Barren County's
HOME AND HEALTH IN THIS ISSUE NEWSLETTER : July/August 2021
Financial Considerations in Retirement Budgeting Wordfind Living Will Clinic...
Signs of Scams Scam Red Flags and Avoiding Fraud
Plate It Up Kentucky Proud! HOMEMAKER HIGHLIGHTS Stop Senior Scams
LaToya's comments: It's never to early and it's always a good time to prepare for the future. It's important that we protect ourselves and our wishes during this life and after. This bimonthly newsletter focuses on finances including preserving yourself from scams and ensuring that your family knows your requests for the inevitable. For additional information and resources related to these topics, reach out! Join us for our free living will clinic on July 28th 2021. (See inside for details)
LaToya Drake, MS Agent for Family and Consumer Sciences
Financial Considerations in Retirement
We hear a lot of financial advice about planning for retirement but receive less advice about what to do with our money once retirement sets in. If you are retired or will be soon, here are some tips to make your money go further. Create a budget. Knowing how much money you have coming in and going out sounds so simplistic, but it is so important. Think about all your income sources. For many people this includes Social Security benefits, employer sponsored benefit plans and personal investments.
Then think about all of your monthly expenses. Expenses include those that are fixed like a mortgage or car payment and flexible like groceries and utilities. You may also want to think about occasional expenses, like birthday gifts or vacations that happen each year. Costs associated with new or continued hobbies may also fit into the occasional expenses category. Spend your monthly income on paper. This will let you know whether you are on target. You may find, like many people have, that your retirement income isn’t enough or will not last as long as you had planned for it to. This could require you to reduce your spending in some areas or get a job to generate additional income. If you have a spouse, it’s important that you go through the budgeting process together and communicate regularly about your goals for retirement and ways to meet them. If you have additional income, being retired does not mean that you have to quit investing. Continuing to invest in during retirement will help protect you against inflation — the rising cost of everyday living expenses like clothing and food, and help ensure your money lasts as long as you think it will. Many different investment options are available to retirees, and as before retirement, what you invest in will depend on how comfortable you are with risk. Often the investments that carry the most risk are the ones with the most potential to have a really high rate of return. Talk with your financial adviser about your options and risk tolerance. Extension offices often offer financial education programs and resources for people of all ages. To discover additional strategies and resources, contact your Barren County Extension Office. Educational programs of the Cooperative Extension Service serve all people regardless of economic or social status and will not discriminate on the basis of race, color, ethnic origin, national origin, creed, religion, political belief, sex, sexual orientation, gender identity, gender expressions, pregnancy, marital status, genetic information, age, veteran status, or physical or mental disability.
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A living will is a legal document that guides those responsible for an individual’s care if, due to physical or mental incapacity, this person is unable to make health care decisions. It offers individuals an opportunity to plan ahead and provides for the security of knowing that the person’s wishes will be followed. A living will also helps family members by alleviating the pressure of having to make difficult decisions during an emotional time. https://njaes.rutgers.edu/pubs/publication.php?pid=FS622
Did you catch our WPBM Broadcasting Family Lifestyles episode on living wills? No... Check it out on our area YouTube Page- SoKY Home and Health.
https://attorneygeneral.delaware.gov/top10scams/
Scam Red Flags and Avoiding Fraud
Americans lose billions of dollars each year to fraud. Furthermore, fraud can happen to anyone. The best way to protect yourself from financial fraud and scams is to be aware of the tactics con artists use and learn to recognize red flags so you can avoid being tricked.
Scam artists know how to use your emotions against you. They will ask personal questions until they find something you get emotional about. Then they play up that emotional trigger, which may be fear, greed, or urgency. The right trigger may cause you to make decisions you would not normally make when thinking rationally. Fraud makes victims feel bad, not just because they lost money but because they “fell for it.” These negative feelings lead people to keep it a secret. Because of this, fraud is underreported, and it is able to grow. Reporting suspected fraud can help stop scams and keep others from becoming victims.
There are two significant ways to protect yourself from fraud. First, decline suspicious offers. You do not have to listen to unsolicited offers. Hang up on calls, delete emails and texts, block spam calls and emails, and do not answer door-to-door salespeople. Second, research any opportunity. If you are going to consider an offer, take the time to research. Wait before buying so you make sure it is not an emotional purchase. Get all the details in writing, and read the fine print before signing. Whether you have fallen for a scam or your suspicions helped you avoid it, consider reporting potential fraud to authorities. When fraud is not reported, authorities do not have the information needed to stop scams from taking place.
Homemaker Highlights
The Extension Office Auditorium is open for meetings of 30 or less. A club representative must sign the agreement and ensure members follow UK policies. Please reach out to LaToya with questions. There are still a few Homemaker shirts for sale! Be ready for Homemaker events and purchase your shirt! ($14, S-XL; $15, XXL) Reports due August 15th! County officers, chairmen, or Extension offices ensure all club reports are received and tally reports for the county. Please submit the COUNTY project of work reports using the surveys linked here:https://keha.ca.uky.edu/content/impacts National Volunteer Outreach Network (NVON) Conference – Did you know that KEHA is hosting the National Volunteer Outreach Network Conference in Owensboro July 20-22? Any KEHA member is eligible to register and attend! Review the conference schedule, registration details, and more via the NVON website at this link. Join fellow KEHA members and attendees from eight additional NVON states to celebrate the organization’s 25th anniversary! September's leader lesson, "The Buzz About Honey," will be presented at the Hart County Extension service on August 30th. 2022 KEHA State Meeting – Save the date! The 2022 KEHA State Meeting will be May 2-5 in Owensboro, Kentucky. Information regarding lodging room reservations will be available later this summer.
https://www.smchealth.org/aging-and-adult-services-protection