financial wellness
5 Financial Steps to Take Once You Turn 50
NEW YORK (Newswire.com) – iQuanti: As you enter your 50s, it’s important to have a long-term plan for financial stability. It won’t be long before you start living off of the retirement you’ve saved up. Some financial steps that can help you prepare for the future include paying off your debt and getting life insurance. Here are five financial steps you can take once you turn 50.
1. Boost your retirement account contributions
Make it a goal to put away as much money as you can towards your retirement. If you work for an employer that offers a traditional 401(k) plan, you might be able to contribute pretax money. Additionally, if your employer offers to match your 401(k) plan contributions, be sure to take advantage of it. Let’s say your employer offers to match 50% of your contributions up to 5% of your salary. That means if you earn $60,000 a year and contribute $3,000 to your retirement, your employer will add another $1,500. One other thing to remember is that after 50, you’re able to make annual catch-up contributions to your retirement.
2. Get a life insurance policy
As we get older, we become more at risk of developing serious health issues. Given the increased risk, it’s important to financially protect your family whenever you pass away. A life insurance policy can provide enough finances to cover the loss of your income, living expenses, and any remaining debt you have. It can also cover funeral costs, allowing your family to keep most of their attention on mourning their loss. Through life insurance protection, you can give yourself and your family peace of mind knowing that if anything happens to you, they’ll be financially taken care of.
3. Pay off your debt
Paying off your debt will allow you to save more for retirement. There are several strategies that can allow you to become debt-free. One strategy you might consider is the debt snowball strategy. With this method, you’ll focus on paying off your smallest debt first, and then gradually work your way up to the largest one.
Another idea to look into is consolidating your debts. This can help make your payments more manageable or potentially make the payoff period shorter. Getting rid of your debt will allow you to spend your retirement savings however you want.
4. Take care of your health
Having health problems may lead to costly medical bills. Taking care of yourself can help you avoid needing as much medical care. Practice good health habits such as eating healthy, exercising regularly, and getting adequate sleep.
5. Ask your parents about their financial plans
If you still have living parents, it’s important to discuss with them how they’ll continue to be financially stable. They may have enough in retirement to live independently for a long time. But it’s also possible that unexpected health issues could cause them to need your financial support.
Come to a decision about whether your parents will live with you when they can no longer take care of themselves. If it’s not possible for them to live with you, discuss the possibility of finding them a long-term care home. Knowing these things ahead of time can help you avoid being unprepared financially. Consider taking all these financial steps when you turn 50 to help ensure you have a strong financial future.
Source: iQuanti
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Lifestyle
A How-To Guide for Participating in Clinical Trials
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(Family Features) Clinical trials help researchers studying chronic conditions answer important questions about the diseases and their treatment options. However, uncertainty about what to expect and a lack of knowledge about how to get started can prevent patients from joining a clinical trial.
Choosing to take part in a clinical trial means helping a study team figure out if a new method of diagnosis, treatment or prevention is effective. If you live with a chronic condition, such as Crohn’s disease or ulcerative colitis, and want to help find answers for others who share your experience, a clinical trial is an option to consider.
Once you identify a study that interests you, you’ll want to talk with the professionals involved in your ongoing treatment, a clinical research coordinator and your family to gather information necessary to determine whether the clinical trial is a good fit.
To find additional information about clinical trials and begin exploring trials in your area, visit crohnscolitisfoundation.org, and consider these steps for participating in a trial.
1. Talking with Your Doctor
Your gastroenterologist and other care providers can help determine whether a clinical trial is right for you and may be able to help point you toward recommended trials. It’s important to ask if or how your doctor will continue to be involved in your care if you participate in a trial.
2. Finding a Study
If you need help beyond your care team in identifying clinical trial opportunities in your area, organizations dedicated to your condition can be a good resource. For example, the Crohn’s & Colitis Foundation offers an online Clinical Trial Finder for individuals with inflammatory bowel disease.
3. Talking with the Research Coordinator
A clinical trial research coordinator can provide details specific to your circumstances and needs. You can discuss potential benefits and risks, why the trial is being conducted and who is involved in the health care team. You can talk about past treatments and how this study may differ from your previous experiences. Other questions you might ask include what your options are if the trial doesn’t work, any costs you might expect and what your personal commitment will be.
4. Evaluating the Fit for You
Once you have the necessary information, you’ll be able to consider whether you’re ready to move forward with registering for the trial. You’ll want to weigh factors like your time commitment, travel distance and whether the trial will affect your personal or professional obligations.
Photos courtesy of Shutterstock
SOURCE:
Crohn’s & Colitis Foundation
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Consumer Corner
Trump’s opening tariff salvo will hurt US consumers − following through on Canada, Mexico threats will increase the price pain
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Jason Reed, University of Notre Dame
If U.S. voters reelected Donald Trump hoping for relief from higher prices, his recent threats to impose tariffs on America’s three largest trade partners might make them think again.
On Saturday, Feb. 1, Trump announced 25% tariffs on Canada and Mexico and 10% tariffs on China, which he said would take effect on Tuesday, Feb. 4. While markets braced for the news to some degree, they still saw a steep premarket sell-off on Monday, Feb. 3, followed by morning volatility.
