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Need to Know Tips for Successful Retirement Financial Planning

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Everyone wants to enjoy a comfortable retirement life after years of labor in the workforce. However, to turn that dream into a reality, you need to have a plan in mind and a lot of effort to back it up.

According to a GOBankingRates.com study in 2019, about 64% of workers had less than $10,000 saved up for retirement. Moreover, workers that were 50 years old and above reported that they had no retirement savings. Some of them might have been relying on a pension to survive, but most of the workforce seems to be in a financial retirement crisis. 

As a result of a lack of awareness regarding financial planning, many retiring workers suffer from not having enough to live out their retirement years in peace and comfort. Keep your future secure as we guide you on several tips to plan out your financial retirement goals ahead of time.

Evaluate your Current Position

When saving for retirement, planning for the longer-term future is a good frame of mind. Planning ten years ahead or retirement, evaluating your current situation and considering if you can make enough to last you through retirement can give you a good start on saving a large sum.

First, start by assessing how much you have already saved away for retirement. These can include the expenses you have in an Individual Retirement Account (IRA), workplace retirement plans such as a 403(b) or 401(k), and taxable accounts should you need to use them. The only thing you will not be adding into your total assessment count is the money saved up for large future purchases or emergencies. 

Investigate Income Sources

To bulk up on more finances, figure out where all your income is coming from and how you can make the most of it to improve your retirement financial planning.

To improve your retirement financial planning, figure out where all your income is coming from and how you can make the most of it. You can opt for Social Security benefits if you meet the requirements; work history, career earnings, and the age limit from where you can acquire benefits. Other income sources that can help improve retirement savings can include pensions and part-time jobs.

Think About Retirement Goals

Your retirement goals are an important factor that determines the budget of your retirement savings. Depending on your lifestyle you will have to calculate several expenses to have an estimate of how much you should plan to save.

Whether it’s living a quiet life in a small house or purchasing a bigger property to move in with your family, factors such as housing, transportation, groceries and even leisure activities are to be considered in determining financial goals. Some of the most common expenses during retirement years are medical-related such as doctors’ appointments, purchasing prescribed meds, etc. 

Once you have a clear estimate of all your expenses, you can create and follow a budget to know how much you need to save on an annual basis to meet your financial retirement goals.

Do you still have questions that need an answer? Consider asking the assistance of a wealth manager. With an emphasis on protecting finances against market loss and coaching on effective ways to financially plan for future goals, Ty J. Young, CEO and founder of Ty J. Young Wealth Management Inc. is an esteemed wealth manager who has offered a helping hand to many individuals and business owners on how they can manage their money.

The idea of Bigtime Daily landed this engineer cum journalist from a multi-national company to the digital avenue. Matthew brought life to this idea and rendered all that was necessary to create an interactive and attractive platform for the readers. Apart from managing the platform, he also contributes his expertise in business niche.

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Business

Turning Tragedy into Triumph Through Walking With Anthony

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On the morning of February 6, 2010, Anthony Purcell took a moment to admire the churning surf before plunging into the waves off Miami Beach. Though he had made the dive numerous times before, that morning was destined to be different when he crashed into a hidden sandbar, sustaining bruises to his C5 and C6 vertebrae and breaking his neck.

“I was completely submerged and unable to rise to the surface,” Purcell recalls. “Fortunately, my cousin Bernie saw what was happening and came to my rescue. He saved my life, but things would never be the same after that dive.”

Like thousands of others who are confronted with a spinal cord injury (SCI), Purcell plunged headlong into long months of hopelessness and despair. Eventually, however, he learned to turn personal tragedy into triumph as he reached out to fellow SCI victims by launching Walking With Anthony.

Living with SCI: the first dark days

Initial rehabilitation for those with SCIs takes an average of three to six months, during which time they must relearn hundreds of fundamental skills and adjust to what feels like an entirely new body. Unfortunately, after 21 days, Purcell’s insurance stopped paying for this essential treatment, even though he had made only minimal improvement in such a short time.

“Insurance companies cover rehab costs for people with back injuries, but not for people with spinal cord injuries,” explains Purcell. “We were practically thrown to the curb. At that time, I was so immobile that I couldn’t even raise my arms to feed myself.”

Instead of giving up, Purcell’s mother chose to battle his SCI with long-term rehab. She enrolled Purcell in Project Walk, a rehabilitation facility located in Carlsbad, California, but one that came with an annual cost of over $100,000.

“My parents paid for rehabilitation treatment for over three years,” says Purcell. “Throughout that time, they taught me the importance of patience, compassion, and unconditional love.”

Yet despite his family’s support, Purcell still struggled. “Those were dark days when I couldn’t bring myself to accept the bleak prognosis ahead of me,” he says. “I faced life in a wheelchair and the never-ending struggle for healthcare access, coverage, and advocacy. I hit my share of low points, and there were times when I seriously contemplated giving up on life altogether.”

Purcell finds a new purpose in helping others with SCIs

After long months of depression and self-doubt, Purcell’s mother determined it was time for her son to find purpose beyond rehabilitation.

“My mom suggested I start Walking With Anthony to show people with spinal cord injuries that they were not alone,” Purcell remarks. “When I began to focus on other people besides myself, I realized that people all around the world with spinal cord injuries were suffering because of restrictions on coverage and healthcare access. The question that plagued me most was, ‘What about the people with spinal cord injuries who cannot afford the cost of rehabilitation?’ I had no idea how they were managing.”

Purcell and his mother knew they wanted to make a difference for other people with SCIs, starting with the creation of grants to help cover essentials like assistive technology and emergency finances. To date, they have helped over 100 SCI patients get back on their feet after suffering a similar life-altering accident.

Purcell demonstrates the power and necessity of rehab for people with SCIs

After targeted rehab, Purcell’s physical and mental health improved drastically. Today, he is able to care for himself, drive his own car, and has even returned to work.

“Thanks to my family’s financial and emotional support, I am making amazing physical improvement,” Purcell comments. “I mustered the strength to rebuild my life and even found the nerve to message Karen, a high school classmate I’d always had a thing for. We reconnected, our friendship evolved into love, and we tied the knot in 2017.”

After all that, Purcell found the drive to push toward one further personal triumph. He married but did not believe a family was in his future. Regardless of his remarkable progress, physicians told him biological children were not an option.

Despite being paralyzed from the chest down, Purcell continued to look for hope. Finally, Dr. Jesse Mills of UCLA Health’s Male Reproductive Medicine department assured Purcell and his wife that the right medical care and in vitro fertilization could make their dream of becoming parents a reality.

“Payton joined our family in the spring of 2023,” Purcell reports. “For so long, I believed my spinal cord injury had taken everything I cared about, but now I am grateful every day. I work to help other people with spinal cord injuries find the same joy and hope. We provide them with access to specialists, funding to pay for innovative treatments, and the desire to move forward with a focus on the future.”

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