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 Each year some $44 billion - yes, that’s a “b” - is stolen through telemarketing, mail, email and face-to-face fraud scams. Seniors are often targets of these scams. The first rule to avoiding scams is the old adage, “if it seems to be too good to be true, it probably is.” Your own good common sense is your best defense. You can’t reasonably expect a huge return on a tiny investment – those kinds of promises are fraudulent. Requests for charitable donations may also be scams – there are an amazing number of fake charities out there. Before you donate, check out the BBB Wise Giving Alliance which provides tips and a way to report suspected charity scams. If someone comes to your door, ask to see their business license. If they don’t have one, tell them ‘no’ and report them to your local police. Even if they have a business permit, be careful – they may be quasi legitimate, but there are often better ways to support the causes they represent. Seniors seem particularly venerable to all sorts of financial schemes and scams. Be extremely careful about giving anyone access in any way to your money. This includes even family members. If you think someone is trying to separate you from your money, contact your local police. Ask if they have specialists in senior fraud – many communities do. Your bank may be able to help or at least direct you to agencies that can help.  The equity in your home is the difference between the amount your home could be sold for, and the amount that you still owe. A home equity loan is a loan based on that difference. Home equity loans can be used for any number of reasons, including home repair, remolding, even vacations or investments. Of course, a home equity loan must be paid back, which usually means a significant increase in your monthly payments. With rising interest rates, it only makes sense to take a close look at your whole financial picture before you borrow against the equity in your home. Senior BofI offers home equity loans. You can get a rate quote right on our website which will help you evaluate your situation. And remember, if you have any questions at all, or if we can help you determine if an home equity loan makes sense for you, contact us. If you’ve owned your own home long enough to build up significant equity, a reverse mortgage may be worth considering. Essentially, a reverse mortgage is a loan against the equity in your home where you receive the proceeds of the loan, either as a lump payment or as a monthly payment, or as a credit line or even as some combination of these payout methods.
Typically, the loan doesn’t get paid back until you die or move out of the home; it is the proceeds from the eventual sale of the home that pays back the reverse mortgage. Is a reverse mortgage right for you? As you might suspect, the answer is “it depends.” They key question often is “do you want to leave the equity in your home to your estate or do you want to use that money now. AARP has an excellent article on Reverse Mortgages; Senior BofI will be happy to answer any of your questions about this method of letting your home pay you. Just contact us. It’s not just kids that go back to school about this time of year. Seniors too take advantage of all sorts of formal and less formal learning opportunities.
One of the most interesting is Elderhostel. A not-for-profit organization dedicated to combining travel and education, Elderhostel offers programs literally around the world. You could, for example, travel to New York and experience two performances at the Metropolitan Opera or you could explore Australia and New Zealand in a month long adventure. Unlike more typical tour companies, Elderhostel works hard to provide history and behind the scenes information. Some programs actually conduct research for various environmental organizations while others teach you specific skills like paining or pottery. Tours with Elderhostel are surprisingly inexpensive and people who go tend to go again and again. Take a look, sign up for their newsletter – you may be pleasantly surprised. Senior BofI offers checking accounts and three kinds of savings accounts. Each account offers you a wide selection of benefits. The quickest way to understand exactly what’s included is through our Feature Comparison page.
By checking out the chart there you’ll quickly discover that all accounts offer an amazing number of free services. You’ll also be able to tell which ones include, for example, an ATM card and how often your balance is updated. Remember, if you have any questions at all about your accounts or about opening an account you can contact us in a variety of ways. Everyone feels down now and again; that seems to be part of the human condition. Fortunately we have fine minds and can use our thinking to change our attitude. One of the quickest ways to give yourself an attitude change is to simply make a list of things you’re grateful for.
The trick to a gratitude list is to recognize small things definitely count. For example, it’s more than fair to list the small things like “I’m grateful I’m breathing,” or “I’m grateful I have a good cup of coffee.” How long should your gratitude list be? Well, some experts say writing down as few as three things you’re grateful for each day will make a noticeable difference; others suggest five items, 10, or even 100! Start with a number you’re comfortable and start writing; you’ll quickly notice your mood changes for the better. Although Senior BofI is a bank based on the internet, we are well aware of the need we all have for community. We have assembled a small, but powerful collection of community weblinks we think you'll find useful and interesting. You may want to bookmark this page because we update it from time-to-time.
We all know that change is probably the only true constant in the world, and that's particularly true of interest rates. It wasn't so long ago that the news was full of declining rates - now interest rates are trending upward.Although it's impossible to accurately predict exactly what interest rates will be next month or next year, you can always check the rates on your Senior BofI Accounts. Just point your browser to http://www.seniorbofi.com/drates/. If you book mark this page, be sure you refresh your browser each time you look. That way you'll be sure you've got the most current rates. The date of the rate postings is also displayed predominately in the upper right portion of the page.
The goal of an advanced directive is to allow you to tell your doctors and health care providers exactly what kind of care you want should you not be able to communicate your wishes. They can, for example, instruct your doctor about both the kind of care you want and the kind of care you don't want. Obviously, the decision to create an advanced directive requires a great deal of thought. Talking your wishes over with your doctor and family members is extremely important. You also need to be aware that the laws governing advanced directives vary from state to state. The National Institute of Health has web page of resources about advanced directives. Many of your questions will be answered there.
