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  • ⚠️55 & UpSides #0013: Detect deception? | Policy gotchas | House hacking?

⚠️55 & UpSides #0013: Detect deception? | Policy gotchas | House hacking?

Author

Ronnie Mac James
December 2nd, 2024

First time reading? Get your free subscription here. This newsletter’s goal is the extinction of information overload for folks like me who are aged 55 & up. Easily unsubscribe below if you got here by some freak interwebs mishap.
 
Morning 55&UpSiders,

Here’s what I’m covering for you today in a blink…
  • Quick visual breakdown on How To Spot A Liar
  • Curated topics affecting us & Good News stories
  • Feature Story: Insurance Gotchas
  • Today’s Poll
  • Face The Facts (& do something about ’em)
  • Hidden alternative solutions for our 55+ crowd
  • 🍩Reply to this email with “donut” for a chance to win a Dunkin Donuts gift code!
 
 

How To Spot A Liar

 

Spotting lies is a self-defense skill in more ways than one. See how liars tell on themselves.

 
Detecting Deception
 
The main reason people in our 55+ crowd get snookered by liars, cheaters, & scammers? These bad guys & gals rarely look like villains. Being friendly, well-spoken, & dressing nicely are part of the lies.
 
 

Curated Countdown

 
🕙  3 Companies With Frequent Stock Splits & Why It Matters To You

🕘  Surprising Upsides To Aging (+How To Max Them Out)

🕗  Protecting Your Skin From Jack Frost (Video)

🕖  Slight Sleep Changes Help With Longevity

🕕  What’s Singapore’s Secret To A Longer, Happier Life?

🕔  United Way’s 211 For Caregivers

🕓  Did You Know Many Local EMCs Have Grants To Help Seniors?

🕒  When It’s Time To Give Up Driving (1st-Hand Account)

🕑  Cost Of Living Keeping Separated Couples Shacked Up Together

🕐  Italian Newspaper Report: 80% Of Americans Will Be Obese By 2050
 
 

Feature Story

 

Insurance Gotchas

 

The problem is...

  • Many seniors underestimate insurance needs or overestimate their coverage
  • Insurance policies are tough to understand
  • Premiums spike unexpectedly, especially for 55+ folks
  • Late enrollment penalties can increase costs
  • Pre-existing conditions can limit coverage options or raise premiums
 
 

How you can get involved to help

  • Participate in community education programs about insurance planning
  • Support initiatives for fair insurance practices
  • Volunteer with organizations that help seniors navigate insurance options
 

Roadblocks

  • Frequent changes in policy terms & coverage
  • Difficulty comparing different plans
  • Regulation changes & updates
 

Upsides & ways to beat roadblocks

  • Annual reviews help you find better coverage or lower premiums
  • Some states offer special enrollment periods or senior protections
  • Bundling different types of insurance can lead to discounts
  • Medicare Advantage plans may offer additional benefits beyond Original Medicare
  • Working with independent insurance agents can help you navigate options
 

5 takeaways

  • Never assume your insurance covers everything – read fine print
  • Enroll in Medicare on time to avoid late enrollment penalties
  • Review policies to ensure they still meet your needs
  • Consider future health needs, not just your current situation
  • Don't assume pre-existing conditions don't matter – they can affect your ability to change plans later

My dad got sold a cancer policy that was pretty worthless. It was double coverage, basically. He got those premiums refunded to him. Still, he could’ve invested that $470 he paid out each year… for 29 years.
 

What's your biggest financial worry about retirement?

Login or Subscribe to participate in polls.

Face The Facts (then punch ’em in the nose)

Know the facts so you can overcome or take advantage of them.

 
5)  Roughly 1 million Americans are injured annually from falling on ice & snow (CDC)

4)  Average health-related expenses accounted for 13.6% of Medicare households’ total spending in 2022

3)  About 1 in 4 of today’s 20-year-olds will become disabled & entitled to Social Security disabled worker benefits before reaching age 67

2)  Volunteerism typically spikes by about 50% during November & December

1)  45% of Americans have no retirement savings

👊Let’s punch lack of retirement savings in the nose.

Ways to boost retirement savings:
  • Take full advantage of catch-up contributions in IRAs & 401ks
  • Start a side gig, then funnel that income directly into savings
  • Downsize your home, invest the proceeds
  • Look into dividend-paying stocks for passive income
 
 

Solutions You May’ve Never Heard Of

 
Sometimes, we get spun out on the road to financial well-being. My buddy once bought a bunch of giant birds as an investment (emus did not pay off!) Don’t worry… there are creative ways to bounce back, stretch your dollar, & have fun doing it.
Extra Revenue Using Your Property
 
House Hacking
  • Rent out a spare room or garage space
  • Can significantly reduce housing costs
  • Provides social interaction & potential help around the house
 
Bartering Communities
  • Exchange goods & services without money
  • Great for skills like tutoring, handyman work, tech help, or cooking
  • Builds community connections while saving cash
 
 
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The upside’s always worth looking for,
Ronnie Mac James
Ronnie Mac James

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