Ridgewood NJ, To help retirees find a safe, enjoyable and wallet-friendly place to call home, WalletHub compared the 50 states across 46 key metrics. The data set ranges from adjusted cost of living to weather to quality of public hospitals.
U.S. seniors are employed at the highest rates in 55 years.
By
Ben Steverman
July 10, 2017, 4:00 AM EDT
More and more Americans are spending their golden years on the job.
Almost 19 percent of people 65 or older were working at least part-time in the second quarter of 2017, according to the U.S. jobs report released on Friday. The age group’s employment/population ratio hasn’t been higher in 55 years, before American retirees won better health care and Social Security benefits starting in the late 1960s.
And the trend looks likely to continue. Millennials, prepare yourselves. Better yet, consider this and this, so you have a choice in the matter when your time comes.
Few things make retirees more nervous than the possibility their savings could run dry.
May 21,2017
the staff of the Ridgewood blog
Ridgewood NJ, And the situation can be even more troublesome for women, who are at greater risk of outliving their money because, on average, they live longer than men. In fact, women over the age of 65 are 80 percent more likely than men to spend their retirement years impoverished, according to a study by the National Institute on Retirement Security.
“Many women don’t realize just how long they may live in retirement and how long their savings need to last,” says Beth Andrews, founder of Networth Advisors (www.bethandrews.info), a financial-planning firm that recently launched the Woman’s Worth® program with the goal of improving the retirement outlook for female clients.
“These days, it’s not unusual for someone to live into their 80s or 90s, and even past 100,” Andrews says. “Your retirement, in other words, could last many more years than you ever imagined.”
Women typically face situations men don’t.
“Just think of it this way,” Andrews says. “Most men die married. Most women die single. Generally, that means men will have someone who’s caring for them right up to the end. Women will be left to care for themselves.”
She suggests a few steps women should consider to reduce their risk of running out of money before they run out of life:
Delay Social Security. You can claim your Social Security benefits as early as age 62, but if that’s your plan you might want to reconsider, Andrews says. Taking Social Security early means you permanently will receive a lower monthly payment. Unless a personal situation forces your hand, she says, it may be better to wait until you reach your full retirement, which is from 66 to 67, depending on when you were born. If you can put off claiming Social Security until you are 70, those monthly payments would grow even more.
Plan for inflation. Too many people – women and men – think in terms of today’s dollars when they are trying to plot out how much money they will need in retirement. As decades pass and the cost of living rises, those dollars are going to buy a lot less — so it’s essential that you factor inflation into your retirement planning, Andrews says.
Take care of your health. This one might not sound like a financial issue, but medical bills and long-term care expenses can gobble up savings quicker than nearly any other expense. Regular exercise and healthy eating can go a long way toward keeping both your body and your savings account fit.
“There are other things you’ll want to consider as well,” Andrews says. “For example, you may want to put off retirement and keep working longer than you originally planned. The important thing, though, is that you start thinking about what your retirement plan is and what you need to do to help make sure it doesn’t fall apart.”
About Beth Andrews
Beth Andrews, a CPA and Certified Financial Planner®, is founder of Networth Advisors LLC (www.bethandrews.info). As an experienced financial advisor, she specializes in the areas of retirement planning, retirement distribution planning, tax strategies, investments and insurance. Beth offers investment advisory services through AE Wealth Management (AEWM), LLC. Networth Advisors and AEWM are not affiliated companies. She and her husband Todd, a retired millwright for US Steel, have been married for 23 years and live in Eighty Four, PA near their family. Andrews received her accounting degree from Indiana University and started as a financial advisor in 1997. She founded Networth Advisors to help clients accumulate, protect and enjoy their wealth.
Ridgewood NJ, Retirement can open up a whole new way of life for Americans ready to bring their working years to an end, but at least one thing doesn’t change.
The IRS still keeps a watchful eye on your income – including whatever amount you’re pulling from the IRA or 401(k) that you spent decades building into a nice, hefty nest egg.
Uncle Sam has been waiting for years – possibly decades – to tax that money because the deposits you made were pre-tax, meaning you weren’t taxed on the income you contributed to the accounts.
That tax-deferral system works well – until retirement time arrives and you need the money.
“When you defer taxes, eventually it catches up with you,” says Gary Marriage Jr., CEO of Nature Coast Financial Advisors (www.naturecoastfinancial.com). “Suddenly, your IRA or 401(k) isn’t worth as much as you thought because every withdrawal you make potentially can be taxed.”
But there’s an answer and, with President Donald Trump and Congress looking at tax cuts, now would be the time to take advantage, Marriage says.
