Posted on September 30, 2011 by Erin
Everyone knows that laughter can sometimes be the best medicine. Now, some doctors in Australia are proving it. It was found in a study that laughing and increasing your good mood can actually decrease dementia agitation by 20 percent. Does twenty percent not sound all that impressive? Well consider this – it’s about the same amount as antipsychotic medications have on dementia patients.
The study took place in 36 Australian nursing homes. The happiness was brought in through games, jokes and songs for 12 weeks. Happier patients who then showed the ability to learn, even though they were all diagnosed with dementia, was the biggest outcome of the study. Patients that participated in the program showed less agitation from dementia for up to 26 weeks after the study was completed. But happiness levels dropped immediately after the study was completed and the fun activities wrapped up. Amazing what a little laughter can do!
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Posted on September 29, 2011 by Erin
Stories of people doing good things are hard to come by and that’s why we wanted to include one in our blog. It’s no secret that many seniors throughout the U.S. are having a difficult time staying in their homes as values continue to decline. One option that could help seniors is getting a reverse mortgage, and a non-profit organization in North Carolina is helping do just that.
The Foundation For Homeowners is a group that helps seniors by providing free counseling services to those in danger of losing their homes. People never want to be forced from their homes against their will and through reverse mortgages, the foundation can help seniors continue to stay in their homes. The president of the foundation, Lolita Stevenson said, “We focus only on those seniors that want the reverse mortgage but are not qualifying for various reasons.” The foundation works with the homeowner to make any repairs that may need to be done to get them up to code for a reverse mortgage loan. Sometimes they may even be able to work with homes that may be considered a short sale. Currently, The Foundation For Homeowners is counseling between 15 and 20 seniors a month and their success rate for getting seniors reverse mortgages is between 70-75%.
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Posted on September 28, 2011 by Erin
Have you ever heard of a Senior Move Manager? Many people haven’t, but it’s a service that many people may find helpful. A simple concept but potentially a life saver, a senior move manager takes on the stressful job of relocating seniors. Unfortunately, sometimes the move of a parent or elderly loved one cannot be planned. In some cases, an event occurs and one must move their loved one immediately. It can be extremely overwhelming – imagine staring at a house where someone has lived for decades. Where do you begin? What do you keep? What do you throw away? How do you organize donations? It can be a job that is too much for someone.
The services are not cheap – Senior move managers can charge anywhere from $40-$125 per hour. But as Mary Kay Buysse, a member of the National Association of Senior Move Managers, said in an interview with AARP, the movers are needed when, “situations where a move is immediate and necessary because of the loss of a spouse, loss of health or ability to live independently.” This is a fairly new service that is beginning to catch on and may help you when you need assistance with an unexpected move. Visit the National Association of Senior Move Managers website to read more on the service and find movers near you.
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Posted on September 27, 2011 by Erin
So this is it – You have reached your 50’s and you’re currently making more money than you have before in your career. Maybe your kids have left the house and you’re starting to get closer and closer to retirement. This may be when you start spending the money you have worked so hard to earn a little more loosely than before. The temptation is definitely there. But not so fast! Did you know that households that can cut spending by $1,000 a year between the ages of 55 and 65 end up with $13,000 more at retirement? That’s a lot of money when you consider that people are living longer and having to fund a longer retirement than in the past.
Retirement planners have been challenging 50-something’s to cut back on the unnecessary spending and start saving now to help them further down the road. The basic rule is: save more, work longer and live more efficiently. Prominent retirement planning scholar Alice P. Munnell was quoted as saying, “Most who downsize adapt and flourish. Financial planners could help move boomers to action by clarifying their constraints.” In this current economic environment where people are losing value on their homes, are being laid off from their jobs and are losing money from their investments, it only makes sense to save any extra money while you still can to help you in the future.
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Posted on September 26, 2011 by Erin
Did you know that the average monthly base rate for nursing homes in the U.S. is around $3,300? In California, the price is even higher averaging around $6,500 a month. It has been estimated that half of the population in the Bay Area would not be able to afford more than three months of nursing home care. Who could at over $200 a day!
In 2010, CLASS, which stands for Community Living Assistance Services and Supports Act, was put into law as part of the new federal health care law. The objective is to help create a long term care option that workers can purchase to help them with medical care further down the road. CLASS will be available to all employed persons that are age 18 or older. After enrollment, workers will pay a monthly premium that is based on their age – older people will pay more than younger people. CLASS is completely paid for through worker funded premiums – not taxpayer money. So the success of CLASS depends on a wide enrollment in the program. Currently though, $50-$75 a day is the estimated daily payout that can go towards in home care when the time comes. Preparing for long term care should be a necessity just like having a 401(k) with your employer. Educating yourself on CLASS or purchasing your own long term care plan is something that needs to be looked at quite seriously.