While Canada and Mexico negotiated monthlong reprieves on Monday, the new tariffs on China went into effect as expected Tuesday, Feb. 4. And while the ultimate shape of Trump’s tariff policy remains to be seen, the president warned that American consumers could feel “some pain” as a result.
Given my training as an economist and finance professor, I think Trump could be right on that score. In fact, if the tariffs go into effect, they could spell disaster for the Federal Reserve’s inflation reduction efforts.
From grocery stores to homes
U.S. consumers might be surprised to find out that almost every economic sector could be affected by this opening salvo of tariffs, should they go ahead in March. Imports from Mexico and Canada reached close to US$1 trillion in 2024, almost double the amount the U.S. imports from China.
The U.S. is particularly reliant on Mexico for fresh fruits and vegetables, and on Canada for lumber. So if the tariffs go into effect, Americans who have been waiting for home prices to ease may have to continue waiting, as tariffs on lumber and other building materials could worsen the affordable-housing crunch. And let’s not even talk about avocado prices.
Meanwhile, the 10% tariffs on Chinese goods will likely boost the price of electronics, and China has already imposed retaliatory measures. Trump has also proposed 25% tariffs on Taiwan and its semiconductor industry, in an attempt to push Taiwanese companies to invest more in U.S. manufacturing. If that tariff were to go into effect, prices for U.S. consumers would be even higher.
A tax by any other name …
Tariffs are an import tax. They’re passed through the supply chain in the form of higher prices and are eventually paid by consumers. Traditionally, governments have used tariffs as a fiscal tool to encourage businesses and consumers to move away from foreign-made products and support domestic businesses instead.
In theory, new tariffs could encourage foreign businesses to invest in the U.S. and make more stuff on American soil. Unfortunately, domestic manufacturing has seen a systemic decline since the 1980s, resulting in lower prices for consumers but severely limiting U.S.-produced products. In the short term, at least, import taxes on Canadian, Mexican and Chinese products would ultimately be paid by U.S. consumers.
Although this round of tariff threats may seem arbitrary to some, the Trump administration says it considers tariffs deeply intertwined with national security concerns. Stephen Miran, Trump’s pick to chair the president’s Council of Economic Advisers, has laid out a path for Trump’s tariff plan, which he says is aimed at putting American industry on fairer ground against the rest of the world.
In the long term, it’s unclear whether Trump’s threatened trade war will bring domestic manufacturing back to the U.S. and start a new industrial renaissance. In the meantime, American consumers will likely be stuck holding the bag.
Jason Reed, Associate Teaching Professor of Finance, University of Notre Dame
This article is republished from The Conversation under a Creative Commons license. Read the original article.
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Business and Finance
Reasons to Consider an Up-and-Coming Career in 2025
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(Family Features) If you’re thinking about making a career change, re-evaluating your long-term career path or looking for a career with purpose, there is one path you may not have considered – and it might be the perfect fit: funeral service.
Consider this: Funeral service is facing a critical shortage of skilled professionals in the next decade due to retiring funeral home owners and rising death rates. In fact, the National Funeral Directors Association (NFDA) estimates 5,700 openings for funeral service workers during each of the next 10 years.
In a world where Gen Zers said having a sense of purpose is important to their overall job satisfaction and well-being, according to a study by Deloitte, there’s an opportunity for business-minded individuals, young professionals and those seeking second career paths to explore this distinguished and fulfilling profession. While 1 in 10 (12%) adults would consider a career as a funeral director, Gen Zers (44%) and Millennials (38%) admit they do not know enough about the profession based on a survey by the NFDA.
There are several reasons to consider funeral service as a career, whether you’re a new grad, a young professional looking to get your foot in the door or someone with years of experience who’d like to test your transferable skills in a new career.
1. Fulfillment and Purpose
Funerals and memorial services are an important part of the grieving process and an opportunity for family and friends to gather to comfort one another and say goodbye to their loved one.
Funeral directors are not just in charge of logistics. They play a vital role in helping families navigate one of the most challenging times in their lives. They provide emotional support, guide families through funeral arrangements and ensure the service honors the deceased’s life.
2. Community Involvement
Funeral directors are often deeply involved in the communities they serve, volunteering with local nonprofit and community organizations, sponsoring little league teams and organizing collections for troops overseas. This sense of community extends beyond the immediate responsibilities of the job, as many funeral directors take on the role of mentors and leaders, guiding the next generation of professionals.
“As I look ahead to the next 15 years of my career and beyond, I ask myself one question and encourage others to do the same, no matter what career they are in: Are you doing the work to inspire a new generation of leaders and being the person you needed when you first started out?” said Allyse Worland, CFSP, licensed funeral director. “For me, the answer is always yes, and I am excited to see what the future holds.”
3. Ability to Own a Business
A career in funeral service offers the opportunity to own your own funeral home. With experience and business skills, you can manage and grow a company that provides essential services to your community. It’s a unique blend of compassion and entrepreneurship, allowing you to make a meaningful impact while running a successful business.
If you’re looking for a meaningful career that combines purpose, community and the opportunity for growth, funeral service might be the path for you. With the occupation’s demand for skilled professionals on the rise, now is the time to consider how you can make a difference in the lives of others while shaping the future of a growing profession.
Learn more about the career path and take a quiz to determine whether it’s right for you by visiting rememberingalife.com/careers.
Photo courtesy of Shutterstock
SOURCE:
National Funeral Directors Association
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