Monthly Tips
July 2023
TIP 1 Independence Day
There are many ways to celebrate the birth of a nation, from feasting to light shows. America has come a long way in 248 years, and when it comes to putting on a show, we spare no expense. WalletHub has compiled some of the numbers, and here are a couple highlights to share: 65% of Americans will be attending a cookout/barbecue/picnic, and Americans will spend an estimated $9.5 billion on food, and $3 billion on beer and wine.
42% will attend a fireworks show/community celebration, and last year an estimated $2.7 Billion on fireworks throughout the year.
Whether it’s your style to retrospect, perhaps rereading the Declaration of Independence, or sharing a meal and focusing on the present and future of America, from all of us at Garden State Trust Company: Happy Independence Day!
TIP 2 Dogs for Seniors
Did you know that owning a dog may help you live longer?
Read more about the benefits and difficulties to consider when it comes to pet ownership in our latest blogpost: Dogs For Your Health.
https://gstrustco.com/solutions-services/solo-agers/
TIP 3 Planning for Single Seniors
More and more seniors are finding themselves alone and without nearby relatives to help them with financial management. Persons in this situation will need to find an alternative—friends or professionals who can fulfill the roles that might otherwise be handled by family members.
For seniors the most vexing problems are associated with incapacity. If you become incapacitated, temporarily by illness or permanently through aging:
- Who will pay the bills?
- Who will track the investments?
- Who will make decisions about real estate?
- Who will make certain that taxes are paid?
- Who will balance the checkbook?
The first solution that comes to mind for these questions is the financial durable power of attorney. This document allows another person to step into your shoes, financially speaking, and make binding decisions on your behalf. A durable power of attorney may be as broad or as limited in scope as needed to make you comfortable. You’ll need to see your lawyer to have the power of attorney drafted and executed.
If you need assistance reviewing your Power of Attorney or any of your other estate planning documents, we are ready to help so please let us know.
https://gstrustco.com/solutions-services/boomers-beyond/
TIP 4 Why Dollar Cost Average Your Investments?
With the volatile stock market of the last few years, some investors may be rattled, wondering, “Am I hitting the market at its peak?” The fear of an immediate loss can paralyze investors, leading them to miss out on the market gains over a long period of time.
One way to overcome those objections, if you have a long-time horizon, is to dollar cost average your investments. By investing the same amount of dollars each month, you avoid missing the upside of the market (even if you capture the downside as well). For beginner investors, this may make the volatile market a little more palatable.
Interested in more investment strategies to reduce anxiety when it comes to investment planning? Let us know!
https://gstrustco.com/investments/investment-policy-formulation/