Music Plays Instrumental Role in Healing Ailments

Hearing a familiar song from a happy period in your life, such as childhood, can instantly make you feel joyful. It’s as if you’re right back there — toe tapping, head bopping and singing along. Just as with our sight, smell and taste senses, positive auditory memories can enhance mood and transport us back to a happier time.

The power of music has led researchers to study various applications of music therapy to help people overcome the pain of health conditions, emotional challenges and even the cognitive decline that often accompanies old age.1

It’s not enough to believe we will all grow old gracefully. This usually doesn’t happen without planning. A big part of planning for retirement isn’t just how to provide enough income for the rest of our life, but how to help ensure we still enjoy a high quality of life no matter our age.

As an independent financial services firm, we help people create retirement strategies using a variety of insurance products to custom suit their needs and objectives; just give us a call. As for creating a plan to help enhance quality of life, consider some of these music therapy applications.

Music therapy is now a board-certified health profession. With approximately 7,500 practitioners throughout the country, the practice has become prevalent in nursing homes and hospices. The American Music Therapy Association reports about 10 percent of musical therapists work with terminally ill patients in a new discipline called end-of-life music therapy.2

 A growing body of research indicates music therapy can help improve cognitive function in patients with Alzheimer’s disease.3 It also can be used to aid in stress and pain management, memory enhancement, communication and physical rehabilitation.4

Further, the discipline has been found to help people with psychiatric problems, such as depression, trauma and schizophrenia. Music can help calm patients as well as help them process emotions, trauma and grief.5

Interestingly, the military has used forms of music therapy since the post-World War I era. Trained musical therapists use it as a tool to help wounded, injured or ill soldiers express their thoughts nonverbally. Research also shows music can be effective at increasing neuroplasticity in the brain, which is an important role in helping veterans address symptoms of PTSD and traumatic brain injuries.6

 Content prepared by Kara Stefan Communications.

1 Sharon Otterman. The New York Times. Jan. 15, 2018. “Music Therapy Offers an End-of-Life Grace Note.” https://www.nytimes.com/2018/01/15/nyregion/music-therapy-nursing-home-hospice.html. Accessed April 13, 2018.

2 Ibid.

3 Sherry Christiansen. Alzheimer’s Universe. July 24, 2017. “Quick Alzheimer’s Prevention Pearl: Studies Show Music Improves Cognition in People with Alzheimer’s Disease.” https://www.alzu.org/blog/2017/07/24/how-music-helps-with-alzheimers-prevention/. Accessed April 18, 2018.

4 American Music Therapy Association. 2018. “What is Music Therapy?” https://www.musictherapy.org. Accessed April 13, 2018.

5 Molly Warren. National Alliance on Mental Illness. Dec. 19, 2016. “The Impact of Music Therapy on Mental Health.” https://www.nami.org/Blogs/NAMI-Blog/December-2016/The-Impact-of-Music-Therapy-on-Mental-Health. Accessed April 18, 2018.

6 Frank Otto. Drexel University News Blog. March 20, 2018. “3 Things to Keep in Mind About Music Therapy in the Military.” https://newsblog.drexel.edu/2018/03/20/3-things-to-keep-in-mind-about-music-therapy-in-the-military/. Accessed April 13, 2018.

This material is intended to provide general information to help you understand basic retirement income strategies and should not be construed as financial advice.

The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions. If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference.

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Jobs After Age 55 

The good news is 62- to 64-year-olds experienced the largest increase in jobs between 2007 and 2014.1 The not-so-good news is that many of those jobs are not of the upscale, high-paying variety.2

New research from the Center for Retirement Research at Boston College offers insights into the type of work that older people are securing today:3

  • The jobs are high on service and low on physical labor
  • Service jobs: managers, sales supervisors, accountants, real estate sales, property management
  • Low-skilled jobs: truck drivers, janitors, nursing aides, child care, retail, cab driver
  • Valued skillsets: dependability, outdoor work
  • Jobs that pay around 10 percent less than those of younger workers

A survey of households and individuals from the latest census found that, between 2008 and 2012, older workers (62+) with a college degree had less than a 50 percent chance of finding work, while those without a college degree had only a 35 percent chance.4

During an economic downturn, it’s not uncommon for employers to lay off employees, and many older workers end up getting more pink slips than others. One reason may be because they tend to earn more, so some workplaces may be inclined to hire younger, lower-paid employees to improve profit margins.5

While this may sound like age discrimination, lawsuits along those lines have become harder to win. In 2009, a court ruling made it more difficult for workers to sue for age discrimination. Plaintiffs must now prove that advanced age was the main reason for being let go — not just a contributing factor.6