Those traditional IRA and 401(k) accounts can be converted to a Roth IRA, which isn’t taxed when withdrawals are made. That doesn’t mean you’ll avoid the taxes, Marriage says, because you’ll pay them when you make the conversion. But when you reach retirement, you’ll be able to make withdrawals the rest of your life tax free.
“Taxes are about to be on sale,” Marriage says. “Over the next four to five years, your tax bracket is probably going to be as low as it ever will be.”
He says some facts worth knowing about Roth conversions include:
• Space out the conversion. Most people wouldn’t want to take the tax hit all at once, and you don’t have to. You can transfer the money into a Roth in increments over the course of a few years. So if, for example, you space out the conversion over five years, then the tax is spaced out over five years as well. A few factors determine how much you can convert the first year, but Marriage says about 40 percent of the people he has worked with were able to convert half of it in the first year. • The age to do it. A conversion can be done regardless of the account holder’s age, but Marriage says it’s his experience that people 59 ½ to 74 benefit the most. • Start with a Roth if possible. Some employers now offer a Roth 401(k) as an option. Employees should take advantage of that, Marriage says. They won’t get to defer their taxes on the portion of their income they contribute to the account, but the interest grows tax free and they’ll avoid taxes come retirement time.
Marriage says he recently did a conversion for a client where he had calculated that if the client lived to be 90, they would have paid nearly $1 million in taxes on IRA withdrawals.
“Switching to a Roth lowered that to $200,000,” he says. “I know that still sounds like a lot, but I’d rather pay $200,000 than nearly $1 million.”
About Gary Marriage Jr.
Gary Marriage Jr. is the founder and CEO of Nature Coast Financial Advisors (www.naturecoastfinancial.com), which educates retirees on how to protect their assets, increase their income and reduce their taxes. Marriage is a national speaker, delivering solutions for pre-retirees, business owners and seniors on the areas affecting their retirement and estates. He is an approved member of the National Ethics Bureau, and has been featured in “America’s Top Hometown Financial Advisors 2011” and was selected to contribute to a book with Steve Forbes titled, “SuccessOnomics: Power Principles.” Marriage is also the founder of Operation Veteran Aid, an advocate for war-time veterans and their families.
Ridgewood NJ, Small business owners probably think they have enough headaches already, what with meeting payroll, dealing with government regulations and pleasing customers.
Setting up a retirement plan for their employees is just extra red tape – and possibly expense – they can do without.
But creating such a plan is more doable than they may realize and even comes with benefits for the small business and its owner, says Andrew Denney, founder and CEO of Prosperity Financial Group (www.pfgmidwest.com).
“I’ve worked with some employee retirement plans where there was in excess of $500 million in the plan,” Denney says. “At the other end, I’ve seen businesses with as few as 10 employees set up a plan.”
Yet as a group, small businesses tend to forgo retirement plans.
For example, only 22 percent of workers at firms with fewer than 10 employees report having access to a workplace savings plan or pension, compared with 74 percent at firms with 500 or more, according to a Pew Charitable Trusts report.
Employee-sponsored 401(k) and IRA plans are among the more popular options for businesses that do offer a retirement benefit. Those savings plans allow the employees to deposit money routinely in the accounts with a deduction taken out of their paychecks.
Since these are tax-deferred retirement plans, the employees see a lower income-tax bill at the end of the year. Some employers also offer a company match, providing an even heftier balance to the accounts.
But employees aren’t the only ones who benefit. Denney says there’s also an upside for the small business owner, including:
• Employee recruiting and retention. Any business wants to hang onto good employees and offering a retirement plan helps do that. They’ll be happier knowing they’re more likely to have some financial security in retirement. A retirement benefit also serves as a recruiting tool. Imagine a job candidate who’s weighing similar offers from two businesses, but one has a retirement plan and the other doesn’t. “It separates you from the pack,” Denney says. • A lower tax bill. The business potentially can reduce its tax burden because a company’s contributions to the retirement plan are tax deductible. In some cases, the businesses also may qualify for a tax credit to help offset the cost of starting the plan, according to the IRS. • An opportunity to invest in your own retirement. Like their employees, small business owners may not want to work forever and need to set aside money for their own retirements. They’ll enjoy the same tax-deferred benefits the employees do as they build that nest egg.
“It’s worthwhile for a small business owner to investigate whether an employee retirement plan is more attainable than they might realize,” Denney says. “A financial professional with experience in setting up such plans can explain to them the advantages and disadvantages, and suggest which plan would work best for their situation.”
