If you are a member of the Baby Boomer generation, you have likely noticed that many of your peers have either retired or are making plans (read: counting down the days!) for retirement. In fact, some 10,000 of those Americans who were born between 1946 and 1964 retire each and every day!
Unfortunately, a large percentage of those brand-new retirees do not have adequate funds saved for their golden years. Especially concerning to them — and to their financial managers — are the high costs of health care, and how they will manage those costs just as their demand for health care is beginning to increase.
Financial advisor James McEnerney, who specializes in retirement planning, wants to pass on some money-saving health care tips to help Boomers keep more of their hard-earned cash in their retirement accounts.
1. Make Friends with the Pharmacist
Would it surprise you to learn that paying out-of-pocket for prescription medication might be cheaper than using your insurance? Prepare to be surprised, says James McEnerney. Ask the pharmacist what the out-of-pocket cost is, compared to your copay. Medication discount cards, like GoodRx, can also lower the payment you make at the pharmacy counter.
2. Other Ways to Save on Scripts
It pays to comparison shop — and that’s as true for pharmaceutical drugs as it is for snow boots, car insurance, or prime rib. Call around to see which pharmacies in your area have the lowest prices on the meds you take regularly. Some prescriptions are free at supermarket chains. Just don’t go crazy buying snacks and treats with the money you’ve saved!
3. Check Out Programs That May Help
If you have Medicare, you may also be eligible for a program called Extra Help, which kicks in toward the cost of your medication. You may even qualify to get your pills for free, thanks to the Partnership for Prescription Assistance. James McEnerney advises that you ask your physician about similar initiatives.
4. Get Your Fitness for Free with James McEnerney Kansas City
Silver Sneakers is another program that will slash your health care costs by keeping you fit. It’s for adults aged 65 and over, and it provides a free gym membership. That could translate to a savings of $7,000 annually — a pretty big chunk of change!
5. Get Your Sweat On(line)
Not the gym type? It’s easier than ever to exercise at home, and to choose fro a huge variety of workouts, thanks to the Internet. Spend some time browsing free workout videos on YouTube and subscribe to any channels you find promising.
Want more continuity from workout to workout? Don’t feel like wading through dozens of amateur-hour YouTube vids to find an instructor you like whose videos are of decent quality? Online fitness classes offer unlimited access and professional-caliber instruction for $15 per month, on average. You don’t need a financial guru like James McEnerney to tell you that’s a bargain compared to a local in-person instruction.
6. Be a Frugal Four-Eyes
Do you wear glasses? Shop for them online to save big bucks. All you need is your prescription and pupillary distance, which you can have your spouse or friend measure. Zenni Optical has rock-bottom prices, good quality, and a huge selection of hip, trendy, and fun spectacles. Warby Parker’s prices are a little higher, but they send you frames to try on at home before committing.
7. Bid Hasta La Vista to High Medical Bills | James McEnerney Kansas City
American hospitals and health care centers are notorious for charging exorbitant amounts for every little line item on a hospital bill — $1400 for a band-aid, $15 for a single Tylenol and an extra $10 for the plastic cup it’s served in — and for being incredibly difficult to reason with. If you have an outrageous medical bill from a recent ER visit or inpatient stay, James McEnerney says it might make sense to hire a medical bill negotiator. They will first go over your itemized bill with a fine-tooth comb to find mistakes and discrepancies. Then they’ll fight insurance denials and work to negotiate discounts.
As we embark on not just a brand-new year, but also an entirely new decade, financial advisor James McEnerney says that this is an excellent time to take stock of your assets — and to develop a plan for growing them. Here are some of his best tips for making the 2020s your most fruitful, financially successful decade yet.
Certified Financial Manager James McEnerney explains that while it can be useful to look back on the previous decade to get an overview of how far you’ve come financially, as well as to learn from any mistakes or missteps, your primary focus should be on the future. Think ahead to December of 2029, and take some time to envision the economic reality you hope to embody at that juncture. What do you want to have achieved, career-wise? Are there financial goals you want to set for yourself?