Even aging workers who continue working at the same company will likely find their income doesn’t increase as much as it did when they were younger. A 2015 Federal Reserve study found that, from ages 45 to 55, wages decrease by 9 percent; they then drop another 9 percent from ages 55 to 65.7

The job situation may be more challenging for women, in part because they tend to live longer than their husbands and are therefore more likely to spend some part of their retirement living on one income. According to U.S. Labor Department projections, about one in seven women work past age 65, and within eight years that number will rise to nearly one in five.8

Working longer isn’t all bad, from a financial or social standpoint. It enables people to save longer, give their retirement assets more opportunity to accumulate, decreases how long they’ll have to live on their retirement savings and enables them to save money via employer-based health insurance.9 Plus, work provides cognitive and social engagement, which for many is a lot more fun than sitting at home or even traveling alone.

Content prepared by Kara Stefan Communications. 

Quoctrung Bui. The New York Times. Aug. 18, 2016. “More Older People Are Finding Work, but What Kind?” http://www.nytimes.com/2016/08/18/upshot/as-more-older-people-seek-work-they-are-put-into-old-person-jobs.html?_r=0. Accessed Sept. 19, 2016.
Ibid.
3 Ibid.
4 Ibid.
Bob Sullivan. CNBC. July 7, 2016. “For older workers, getting a new job is a crapshoot.” http://www.cnbc.com/2016/07/07/for-older-workers-getting-a-new-job-is-a-crapshoot.html. Accessed Sept. 19, 2016.
6 Ibid.
7 Teresa Ghilarducci. PBS. Jan. 14, 2016. “Why women over 50 can’t find jobs.” http://www.pbs.org/newshour/making-sense/women-over-50-face-cant-find-jobs/. Accessed Sept. 19, 2016.
8 Nick Timiraos. The Wall Street Journal. Feb. 22, 2016. “How Older Women Are Reshaping U.S. Job Market.” http://www.wsj.com/articles/older-women-reshape-u-s-job-market-1456192536. Accessed Sept. 19, 2016.
9 Kerry Hannon. Forbes. July 3, 2016. “5 Tips To Help Women Work Longer.” http://www.forbes.com/sites/nextavenue/2016/07/03/5-tips-to-help-women-work-longer/#74c7bf943156. Accessed Sept. 19, 2016.

We are an independent firm helping individuals create retirement strategies using a variety of insurance products to custom suit their needs and objectives. This material is intended to provide general information to help you understand basic retirement income strategies and should not be construed as financial advice. 

The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions. If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference. 

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Income Strategies for an 8,000-Day Retirement

By 2030, it’s estimated that 20 percent of the U.S. population will be over age 65.1 That means a fifth of all Americans will be on the fringe of retirement or already retired, a milestone that’s generally perceived to come late in life. But consider this, there are approximately 8,000 days in today’s average retirement. That’s approximately the same number of days from:2

  • Birth to college graduation
  • College graduation to mid-life crisis
  • Mid-life crisis to retirement

Eight thousand days translates to about 22 years. That may seem long for retirement, but it’s actually quite common these days: Retire at 65 and live to 87; retire at 70 and live to 92; retire at 80 and live to 102. More people are doing this all the time.3

If you are fortunate enough to enjoy 8,000 days of retirement, you’ll need plenty of retirement savings accumulated to make it last. For many people, that may not happen. Some young people don’t save enough because they struggle to make ends meet. People in their 40s might splurge on a sporty convertible or have unexpected expenses for a family member.

Sometimes the bulk of retirement saving gets crammed into those 8,000 days between mid-life and retirement. If this scenario sounds familiar, note that we have experience working with clients who are in similar situations. One of the keys is to use today’s retirement income strategies and financial vehicles to help maximize your assets for long-term financial confidence. We can use a variety of investment and insurance products to customize a financial strategy for your unique situation.

One possible strategy to help with the concern of outliving your retirement income may be to delay starting Social Security benefits.4 For example, an economist at Boston University demonstrated a scenario in which a 66-year-old retiree begins withdrawing income from his 401(k)/IRA account while delaying Social Security until age 70. His calculations show that this strategy would yield a higher income throughout retirement than if the retiree started pulling from all income sources at full retirement age.5

Also remember that the concept of 8,000 days is a middling number. Roughly, half of retirees will die before 8,000 days and half live longer. Annuities can be an option for people who want to help ensure a portion of their retirement income will be guaranteed. An annuity is an insurance contract that can provide long-term retirement income to help protect you against longevity risk, such as a retirement spanning two decades or more.

It’s important to understand there are several different types of annuities, and they don’t all work the same way. They may offer various features; such as payout options, death benefits and potential income for your spouse. Some can offer guaranteed income (a fixed annuity) while others offer an income stream that relies on the performance of the investments you choose (a variable annuity). There may be tradeoffs for these features, like additional fees or lower income payouts.6 A financial professional can help you understand which type of annuity suits your financial needs.