About Andrew Denney
Andrew Denney, founder and CEO of Prosperity Financial Group (www.pfgmidwest.com), has more than 13 years’ experience in the finance industry, where he advises clients in such areas as retirement planning, asset protection, estate planning and wealth management. Denney holds Series 7 and Series 66 securities registrations with LPL Financial, in addition to a life insurance license. He has a degree in finance from Missouri State University.
Securities offered through LPL Financial member FINRA and SIPC
Investment advisory services offered through Independent Financial Partners, a Registered Investment Adviser
Independent Financial Partners and LPL are separate entities
Ridgewood NJ, Can you imagine going on an extended vacation without making any plans?
No websites or tour guides consulted. No hotel reservations made. No itinerary mapped out.
Of course not. If you wanted your vacation to be a success, you’d budget enough money to cover your costs. You’d know when you were going, how long you could stay and at least generally what you would do while there.
But when it comes to the longest vacation most people will ever take – retirement – fewer than half of all Americans have a formal plan.
And that can spell trouble.
“There’s nothing worse than being 85 years old, full of life, and being flat broke,” says Randy Becker, a retirement planner and co-founder of the Becker Retirement Group in Bellevue, Washington (www.beckerretirement.com).
But it takes some work to avoid the many pitfalls that can ruin your golden years, Becker says. Inflation, taxes, bad health and bad investments can be devastating.
“It’s up to you to have a sound plan, so you can focus on the important aspects of a wonderful retirement life,” he says.
Becker offers these tips for getting started so you’ll know you’re ready to begin your retirement journey:
• Get everybody on board. You and your spouse need to agree on your retirement goals – and the financial decisions that will get you there. Start talking about priorities: Do you want to relocate? Stay close to the grandkids? Are you emotionally and physically ready for retirement? How long will each of you keep working, and how will that affect the income streams you’ll rely on when those paychecks stop? • Make a budget. Most people think their expenses will go down after they retire, but usually that doesn’t happen. Your wardrobe budget might go down when you aren’t working, but other expenses might go up if you travel, enjoy new hobbies, or start going out more for dinner, movies and concerts. • Know where your money will come from. Most financial professionals agree that income is king when it comes to retirement planning. A pile of scattered paperwork and account statements is not a plan. A good advisor can help you maximize your Social Security benefits, come up with tax-efficient distribution strategy and talk to you about other options, such as annuities, that can guarantee income in retirement. This is vital as people now live 20, 30 or even 40 years after retiring. • Know your retirement timeline and reevaluate your risk tolerance.One of the biggest mistakes investors nearing retirement make is sticking with the same advisor and portfolio they had when they were younger. You’ll need to move to a more diversified approach, with fewer risks and more protection for that all-important income.
Although he’s a financial professional, Becker says retirement is about more than money. There’s also the adjustment retirees must make from working every day to suddenly having too much time on their hands.
“Perpetual Saturdays are exciting for about a week,” Becker says. “Maybe you’ll find ways to volunteer. Maybe you’ll learn to paint or play guitar. Maybe you’ll end up working part-time. But most people discover that they need something in retirement that will keep them engaged and excited about life.”
About Randy Becker
Randy Becker is a retirement planning professional and owner of the Becker Retirement Group in Bellevue, Washington (www.beckerretirement.com). He has 30 years of experience in the insurance industry and holds a degree in personal financial planning from Metropolitan State College of Denver. Randy is co-host with his wife and business partner, Arwen Becker, on Real Retirement Radio which airs on Newstalk AM 870 on Saturdays at 8 a.m. and Sundays at 6 a.m. Real Retirement Radio is a one-hour show dedicated to all things retirement.
Ridgewood NJ, Mohr Keet of South Africa bungee jumped when he was 96, landing himself in the Guinness Board of World Records.
Yuichiro Miura of Japan climbed Mount Everest when he was 80.
Not everyone in the golden years of life will attempt and accomplish such extraordinary feats, but most people can take steps to keep themselves young – at least in spirit – when they reach retirement.
Unfortunately, for many people retirement planning remains fixated on finances, so when the big day arrives they’re not quite ready to segue into life’s new chapter, says Ann Vanderslice (www.annvanderslice.com), president and CEO of Retirement Planning Strategies, which specializes in advising federal workers about their benefits.
“After you’ve planned for the money, there is still anxiety about retirement,” she says. “You don’t know what it’s like to not work and so there is that emotional part of retirement you need to manage. Sometimes people aren’t ready in any way, shape or form.”
