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Everyone knows the song “She works hard for the Money” by Donna Summer and so does he. Leading up to retirement is all about contributing to others. It’s about working to create a good life for you and your family. Most of us are very comfortable working, making money, taking care of others and delaying our fun for the future. All of this is wonderful, however it’s important to take a step back and see what we want to do in retirement, because the next phase of life is really about you! You have worked hard for your money and now it’s time for you to relax and enjoy.
As you begin to dust off the list of things you set aside to focus on working, you’ll find that you are a pretty fun, creative and friendly person who is ready to live and enjoy life. There are hundreds and hundreds of things to do right here in San Diego, but we thought we’d outline a few resources to help you practice your “inner fun” now so you can transition into retirement with ease:
1. Join the Meetup App and Meet People with Similar Interests
Technology has its faults, but it also has its perks. One advantage to retiring in a high-tech world is Meetup.com, an app available to help you find people near you who have similar interests, as well as explore fun ideas that you may not have even thought about. Meetup has groups that hike together, play Ukulele together, speed date, learn languages and even paint as a group. They meet during the day, on the weekends, in the evenings and across the county. We recommend trying a few – you’ll be glad you did.
2. Visit a San Diego County YMCA
With over 20 locations throughout the County of San Diego, there is bound to be a YMCA campus near your home. In fact, to find one near you, visit www.ymcasd.org. The YMCA of San Diego County offers a variety of programs, services and initiatives that enable people to realize their full potential and empower us to live healthier lives. From exercise classes to cooking courses to virtual programs, the YMCA has some fun things to try as you move into retirement and beyond. Don’t hold back, check out their program guide today.
3. Take Free or Low-Cost Classes and Learn Something New
San Diego has several resources to those interested in learning new things. We have community colleges, universities and annex programs. We have online learning opportunities as well as in-person classes. One program that has a lot to offer is San Diego Continuing Education. In fact, they even have classes specifically designed for those who are 55+. Choose from classes focused on digital media, automotive, fashion, ceramics and more. San Diego Continuing Education began right here in our community in 1914, so this is a well-respected program that has been training and offering development to those who live in San Diego for over 100 years. We think it’s safe to say, they know what they are doing so give one of their classes a try.
4. Volunteer in Your Local Community
Put your personal talents into action by volunteering in your local community. The County of San Diego has a wonderful program to help match your talents and interests with a complimentary volunteer opportunity. They have programs that allow volunteers to work with animals, help with the environment and even provide legal services to those in need. Visit their site today and explore the myriad of options, there’s lots to choose from and they all look fun.
We wish you the best as you move into retirement and look forward to bumping into you as you try new things throughout the county. Retirement is going to be fun, we promise.
As homeowners, we are always looking for new ways to reduce our monthly expenses yet increase the value of our home. Installing solar on your home does both, and more. So, to share our passion for going Green and to help you decide on Solar, we are wrapping up our 20 Financial Tips for 2020 with five reasons to get solar today.
1. Reduce Your Electricity Bills
When you install solar panels on your home, you will generate power for the life of your panels (25+ years) and cover your energy consumption each and every month, sometimes covering more than 100% of your usage. Plus, you can feed that extra energy back into the grid for credit on your electric bill.
2. Increase Your Property Value
Experts have found that homes with solar systems have higher property values and sell more quickly than homes without.
3. Shield Yourself From Increased Energy Costs
Having your own solar energy system allows you to fix your electricity rate and protects you against unanticipated increases in energy costs.
4. Take Advantage of the Tax Credit Extension
At the end of 2016, a five year extension made tax credits available through 2021, on a sliding scale. From 2016 through 2019, the tax credit was 30 percent of the system’s cost. This year, solar owners can deduct 26 percent of the cost of the system from their taxes. The percentage drops to 22 percent in 2021, and then again to 0 percent for residential systems and 10 percent for commercial systems in 2022. So, if you are thinking about installing solar and want to make the most out of its tax deduction, 2020 is the time to buy.
Many consumers make the decision to purchase and install solar on their home so they can take advantage of the solar tax credit, officially known as the Investment Tax Credit (ITC). This tax credit is available to those who purchase their solar, which makes buying a system more affordable. Solar systems installed during the year 2023 will receive a dollar-for-dollar tax deduction equivalent to 30% of the cost of the system.
Example: The tax credit at 30% on a $20,000 system is $5,200, which makes the net cost only $14,800. Once installed, the net cost will continue to be reduced by the amount you save each month on electricity bills.
Take the following steps to claim your tax credit:
Make sure you have enough tax liability to claim against your taxes, referencing Section 48 of the Internal Revenue Code, the ITC can be carried back one year and forward 20 years. So, if you had a tax liability last year and not this year, you can still claim your credit under this rule.
Complete IRS Form 5695.
Include your ITC information to your Form 1040.
*Meet with your Tax Advisor to validate based on your personal situation.
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