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8 Things Retirees Should Know

Retirement can be a time to slow down, relax, and enjoy life, but it can also come with its fair share of challenges. For anyone embarking on their retirement journey, here are eight financial and lifestyle considerations to keep in mind:

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MILWAUKEE (Newswire.com) – Northwestern Mutual: Retirement can be a time to slow down, relax, and enjoy life, but it can also come with its fair share of challenges. For anyone embarking on their retirement journey, here are eight financial and lifestyle considerations to keep in mind:

1. Their budget: Retirees will want to have a good idea of all their retirement finances, including both their yearly and monthly budgets. This can help them make informed decisions about their spending and figure out how much they can afford on things like travel, new hobbies, and other activities.

2. How to get the most out of their money: Many retirees worry about whether they are making the most of their retirement savings. Retirees may want to consult a financial advisor to help sort out this information and provide guidance on how to make the most of one’s money. From tax-efficient withdrawal strategies and a plan to weather market volatility, financial advisors can help turn a lifetime of savings into guaranteed income retirees don’t have to worry about.

3. Their downsizing options: For some retirees, downsizing is a great way to simplify their life (and save money). Understanding what the options are for relocating to a smaller home can help retirees make an informed decision about what is best for them. It can help to get in touch with a real estate agent and discuss what options are available.

4. Their travel plans: Many retirees see retirement as a time to travel and see new places. For retirees who want to prioritize travel, it can help to plan ahead and research different travel options. Advance planning can allow retirees to keep an eye out for the best deals and make the most of their time.

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5. How they plan to spend their free time: Retirement can be a great time to pursue new hobbies and interests. Some retirees may want to volunteer, take up a new sport, or join social clubs. Having a rough plan for how they want to spend their time can help retirees make the most of their retirement.

6. Their social circle: For some people, retirement can be a time to reconnect with old friends and family. Others may find that their social circle changes as they meet new people. Understanding how they prefer to socialize can help retirees make conscious decisions and plan for their retirement years.

7. Whether they want a retirement hustle: Some retirees find that they want to stay active and busy in retirement by starting a small business or working part-time. A job or small business can also provide a source of supplemental income. Retirees who choose to have a retirement hustle will also want to consider how to set up their business and whether they prefer to live close to work.

8. Their estate plan: Retirement can be a good time to review one’s estate plan and make sure that it is up-to-date. This can include things like wills, trusts, and power of attorney documents, and updating beneficiaries for any permanent life insurance policies, like universal life insurance and whole life insurance. Talking to an attorney about these matters can help retirees ensure that their wishes are carried out. 

Source: Northwestern Mutual

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Automotive

Electric vehicles helping drivers to reduce their bills

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  • 90% of vehicle-owning US households could reduce their bills as well as their carbon footprint by switching to electric vehicles. 
  • 85 million households could halve their transport bills by going electric compared to just 25 thousand households if they switched to newer, gasoline-fuelled cars. 
  • Adopting an electric vehicle would more than double the number of US households with low transport costs, spending less than 2% of their annual income on transport fuels. 

Newswise — Drivers in Washington, California, and New York are set to see the greatest reductions in transport costs and greenhouse gas emissions due to a combination of cleaner power grids and low electricity prices in comparison to gasoline prices, among other factors.  

Over 90% of vehicle-owning US households could slash their greenhouse gas emissions as well as their transport costs by switching to electric vehicles. A study maps the change in annual income spent on transport fuels for vehicle-owning US households upon adopting electric vehicles.  

US households are highly dependent on private vehicles, with over 80% of journeys taken via personal cars. These journeys are not only bad for the environment and public health, but they are also expensive: around 67% of US households are currently considered to have medium-to-high travel costs, spending greater than 2% of their annual income on transportation. 

“Joshua Newell, co-author of the study and Professor of Environment and Sustainability at the University of Michigan, says: “As the need for decarbonisation becomes increasingly urgent, it is crucial that we identify where and how we can reduce greenhouse gas emissions, starting with assessing the long-term affordability of electric vehicles. Our results show that not only are electric cars better at reducing greenhouse gas emissions, but in most cases, they are cheaper to run too.” 

Study evaluates the cost-effectiveness of switching to electric vehicles in comparison to new gasoline-fuelled vehicles, for different regions across the United States. The results show that 71% of US drivers could halve their transport bills by going electric. In comparison, just 0.02% of drivers would see the same reduction in fuel costs by switching to newer, gasoline-fuelled cars. 

Moreover, the team found that adopting an electric vehicle would more than double the number of US households with low transport costs, spending less than 2% of their annual income on transport fuels. Nationwide, this equates to over 80% of vehicle-owning households. 

“Our research contributes to the topic of energy justice, ensuring participation in the energy system is equitable, affordable, and accessible for all. We are hopeful that this study will inform people on where significant, affordable reductions in greenhouse gas emissions can be made. For the majority of people, the ongoing fuel cost of electric vehicles will be even lower than adopting newer, more efficient gasoline vehicles. However, the prominent differences across the nation emphasize the need for a regional approach to electric vehicle transitions,” concludes Jesse Vega-Perkins, lead author of the study. 