She says a few ways to hang onto a little youthful exuberance while aging gracefully in retirement include:
• Be a lifelong learner. Making the effort to learn about new things keeps our brains young. Read something you wouldn’t normally read. Sit in on a lecture that a college opens to the public. “Some of my clients mention they took classes in philosophy or in a foreign language,” Vanderslice says. “It’s proven that those who are lifelong learners have a greater sense of optimism and a lower chance of dementia.” • See the world – or at least some of it. There are no doubt plenty of places you haven’t ventured out to, some close by and others far away. Traveling and enjoying new experiences is a great way to keep you feeling young and enthusiastic about life, Vanderslice says, whether you head to a state park just an hour’s drive away or you board a plane bound for Paris. “Part of the fun of traveling is deciding where you want to go,” Vanderslice says. “The sky should be the limit.” Don’t eliminate anything from your initial list just because of expense, she says. You might be able to find bargains, and because you’re retired you can travel any time you want, which allows you go in the off season when prices are lower. • Remember your doctor’s advice. Activities such as enrolling in a college class can help keep you mentally young, but you want your body to cooperate, too. “We’re always looking for that magic bullet, the easy and quick way to feeling younger,” Vanderslice says. “The truth is that those things your doctor tells you – exercise, eat a healthy diet, get the appropriate amount of sleep – are about as close to a magic bullet as you’re going to get.”
“People think that money is the most important aspect of retirement, but it’s really No. 2,” Vanderslice says. “You can have more than enough money, but if you aren’t healthy or doing the things you enjoy, the money won’t matter.”
About Ann Vanderslice
Ann Vanderslice (www.annvanderslice.com), president and CEO of Retirement Planning Strategies, helps federal employees understand their benefits, maximize the value of their benefits, and plan for retirement, as well as organize income planning and IRA distributions. Vanderslice holds the Registered Financial Consultant designation from the International Association of Registered Financial Consultants and the Chartered Retirement Planning Counselor designation from the College for Financial Planning. She is author of “Fedtelligence 2.0 – The Ultimate Guide to Mastering Your Federal Benefits.”
the staff of the Ridgewood blog
Ridgewood NJ, They have been on the leading edge of nearly everything since the first of them were born in mid-1946.
Now the earliest baby boomers are on the verge of another big moment – and it’s one that many of them might prefer to avoid. This year, the first baby boomers began turning 70½, which means by law they are required to begin making withdrawals from their 401(k) and IRA accounts – whether they want to or not.
“Basically, the reason for these mandatory withdrawals is that Uncle Sam wants his tax money,” says Alexander Joyce, president and CEO of ReJoyce Financial (www.ReJoyceFinancial.com).
“These are tax-deferred accounts, so people are able to avoid paying taxes on the income they contribute to them. But that’s true only for awhile. The money is taxed when you withdraw it. And when you turn 70½, even if you would like all the money to stay where it is, you have no choice but to begin taking money out of it.”
The first year, about 3.65 percent has to be withdrawn from the tax-deferred retirement accounts. Each year after that the withdrawal percentage increases based on an IRS formula.
Fail to withdraw the money – or withdraw too little – and you face a hefty penalty.
But there are strategies retirees can use to avoid the tax, Joyce says. He usually recommends his clients consider moving the money to an asset-based long-term healthcare program.
Some of the advantages of doing that include:
• Tax avoidance. There is no tax penalty to move the money from the retirement account to the asset-based long-term healthcare account. • Multiple benefits. The program is an interest-bearing account that provides income if needed, liquidity if needed, and covers long-term healthcare if needed. • Beneficiaries aren’t left out. With traditional long-term healthcare insurance, any unused money goes to the insurance company when the person dies. There is no benefit for beneficiaries. With asset-based long-term healthcare, any excess money goes to the beneficiaries. “Your family will get it, not the insurance company,” Joyce says.
Joyce says he began recommending the asset-based long-term healthcare to his clients about three years ago as it became clear that push was going to come to shove with those required-minimum withdrawals.
“I foresaw the problems that they were going to have with their retirement accounts when they turned 70½,” he says. “Some people plan to take out money anyway to live on, but many others have no interest in taking any distribution from their accounts.”
The baby boom that began in mid-1946 continued until mid-1964, according to the U.S. Census Bureau. Today, there are roughly 75 million baby boomers in the U.S., which means plenty of people will be reaching the age 70½ over the next couple of decades.
“Anyone with a 401(k) or an IRA needs to know the rules and what they will be facing,” Joyce says. “I’d also recommend that they start talking to their financial professional about what their options might be so they and their families are able to keep as much of their money as possible.”
