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Powers of attorney are voluntary delegations of authority by the principal to the agent. The principal has not given up his or her own power to do these same functions, but rather has granted legal authority to the agent to perform various tasks on the principal’s behalf. A comprehensive power of attorney ensures someone you trust will be in charge of important decisions and tasks, from paying bills to monitoring health care, and is a crucial part of long term planning. Having covered the explanation of what a durable power of attorney is, here are the top 10 benefits of…
One of the ways to enjoy a comfortable retirement is by engaging in a chain of healthy behaviors that eventually form a lifestyle that enables you to thrive every single day. As your partner invested in your tomorrow, it is our duty to keep providing you with tips that help you make the most of your retirement. These 4 tips will help improve your lifestyle. Keep active Find ways to stay active and keep fit each day. Consider activities that you enjoy which maintains strength, balance and flexibility while promoting cardiovascular health. Physical activity helps you stay at a healthy…
Now that we’ve looked at what retirement planning is and the benefits of retirement planning, it is pertinent that we explore some guidelines for successfully planning your retirement at different stages of your life. Young Adulthood (21-35 years old) If you fall into this age bracket, you have sufficient time to let your investments mature which is an important and valuable factor in retirement planning. The reason for this is that you enjoy the benefits of compound interest which allows your retirement savings to earn interest and that interest to earn even more interest. This means that the more time…
Retirement is that time of life when a person chooses to permanently leave the workforce behind. In Nigeria, the average retirement age for those in the public sector varies between 55-60 years while some retirees who are fit and healthy often opt for a private employ when they retiree to either keep busy or meet up with expenses. Retirement can last for decades these days due to increased life expectancy and typically consists of multiple phases. Phases of retirement According to Late sociologist Robert Atchley who was around in the 1970s, retirement can come in six phases. Pre-retirement: This is…
Retirement planning is simply the preparation for life after employment ends. This preparation impacts all aspects of your life and not just your finances. The aspect that doesn’t require money include lifestyle choices like how to spend time in retirement, where to live, when to completely stop working and more. A well-rounded retirement plan should consider all these areas. However, the approach or emphasis a person puts on retirement planning changes throughout different life stages. Early career During this time, the emphasis should be to set aside enough money for retirement. You have the luxury of time to accumulate what…
The stock market can help you make a lot of money, if you invest knowing the nitty-gritty of the market. Here’s what you need to know Never jump blindly into stock markets It often happens that while talking to your friends and colleagues, the discussion heads towards the stock market, and also how the stock market helps investors make big money. You might never have invested in the market, but after hearing about all those things, you also decide to buy some stocks. This move is highly discouraged, because you are jumping in blind. You should invest in the stock…