbon monoxide detectors – when were they last replaced, anyway? And how does that HVAC system work? 

Write down all the answers to these questions and any relevant details – while this stuff may seem obvious to you, your loved ones will feel a little less lost sorting it out with your helpful notes. 

The Big Stuff

Next up: the big stuff – literally.

Is a piece of furniture in your living room especially valuable? And where did you get that amazing wallpaper in the guest bathroom? What about that hand-painted artwork hanging in your bedroom? 

This information could be invaluable to your loved ones in the case that they want to replace or fix up your digs. Make sure to include: 

• Furniture
• Paint colors and wallpaper brands
• Decor
• Fireplace (including care instructions and how to use)
• Laundry machines
• Kitchen appliancesIt’s a good idea to walk through each area of your home and list these big-ticket items based on their location.

The Little Stuff Now it’s time to get into the nitty gritty details 

This includes your security system. Whether it’s a high-tech camera run by a top-notch security company, or a neighbor with your spare key and a telescope pointed out their front window, you’ll need to write down a few key pieces of information. 

Likewise, any home automation systems (like Amazon Echos or a digital thermostat) should be included in your list. Write down the passwords, companies, and any other troubleshooting information that could be relevant in the future. 

Are there any small items that are particularly important or sentimental to you? Make sure your family will be able to find and properly care for them.

Outside Your Home

Just because it’s outside of your home doesn’t mean it’s not important. If you have any care instructions for your yard, make sure to include those in your list. You’ll also need to list any storage facilities you use, including their location, monthly price, what’s stored in them and a contact at the company. 

If you have any vehicles (including cars, boats, RVs or motorcycles), list out the makes, models, license plate numbers and any other relevant care information that your loved ones would need to know.

Why Work/Life Balance is Important—A Guide for Women, part 1

By Karen A. Miller, CFP®, CFPA 

There’s a reason that flight attendants tell you to secure your own oxygen mask before helping anyone else in an emergency. Because if you are not taking care of yourself, you cannot help anyone else. 

This is something that many women are guilty of, myself included, and it’s no wonder. In between being a rainmaker at work, you are also likely a chef, chauffeur, caretaker, supply manager and more for your family. But finding the time to achieve balance can not only help you with your mental and physical health now, but may also help ease your transition to retirement later. In this first installment, we’ll discuss a few ideas for helping you achieve a better work/life balance. 

Learn to say yes and no

You say these words every day, but has it ever occurred to you that you may be saying them to all the wrong things?

 Women tend to say yes to that extra project you don’t have time for, yes to the extra errand when you can’t even get your own things done, and yes to whatever extra responsibility people ask of you. Often, we’re afraid to say no because we don’t want to disappoint someone or because we want to be seen as perfect. But the truth is that saying no can provide a lot of power (and believe me, the world won’t end). Saying no to some things can help save your sanity—and the more you say it now, the easier it will be to say it in the future.

 Of course, on the flip side, women too often say no to themselves or to things that will actually bring joy to their lives. No, you don’t have time to play with your kids or have lunch with your friend. No, you don’t have time (or money) to take a vacation. No, you can’t open your own business—you need the security of a paycheck. 

These answers may also be driven by fear or anxiety, but sometimes they’re driven by the “idea” that you’re too busy or that you cannot afford it, rather than by that reality. Consider that there will certainly be more dishes to clean tomorrow, but will your kids still want to play with you? Without a vacation, will you be too stressed to function at your best? Will your friends still be there tomorrow if you don’t nurture the relationships today? Will that business opportunity still be there? 

 Learning to say yes (or no) today and being willing to invest time and money in yourself may offer you the biggest dividends in the long term, helping you to lead a happier, richer, bolder life.

 Put yourself first

When you are doing it all without truly taking care of yourself, you have the potential to burn out. And the problem is that when this happens, it can have a waterfall effect on your family and your workplace.

 Consider that John Bowen of CEG Worldwide interviewed about 300 CEOs to find out the qualities that leaders have in common. And what he discovered is that successful business leaders make sure they get their own time before they share themselves with clients, colleagues or anyone else.

• First, they get up early and get their workout in (they know it won’t happen if they don’t do it first).
• Next, they often meditate, pray, or recite affirmations in order to start their day on a positive, calm note.
• Then they go to work.

 The bottom line is that, like these leaders, you need to find balance in order to be at your best in all aspects of your life

 At Gasber Financial we believe strongly in the importance of finding work/life balance now and we’re happy to help you determine the best ways you can achieve this. In part 2, we’ll dive deeper into tips for achieving balance now and carrying that into your retirement.

Why Work/Life Balance is Important—A Guide for Women part 2

By Karen A. Miller, CFP®, CFPA 

In part one of this series, we discussed how putting yourself first and learning to say yes and no in different ways can help you achieve a better work/life balance. In this installment, we’ll talk about how finding a better balance in your life now can help you better plan for and live in retirement later.