About Alexander Joyce
Alexander Joyce is president and CEO of ReJoyce Financial LLC (www.ReJoyceFinancial.com). He’s also a Safe Money and Retirement Income Planning specialist, and has hosted radio shows, such as “The Safe Money and Income Radio Show” and “The Ask Mr. Annuity Radio Show.” Joyce is a licensed professional in Indiana and specializes in working with people who are near retirement or who are already retired, with wealth management, income planning, and asset protection strategies.
11Feb – by Daniel Steingold – 336 – In Family Studies Happiness Studies Men Studies Original Studies Relationship Studies Women
COLUMBIA, Mo. — Perhaps love and marriage don’t go together like a horse and carriage after all. A new study finds that older Americans looking for love are latching onto a new trend that tempers the demands of a committed relationship, a phenomenon known as “Living Apart Together,” or “LAT.”
Spurred by a divorce rate that has doubled among this demographic since 1990, many older singles— often divorced or widowed— have taken on “an intimate relationship without a shared residence.” New research was conducted upon the increasingly popular relationship arrangement among those 50 years of age or older.
A new study finds that older Americans are embracing “living apart together.”
According to Jacquelyn Benson, a researcher at the University of Missouri who is entrenched in the topic, LAT has long been an established phenomenon in Europe, but it is just now reaching the United States en masse.
“What has long been understood about late-in-life relationships is largely based on long-term marriage,” Benson explains in a release. With marriage rates amongst older Americans declining, she argues that “if more people— young and old, married or not— saw LAT as an option, it might save them from a lot of future heartache.”
For their study, Benson and another researcher interviewed adults who were at least 60 years of age and in committed relationships, yet didn’t live together. From their interactions with this demographic, the two researchers found that there were a number of motivating factors for a LAT-type relationship.
the staff of the Ridgewood blog
Ridgewood NJ, With 31 percent of all nonretired adults having no retirement savings or pension because many simply cannot afford to contribute to any type of plan, the personal-finance website WalletHub conducted an in-depth analysis identifying 2017’s Best & Worst States to Retire.
Over the past year and a half, the group Age-Friendly Ridgewood has taken steps to learn what the village can do to better serve its oldest population. Those 65 and older make up 12.5 percent of the village’s population, according to the 2010 census.
To help retirees find a retirement- and wallet-friendly place to call home, WalletHub’s analysts compared the 50 states and the District of Columbia across 31 key metrics. The data set ranges from “adjusted cost of living” to “weather” to “quality of public hospitals.”
Best States to Retire
Worst States to Retire
1
Florida
42
Arkansas
2
Wyoming
43
Kentucky
3
South Dakota
44
Vermont
4
Iowa
45
New Mexico
5
Colorado
46
New Jersey
6
Idaho
47
Hawaii
7
South Carolina
48
Connecticut
8
Nevada
49
District of Columbia
9
Delaware
50
Alaska
10
Wisconsin
51
Rhode Island
Some of the finding included :
Mississippi has the lowest adjusted cost-of-living index for retirees, 85.6, which is 1.9 times lower than in Hawaii, where it is highest at 165.3.
Louisiana has the lowest annual cost of in-home services, $34,892, which is 1.8 times lower than in North Dakota, where it is highest at $63,972.
Alaska has the highest share of the population aged 65 and older working, 22.34 percent, which is 1.8 times higher than in West Virginia, where it is lowest at 12.32 percent.
Florida has the highest share of the population aged 65 and older, 18.6 percent, which is 2.1 times higher than in Alaska, where it is lowest at 9.0 percent.
Vermont has the lowest property-crime rate per 1,000 residents, 14.07, which is 3.3 times lower than in the District of Columbia, where it is highest at 46.76.
Ridgewood NJ, Americans are living longer than ever, which means retirement could last 20 to 30 years for some people – maybe even longer.
That’s great for those who remain in reasonably good health and retire with plenty of financial stability.
But lengthy life spans also increase the odds that many seniors will deplete their savings, face debilitating health problems and need to turn to their children for financial help or caregiving.
That’s a far cry from the kind of retirement they dreamt of over the years.
“I’ve done focus groups where one of the chief concerns that comes up is people don’t want to become a burden on their kids,” says Jeannette Bajalia, a retirement-income planner, president of Woman’s Worth® (www.womans-worth.com) and author of Retirement Done Right and Wi$e Up Women.
