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Money management tips for retirees BY METRO What constitutes a perfect retirement is different for every- one. Some people may imagine spending their golden years fishing their days away, while others may aspire to finally embrace their inner globetrotter. Although individuals' retirement dreams dif- fer, every retiree will need money, which only underscores the im- portance of a wise and disciplined approach to money management. Average life ex- pectancies have risen considerably over the past several decades. According to estimates from the United Na- tions Population Divi- sion, the average life expectancy in Canada for both sexes is just under 83 years, while it's slightly more than 79 years in the United States. Those figures are a welcome sign, but they may inspire a little fear among seniors who are concerned that they might outlive their money. No one knows how long they will live, but everyone can embrace a handful of money management strategies to increase the chances that they won't experience a fi- nancial pinch in retire- ment. Retirement accounts Every retirement investment vehicle, whether it's an IRA or a 401(k), has tax implications. Money withdrawn too early may incur tax penalties, and even money with- drawn long past retire- ment age could elevate retirees into a new tax bracket that could prove costly. A financial adviser can help retirees deter- mine the tax implica- tions of withdrawing money from their retirement accounts and may even develop a detailed guideline of when withdrawals should be made and how much should be withdrawn in a given year in order to mini- mize tax liabilities. Prioritize your needs Though retirees, particularly those with children and grand- children, may feel an obligation to help their families in difficult financial times, gener- osity can be very costly for adults who have stopped working. Re- tirees may or may not have opportunities to generate new income, and even those who do likely won't make enough to meet their daily financial needs. Given that reality, retirees must prioritize their own financial needs, including their immediate needs and those they will have for the rest of their lives. Though it might be difficult to turn down loved ones' requests for financial help, retirees must make sure they can pay their bills and maintain a quality of life that won't jeopar- dize their long-term health. Examine your housing situation Equity in a home is a feather in the cap of many retirees. Retirees who own their homes and live in locations with high property taxes might be able to cash in on their equity by selling their homes and downsizing to a smaller home with lower property taxes. If moving is not a con- sideration, talk with a financial adviser. Stick to a budget The U.S. Depart- ment of Health and Human Services reports that roughly 70 percent of individuals who turn 65 will need long-term care in their lifetimes. That's just one expense retirees must budget for, and it's more siz- able than some people may recognize. In fact, the Fidelity Retiree Health Care Cost Estimate found that the average retired couple age 65 in 2022 will need roughly $315,000 to cover health care ex- penses in retirement. And health care costs are just one of many expenses retirees can ex- pect to have. Budgeting and avoiding overspend- ing can ensure retirees have the money they need when they need it. No one wants to outlive their money in retirement. Various strategies can help re- tirees effectively man- age their money so they can enjoy their golden years without having to worry about their finances. apy notes that crafts that involve drawing shapes, cutting pat- terns and writing re- quire youngsters to use their fine motor coor- dination. Coloring, drawing and cutting also re- quire children to use their hands together, helping to develop and strengthen their hand-eye coordina- tion. That develop- ment can help kids perform a host of additional tasks, in- cluding tying shoes, buttoning coats and eating independently. Creativity Crafting presents a great opportunity for kids to explore their creativity. The Ameri- can Academy of Pedi- atrics urges parents to prioritize creative, unplugged playtime for infants and toddlers, and that can include time devoted to craft projects. Craft projects can include more compli- cated undertakings in which kids follow directions or they can simply allow kids to create something from their own imagina- tions. Each type of project involves creat- ing something new and encourages kids to develop their creative skills. Patience Parents know that patience is not neces- sarily a virtue of young children. Craft projects, particularly those that require cutting and gluing, do not provide instant gratification because they require multiple steps and time to dry before they're completed. North Shore Pediat- ric Therapy notes that such projects teach kids self-regulation because they require youngsters to exhibit self-control and patience until the project can be consid- ered finished. The classroom A 2018 report from the AAP noted that children who use their hands are strengthen- ing areas in the brain that are associated with spatial and mathemati- cal learning. This is an important benefit of crafting and one that the AAP report notes is not gained by kids who forgo physi- cal activities such as crafting for play that relies on interactive media. The benefits of crafting associated with spatial and mathemati- cal learning could help younger children once they begin their aca- demic careers. Crafting is a fun ac- tivity for kids and it's also one that benefits their development in some surprising ways. In addition, Sen- ate Bill 9, also known as SB 9, went into ef- fect at the beginning of 2022 and Perpetual Homes has already leveraged this bill to provide fee simple lot splits with single-fam- ily homes (up to 2,600 square feet) for some of their clients. SB 9 gives homeowners in many single-family zones the green light to build additional ADUs and single-family homes on their current property or subdivide their land into two separate parcels and sell one of the par- cels. Whether you've thought about a mul- tigenerational home, a guesthouse or a rental income stream, SB 9 offers the opportunity to build more on your existing homesite. With decades of ex- perience in real estate development and mar- ket analysis, Anderson acquires the highest- quality homes at the most affordable prices for her clients. Her vast network of pre- fabrication companies, engineers, architects and general contrac- tors makes the process of building an ADU much smoother. ADU prices start in the mid- $200,000s for a one- bedroom ADU. Whether you want to increase your prop- erty value, add a new source of income or provide housing for family members or renters, contact Per- petual Homes ADU for more information! Call (925) 309-0205 or visit www.perpetual homesadu.com to learn more. Content provided by Perpetual Homes Perpetual from page 4 Kids from page 4 H6 BAY AREA NEWS GROUP 001 Homes | Advertising Section

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