Content prepared by Kara Stefan Communications

1 Richard Eisenberg. Forbes. May 9, 2017. “Why Isn’t Business Preparing More for The Future of Aging?” https://www.forbes.com/sites/nextavenue/2017/05/09/why-isnt-business-preparing-more-for-the-future-of-aging/#108dfd522dec. Accessed July 31, 2017.

2 Ibid.

3 Ibid.

4 Mark Miller. The New York Times. Feb. 18, 2017. “How to Make Your Money Last as Long as

You Do.” https://www.nytimes.com/2017/02/18/your-money/retiring-longevity-planning-social-security.html. Accessed July 31, 2017.

5 Laurence Kotlikoff. Dallas News. May 5, 2017. “Which should you take first: Social Security or your 401(k)?” https://www.dallasnews.com/business/personal-finance/2017/05/05/take-first-social-security-401k. Accessed July 31, 2017.

6 CNN. 2017. “What is an annuity?” http://money.cnn.com/retirement/guide/annuities_basics.moneymag/index.htm. Accessed July 31, 2017.

 The hypothetical example provided is for illustrative purposes only; it does not represent a real life scenario, and should not be construed as advice designed to meet the particular needs of an individual’s situation. We are able to provide you with information but not guidance or advice related to Social Security benefits. Our firm is not affiliated with the U.S. government or any governmental agency.

Insurance and annuity product guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Annuities are insurance products that may be subject to fees, surrender charges and holding periods which vary by company. Annuities are not a deposit of nor are they insured by any bank, the FDIC, NCUA, or by any federal government agency. Annuities are designed for retirement or other long-term needs.

 This material is intended to provide general information to help you understand basic financial planning strategies and should not be construed as financial advice. All investments are subject to risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. 

 The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions. If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference.

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The Longevity Revolution

How old do you have to be before you’re considered “old”? This number may change depending on the age of the person making the assessment. For example, a child or a teenager might think someone age 40 is old. That view is less likely to be held by a 39-year-old.

History indicates you have to reach a lot more birthdays these days to be considered old. One way to judge this is to look at pictures of your parents, aunts, uncles and grandparents when they were your age. Apart from the improved clarity of photographs in the modern era, many of us have fewer wrinkles and an overall healthier appearance than our ancestors.1

The data backs this up. A study by a Stanford University economics professor found that back in the 1920s, males were considered old if they were age 55 and up, whereas today that’s considered “middle age.”2

Of course, how we feel can change from day to day. Some days we might feel like a teenager, while other days we feel older than our years. We don’t want our clients to have similar feelings of uncertainty when planning for retirement. First of all, we like to help our clients work toward a well-prepared financial future. Second, it’s important to  consider that no matter how old you are, you’re likely to live longer than your parents and thus should plan for that eventuality. That’s why we work with our clients to create retirement income strategies for a retirement income that lasts as long as they do.

From a societal perspective, some of the reasons we’ve experienced a longevity revolution include universal access to clean water, sanitation, waste removal, electricity and refrigeration, as well as vaccinations and continued improvements in health care.3 At the individual level, people have their own take on why they’re living longer. One woman from Maine, 100-year-old Florence Bearse, claims the secret to her longevity is drinking wine. That, and people shouldn’t “take any baloney” if they want to live to old age.4

Another centenarian, Manhattan jazz saxophonist Fred Staton, is still playing professionally at age 102, which gives credence to the notion that creativity and passion lend themselves to a longer life.5 While a healthy lifestyle might be a strong indicator of longevity, it is by no means a definitive measure. Staton admits to smoking up until age 60, and rocker Mick Jagger — not exactly the poster child for a clean-living lifestyle — is still performing at Rolling Stones concerts at age 73.6

As for saving enough money to live comfortably throughout a long retirement, global analysts have noticed an interesting trend in spending among retirees. In wealthier countries, retirees appear to be aware of the potential for outliving their income, with many saving more than necessary.7

Content prepared by Kara Stefan Communications.

1 Steve Vernon. CBS News. June 29, 2017. “What age is considered ‘old’ nowadays?” http://www.cbsnews.com/news/what-age-is-considered-old-nowadays/. Accessed July 8, 2017.

2 Ibid.

3 Ibid.

4 Time. July 7, 2017. “Secret to 100-Year-Old Woman’s Longevity Likely Wine.” http://time.com/4849191/100-year-old-old-age-secret-wine/. Accessed July 8, 2017.