It’s really too late to do much, though, when you’re 80 and your life starts unraveling. That’s why it’s important to plan ahead to get your finances and health in the best shape possible, she says. Among some of the points worth thinking about:
• Unanticipated health care costs. It’s estimated that the average married couple will need to pay up to $250,000 in out-of-pocket expenses for healthcare during their retirement, beyond what Medicare and most Medicare Supplements will pay. “We’re beginning to see a lot of cost shifting out of both Medicare programs and private health plans, which means more out-of-pocket healthcare costs,” Bajalia says. “It’s entirely possible that the savings you thought would allow you to travel or to at least pay all the bills could be gobbled up by medical expenses. As you plan for retirement, you should make it a priority to discuss this concern with your adviser so the two of you can look at what options you might have to try to keep that from happening.” • Long-term care planning. When it comes to aging, consider the possibility you might have to receive home healthcare or live in a nursing home or an assisted-living facility. The costs of such care can be daunting. For example, studies have shown that home healthcare can cost $50,000 or more per year, and nursing home care can run as high as 90,000 per year. “You don’t want your kids to have to pay for that,” Bajalia says. There are ways to prepare, such as buying a long-term care insurance policy or checking with a financial professional to help you develop a strategy for protecting your assets from nursing-home claims, she says. • Self-care. Not every financial professional may do this, but Bajalia says she believes it’s important to integrate health education and a lot of self-care into a retirement plan. Spending money on preventive health routines to take care of yourself now can help you avoid significant health problems that lead to even costlier expenses later on, she says. Research is now telling us that longevity is over 70 percent lifestyle.
“I know it’s important to older people that they be able to remain independent as long as possible and not have to turn to their children to help,” Bajalia says. “They just need to remember that careful planning is the route to accomplishing that.”
And one of the planning tools would be to help fund long term care insurance for your aging parents to keep assets in their estates, she says, so long term care is not simply for yourself but for your aging parents.
About Jeannette Bajalia
Jeannette Bajalia, author of Retirement Done Right and Wi$e Up Women, is president and principal advisor of Petros Estate & Retirement Planning, where she has designed and implemented innovate estate-planning solutions for clients and their families. She also is founder and president of Woman’s Worth® (www.womans-worth.com), which specializes in the unique needs facing women as they plan for their retirement.
the staff of the Ridgewood blog
Ridgewood NJ, It’s decision time for the 55 million Americans covered by Medicare.
Open enrollment, when people can enroll in Medicare or make changes to their plans, runs every year from Oct. 15 to Dec. 7. But anyone who thinks that signing up for the medical plan for seniors is simple could be in for a rude awakening – and a costly one.
“People need to realize that enrolling in Medicare can be complicated,” says Chris Orestis, a senior-care advocate and author of the books “Help on the Way” and “A Survival Guide to Aging.”
“If you don’t pay attention you can end up missing needed coverage or paying more out-of-pocket expenses in premiums, co-pays and deductibles than you realize – or can afford.”
This year open enrollment comes during a presidential election and a time when there are concerns about Medicare’s long-term future and whether it can remain solvent. At the final presidential debate, Donald Trump and Hillary Clinton were asked what they might do to make sure the program, first implemented in 1965, will be there for seniors for decades to come.
Trump said he would grow the economy, which in turn would help Medicare. Clinton said her plan is to reduce the cost of health care and to emphasize wellness.
But any future political decisions about Medicare can seem far off to anyone whose main concern is figuring out how they fit into what’s offered right now, says Orestis, CEO of Life Care Funding (www.lifecarefunding.com).
He says some important things to keep in mind or understand during Medicare enrollment include:
• Medicare coverage comes in two primary forms that participants can choose from. They are original Medicare, the traditional program administered through the federal government which anyone 65 and older qualifies for automatically, and Medicare Advantage plans, which are sold by private insurance companies. The Advantage plans sometimes offer additional services, such as routine vision, hearing and dental care. • Most people probably have heard references to Medicare Part A or Medicare Part D. Here’s how that alphabet breaks down: Medicare Part A pays for hospital and skilled nursing facility care. Medicare Part B pays 80 percent of costs for doctors, outpatient services and medical equipment. Medicare Part C is a private Advantage Plan. Medicare Part D pays for prescriptions. • Anyone who visits a doctor or has been hospitalized knows that deductibles and co-pays can add up quickly. That’s where Medicare Supplemental Insurance (Medigap) comes in. It’s a private insurance that pays the gaps in the varieties of Medicare coverage. • Want to learn more? Orestis says a good place to check is the Center for Medicare and Medicaid Services website (www.cms.gov), which provides a wealth of information and resources to review and assist enrollment.
