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Tracy Stewart, CPA
  • (979) 324-8179
  • (979) 324-8179
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Tracy Stewart, CPA

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  • (979) 324-8179
  • (979) 324-8179
  • Location
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Peace of mind through financial clarity.

5 Ways to Make the Kitchen a Safer Place for Mom

May 6, 2019 by Tracy Leave a Comment

Kitchen safety for aging parentsHelp your parents age-proof their kitchen! [Read more…]

Filed Under: elder planning, Working with investment advisors Tagged With: elder care, elder planning

3 Technologies for Senior Living

April 8, 2019 by Tracy Leave a Comment

Technology for senior livingIdeas for tech that will make senior life easier. [Read more…]

Filed Under: elder planning Tagged With: elder care, elder planning

Smartphone Safety for the Silver-Haired Crowd

March 18, 2019 by Tracy Leave a Comment

Smartphone safety for aging senior parents3 Tips to help seniors get the best from technology. [Read more…]

Filed Under: elder planning

Managing Your Aging Parents’ Affairs from Afar

February 25, 2019 by Tracy Leave a Comment

Managing long distance care for aging parents.Long-distance care and financial coordination for your parents can get tricky. [Read more…]

Filed Under: elder planning

Aging Parents and Debt

January 28, 2019 by Tracy Leave a Comment

Debt and aging parentsYour aging parents might be carrying a heavier debt load than you know! [Read more…]

Filed Under: elder planning

When Aging Parents Just Won’t Listen

January 14, 2019 by Tracy Leave a Comment

Talking with headstrong and stubborn aging parentsThink your aging parents are the only ones who are stubborn? [Read more…]

Filed Under: elder planning

After the diagnosis: 5 steps to sorting out the financial side of chronic illness

April 9, 2018 by Tracy Leave a Comment

5 steps to sorting out the financial side of chronic illness

Filed Under: budgeting, elder planning, personal finance, Retirement Tagged With: financial planning, healthcare, insurance, retirement

8 Budget-Friendly Ways to Continue Learning in Retirement

March 26, 2018 by Tracy Leave a Comment

A dog wears glasses.Who is ready to teach an old dog a few new tricks? [Read more…]

Filed Under: elder planning, Retirement, self-care Tagged With: aging, budget, financial planning, retirement

Is Patience the Key to Aging Gracefully?

March 6, 2018 by Tracy Leave a Comment

How do you age gracefully? Patience could be the key.

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Turning into a grumpy old person does not have to be an inevitable side-effect of eldering. [Read more…]

Filed Under: elder planning, Retirement, Uncategorized

Financial Literacy Tips for the “Seasoned” Crowd

February 26, 2018 by Tracy Leave a Comment

Even those who are money-savvy need timely reminders about maintaining great financial health.<!–more–>

The stereotype of clueless retirees confused by the world around is officially dead. Today’s grandparents are pros at using FaceTime to talk to their grandkids. They connect with old classmates and friends on Facebook and even use robo-advisor technology to invest some of their money.
And yet, financial matters can be complicated. From Social Security decisions to avoiding scams, even the savvy crowd needs just-in-time reminders!

Social Security: Get the Timing Right

Most people believe that you should press “start” on your Social Security benefits at 65 years old. While the specifics of what’s considered “full retirement age” vary between 65 and 67, retirees have the option of starting their benefits early or waiting longer. Opting for earlier benefits will reduce the monthly payment amount, while waiting longer (up to 70 years old) will increase it. There are pros and cons to both scenarios, so work with a trusted financial planner to understand your options.

Be Careful with Debt

College students aren’t the only ones who can get into trouble with debt! As you age, your chances of needing to cover medical expenses increase. If you live in an older home, it’s more likely to need repairs and maintenance. Credit cards and loans may seem like reasonable sources of cash when you need it, but you must be careful with debt. Recent studies have shown an increase in bankruptcies for the 65 plus demographic, with credit card interest and fees being the most frequently cited reason for the filing. So, do your due diligence before applying for a credit card or a loan. Take care to pay your bills on time, carry minimal to no credit balance, and guard your credit rating.

Don’t Talk to Strangers

OK, maybe some strangers aren’t so bad. However, stay away from those who try to get too close to you too quickly. They may not be who they say they are. If someone offers to get you in on an amazing investment that’s guaranteed to double your money in just 3 months, be on guard. Any offer that sounds too good to be true, comes with sales pressure, or forces you to sign something right now or forever miss out on the opportunity is a red flag.

Manage Your Budget

The tricky part of arriving at a certain age is that you don’t have as many decades ahead of you to fix mistakes. You may not be able to control the stock market or the interest rates, but you would do well by actively managing things that are within your control. Budgeting is a big part of accomplishing that. Know where your money is coming from and where it’s going. Maintain an emergency savings account to use as a safety net in the event of unexpected expenses. Finally, evaluate your own financial stability before offering your resources to someone else (like helping your son or daughter make this month’s car payment).

Check Your Investments

This is a step that is best done with a trusted financial advisor. Take time to review your investment choices and make sure that their risk is still appropriate for your life situation. Markets can be unpredictable, and the timing of the next downturn may well coincide with then you need the money. This does not necessarily mean that you should not be invested – just that your portfolio should be the right match for you today.

Financial Self-Defense for the Seasoned Crowd

Overall, smart money decisions at any age are about balancing common sense with good advice. Make sure that you have assembled a trusted team of professionals that you feel comfortable with. Don’t hesitate to ask questions and ask for explanations: you are capable of have a good grasp on your financial situation.

Finally, if you are looking for a resource on financial literacy, the Certified Financial Planning Board has published a great one! Financial Self-Defense for Seniors comes loaded with helpful explanations and practical advice.

Image credit: http://www.telegraph.co.uk/news/health/expat-health/11425012/How-to-make-your-health-insurance-work-for-you.html

Filed Under: elder planning, Financial Literacy, Retirement Tagged With: budgeting, financial planning, Social Security

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Thanks for all the help, advice and encouragement. It's a real pleasure learning from an informed, honest and caring person. I sleep so much better at night. Thank you for everything!
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