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Relocating? Do You Buy or Rent?

Okay. You’ve retired and now you’re thinking of moving to your dream state. When you arrive, do you buy a new home/condo or rent?

Here’s what the experts say…

Buying a home is good financial decision if you’re planning on owning for 10 years or more. Often times your dream state turns out be less than you hoped. So those in the know say you should rent first, for a year or two, to see if like the area before actually buying. Now you know.

Oh, and wishing you a long and happy retirement!

Really Want To Help First Responders? Don't Donate!

Every get those call s from groups that claim to help your local police or fire fighters? Beware!

Many times, these are groups that have incorprate with names like "police BEnevolent Organization," but they have no connection to your local first responders. Even if they are legit, they may also be professional fund raisers that can take as much as 90% of your money, leaving only 10% to help your local firefighters and police.

If you want to help, experts suggest you call your local police, fire or EMT departments and ask te best way for you to donate.. 

To Lease or Not to Lease?

Once you’ve retired, experts say it makes less sense to lease a car than to buy it outright.

Here are their reasons:

1.) While lease payments may be lower than purchase payments, over the long run, buying costs you less over the long run. That’s because after you pay off your car (typically in 5 years), you can drive payment free for as long as you care to continue owning the vehicle.

2.) You don’t have to worry about mileage. Typically, when we retire, travel is one of the activities that tends to increase. With a leased vehicle, you pay penalties for driving more than 12,000 to 15,000 a tear.

3.) Should your lease vehicle be involved in an accident that totals the vehicle, you may be liable for an “early termination fee.” You may be able to avoid such a fee by purchasing gap insurance, but that insurance also creates an additional expense you don’t have with a purchased vehicle

4.) Typically, your regular insurance may be higher as well as the leasing agency requires you to carry a higher accident liability than you might purchase if you are buying the car. This is because the lease vehicle is still legally the property of the lease company. If it’s involved in an accident, lawyers for the other party usually go after the lease company, figuring they have “deeper pockets” than the driver. To protect themselves, lease companies require you to carry higher liability insurance.

However, if you’re the type that likes driving a fancier car than you may be able to purchase or if you like having a new vehicle every 3 years or so, then leasing might still be the way to go no matter your age!

It's No Gift!

Do you ever receive an email claiming to be from FedEx, UPS, DHL, Amazon or some other business involved in shipping that’s notifying you that a shipment is coming your way – when you know you never ordered anything?

Beware. Courier cons are on the rise. Bogus shipping confirmations contain links that once clicked deliver malware to your computer!

Experts always recommend that you never click on links in these types of emails. Instead, go to the bona fide website of the business that claims to be contacting you and check it out from there.

The Key to Home Safety

Experts warn against hiding a key in some “secret” place outside your home as a hedge against you losing or forgetting to bring along your house key.

Burglars know all the places people typically hide such keys and could be inside your house in seconds. Instead, security experts recommend leaving a duplicate with a neighbor you trust or a friend that lives nearby.

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