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Posted on September 22, 2011 by Erin
Do you think Social Security will be around for your children or grandchildren? Senator Tom Carper of Delaware was quoted as saying, “My sons are 21 and 22; neither of them thinks Social Security is around for them. I want to make sure that it is.” But how? Obviously if we knew how to answer this question, it wouldn’t be such a debate! But the U.S. government has come up with one proposal that is gaining steam – increasing the retirement age.
The current retirement age of 66 was originally set because of the way Americans worked in the early 20th century. Many of the jobs were factory and other blue collar jobs that were rough on the body. As time continued and these jobs moved out of the country, Americans made the switch to less physically demanding and more mentally challenging jobs. Because of the switch, more Americans began living longer lives and had the ability to continue with their jobs for a more years than the physically demanding jobs. The most popular plan among lawmakers is increasing the retirement age slowly over time. By year 2050 the proposed retirement age would be 68 and would increase to 69 by year 2075. If this becomes reality, the change would affect those born after 1982. Do you think that an increase to the retirement age is the answer to helping our economy and Social Security?
You can read more about this topic, here.
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Posted on September 21, 2011 by Erin
Sometime it’s the barber, sometimes it’s the nail technician, but it seems that now more than ever, the financial advisor is the public’s new psychologist! In a recent study conducted by Fidelity Investments, it was found that more and more financial advisors are finding themselves having to counsel married couples who are having arguments over retirement planning. One major issue that couples argue over the most is how to budget correctly. Many times one spouse’s opinion differs from their spouse’s when it comes to how much money they need to save. The study also found that men tend to make fast decisions with their money while their wives like to take time to research the options. These types of differences can cause a serious need for heart to heart with someone.
Planning for retirement can be a stressful and intense moment in many people’s lives. When the planning involves two people instead of one, tension can quickly arise. It only makes sense for financial advisors to find themselves resolving conflicts and possibly saving a relationship!
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Posted on September 20, 2011 by Erin
The debate on how to fix the economy has been quite heated recently. One of President Obama’s proposed solutions has been to increase the taxes on people who earn over $1 million a year. Whether you agree with this as an option or not, there is probably a point where you may stop having sympathy for someone. Case in point: Republican congressman from Louisiana, John Fleming. During an interview with a national news channel, Fleming may have stuck his foot in his mouth by complaining about his $600,000 a year income. He owns a string of Subway restaurants and UPS stores that brought in a combined $6.3 million dollars last year. But according to Fleming, “…by the time I feed my family I have, maybe, $400,000 left over to invest in new locations, upgrade my locations, buy more equipment.”
During these rough economic times that we are all experiencing, it may appear that Mr. Fleming could possibly be a little out of touch with the average American family. Having $400,000 after feeding your family sounds like an amazing luxury to most people. Do you think he went too far or do you sympathize with him?
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Posted on September 19, 2011 by Erin
Heads up! Now is a good time to start looking at your current Medicare plan and figuring out what kind of coverage you will want for 2012. Annual Medicare enrollment is coming earlier this year. October 15th marks the first day and it will continue until the last day for enrollment on December 7th.
This year, the benefits are remaining virtually the same for the majority of recipients but the program premiums will be falling by four percent, which is good news. In 2012, due to the Affordable Care Act, all beneficiaries will have access to Annual Wellness Visits as well as Medicare covered preventative services with no co-pay or deductible. It is worth noting that if you do not choose a plan for 2012 and you are currently enrolled in a Medicare Advantage plan, you will automatically be switched to original Medicare. The agency also made clear that in order to keep any prescription drug coverage, everyone will need to enroll in Part D plan.
Read more about Medicare Part D, here.
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Posted on September 16, 2011 by Erin
We’ve talked a lot about taking advantage of a 401k plan recently, but how do you know if the plan you have is a good plan? On a simple level, all 401k’s are good in principle because money is automatically taken out of your paycheck towards your future. It’s not overly simple to access the money and a lot of the times, you can pretend that money never really existed in the first place. But there are things that can make a 401 better than the next. For example, don’t get caught up into plan where information is hard to come by. Transparency is what you need and it needs to be easy to find. Many plans come with an internet site with a username and password that allows you to login at anytime and see your account’s activity. Diversification is another must have when looking at 401k’s. The old saying, “Don’t put all your eggs in one basket,” may have been referring to your investments! Also, make sure you are aware of all the fees associated with your 401k plan. Another saying, “there’s no such thing as a free lunch” can ring true here also. Plan fees, investment fees and service fees are generally the most common, but your employer will hopefully have done some good research and will have found you the best deal. You can read more about the best 401k features here.
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