5 Corey Kilgannon. New York Times. June 29, 2017. “At 102, a ‘Triple-Digit’ Jazzman Plays On.” https://www.nytimes.com/2017/06/29/nyregion/fred-staton-jazz-saxophonist-plays-on.html. Accessed July 8, 2017.

6 The Economist. July 6, 2017. “Getting to grips with longevity.” https://www.economist.com/news/special-report/21724745-ageing-populations-could-be-boon-rather-curse-happen-lot?fsrc=scn/tw/te/bl/ed/gettingtogripswithlongevity. Accessed July 8, 2017.

7 The Economist. July 6, 2017. “Financing longevity.” https://www.economist.com/news/special-report/21724751-lives-get-longer-financial-models-will-have-change-financing-longevity. Accessed July 8, 2017.

We are an independent firm helping individuals create retirement strategies using a variety of insurance products to custom suit their needs and objectives. This material is intended to provide general information to help you understand basic retirement income strategies and should not be construed as financial advice.

The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions. If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference.

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Is Feeling Younger the Secret to a Longer Life?

“You don’t stop laughing when you grow old, you grow old when you stop laughing.”

~George Bernard Shaw

While some people accept getting older as a natural part of life, many others are on a mission to fight the aging process and maintain a youthful attitude and appearance. Although we are often reminded to “age gracefully” – to accept our older selves just as they are – research shows those who stay young at heart may just be on to something.

If you’ve ever experienced the feeling that the image in the mirror doesn’t quite match up with how you feel on the inside, you’re not alone. In 2015, the Journal of the American Medical Association published the results of research conducted over an eight-year timespan.  The initial survey of about 6,500 people ages 52 and older revealed that almost 70 percent of respondents felt three or more years younger than their actual age.1

Eight years later, researchers went back and resurveyed the participants. They found 86 percent of the people who reported feeling younger than their actual age were still alive, as compared to 82 percent of the people who felt their actual age and 75 percent who felt older.2

What’s the lesson here? This study and a variety of others point to the idea that feeling young actually helps us live longer. It’s the idea to stay “psychologically young”: maintaining a positive outlook, staying active physically and mentally, and enjoying a life of quality even into our older years.3 But how can we feel younger? Here are four tips:

  1. Eat right. Maintain a healthy diet, including plenty of veggies, fruits and protein. Also, make sure you’re getting plenty of omega-3 fatty acids, found in salmon, nuts and seeds. These help prevent inflammation in your body, which affects you both mentally and physically.1
  2. Get some exercise – physical and mental. Feeling younger means moving more. You need to challenge not only your body, but also your brain. The Alzheimer’s Association suggests things like taking a college course, finishing a daily crossword and enjoying an occasional play or performance as ways to stay mentally active.5
  3. Set goals for the future. Goals give us something to work toward and look forward to, no matter your age. Your goals can be related to health, family, career, travel or anything that sounds interesting to you!
  4. Look on the bright side. A positive attitude can help you live longer. For example, a Harvard study of 70,000 female nurses found the most optimistic quarter of respondents had a 31 percent reduced risk of mortality.6 Sometimes keeping a positive outlook on life can keep you going, even when there may be negative external circumstances.

While it pays to think positive and keep a youthful mindset, lifespans of all people in general have gotten longer over the years. If you’re fortunate enough to live many years after retirement, you’re going to need a well-thought-out retirement income strategy. Using a variety of insurance products, we can help you create a strategy that helps you to live the kind of retirement you’ve worked hard for. Contact us today to get started on your retirement income strategy for a long life.

Content prepared by Amy Ragland.

1 Isla Rippon, MSc and Andrew Steptoe, DSc. American Medical Association.  February 2015. “Feeling Old vs. Being Old: Associations Between Self-Perceived Age and Mortality.”  http://jamanetwork.com/journals/jamainternalmedicine/fullarticle/2020288. Accessed June 8, 2017.

2 Heidi Godman. Harvard Health Publications. Aug. 5, 2016. “Feeling Young at Heart May Help You Live Longer.” http://www.health.harvard.edu/blog/feeling-young-heart-may-help-live-longer-201412177598. Accessed June 7, 2017.

3 Ibid.

4 Marisa Fox. Fitness Magazine. “10 All-Natural Ways to Stay Young.” http://www.fitnessmagazine.com/mind-body/feeling/10-all-natural-ways-to-stay-young/. Accessed June 7, 2017.

5 Alzheimer’s Association. “Stay Mentally Active.” http://www.alz.org/we_can_help_stay_mentally_active.asp. Accessed June 8, 2017.

6 Deborah Netburn. Los Angeles Times. Dec. 9, 2016. http://www.latimes.com/science/sciencenow/la-sci-sn-optimists-longer-life-20161208-story.html. Accessed June 8, 2017.

 This material is intended to provide general information to help you understand basic retirement income strategies and should not be construed as financial advice.

