Injured while Traveling? How to Prepare for the Unexpected.

Baby Boomer Going Like Sixty Posted on by

We’re heading to Africa and getting wrecked while on the Dark Continent has been on my mind. Of course, you can get wrecked anywhere.

Imagine, you spent your whole life wanting to get on a plane and see the bright lights of NYC. Your vacation is going great until you slip and break a leg on a wet floor of a hotel lobby or you suffer an injury when another driver bumps into the taxi cab you are driving in. Life happens – it’s what you do next that really matters.

Injured while traveling? Here’s what you do.
SEEK IMMEDIATE MEDICAL ATTENTION
CALL FOR A CONSULT WITH A PERSONAL INJURY LAWYER.

In fact, the sooner you can seek medical attention the better. The faster and more in-depth your medical injuries are documented and recorded – the more helpful they will be to your case.

When you are injured as a result of someone else’s negligence – it is imperative that you contact a professional and accredited personal injury lawyer. If you incur a serious injury that has or will cause you hardship, further medical issues or financial devastation and loss – then you need to be hunting down a PI Lawyer that can help protect your interests and keep you from losing your shirt financially over someone else’s egregious mistake. No matter where you are when the event happens, Louisville, New York City, Detroit, Seattle, it’s easy to do a quick internet search and find out what your options for representation are in your area. For example, a search for personal injury law firm new york will not only put the offices of various lawyers on a google map for you – but also provide you with the web pages containing their specific contact information, like this page for example from a personal injury law firm New York has to offer.

Choosing a Lawyer

Negligence injuries are very common – regardless of whether the people are in their hometown or traveling in another state. Unfortunately, because many people don’t know what their options are and what steps they should be taking – those who fall victim while traveling or on vacation often end up at a loss, taking on their own medical bills and receiving no help with time away from work and lost wages.

One of the most important things you need to know about hiring a personal injury lawyer is this. If you are injured while traveling – you need to hire a lawyer who is licensed to practice in the state that you were injured.

I know that most people would immediately want to call their family lawyer to start their PI case – however, only a lawyer who is licensed in the state of the party you suing will be able to help and represent you. Your lawyer can certainly be a great asset as far as personal advice – but each state’s laws are inherently different so you are going to want a lawyer that is knowledgeable in the laws of the state where your case is being heard.

Why a personal injury lawyer?

There are several different kinds of lawyers out there – and while they do all go through the same basics training – most lawyers do niche down and specialize in one particular area of law. Personal injury law is a section of the law that deals with tort laws. Tort laws cover private or civil wrongdoings – including accidents and injuries. PI lawyers are trained and specialized in the laws that matter when it comes to helping you recover damages for accident cases, which is why they are the best match for the job.

What Constitutes a Personal Injury?

A personal injury includes any type of injury to a person’s mind or physical body. Some of the most common types of personal injuries incurred while traveling and vacationing include:

Auto Accidents
Pedestrian Accidents
Boating Injuries
Slip and Fall Injuries
Burns
ATV/Bicycle-related injuries

No matter where you are or where you are traveling to – things happen. Just because you are the victim of an unfortunate accident does not mean that you have to STAY a victim. The most important thing you can do for yourself is to find yourself an experienced advocate who can help get you the compensation you are entitled as a result of someone else’s negligence.

Facing Unforeseen Challenges After Retirement

Baby Boomer Going Like Sixty Posted on by

Are you getting ready to retire? Stocking up on F Dollars or Cotton?