Source: Institute of Physics (IOP) Publishing

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https://iopscience.iop.org/article/10.1088/1748-9326/aca4e6

https://stmdailynews.com/category/science/

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financial wellness

5 Ways to Get Your Finances Back on Track in the New Year

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NEW YORK (Newswire.com) – iQuanti: The New Year is here, and it’s the perfect time to get your finances back on track. Whether you want to save for retirement, pay off debt, or just try to manage your money better, there are multiple ways to help you reach your financial goals. This article will provide some tips on how to get your finances back in order this year. From budgeting and tracking expenses to creating a plan or getting a loan to pay off high-interest debt, these solutions can help you get your finances back on track in no time. With some dedication and hard work, you’ll be able to achieve financial success in 2023. 

1. Create a budget: A budget is essential when it comes to managing your money effectively. Take the time to figure out where your money is going each month and what expenses are necessary versus unnecessary. Once you have an idea of where all your money is going, create a monthly budget that will help you stay within those boundaries. This way, you know exactly what expenses you can afford and the amount of money that can be saved.

2. Track your spending: Knowing where your money is going will help you stay on track with your budget. Start by tracking all your purchases for a month so that you can see where your money is being spent. This will not only help you stay in line with your budget, but it will also help identify any unnecessary expenses or overspending that may need to be addressed. 

3. Refinance your credit cards: If you have high-interest credit cards, consider refinancing them with a lower interest rate. Refinancing your credit cards can help you save money in the long run, as it will reduce the amount of interest you are paying each month. 

4. Make a plan for the future: Once you have created a budget and tracked all of your spending, it’s important to start thinking about the future. Establish financial goals, such as saving money for retirement or paying off debt, then create a plan for how you will reach those goals. Some solutions may include setting up an automatic savings plan or making more payments to reduce debt faster.

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5. Consolidate your debt: If you have multiple debts, it may be a good idea to consolidate them into one loan. This will reduce the amount of interest that you are paying, as well as make it easier to manage all of your payments in one place. The best way to do this is by seeking out a loan consolidation service or talking to a financial advisor about what options are available. 

As you begin this new year with renewed determination, taking a few moments to evaluate your finances and take specific steps can result in significant savings of both time and money. By following these tips and making small changes throughout the year, you can get your finances back on track in no time. With some dedication and hard work, you’ll be able to achieve financial success in 2023.

Source: iQuanti

https://stmdailynews.com/category/lifestyle/business/financial-wellness/

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financial wellness

How Many Hard Inquiries Is Too Many?

Your credit score provides lenders a way to measure how likely you’re able to pay back a loan or credit card balance. They perform a hard credit check to check your score

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NEW YORK (Newswire.com) – iQuanti: Your credit score provides lenders a way to measure how likely you’re able to pay back a loan or credit card balance. They perform a hard credit check to check your score, also called a hard inquiry.

This slightly dings your credit score temporarily, but responsible use of credit quickly outweighs the damage. The trouble comes when you incur too many hard inquiries at once — this can do a lot more damage and cause credit application denials. This article will explain how hard inquiries work and dive into how to remove hard inquiries from your credit report.

How do hard inquiries work?

Lenders run a hard inquiry on you when you apply for new credit, such as new credit cards or loans. This lets them look over your credit score and history to make a lending decision. Many hard inquiries within a short time may be treated as one hard inquiry for certain types of loans, like auto and home loans. Credit bureaus understand the importance of rate shopping for these loans, so all hard inquiries within a couple of weeks may be lumped into one.

How hard inquiries impact your credit

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Hard inquiries temporarily lower your credit score. When you don’t have much of a credit history, they can have a larger impact. They also reduce your chances of getting approved for new credit if you apply too soon. For instance, if you apply for a loan one week after getting a new credit card, you may be denied despite having a good credit score.

Hard inquiry effects fade after one year. Each hard inquiry falls off your report completely after two years. So, applying for credit sparingly can minimize credit damage.

In general, having six or more hard inquiries is seen as too many. Having this many hard inquiries can significantly impact your score and make lenders more likely to deny you, even if your score is otherwise sufficient.

How can I remove hard inquiries from my credit report?

As mentioned, hard inquiries are automatically removed from your credit report two years following the date they were run. You can’t remove legitimate hard inquiries earlier than that. For instance, if you apply for a credit card on Jan. 1, 2022, it will be removed from your report on Jan. 1, 2024.

That said, errors can happen. The credit bureaus may fail to remove hard inquiries from your report after two years, or you may get a hard inquiry through error or even fraud. Request your free annual copy of your credit report from all three bureaus and look for these errors. 

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If you see any you don’t recognize, do some research first — sometimes, the card issuer’s name doesn’t match the name of the company that actually manages the card. For instance, a retail store credit card account might be listed under the partner bank’s name instead of the store name. 

If the hard inquiry is truly an error, file a dispute with each bureau immediately. Consider freezing your credit if you suspect fraud and stay in communication with the bureaus until the inquiry is removed.

Keep hard inquiries to a minimum

Hard inquiries may hurt your score temporarily, but the long-term positive credit history you can build is well worth it. Since six or more hard inquiries are seen by lenders as problematic, and hard inquiries fall off your report after two years, wait at least six months between new credit applications. 

Additionally, check your credit every year by requesting your free annual report from the three bureaus and dispute any hard inquiries that look incorrect. Keeping your hard inquiries down and cleaning up your report will allow you to enjoy the benefits of responsible credit usage to the fullest.

Source: iQuanti

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