The information contained in this material is provided by third parties and has been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions. If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference.

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How to Help Avoid Struggling with Caregiver Burnout

Serving as a caregiver for a loved one can be a wonderful thing. It often allows ill or disabled individuals to remain in their own home, surrounded by familiar surroundings. However, it can often take a toll on the person providing care, and can sometimes lead to the caregiver feeling depleted or exhausted. This feeling is commonly known as caregiver burnout.1

The National Alliance for Caregiving reported an estimated 43.5 million adults provided care for a chronically ill, disabled or aged loved one in 2014. The organization also reported the average caregiver spends nearly 25 hours per week providing assistance, the equivalent of a part-time job.2

While being a caregiver can be rewarding, it can also be emotionally, physically and mentally taxing. Burnout tends to happen when the caregiver neglects his or her own needs — often without realizing it’s happening.

If you are providing care for an ill or disabled loved one, it’s important to recognize the symptoms of burnout in the early stages. The ALS Association reports some of these patterns as signs of burnout for caregivers:3

  • Irritability and impatience
  • Overreacting to small things or comments made by others
  • Problems sleeping
  • Abuse of food, tobacco, drugs or alcohol
  • Feelings of isolation, alienation or resentment
  • Increasing levels of stress

The time and money dedicated to helping someone else can also be a drain on the caregiver. While retirees in particular may feel they have the time available to take care of a friend in need, it’s important they consider how that kind of time commitment could affect their own energy levels and financial resources.

How do you avoid caregiver burnout? Here are five suggestions from the Caregiver Action Network:4

  1. Seek support. Providing care can be isolating. Reach out to family and friends, and tell them exactly what you need. Many of them want to help, but they aren’t sure how. Also explore online options. The AARP provides a list of resources for caregivers,5 including online communities where people can share experiences.
  2. Take breaks. Letting someone else provide care can be difficult, since others don’t do things quite the same way and it might be challenging for the person receiving care to adjust to someone new. Taking a break, however, is important for both mental and physical respite.
  3. Don’t neglect your own health. It might take some creativity, but find ways to work in activity, even if it’s taking a 15-minute walk. Pay attention to your own nutrition. Try not to let go of all the things that bolster your mental health; it can be easy to neglect your own hobbies and interests.
  4. Get the paperwork in order. Organize medical records, legal paperwork and other items so they’re easy to find. Introduce yourself to your loved one’s lawyer, accountant, financial professional and other service providers. Provide them with a copy of a power of attorney so you can have access to records if needed. If you have questions about how taking the time to care for someone else could affect you financially, don’t hesitate to reach out to your financial professional.
  5. Don’t be too hard on yourself. Caregiving is a tough job. Recognizing that you also have physical, mental and emotional needs will help you avoid burnout and continue to provide the best care to your loved one.

Content prepared by Amy Ragland.

 1 Senior Helpers. “Caregiver Burnout.” http://www.seniorhelpers.com/resources/family-caregiver-burnout.  Accessed May 21, 2017.

2 National Alliance for Caregiving in Collaboration with AARP. June 2015. Pages 6 and 33. “Caregiving in the U.S. 2015.” http://www.caregiving.org/wp-content/uploads/2015/05/2015_CaregivingintheUS_Final-Report-June-4_WEB.pdf. Accessed May 21, 2017.

3 ALS Association. “Symptoms of Caregiver Burnout.” http://www.alsa.org/als-care/caregivers/caregivers-month/symptoms-of-caregiver-burnout.html. Accessed May 21, 2017.

4 Caregiver Action Network. “10 Tips for Family Caregivers.” http://caregiveraction.org/resources/10-tips-family-caregivers. Accessed May 21, 2017.

5 AARP. “Resources Caregivers Should Know About.” http://www.aarp.org/home-family/caregiving/info-08-2012/important-resources-for-caregivers.html. Accessed May 21, 2017.

We are an independent firm helping individuals create retirement strategies using a variety of insurance products to custom suit their needs and objectives. This material is intended to provide general information to help you understand basic retirement income strategies and should not be construed as financial advice.

The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions. If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference.

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Preventing Elderly Financial Abuse

A recent study by the Center for Retirement Research at Boston College concluded that many retirees who do not suffer from any cognitive impairment can still manage their money through their 70s and 80s.1 The study reports that financial capacity relies on accumulated knowledge and that knowledge stays mostly intact as we age.

However, the study points out that it generally is not a good idea to start managing financial decisions in your late 70s and 80s if you haven’t had experience doing this before — such as after the death of a spouse who handled the finances.2 We work closely with our clients to help them develop financial strategies designed to last a lifetime, with the goal of reducing the need to make dramatic financial changes later in life. However, we are here to address any questions or concerns of our clients no matter what stage of their financial planning. Please give us a call; we’re here to help.

