limitless learning
Seven Steps to Downsizing
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ightsizing” (or downsizing) often seems like a daunting task, but when approached systematically it can be quite cathartic. Try these tips for an organized approach:
• Select the things you love the most and share the rest with loved ones or donate. • Space Planning is a reminder of why you want to downsize—everything has its place and it fits in its space. • Start Small—Taking that first step may seem daunting, but small steps will get you closer to your overall goals. • Set a Date & Timer—Make an appointment with yourself and honor that time as sacred, letting nothing interfere with your work. Don’t go past the allotted time. This will make it easier to keep your next appointment with yourself! • Sort—Designate areas for keeping, selling, donating and trashing. • Share—It’s often important to share with those close to you the stories of things that have special meaning. This can make it easier to let go of the item. • ”S”elebrate your accomplishments! Now you are well on the way to successful downsizing. As you are working to rightsize/downsize, you may realize what a huge undertaking it can be. Transition Tamers specializes in just this thing and would welcome the opportunity to advise you further or to assist with any organizing or moving services you may require.
Transition Tamers 704.237.4262 info@transitiontamers.com 28 LimitlessMagOnline.com | November 2020
True Wealth – The Longevity Blessing
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n last month’s article, I introduced the concept of a true wealth life legacy built with the stories of your experiences. Whether small or transformational, younger generations need to hear from us, first hand, or our history will be forgotten. Now let’s talk about your financial legacy plan. Financial discipline is critical for a sound retirement but also an important lesson to teach our youth. As baby boomers, now is the time to focus on the issue of longevity risk outliving our money. Life insurance protected you against dying too soon but are you embracing longterm care solutions to provide against living too long? On average, someone turning age 65 today has almost a 70 percent chance of needing some type of long-term care services. The good news is that the insurance and healthcare industries are catching up to the potential emotional and financial impact to our lives and are building the needed resources. The challenge is that we, the baby boomers, are less focused on embracing the issue of long-term care in our financial plans. As a Chartered Advisor for Senior Living (CASL®), I encourage all people entering or already in retirement to ask yourself these questions: 1) “Does my family history have longevity? 2) Who will take care of me and how will I afford it? 3) Will it use up all my assets?” It is critical to understand the issues and options available as you build your financial legacy plan. The website, LongTermCare.gov , may be a good place to start your education. Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. Securities and Advisory Services offered through LPL Financial, a Registered Investment Advisor, Member FINRA, SIPC
Jeffrey Karp, CLU®, ChFC®, CASL® founder of Karp Financial Strategies and is a registered representative of LPL Financial. More information and his blog, Permission GrantedSM can be found at www.karpfinancial.com.