Or maybe you have a few more years to go yet but are concerned about how you’ll adjust to life after retirement. While looking forward to relaxing, traveling and getting some projects wrapped up around the house is what everyone looks forward to, there may be some unexpected changes that you didn’t expect, such as changes in your insurance and taxes just to name a few. Here are a few things to consider ahead of time, so there are no surprises down the road.
Needing Emergency Funds
An unforeseen emergency, accident or an adult child needing funds right away are common problems many retirees face. If you need to grab some cash, there are a few ways to do it. You can take money out of your savings account without penalty, but you’ll need to find ways to replenish it as well. You can refinance your home or take out a second mortgage, but make sure you get an excellent rate so you can pay it off quickly. Avoid things like obtaining a reverse mortgage, which gives you fast cash but then the bank will own your home. This is not a positive solution for a short-term problem. If you’re having problems with your estate or taxes on your home, consult with a reputable tax attorney right away.
Tax Penalties
Once you reach 60, you won’t have to pay a tax penalty on most IRAs. This is a good thing and allows you to use that money toward your retirement expenses and other investments you wish to acquire. The only thing you’ll have to be careful of is any withdrawal has to be claimed as income; therefore it may place you in a much higher tax bracket at the end of the year. Also keep in mind that at age 70.5, it’s recommended that you make the minimum distributions from your 401k or IRA or you will face a hefty tax penalty that is equal to half of what you should have taken out from the plan. Now is the best time to consult with your financial advisor so he can come up with a precise plan to ensure that you are getting the most cash in your pocket, penalty and fee free.
Not Having Enough Life Insurance
Not everyone likes to think about final expenses. It’s something that every working adult should be putting their money into as early on as possible. But even after paying into a decent life insurance policy, you may have just checked it only to realize there is not nearly enough to cover all of your assets. In addition, there may not be enough to leave all of your children or grandchildren a decent inheritance. Calling your insurance agent to go over more coverage is a good thing to do now rather than later. Because you already have a policy in effect, it’s easier to make changes. If there is no way to add to the policy, you may have to supplement it or add another policy that will coincide with it. Depending on your payment history and the amount of coverage you currently have, it should be easy to qualify for an additional payout. The only drawback is depending on the terms of the policy, you may have to submit to a physical exam and because of your age, you may be penalized.
Getting the Most out of Your Health Care
Turning 65 and also getting ready to retire means you’ll have more time to do the things you couldn’t do all the years you were working. But if your health is not in the best of shape, you won’t be doing any extracurricular activities or traveling. So taking care of yourself should be a high priority. If you’ve found that your health care costs more than your monthly premiums, it’s time to shop for some supplemental health insurance. Your first contact should be Medicare (during open enrollment) to sign up for a new plan that fits within your budget. From there, be sure to get on a prescription plan that will help curb the costs of high price medications. Also, you may be able to contact the manufacturer of your medication, they might be able to offer some of your medications to you at no or low cost. Think about adding a private insurance carrier as a secondary insurance. This may curb some of the costs that your primary insurance doesn’t cover.
There are many ways that you can make your retirement a positive one. Avoiding the pitfalls of bad financial choices is the first step toward a happy and successful retirement.

Which Investment Strategy is Right for You?

Baby Boomer Going Like Sixty Posted on by

Just took a required minimum withdrawal from my IRA’s to keep Uncle Sam happy.

I don’t expect a thank you from The Donald.  He doesn’t know about paying taxes.

You probably already know that you should invest your hard-earned money so you can retire comfortably and never have to worry about money while completing everything on your bucket list. A good strategy is to invest your money on a regular basis, watch it grow steadily and when you’re ready to retire, cash in your bundle. Sounds simple, right? It isn’t. In fact, it can be quite complex. Luckily, with a little knowledge, some patience, and professional advice, you can devise a strategy that will help meet your goals, regardless of your age or income. 

The trick, of course, is to choose an investment vehicle that is right for you and your goals. Here is a breakdown of just a few of the most common investment strategies: 

Real Estate 

Real estate can be a lucrative, albeit frustrating, investment for several reasons. “Flipping” houses can net you thousands of dollars in just a few weeks if you do it right. Flipping a house means buying it for an undervalued price (a home that’s being foreclosed on, for example) and then doing a few repairs or upgrades, then selling it for a much higher price. Unfortunately, flipping is a risky venture and many people stay away from it. You need to keep an eye on the market, and if you buy at the wrong time, then try to sell it when the market is down, you may lose some or all of your investment. 

You can buy a home and become a landlord; this is more of a long-term option and can net you a steady income for years to come. Before purchasing, know the type of neighborhood you’re buying into, and vet your potential tenants carefully. 

Foreign Currency

There are several ways to invest in Foreign Currency. FOREX, or Foreign Exchange, is a 24/7 market in which currency pairs are traded. Examples of currency pairs are the U.S. and Canadian Dollar (USD/CAD), and the Euro/US Dollar (EUR/USD).  Essentially, you are betting that one currency will go up and the other will go down within the pair that you are trading. These are bought and sold according to the up-to-the-minute prices or exchange rates. Because currency exchange rates change constantly, it’s important to set stop limits on your order so you can protect your initial offering. 

Other foreign currency investment vehicles include Exchange Traded Funds and Foreign Currency Futures 

While there is a learning curve to investing in foreign currency, it can be a lucrative way to make and invest your money. 

Mutual Funds/Stocks

While day-trading has become popular among ‘get rich quick’ strategists, investing in stocks and mutual funds are best entered for the long term. Do some research and talk to an investment broker to discuss which funds and stocks are best for you. Consider your overall risk personality and your goals to devise a plan that you’re comfortable with. 

Tangible Items 

Some people like to see their investments, not just a piece of paper telling them what they own. If this sounds like you, consider investing in things like gold bars, antiques, collectibles, or art. Again, you’ll have to do your research in order to ensure you’re buying authentic pieces and fine art. 

How to Decide: 

It’s important to consider your overall goals for both the long-term and short-term goals. Do you have kids that you need to put through college? Do you want to travel when you retire, or do you want to see the world while you’re young? How long before your mortgage is paid off? The answers to these questions will help you decide whether to invest in something long-term, short-term like FOREX safe and balanced, like mutual funds or risky, like cotton futures. 

Related Posts with Thumbnails