Orestis says it’s important to act as soon as possible and not wait until the last minute.
“When it comes to Medicare enrollment,” Orestis says, “not being informed and missing deadlines can cause delays and penalties that could have a negative impact on your coverage – and your wallet.”
About Chris Orestis
Chris Orestis is CEO of Life Care Funding (www.lifecarefunding.com) and a 20-year veteran of both the insurance and long-term care industries. A former Washington, D.C., lobbyist, he is a nationally known senior-care advocate and author of the Amazon best-selling books “Help on the Way” and “A Survival Guide to Aging.” Orestis also is a legislative expert, featured speaker, columnist and contributor to a number of insurance and long-term care industry publications. He is a frequent guest on national radio programs, and has been featured in the Wall Street Journal, the New York Times, USA Today, Fox Business News and PBS.
Ridgewood NJ, Most people nearing retirement have had to adapt to a changing world along the way.
At one time, retirement rested on what financial professionals like to refer to as a three-legged stool – Social Security, savings and a pension.
That stool went wobbly, though, when most private-sector pensions began to disappear.
“Years ago, the idea was that your employer and the government would take care of you,” says Chad Slagle, a Registered Investment Advisor and president of Slagle Financial, LLC (www.slaglefinancial.com).
“But those days are gone. Now the burden is on each individual to make sure they’re prepared for their own retirement. That’s why it’s important to have a game plan.”
Don’t despair, though. Slagle suggests there are a few steps anyone can take to survive today’s pension-less retirement, including:
• Map out a retirement strategy. Often, even people who are stashing away money for retirement don’t have a firm handle on what they’re trying to accomplish. Slagle says it brings to mind the old saying: “If you don’t know where you’re going, how will you know when you get there?” Having a strategy helps you know your ultimate goal and what you need to do to accomplish it. Once you develop a strategy, you also need to remember that conditions don’t always remain the same. Changes in your income and expenses, along with fluctuating market conditions, can all have an impact on your plan. Slagle recommends that about every three years you review and, if necessary, update your strategy.
• Live within your means. It’s difficult to save a comfortable retirement nest egg when you’re spending more than you earn and racking up debt. Create a budget and stick to it.
• Don’t ignore the cost of health care in retirement. Perhaps people just assume they will be healthy forever. Or maybe they just don’t think about this subject. Either way, Slagle says, too many of them don’t plan for or underestimate how much health care could end up costing them. It’s been estimated that a 65-year-old couple who retired in 2014 would need about $220,000 to cover health care in retirement. So you need to work it into the equation.
• Remember to account for inflation. Just when you think you’ve saved enough – you haven’t saved enough. At least you didn’t if you failed to take inflation into account. The cost of living is going to go up. That means the value of the dollars you saved is going to go down. “You need to factor that in when you plan for your financial future,” Slagle says.
• Prepare for the possibility of long-term care. This is another cost that many people don’t plan for, but the necessity of long-term care is a reality at some point for 70 percent of people over 65. The average annual cost of a private nursing-home room is $77,000, so it’s unwise to overlook it, Slagle says.
“You need to start thinking about all this now, whether retirement is decades away or a few years away,” Slagle says. “The sooner you begin saving and planning, the greater the odds are that you’ll have a happy and secure retirement.”
About Chad Slagle
Chad Slagle (www.slaglefinancial.com) is president of Slagle Financial, LLC, a Registered Investment Advisor. He and his wife, April, reside in Edwardsville, Ill., with their two sons and two daughters, Grayson, Mabry, Hudson, and Nola.
Ridgewood NJ, Chief Executive Officer, Rick Claydon, announced his decision to conclude his forty year tenure at the Ridgewood YMCA effective December 31, 2016. Claydon has served as Ridgewood YMCA CEO for the last twenty four years.
YMCA Board President Michael Davis said, “We’re incredibly grateful to Rick for all that he has accomplished at the YMCA and thank him for his many years of dedicated service to the community”.
“I am proud and thankful to have served this YMCA and this community since I began as a Y instructor in 1976,” Claydon said. “For more than four decades, I’ve been honored to build relationships with so many talented and committed volunteers, staff, donors and community partners, who have supported, guided and encouraged me throughout my career. More importantly, they’ve strengthened the very foundation of this community by bringing incredible programs and services to so many.”
The Ridgewood YMCA has served the community since 1902 and today engages over twenty thousand adults and children annually from its Oak Street location and Camp Bernie resident camp. The Y also continues to grow its annual giving campaign each year in an effort to meet the needs of the community and insure that its vital programming and services are available to all those who need them.