Having a plan for late-stage financial management is important due to the increase in elderly financial fraud. With more than 45 million seniors in America, this is a large and tempting market for scammers. One study estimated that about 5 million older Americans are financially exploited each year. In New York state alone, allegations of elderly financial abuse spiked by more than 35 percent between 2010 and 2014.3

In response to this growing problem, several government regulatory agencies have stepped up efforts to help prevent and address elder financial abuse, including the following:

  • The SEC requires brokers to make “reasonable efforts” to identify a “trusted contact” for investment accounts and allows them to prevent the disbursement of funds from the account and notify the trusted contact if the broker suspects abuse.4
  • The Financial Industry Regulatory Authority, or FINRA, set up a senior help line at 844-57-HELPS (844-574-3577)5
  • In 2016, four state legislatures approved a rule requiring advisors to notify adult protective services and state regulators if they detect abuse; 10 more states are expected to adopt similar rules this year, and three other states already had such rules in place.6

According to the National Committee for the Prevention of Elder Abuse, some of the most common ways the elderly are taken advantage of financially are: forging their signature; getting them to sign a deed, will or power of attorney through deception, coercion or undue influence; using their property or possessions without permission; and telemarketing scams. Some of the most likely perpetrators of elder financial abuse are: family members; predatory people who seek out vulnerable seniors; and unscrupulous business professionals.7 If you believe you are a victim of fraud, contact your local law enforcement, state agency on aging and/or a community senior services group.

Content prepared by Kara Stefan Communications.

1 Anek Belbase and Geoffrey T. Sanzenbacher. Center for Retirement Research at Boston College. January 2017. “Cognitive Aging and the Capacity to Manage Money.” http://crr.bc.edu/briefs/cognitive-aging-and-the-capacity-to-manage-money/. Accessed June 22, 2017.

2 Ibid.

3 Christine Idzelis. Investment News. April 23, 2017. “Advisers on front lines in battle against financial abuse of the elderly.”  http://www.investmentnews.com/article/20170403/FEATURE/170339977. Accessed June 22, 2017.

4 Mark Schoeff Jr. Investment News. April 3, 2017. “Advisers taking steps to protect elderly.” http://www.investmentnews.com/article/20170403/FREE/170339979?utm_campaign=socialflow&utm_source=twitter&utm_medium=social. Accessed June 22, 2017.

5 FINRA. “FINRA Securities Helpline for Seniors.” http://www.finra.org/investors/highlights/finra-securities-helpline-seniors. Accessed June 22, 2017.

6 Mark Schoeff Jr. Investment News. April 3, 2017. “Advisers taking steps to protect elderly.” http://www.investmentnews.com/article/20170403/FREE/170339979?utm_campaign=socialflow&utm_source=twitter&utm_medium=social. Accessed June 22, 2017.

7 National Committee for the Prevention of Elder Abuse. “Financial Abuse.” http://www.preventelderabuse.org/elderabuse/fin_abuse.html. Accessed June 22, 2017.

We are an independent firm helping individuals create retirement strategies using a variety of insurance and investment products to custom suit their needs and objectives. This material is intended to provide general information to help you understand basic financial planning strategies and should not be construed as financial advice. All investments are subject to risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. 

The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions. If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference.

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Checking Up on Health Care Expenses

If there’s one thing every adult demographic in America values, it’s maintaining good health.

People with medical conditions may be interested in topics like new medical technology, pharmacology or national changes to health care insurance. Meanwhile, those without serious medical issues want to know how they can stay that way, through nutrition, exercise, weight loss and preventive screenings. It’s a national conversation, and not one that’s likely to diminish any time soon.

The 6.5 percent growth rate in medical expenses has plateaued recently, according to business consulting firm PwC, but the company’s researchers see signs the rate will increase again in the near future.1

This isn’t just a reflection of the cost of health care insurance, but also the prices charged by facilities, physicians and specialists for the drugs and therapies necessary to treat medical conditions. Escalating health care usage and prices contribute to the increase of insurance premiums, deductibles, copays and coinsurance.2

Whether you’re working or retired, the issues of finances and health care are inextricably interwoven. You can’t really think or plan about one without considering the other. This is true whether you’re covered under employer-sponsored insurance, a plan from the individual market or a government-sponsored plan. As financial professionals, we work with clients in each of these situations to help ensure their retirement income plan takes into consideration current and potential medical expenses in the future. If you need help assessing your retirement income needs, please contact us for help.

Ultimately, the message the health care industry is promoting is that people need to take better care of themselves. They need to research and understand their health care options, and also work on improving their overall health now to prevent problems — and related expenses — in the future.