 Focus on friendships

Having friends is important. According to a study in Personal Relationships, people who invest in close relationships have better health, happiness and well-being.* But building and maintaining friendships can take time. So, try to spend time with the friends you already have and maybe try to cultivate some new relationships. An easy way to do this may be to do activities that you would do anyway but do them with a friend. For example, you could meet for a power walk, which gets you exercise and socialization—that’s a win-win. Another idea would be to run errands together so things like picking up necessities at Target or Costco don’t seem so mundane.

 You’ll want to have people to hang out with when you’re retired. So just remember, like with any investment, the time you put in now can pay greater dividends later.

 Cultivate hobbies/find new interests

Although you may think you are too busy to develop a new hobby, the truth is that hobbies can help your physical and mental health, your social life, your creativity and more. In fact, busy, stressed people may need hobbies more than anyone else. Plus, hobbies you enjoy now may be things you look forward to in retirement.

 Finding the right one (or two) for you can seem overwhelming, but it doesn’t need to be. A good way to pick hobbies you might enjoy is to start by considering: 

• Things you enjoy doing already, but don’t often get the chance
• The things that you’re interested in doing or learning
• The things you might know how to do, but would like to get better at

 There are tons of groups, articles and sites online that can help guide you to hobbies you might like and groups that may do them (Facebook, for example, has groups and meetup.com lists local groups and events in your area). And you don’t have to make a long commitment either. For example, you can try a paint and sip place for one evening or take a one-day class on stained glass or pottery through the local museum or Parks & Recreation department to see if you’re really interested in art.

 Finding new hobbies now can make it easier to envision how you will spend time in retirement and can help you cultivate those all-important friendships—and make new ones too.

 It’s worth noting that while some hobbies are free or may help you make money, others can cost you significant money. Gasber Financial can help you develop a plan to invest the earnings from your hobby (cupcakes anyone?) or to pay for your hobby (car racing can get pricey).

 *https://www.theguardian.com/lifeandstyle/2018/apr/30/how-to-make-new-friends-adult-lonely-leap-of-faith

Contrary to popular belief—and as many of you are now finding out—working from home is not for the faint of heart. It takes discipline AND flexibility. And the same is likely true even if you’re not working right now. I hope some of these tips may be helpful to you. 

Wear what makes you feel good.Listen, I’m sure some of you enjoy the freedom of working in your sweats or pajamas, but that doesn’t work for everyone. If you are someone who feels better when you get dressed, then you should do it. It shouldn’t matter if you are going to see other people throughout the day or not, if you feel better with hair combed and makeup on, then that’s what you should do. Remember, your mental health is important too, so do what makes you feel good even if you feel silly doing it. 

You do NOT have to be at your desk from 9-5. When working from home, it’s easy to think that you have to be chained to your desk. If someone calls and you’re not there, you wonder if they will believe you are working. But even in an office setting, you are not at your desk all day. You go to meetings, out to lunch, to get a drink of water, and more without worrying that people won’t think you’re working hard enough. Just remember, voicemails and can be returned later. 

Set a schedule, but be flexible. You’re still working, so it’s very useful to have a schedule of when you will be working—and a set spot in the house—just like when you went to the office (in fact, routine is helpful for everyone at times like this). Of course, in these days and times, and for those of us with kids “distance learning,” schedules get interrupted. The great thing about working from home, however, is that people don’t necessarily care WHEN the work is getting done as long as it IS getting done on time. So, if you have to comfort a child now and then work tonight, that may be okay. 

Take a break. Remember that sometimes even when you’re the busiest or the most overwhelmed and think you can’t afford to take a break, that’s when you need one the most. And often, if you take that break, watch that show, take a nap, you will actually be more productive when you sit back down. Even calling a friend or walking the dog can give you that reprieve and remind you that there are others like us out there. When in doubt, just stand up and stretch or walk around for a few minutes (remember sitting is the new smoking). 

Flexibility is a double-edged sword.It’s great that you can do your work remotely and that you can be there for the kids/parents/loved ones, but sometimes work and home life can blur together too much, hampering both. Your kids think you always work and don’t actually enjoy being with them, and you feel unproductive or like you’re failing at both. Remember to try to find the balance between being flexible and too flexible. This may mean you don’t work past a certain hour, or you stop checking emails at a set time. You may need to take a day off or put your computer down sometimes. Remember that you’re doing this for your loved ones and they need you healthy and sane. 

Change the scenery once in a while. Okay, this one is tougher given the social distancing, but it’s not impossible. Even if running out for coffee or lunch is not an option today, even working on the patio or on the couch, rather than your regular work spot can change your attitude from time to time. 

Try not to sweat the small stuff.When working from home, the occasional dog barking or child interrupting is bound to happen. And especially now, most people will not think twice about these things as it’s happening to them as well. So, try not to stress about it too much. 

Cut yourself some slack.This can be a tough transition even in the best of times—especially if the bulk of family responsibilities end up falling on you. But try to be grateful that we live in a time when so many of us CAN work from home. And if you’re not working, try to take some joy in being with your family, taking classes online, getting the chance to Marie Kondo your home, or whatever you can do that helps feed your soul a bit. 

Gasber Financial is here to help you simplify your life and make confident decisions during even the most stressful of life’s transitions. Please call for more information or with any questions you may have.