Dear Friends,
After 40 years at the Ridgewood YMCA, including twenty four years as CEO, I have announced my decision to retire from the Y, effective December 31, 2016.
I am so proud and thankful to have served this YMCA and this community since I began as a Y instructor in 1976.
For more than four decades, I’ve been honored to build relationships with so many talented and committed volunteers, staff, donors and community partners, who have supported, guided and encouraged me throughout my career. More importantly, they’ve strengthened the very foundation of this community by bringing incredible programs and services to so many.
The Ridgewood YMCA has served the community since 1902 and today engages over twenty thousand adults and children annually from its Oak Street location and Camp Bernie resident camp. The Y also continues to grow its annual giving campaign each year in an effort to meet the needs of the community, and insure that its vital programming and services are available to all those who need them. I am confident that the Y will continue to thrive and flourish under the new leadership of Ernest Lamour.
I would also like to this opportunity to acknowledge John Duke, Assistant Branch Director of the Y, who will also be retiring at the end of this year. After 32 years at the Y, John is a familiar face and friend to so many in the community and I would like to thank him for his exceptional service to our organization and to the community.
Lastly, I would like to thank everyone who has supported the Ridgewood YMCA throughout my many years here. It is the people of this community that make the YMCA such a special place and allow us to do what we do, furthering our cause in the areas of youth development, healthy living and social responsibility.
Ridgewood NJ, It’s the dream retirement many people anticipate for decades.
Hang out around the pool all day. Play one round of golf after the other. Finally read that teetering stack of books on the nightstand.
In retirement, every day is Saturday – only without the dread about what Monday morning back at the office might bring.
But is endless recreation enough to satisfy still-vibrant retirees who have both the health and the mental capacity to continue to learn, explore and contribute to the world?
Maybe not, says Ann Vanderslice (www.annvanderslice.com), president and CEO of Retirement Planning Strategies, which specializes in advising federal workers about their benefits.
“As people near retirement, they have a great opportunity to map out a strategy to create a fulfilling, rewarding rest of their lives,” Vanderslice says. “Studies show that retirees with a plan have the easiest time transitioning into and being the most satisfied in retirement.”
For many people, planning for retirement focuses almost solely on the financial aspect. They worry about saving enough so they don’t run out of money.
But retirement also represents a lifestyle change, as people accustomed to heading to a job each day suddenly find themselves without any meaningful reason for getting out of bed. And all that free time, which seems enticing at first, can quickly become boring.
Vanderslice suggests a few factors to consider for those seeking a more fulfilling retirement:
• To work or not to work. It’s not unusual for people to continue to work in retirement, at least part-time. In some cases, the extra income is needed or at least adds a little more security to the retiree’s financial outlook. But some people simply don’t feel fulfilled if they aren’t contributing something by working. “Often, I hear people say they’ve been working since they were teenagers and the thought of stopping just makes them uncomfortable,” Vanderslice says. • Volunteer – but volunteer wisely. Plenty of groups need volunteer help, such as charitable organizations, schools, libraries, animal shelters, museums and more. But beware of letting them take advantage of your availability. “You can have your calendar filled before you know what hit you,” Vanderslice says. “Pretty quickly, you may end up feeling like you put in a 40-hour work week.” She recommends taking the time to identify the causes and issues important to you. Make sure the organization is aware of the skills you have to offer so you aren’t just licking envelopes. “And don’t overcommit your schedule,” Vanderslice says. “You do want to leave yourself some time just to kick back.” • Be a lifelong learner. Retirement can be a great time to take a college class or learn how to play a musical instrument. “It’s proven that those who are lifelong learners have a greater sense of optimism and a lower chance of dementia,” Vanderslice says. “So if you’ve always wanted to learn more about philosophy, wanted to take a cooking class, or to learn a foreign language, now is the time.”
“It’s certainly important to have a financial plan for retirement,” Vanderslice says. “But to truly have a happy and rewarding retirement, you’ll want to make plans for your ideal retirement lifestyle as well.”
About Ann Vanderslice
Ann Vanderslice (www.annvanderslice.com), president and CEO of Retirement Planning Strategies, helps federal employees understand their benefits, maximize the value of their benefits, and plan for retirement, as well as organize income planning and IRA distributions. Vanderslice holds the Registered Financial Consultant designation from the International Association of Registered Financial Consultants and the Chartered Retirement Planning Counselor designation from the College for Financial Planning. She is author of “Fedtelligence 2.0 – The Ultimate Guide to Mastering Your Federal Benefits.”
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