When it comes to individuals taking responsibility for their own health, there’s no need to wait for the government to step in and pass legislation. There’s plenty of knowledge available at our fingertips to help maintain health, from advice on healthy eating away from home3 to using diet to manage indigestion problems like acid reflux.4

For older Americans, taking on new fitness activities may be worrisome since they can increase the likelihood of injury. On the other hand, when done correctly, moderately and consistently, exercise can also help decrease the likelihood of injury.

Plus, it may be easier than you think to catch up on today’s fitness trends. Many are simply rejuvenated from the workouts of yesteryear.5 Like today’s trendy Pilates exercises, which were quite popular in the 1950s and 60s,6 one thing that will never go out of style is taking strides to maintain health.

Content prepared by Kara Stefan Communications

 1 PwC. 2017. “Medical Cost Trend.” https://www.pwc.com/us/en/health-industries/health-research-institute/behind-the-numbers.html. Accessed May 5, 2017.

2 NBC News. Nov. 4, 2016. “Why Health Care Eats More Of Your Paycheck Every Year.” http://www.nbcnews.com/health/health-news/why-health-care-eats-more-your-paycheck-every-year-n678051. Accessed May 5, 2017.

3 Harvard Medical School. 2017. “Tips for healthy eating away from home.” http://www.health.harvard.edu/diseases-and-conditions/tips-for-healthy-eating-away-from-home. Accessed May 5, 2017.

4 Jane E. Brody. The New York Times. Mar. 20, 2017. “Pop a Pill for Heartburn? Try Diet and Exercise Instead.” https://www.nytimes.com/2017/03/20/well/pop-a-pill-for-heartburn-try-diet-and-exercise-instead.html?_r=0. Accessed May 5, 2017.

5 Jessica Smith. Shape.com. 2017. “Then & Now: 7 Retro Workouts That Still Get Results.” http://www.shape.com/fitness/workouts/then-now-7-retro-workouts-still-get-results. Accessed May 5, 2017.

6 Balanced Bodies. 2017. “Pilates Origins.” http://www.pilates.com/BBAPP/V/pilates/origins-of-pilates.html. Accessed May 5, 2017.

We are an independent firm helping individuals create retirement strategies using a variety of insurance products to custom suit their needs and objectives. This material is intended to provide general information to help you understand basic retirement income strategies and should not be construed as financial advice.

The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions. If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference.

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Expenses That Come With Caring

We spend our lives caring for others — at least if we’re lucky. One of the greatest treasures in life is having people, causes and pets to care for. Unfortunately, caring for others can have its challenges, including additional stress and financial burdens.

Sometimes we get so caught up in making money that we don’t pay attention to how much we spend. Some of the money we spend may not really register because we use it to take care of others’ needs; what we may deem to be a necessary expense certainly doesn’t feel like discretionary spending.

But spending is spending, and we all need to take a careful look at how much of our money we use on caring for others, or “care management.” These expenses could include the money we spend raising our children, or helping them out when they’re older and nearly independent, but still need extra cash now and then.

We also should consider the amount of money we spend on elder care, whether for ourselves or loved ones. One recent study found that it costs families more to care for a frail older adult than to raise a child in the first 17 years of life.1 Many families are taking care of seniors diagnosed with Alzheimer’s at home for as long as possible, given the increasing price tag of providing full-time care.2  Some insurance products, such as life insurance and annuities, provide various options you may want to considerto help cover the potential costs of some of these care needs. If you’d like to find out more, please give us a call toll-free at 1-888-272-1099. We’d be happy to discuss options based on your unique situation.

Charitable donations are also a care management item, and going forward, there may be a greater call for private donations if the government cuts the budget in areas like the cultural arts. There is also concern that reduced funding on the environment could have long-ranging impacts on care issues. For example, scientists note climate change can impact the spread of infectious diseases carried by animals and insects, such as Rocky Mountain spotted fever, West Nile virus, Lyme disease, Zika and dengue. Further, compromised water systems can lead to waterborne infections like cholera and other gastrointestinal conditions.3

To end on a brighter note, here’s a heartwarming story related to caring and making someone’s day. Students of White Bear Lake Area High School in Minnesota have an annual tradition of staging a runway march through a local senior center in their fancy dress on the way to prom night.4 Just imagine the post-march chats among seniors about their high school days! It’s an engaging idea that demonstrates it doesn’t take a lot of money to stage a caring moment between generations.

Content prepared by Kara Stefan Communications.

1 Howard Gleckman. Forbes. Jan. 18, 2017. “Families Spend More to Care for Their Aging Parents Than To Raise Their Kids.” https://www.forbes.com/sites/howardgleckman/2017/01/18/families-spend-more-to-care-for-their-aging-parents-than-to-raise-their-kids/#924f7e6f4a50. Accessed May 12, 2017.

