How Baby Boomers Can Save for the Future While Enjoying Life Today

Hard times are unavoidable in this life. As the old saying goes, we all face our share of troubles, such as death, dying, and taxes. As unfortunate as that knowledge might be, the good news is that our fear of the inevitable doesn’t have to spell an end of the ability to enjoy ourselves.

Baby Boomers are so focused on being frugal that they are forgetting to enjoy their Golden Years. The recession made a dent in the financial wealth of many Boomers, creating higher mortgage debts than previous generations have had to deal with. This has led to many retirees having to cancel their plans to move to the beach and simply stay put in their family home instead. Meanwhile, many people are postponing retirement altogether and continuing to work.

Sure, there is certainly something to be said for living frugally. However, despite reports that frugality can contribute to happiness and optimism among aging generations, these difficult financial decisions can also cause one’s golden years to feel a little less bright. Therefore, it’s important to find a balance between preparing for the worst and living a full and enjoyable life. Some people spend so much time saving for a rainy day that they begin to feel unfulfilled, like life is slipping by without them being able to truly enjoy it.

Tips for Living Your Best Life at Any Age

 If any of this sounds familiar, here are some of some tips on how to be frugal while still enjoying yourself and living your best life at any age.

Rethink the Vacation

Remember in the good old days when going for a joyride was a great way to spend an afternoon? That day can be today, too. Who said a weekend trip had to involve a flight or an RV? Who said a vacation had to include a cruise to an exotic destination? Think outside the box for some affordable joy and nostalgia. You might reinvent one of your favorite trips from your youth. Or, you could consider taking a car tripinstead of a cruise. If you have a credit card, see if your purchases help you earn travel points toward free trips. There are many ways to save money while still making time for travel and vacations.

Invest in Your Health

As we age, one of the main concerns is our health. Many seniors are worried about their health, and it’s no wonder why. Recent research has estimated that one in three American seniors will experience a disability that requires long-term care. The uncertain future of health insurance, Medicare, and Medicaid are only adding to the stress, with a majority of seniors saying they are “nervous about the future of their health care.”

If you’re one of the many seniors who don’t have health insurance coverage, the statistics surrounding senior health can sound grim at best. Of course, it’s completely understandable that you would think ahead about your long-term healthand how to save up for any unexpected emergencies or medical bills. In addition to insurance coverage, there are also some options that you might consider for funding your own private, long-term health care as you age.

For instance, a Medicaid life settlement might work as a viable option. In fact, many states have recently passed laws protecting seniors. Under the new laws, seniors who are eligible for Medicaid no longer must surrender or lapse their policies in order to enter a Medicaid life settlement, making it a feasible way to finance medical care later in life.

Enjoy Your Golden Years

As you can see, there are many ways to save money during retirement while also enjoying the most wonderful years of your life. What are you waiting for? It’s time to live it up. By mindfully watching your spending habits while also incorporating some of the expert tips listed above, you can make the most of your golden years while still saving money for a rainy day.

Jim McKinley is a retired banker with a passion for helping others make the most of their hard-earned money. It is this passion that inspired him to start Money With Jim| Moneywithjim.org | [email protected]

Rich Insurance History

 Dickey McCay Insurance Agency is located in downtown Copperhill, Tennessee. With a rich history going back to the days of mining, railway, and beautiful blue ridge mountain heritage, an agency was formed in 1929 to help insure and protect the people and community.  In 1950, an individual by the name of William Rymer purchased the insurance agency.  He was a caring, customer oriented and community minded person who was very ethical in his business dealings.  This was important as he built his insurance business to promote integrity, community and support. Mr. Rymer cared for the people of Copperhill, Tennessee and surrounding area as he wanted the best for them and their families.  He understood the insurance industry and wanted to make sure those he cared about had the protection they needed as they worked hard for their money.

In early 2000, Mark Brooks and Leland Rymer purchased the agency from Mr Rymer and expanded upon on his vision of excellence by continuing to offer quality insurance and enhancing the product line to promote the integrity, care, and support Mr. William Rymer worked so hard to create over the years.  After sixteen (16) years of working together, Leland Rymer handed over the reigns to Mark, his business partner.  In 2016, Mark became the sole owner of Dickey McCay Insurance agency.  Over their sixteen (16) years of working together, Mark Brooks was instrumental in growing the agency by adding new insurance companies to offer valued products and services, educating their agents, valued clients and new customers while continuing to offer and add the best products and services at affordable and valued market pricing, and supporting the local and area community by participating in fund raising and charity events to help others. Mr. Brooks and his insurance team (administrative staff, managers, underwriters, accountant, insurance agents, etc.) believe it is important to give back to your community though the support of different events and activities such as the support of local schools with donations to various clubs and programs. Dickey McCay provides a happy Christmas experience to children in their local elementary schools that might otherwise not receive gifts. Also, various staff members coach youth softball teams, is active in the Fannin County Chamber of Commerce, involved in their local dirt track in Blue Ridge, and individual churches in various capacities. Yes, they truly do live by the motto, “We live, work and play” in the same places you do, so your life and well-being matters to us.