Naturally, there will be plenty of milestones to achieve en route to those larger, long-term goals, says James McEnerney. But conceptualizing the big picture is a worthwhile exercise, one that will shape your short-term decisions.
Consulting with your wealth management advisor can help you clarify your vision for the future, according to James McEnerney, who works as the Director of Marketing at The McEnerney Group. A financial professional can draw on their own experiences to suggest strategies you may not have considered, or steer you away from risky enterprises that don’t contribute to your overall objective.
James McEnerney also advises that you take a multi-pronged approach to wealth. One obvious facet of improving your financial health is increasing your income; to that end, don’t shy away from professional challenges or growth opportunities. Some calculated career risks now could pay off handsomely in the coming decade.
James McEnerney Kansas City
Another crucial part of the equation? Smart management of your existing assets. Take an honest look at your portfolio to determine if those assets are truly optimal. An investment that was an excellent choice eight or nine years ago might no longer be the best use of your wealth today. As you revise your financial goals going into the 2020s, so too should your investments undergo periodic evaluation.
Lastly, McEnerney recommends taking a step back and a break from number-crunching to cultivate a more holistic approach toward well-being. Asa former lacrosse champion, avid golfer, and dedicated family man, James McEnerney knows that all the money in the world is worthless if you can’t enjoy some of its spoils. In your quest to bring determined, insightful focus to your finances, don’t ignore the figurative fortunes that make for a fulfilling life: good health, loving relationships, meaningful work, and spiritual connection.
There are those who become successful in life and do not feel the need to give back to their communities, nor to those less fortunate than themselves. James McEnerney of Kansas City is decidedly not one of those people.
James McEnerney of Kansas City annually takes up a co-chair position for Christmas in October. Christmas in October, James McEnerney of Kansas City explains, is a charitable organization whose mission, as stated on their website, is “to bring volunteers and communities together to improve the homes and lives of low-income, elderly, disabled, and veteran homeowners.”
It’s a sad fact of life that all too often, what should be our most revered citizens-the afore-mentioned elderly and veterans-and the ones that need our help most (our low-income and disabled neighbors) are subjected to harsher living conditions that many who are better off would never abide for themselves. James McEnerney of Kansas City explains that Christmas in October is the kind of volunteer organization that should be found more widespread throughout America and that he is proud to be a part of what they offer the community year after year.
James McEnerney of Kansas City explains what the process entails and how the workers operate: every year, those in need may apply for help from the organization, either by sending in a digital application or by calling a phone number. If the applicant is chosen for the Christmas in October program, a team of people, led by a “House Captain”, rolls out to the chosen house on a scheduled date (in October, of course!). The team then works their hardest to renovate, clean, and improve the living conditions for those who reside there.
James McEnerney Kansas City
It is truly a heartwarming spectacle, according to James McEnerney of Kansas City. Watching the community come together to help each other, regardless of status, race, or class, is what being a good neighbor is truly all about. Wheelchair ramps are installed, unhealthy living conditions are brought up to a healthy, livable standard, and waste is removed in a safe manner.
The Christmas in October mission has been operating for the past thirty-six years and shows no signs of slowing down. It’s not just individual people like James McEnerney who are donating their time and money to the cause, either: local businesses, churches, unions, companies, and more also help the cause on an annual basis, proving that the human spirit is still going strong.
In the charity’s own words, taken from their website: “Our sponsors and volunteers are the heart and soul of Christmas in October. To all of you we give a heartfelt thank you for your generous donations – from grants to donated materials and supplies, volunteer hours, discounted service fees, in-kind donations, and financial contributions.” This heartfelt “thank you” proves the true extent of the lengths to which the community and people like James McEnerney of Kansas City go every year to help their fellow man and woman.