2 Bruce Jaspen. Forbes. March 7, 2017. “Alzheimer’s Staggering $259B Cost Could Break Medicare.” https://www.forbes.com/sites/brucejapsen/2017/03/07/u-s-cost-of-alzheimers-eclipses-250-billion/#294c3f5471e5. Accessed May 12, 2017.

3 Peter Grinspoon. Harvard Medical School. March 29, 2017. “Our planet, ourselves: Climate change and health.” http://www.health.harvard.edu/blog/planet-climate-change-health-2017032911481. Accessed May 12, 2017.
4 White Bear Press. May 10, 2017. “Students take a prom march through Cerenity Senior Care Center.” http://www.presspubs.com/white_bear/article_67400d02-35a8-11e7-b749-731700102e0f.html. Accessed May 12, 2017.

We are an independent firm helping individuals create retirement strategies using a variety of insurance products to custom suit their needs and objectives. This material is intended to provide general information to help you understand basic retirement income strategies and should not be construed as financial advice.

The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions. If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference.

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The Influence of Work

Work offers a confluence of possibilities, ranging from satisfaction to frustration to, many days, a little of both. If you work during retirement, here’s an interesting revelation: Social Security taxes are deducted from your work paycheck even if you’re already drawing benefits. For a lot of retirees, wages from some type of job represent a significant portion of their retirement income.1

This is a scenario in which you may be able to increase your Social Security benefits even if you started taking them early. If the annual income you earn in retirement is higher than the lowest inflation-adjusted year of earnings factored into your current benefit, a new benefit will be calculated for a higher amount.2

The decision to work or not during retirement is a personal one, based on both financial and lifestyle factors. Please contact us to discuss creating retirement strategies through the use of insurance products that can help you work toward your long-term retirement income goals.

When you’re making the decision about whether to retire, remember you may have more options than you think. Some people may want to work longer either because they could stand to save more or want to keep their brains engaged — or both. However, if they’ve grown tired of their job, they figure they might as well retire. But it doesn’t have to be one or the other. Many people go job hunting because they’re frustrated with their boss or company and no longer feel they get the respect they deserve.3 You can do that too, even if you’re older. If you aren’t ready to retire, consider looking for another job.

If that doesn’t appear to be a feasible option, there are other ways to cope with a job that has you down. People often talk about developing hobbies during retirement to occupy their time, keep their minds engaged and nurture a social network. There’s no reason to wait until retirement. Studies show people experience long-term fulfillment when they commit to an activity for the sake of the activity itself.4 This gives you something to look forward to doing outside work, so that the day-to-day grind is more tolerable. A secondary benefit is that once you do retire, the activity could be waiting for your full-time attention.

Then again, you might be considering quitting your job and working for yourself. To get started, human resources professional Liz Ryan offers the following questions to ask yourself:5

  • What services can I sell?
  • What kinds of problems or challenges can I solve for clients?
  • What is the going rate for my services?
  • How can I explore the possibilities as a new consultant while continuing to work at my job?
  • How can I market my new business?

Content prepared by Kara Stefan Communications.

1 Tom Margenau. Arizona Daily Star. March 23, 2017. “Social Security and you: Working seniors pay taxes and may see benefit increase.” http://tucson.com/business/social-security-and-you-working-seniors-pay-taxes-and-may/article_d12b59db-5376-549c-a628-e7c569db772c.html. Accessed May 19, 2017.

2 Ibid.

3 Liz Ryan. Forbes. March 31, 2017. “The Real Reason Good Employees Quit.” https://www.forbes.com/sites/lizryan/2017/03/31/the-real-reason-good-employees-quit/#4390ea844b4e. Accessed May 19, 2017.

4 Brad Stulberg. New York. March 27, 2017. “Your Job Can’t Be the Only Meaningful Thing in Your Life.” http://nymag.com/scienceofus/article/how-to-find-meaning-outside-of-work.html?mid=twitter_scienceofus. Accessed May 19, 2017.

5 Liz Ryan. Forbes. April 2, 2017. “Full-Time Employment Is Great For Employers – Not So Great For You.” https://www.forbes.com/sites/lizryan/2017/04/02/full-time-employment-is-great-for-employers-not-so-great-for-you/print/. Accessed May 19, 2017.

We are able to provide you with information but not guidance or advice related to Social Security benefits. Our firm is not affiliated with the Social Security Administration or any governmental agency.

We are an independent firm helping individuals create retirement strategies using a variety of insurance products to custom suit their needs and objectives. This material is intended to provide general information to help you understand basic retirement income strategies and should not be construed as financial advice.

The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions. If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference.

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