Thursday, July 24, 2025

Windows 10 Support is Ending: What Do You Do?

 

I recently attended a computer club class about the impending end of support (e.g., security updates and patches) for Windows 10 by Microsoft on October 14. Below are key takeaways for anyone (myself included) who still uses a computer with a Windows 10 operating system:





Increased Vulnerability- After support for Windows 10 ends, there will be no further security updates. Anyone still using Windows 10 will be more vulnerable to hacks. Unfortunately, there are many bad actors out there. Windows 11 is more secure than Windows 10 and less subject to hacks. It is expected to be supported well into the future but Windows 12 is also on the horizon.


 

Ability to Update to Windows 11- An older computer with Windows 10 must be capable of running Windows 11. Many are not. To find out if your computer can run Windows 11, download and run the PC Health Check App. I used the app with my nine-year old computer and it failed. It was missing hardware called Trusted Platform Module (TPM) and had an older processor. I have two Windows 11 computers and just need to invest some time transferring bookmarks and files.


 

Windows 10 Cautions- If you continue to use a Windows 10 computer after October 14, do NOT do any financial transactions on it. Hackers out there will know that your computer is vulnerable and can steal data to access bank, brokerage, and other accounts. Also, spend the money for a high-end anti-virus program such as Malwarebytes, McAfee, Norton, or Bitdefender™.


 

Windows 11 Benefits- As a result of its enhanced security benefits, as noted above, Windows 11 computers can provide peace of mind. Windows 11 should also improve the performance of your computer and the AI platform CoPilot is included.


 

Buying a New Computer- The program speaker recently purchased a desktop and a laptop and each cost around $650 before adding sales tax, anti-virus protection, and extended warranty protection. There are freelance tech consultants and store personnel (e.g., Best Buy’s Geek Squad) that can assist with file and program transfer services, including hooking up a new computer to a wireless network and wireless printers.


 

New Computer Configurations- Recommended minimum configurations for a new computer are as follows: an Intel Core i5 (or equivalent AMD Ryzen) processor, 16 GB of memory (RAM), a 512 GB solid state drive (SSD), and, of course, a Windows 11 operating system.


 

Disposing of an Old Computer- Attendees seemed to think that the old (Windows 10) computer should simply be destroyed. The speaker recommended smashing the hard drive or drilling holes in it and acknowledged that some folks simply throw old computers out with their trash. The much more environmentally friendly disposal method is taking it to a recycling center. I am not planning to do any of these. Instead, I will simply keep my Windows 10 computer. It will not be connected to the internet going forward but will serve as a back-up repository of files and photos, if needed.


This post provides general personal finance or consumer decision-making information and does not address all the variables that apply to an individual’s unique situation. It does not endorse specific products or services and should not be construed as legal or financial advice. If professional assistance is required, the services of a competent professional should be sought.

 

 

Thursday, July 17, 2025

Take-Aways From a “Free Dinner” Seminar

 

Once again, I decided to go “undercover” and attend a free dinner investment seminar with a friend. The beginning was a bit rough. Both of us are pescatarians (vegetarians who eat fish) and there were three meat entrees to choose from. We brought this to the sponsor’s attention, however, and were offered salmon. The best part of the meal, however, was a decadent chocolate cake.



Here are three “Barbservations” about the program materials and the audience:

 

¨   Fee-Based Planning: According to the materials that were distributed, the program sponsor was a fee-based firm. Fee-based financial planners earn income from both client fees and commissions on financial products they sell (e.g., annuities, insurance, and mutual funds). This compensation model may create potential conflicts of interest, as planners may be incentivized to recommend products that generate commissions in addition to providing advice for a fee.


 

¨   Confusing Terminology: Some of the participants seemed to confuse fee-based with fee-only. A fee-only financial planner is compensated solely by client fees: an hourly rate, a flat-rate, or a percentage of assets under management (AUM). Fee-only advisors do not receive commissions or incentives from product sales, reducing potential conflicts of interest and ensuring advice is aligned with clients’ best financial interests.

 

¨   No Visible Financial Certifications: Neither presenter had any designations listed on either sales literature or business cards or slides. No CFP® (certified financial planner). No ChFC® (chartered financial consultant). No CRPC® (chartered retirement planning counselor). Nothing. This raised a red flag for me because financial certifications have associated ethics standards and continuing education requirements which those who do not hold them are not subject to. If I were hiring a financial advisor, I would want one who has shown a commitment to professional development.

 

That said, there were some useful “nuggets” of information shared at the seminar:


 

¨   Retirement Risks: These were explained in detail and include longevity (outliving assets), inflation, health care costs, cognitive ability decline, physical health decline, death of a spouse, increased taxes following the start of RMDs, unfavorable government policies, unplanned spending shocks (e.g., dental bills and home repairs), and limited earning capacity in later life.


 

¨   Long-Term Care (LTC)- This causes the biggest “crack” in older adults’ nest eggs. LTC insurance typically kicks in when people can’t perform two of six activities of daily living or ADLs (e.g., dressing, eating, toileting) for 90 consecutive days. People age 65+ have about a 70% chance of needing some type of LTC at some point in their life.

 

¨   Two Phases of Financial Planning- In the accumulation (saving) phase, the goal is to have enough money to retire and the time horizon to retirement is often known. In the income (decumulation) phase, the goal is to not outlive assets and your life expectancy is unknown.


This post provides general personal finance or consumer decision-making information and does not address all the variables that apply to an individual’s unique situation. It does not endorse specific products or services and should not be construed as legal or financial advice. If professional assistance is required, the services of a competent professional should be sought.