One of the joys of becoming a senior is the discounts you get. FirstGov.gov provides these links:
Amtrak Senior Citizens Discount National Park Service Golden Age Passport Older Drivers and Aging Travel Tips for Older Americans AARP also has a page of travel discounts and deals at: http://www.aarp.org/travel/destinations/ - this one changes often, so check back.Want more? Go to your favorite search engine and type in: senior travel discountsTake a look at the first half dozen or so of the links presented there. Be cautious, however. Don't sign up for anything unless it's a special newsletter, and know that even then your email is likely to be sold or traded to other companies. “Laddering” CDs is the term used for investing a fixed amount of money in smaller increments over a period of time. It can be a way of taking the guesswork out of predicting interest rates and provide a nice structure for savings.
Last January, we posted an excellent example of CD Laddering called What is a CD ladder? How can I use one? Remember, you can always contact us, in a variety of ways, with questions about CD Laddering or any other banking question you might have. Experts agree that seniors should check their credit report at least once a year. This is true even if you’ve got excellent credit. The reasons are simple:
Credit bureaus make mistakes – if a mistake has been made about yours, you want to take steps to make the corrections before you discover the mistake when you’re turned down for a loan.
They caution against using any other source, such as pop-up ads and banners for free credit reports, or through direct mail solicitations. AARP’s page on Credit and Debt gives excellent additional information. Sending money through the mail is not always safe, and it’s certainly not fast. If you have a need to send someone money quickly and safely, consider sending it by wire.
Having money wired to you instead of waiting for the mail is also a good option. Senior BofI is happy to help you send or receive money by wire in the United States. Visit our Wire Instructions & Form page, or call either of these toll free numbers: (877) 541-BOFI (2634) (877) 755-Net1 (6381) Seniors have acquired all sorts of memories worth capturing for grandchildren and future generations. The trick is finding ways to capture those memories that’s easy and fun to do. The most obvious is writing. Many people freeze up when faced with a blank piece of paper or computer screen. When involved in a project like this, it may help to realize what you are writing is for family and friends only. The writing can be done in a notebook, with room for pictures and sketches, or on the computer or any other way that pleases you. Another good way for seniors to capture memories is by taping them. With this system you simply talk into a tape recorder, label the tapes in some logical way and you’re done. Of course, you don’t have to tackle a project like this by yourself. Sometimes it helps to have a friend or a family member take notes while you talk. If you want a more professional approach, you can even hire a ghost writer. However you do it, getting your memories or creating a memoir is worthwhile. Sound strange? You can get the balances of all your Senior BofI accounts and you can transfer funds between accounts with a simple, FREE, phone call. You can even discover if a particular check has been paid or not. Just dial (877) 351-2265 (877 351-BANK) and follow the prompts. Using our telephone banking services is perfect when you’re traveling and don’t have access to the internet. You may have noticed small signs at your favorite coffee shop that say something like “WiFi Hotspot” or “Free WiFi” here. WiFi stands for Wireless Fidelity, which is a techie term that refers to a network you can use access the Internet with a lap top or other device that’s has the right equipment for a wireless connection. Sandy Berger has written an excellent article about WiFi at AARP’s website. More and more seniors are going wireless because it’s an excellent way to stay in touch with friends and family while you’re traveling. Conventional wisdom says that, on the whole, wireless networks are pretty secure – at least secure enough for most users. There are, however, a couple of things you should do before you join the WiFi revolution:
Once you’ve got yourself set up, you can find wireless hot spots at WiFi Free Spot and WiFiHotSpotList. A Money Market Savings Account is a way to earn a higher rate of interest than you would with a regular savings account. At Senior BofI, other advantages of a Money Market Savings Account include:
•Unlimited withdrawals via ATM, in person, by mail, by messenger, or the Internet. •Access to your money through up to 3 checks per month and up to 6 pre-authorized, automatic or telephone transfers may be made during a statement cycle. •No fees if your monthly balance stays above $1,500.00. The interest is compounded daily and paid monthly. It takes only $1,500 to open a Money Market Savings Account at Senior BofI. And, of course, you can do it online at http://www.seniorbofi.com/open/moneymarket.aspx. The same page shows current interest rates and other details you'll want to know. According to the Privacy Rights Clearing House there are at least 9 million cases of identity theft each year in this country. The same source defines identity theft in two ways:
•Account takeover which occurs when a thief acquires your existing credit account information and purchases products and services using either the actual credit card or simply the account number and expiration date. •Application fraud or true name fraud which happens when a thief uses your Social security number and other identifying information to open new accounts in your name. The site lists over 40 ways you can prevent or avoid identity theft. Although the amount of information can seem overwhelming at first, if you work through it bit at a time, you'll soon know exactly what you need to do to protect yourself. You'll also find links to other sites that you can trust. Privacy Rights Clearing House is a source of information about all aspects of privacy. |
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