Since 2000, the agency has grown from a $1,000,000 size insurance agency to a $10,000,000 size insurance agency which means that Dickey McCay is continuing to grow and offer more products and services to the local community of Copperhill, McCaysville, and Tellico Plains, Tennessee to the surrounding areas of the Tri-State area such as Blue Ridge, Georgia, Murphy, North Carolina, Andrews, North Carolina, Blairsville, Georgia and down as far as the Atlanta, Georgia. The company can write insurance policies in Tennessee, Georgia, North Carolina, Alabama, Kentucky, Mississippi, and South Carolina.  If you have commercial lines of business or personal insurance needs, the company is expansive and can handle most small, medium and large business and personal insurance protection support.

Insurance Agency Expertise and Dedication

With its dedication and expertise, Dickey McCay Insurance has become a trusted and valued source for auto insurance, homeowners insurance, flood insurance,renters insurance, personal articles and marine inland insurance,business owners policies, cyber insurance, general liability insurance, workers compensation insurance, individual life insurance, individual and family health insurance, and group benefits such as group health insurance and group life insurance. When it comes down to it, insurance is all about people and protection, and at Dickey McCay they are there to serve their customer (you)to ensure the right product and service is provided at the lowest cost available.

Dickey McCay Hours of Operation

 As for service tools and resources to support their existing clients, new customers, and ensure the best service, Dickey McCay business hours are Monday-Friday 8:30 am to 4:45 pm, and on Saturday 9 am to 12 pm. This allows for their customers who are not able to visit any of their office locations through the week, the ability to visit them on Saturday.  They have a website (www.dickeymccay.com) which allows you to communicate with them, get to important information through their valued Internet links, or find valued information or resources you need. In addition, they offer multiple payment options to their customers, which include a client portal that allows 24/7 (24 hours a day and 7 days a week) customer access to your insurance information such as insurance cards, coverage information, etc.  Also, they have just introduced (launched) a new mobile app that allows you to file a claim, make a payment and complete other options to make doing business with them easier.

The goals of the Dickey McCay Insurance agency are to grow with new producers (insurance companies), double our production with our current staff, and in the near future, they would like to acquire a new location in a different geographic area to support their growing base of customers.  Their number one focus is to provide value-added services to their customer every time to ensure they are getting what they want when they need it and have the right coverage to be fully protected.

Farmers Mutual of Tennessee (FMT)

An example of a valued producer for Dickey McCay is their partnership with FMT (Farmers Mutual of Tennessee) as they allow us to offer additional options for customers who have homes in Tennessee. The underwriters are very easy to work with and provide excellent customer service.  Our motto is “We live where you live” and Farmers Mutual allows us to provide coverage to our customers in our very rural areas.  Without a super relationship like FMT, we couldn’t offer the different options for different clients across our geographic area of the Tri-State (Tennessee, Georgia and North Carolina).  Farmers Mutual of Tennessee is an excellent company with a great reputation of providing excellent products, services and support for our customers, which aligns with our core values.

Insurance Commitment and Value

In closing, Dickey McCay’s daily commitment and dedication to their customers sets them apart from their competition. They strive daily to provide the best customer service to each and every customer. They also have a wide variety of companies so they are able to offer varied levels of coverage depending on your need. Our agents are highly educated to be able to provide the best advice for our customer’s insurance needs.  If you have any questions regarding auto insurance, homeowners insurance, commercial or business insurance, flood, cyber, personal liability insurance or health insurance, Dickey McCay Insurance can help answer your questions and get you the support you need at the right price.  You can find them on the web at www.dickeymccay.comor call them toll-free at (855) 876-9779.

The fine people at Dickey McCay would enjoy hearing from you and will be glad to travel to meet with you if you can’t get in to see them.

Make it a great day!

Dickey McCay Insurance Team

What is the Difference Between ACV and RCV?

This is a type of question that people usually only think about once they have a monetary or significant loss. However, it is important to research these things before selecting home insurance coverage and to know what type of insurance policy you have along with the benefits for the homeowner or individual seeking coverage. ACV (Actual Cash Value) and RCV (Replacement Cost Value) are two different methods of determining the value of a covered loss.

This centers around the fact that homes, like almost everything in life, lose value over time. A roof wears out, flooring gets stained and scuffed, and paint needs an extra coat. Whether it’s something expected to last a long time like framing, or less time like an HVAC unit, every aspect of your home is expected to wear out eventually. And some policies factor the age and lifespan into the value of lost or damaged items when determining a settlement amount.

Actual cash value is defined as “The amount which it would cost to repair or replace covered property with material of like kind and quality, less allowance for physical deterioration and depreciation including obsolescence, and wear and tear.” This means that older and more deteriorated items will be settled at a lower amount than newer ones.

ACV policies are settled by starting with the replacement cost and then subtracting the deductible and depreciation. Below is an example:

Replacement Cost Value policies, however, also pay the amount of depreciation. In most cases, FMT will make an initial payment that is the ACV amount, but once they get verification that the work has been completed (usually by a Contractor’s Completion or a Certificate of Completion sent along with photos of the completed work), we release another payment for the amount of depreciation that was initially subtracted. This is called “recoverable depreciation.”

If you are not sure which type of policy you have, we recommend that you reach out to your local agent or call FMT Insurance at 1-800-824-9555.  At FMT, we have trained insurance professionals experienced in listening and providing the best insurance service to fit your specific need.  Don’t delay, call or contact us today!