 

 


Thursday, July 10, 2025

Take-Aways From “Free Lunch” Cremation and Funeral Seminars

 

It seems like almost every day, I receive a postcard or brochure about a “free meal” seminar at a local restaurant. This happens when you live in a 55+ community within a Florida county that has many 55+ communities. Various vendors know where we live! Most of the seminars are related to investing but some are about prepaid funeral and cremation plans.


Curiosity got the better of me so a friend and I recently attended cremation seminars presented by two different prepaid funeral/cremation plan companies. I was curious to learn about local service providers and to see if my experience paying for my late brother’s cremation was typical. In that situation, I was 1,100 miles away and literally picked out cremation-related services on a website and added them to a “shopping cart,” similar to an Amazon order.

 

Below are four take-aways and Barbservations from the seminars:

 

Benefits of Preplanning- Both seminars stressed the benefits of pre-planning: peace of mind (especially for solo agers), assuring that your final wishes will be carried out, no “second guessing” of what you want by family members, no strain on family members’ finances, and locking in current costs vs. expenses that will undoubtedly increase in the future. There is also security in knowing that funds in a prepaid plan are placed in a state-run trust and are completely refundable.

 

Relatively Modest Costs- The lowest-priced cremation plans from both companies, including administrative fees, were under $1,500. This was close to the $1,690 that I unexpectedly paid for my brother’s cremation, which included mileage fees for transporting his body from Queens, NYC to a crematorium in central Long Island. I simply put that bill on my credit card and was reimbursed as a priority creditor several months later. Not everyone is able to easily “front” this expense, however.

 

Preliminary Planning- It is smart to determine your final wishes well in advance of death and share them with loved ones and service providers. This includes where you want to be buried, memorial service preferences, and other details, even writing your own obituary. For example, I want to be cremated and have my ashes scattered at a beach. I learned that prepaid funeral/cremation plan companies can actually make that happen with a special beach for just this purpose. I also learned that both companies have special Veterans packages that are aligned with national cemeteries.

 

The Elephant in the Room- It was clear, by reading the audience, that people were concerned that they may not actually die in Florida. Thus, they were hesitant to sign a contract with a Florida prepaid funeral/cremation plan company. Several noted that the surviving spouse of a couple would likely move out-of-state to be closer to family. Both companies’ basic plans cover picking up a body within a 75 mile radius. Their premium plans, however, can follow deceased clients anywhere.

 

Two final thoughts from the seminars: 1. Death is not a “what if”; it will definitely happen and 2. Planning (whether it includes a prepaid funeral/cremation plan or not) is a gift for loved ones.


This post provides general personal finance or consumer decision-making information and does not address all the variables that apply to an individual’s unique situation. It does not endorse specific products or services and should not be construed as legal or financial advice. If professional assistance is required, the services of a competent professional should be sought.


Thursday, July 3, 2025

Insurance is Wealth Protection

I recently attended a webinar by the New York Public Library titled Insurance is Wealth Protection. The speaker started out by saying “Insurance is often misunderstood and improperly explained." The purpose of this post is to discuss essential “need to knows.”


Below are six key take-aways:

 

The Purpose of Insurance- Insurance provides financial protection against unexpected losses or risks. It helps individuals and businesses recover from events like accidents, illness, or property damage. Insurance promotes stability, peace of mind, and economic security by transferring risk from the insured to the insurer and helping make policyholders whole after suffering a financial loss.

 

Life Insurance- The purpose of life insurance is to provide financial support to beneficiaries after the policyholder's death. It helps cover expenses like funeral costs, debts, and daily living needs. Life insurance ensures loved ones maintain financial stability. Key factors to consider are age, number of dependents, and dependents’ financial needs. The speaker quoted an orphaned young adult (the child of a client) who told him “thank goodness my parents did this for me.”

 

Life Insurance Types- Term life insurance covers a person’s life for a set period. Usually, you can purchase coverage increments of 10 to 30 years. About 85% of term policies expire and beneficiaries get nothing. Permanent insurance covers your life for life and usually has a cash value component that policyholders can borrow against. The speaker recommended consulting an insurance specialist and doing a life insurance needs analysis.

 

Health Insurance- The speaker noted that 66.5% of bankruptcies involve medical debt. Also, the cost of health care keeps going up every year (as does the cost of medical supplies and medical malpractice insurance) and this is a major challenge of our times. Webinar attendees were advised to be aware of what they are NOT covered for and to shop around and make adjustments to their coverage (if needed) during open enrollment season.

 

Disability and Long-Term Care Insurance- Both policies cover the risk of being unable to maintain our lifestyle or independence. The former is targeted toward working age adults who are incapacitated and unable to work due to illness or injury and the latter toward older adults and others who are frail and need assistance with activities of daily living. For both policy types, coverage is generally more affordable the younger and healthier you are.

 

Property Insurance- The speaker advised asking about the cost of replacing your home to make sure you have adequate coverage. Also, preparing an inventory of personal property and considering umbrella liability coverage if you have wealth that could be seized as a result of a judgement.


The webinar ended with this final thought to consider: "Just because you have insurance does not mean that you are properly insured." When in doubt about your coverage, review your insurance policies carefully and seek professional advice where needed.


This post provides general personal finance or consumer decision-making information and does not address all the variables that apply to an individual’s unique situation. It does not endorse specific products or services and should not be construed as legal or financial advice. If professional assistance is required, the services of a competent professional should be sought.


 


Windows 10 Support is Ending: What Do You Do?

  I recently attended a computer club class about the impending end of support (e.g., security updates and patches) for Windows 10 by Micros...