Symptoms of Alzheimer’s and Dementia

(ARA) – More than 5 million Americans are currently living with Alzheimer’s disease (AD), and, by 2050, approximately 16 million will have the disease.

Alzheimer’s disease is a form of dementia and gradually destroys a person’s memory and ability to learn, reason, make judgments, communicate and carry out daily activities. People with the disease experience difficulties in memory severe enough to have an impact on their work, social activities and family life. While there is no cure for AD, early diagnosis and treatment with approved medications can help slow symptom progression.

A new online survey of 1,040 adults age 55 and over titled, “Alzheimer’s Disease: Current Attitudes, Perceptions and Knowledge,” shows that despite overwhelming support for early AD screening and detection, there are striking differences between intentions and behavior. Nearly 95 percent agree that they would encourage a loved one to seek early diagnosis upon suspecting signs of AD, but of the 34 percent who previously thought a loved one had the disease, only about one-quarter prompted that person to take an AD screener and less than 40 percent encouraged initiating a conversation with his or her doctor.

This survey was commissioned by the Alzheimer’s Disease Screening Discussion Group (ADSDG), a consortium of multi-disciplinary experts. The survey and ADSDG were sponsored by Eisai Inc. and Pfizer Inc.

“About half of AD patients in the U.S. are diagnosed and of those, only half receive treatment. To help patients and their loved ones better manage this disease, we need to increase diagnoses,” says Dr. Richard Stefanacci, founding executive director, Geriatric Health Program, University of the Sciences in Philadelphia, survey co-chair and a member of the AD Screening Discussion Group. “One way to do this is to educate and motivate those closest to the patients to take action by seeing a doctor as soon as symptoms are suspected,” advises Dr. Stefanacci.

The survey also shows that although AD impacts most Americans age 55 and over, the majority have little knowledge of the disease and are confused about its symptoms. In fact, although 78 percent say they could notice signs of AD in themselves or a loved one, more than 90 percent could not distinguish early disease symptoms from late disease symptoms or symptoms unrelated to AD.

“These results are troubling because AD symptoms are typically detected by a close friend or relative, and without the ability to do so, patients don’t get diagnosed until symptoms are far along. Not only can early treatment slow the progression of disease symptoms, but an early diagnosis also gives the patient and their loved ones more time to adjust to the news and make important legal, financial and medical decisions together before the disease advances,” comments Dr. Paul R. Solomon, professor, department of psychology and program in neuroscience, Williams College; clinical director, The Memory Clinic in Bennington, VT; survey co-chair and member of the AD Screening Discussion Group.

To ensure Americans are best prepared to deal with this growing health issue, the AD Screening Discussion Group encourages everyone with a loved one age 55 and over to visit www.seethesigns.com to learn more about the disease, its signs and symptoms, and complete an online memory screener on behalf of a loved one if symptoms are suspected.

The list below can help distinguish between normal signs of aging and others signs that might indicate something more serious.

Normal Aging
Forgetting names of people you rarely see
Briefly forgetting part of an experience
Occasionally misplacing something
Mood changes due to an appropriate cause
Changes in your interests

Potential Signs of Alzheimer’s Disease
Forgetting the names of people close to you
Forgetting a recent experience
Not being able to find important things
Having unpredictable mood changes
Decreased interest in outside activities

Always speak with a doctor if you suspect you or someone close to you may be experiencing memory loss or changes in cognitive ability that may indicate AD. By recognizing the signs and symptoms of early disease and speaking with a doctor about a medical diagnosis, you can get your loved one the help he or she needs. Early treatment with approved AD medications can slow symptom progression. Visit www.seethesigns.com for more information.

Article courtesy of ARA Content

Why We Fear Symptoms of Dementia in Seniors

Why fear symptoms of dementia? It has been projected that of the 35 million adults 65 years of age and older in the United States, there will be at least 140,000 older adults diagnosed with some form of cognitive impairment. For many, it is a hard realization that the parent that once cared for us, now has been diagnosed with “dementia”. Dementia is used to describe the symptoms of a large group of illnesses, in which brain cells shrink or disappear. It is a progressive decline in the ability to remember, to think, and to learn and make judgments.

As the disease affects different areas of the brain, different functions and abilities are lost. Each individual is uniquely affected and at widely varying rates of progression. As a result, there must be an individualized approach to the care of each individual exhibiting symptoms of dementia.

There is no cure for dementia at this time and it is currently not possible to restore brain cells affected by the disease. However, there are treatments to help caregivers and the aging adult cope with the challenges they face. A patient with symptoms of dementia can still experience love, joy and sadness. Effective and individualized care combined with emotional support can improve the quality and richness of a patient’s life.

Many aging adults and family members want to age in their home or remain in familiar surroundings as long as possible. The benefits of remaining in familiar surroundings has been shown to allow the aging adult to have a better quality of life and reduce or avoid admission to an institutional setting.

The first step to this process is planning ahead. Involve your parents in as many aspects of the planning as possible. Work together to get organized. Address issues, such as durable power of attorney for health and finances. It is also important to put an Advanced Directive in place now. Five Wishes is a form of an Advanced Directive that is easy to use and comprehensive approach to addressing end of life issues. Identify where the important legal and financial documents are kept and who are their professional advisers. Review medical/health insurance, long term care policies. Be prepared should a crisis occur. If your parent is uncommunicative, consult a legal or financial professional on your own to learn your options.

Addressing symptoms of dementia in your home

Assess the home environment and make the necessary changes to the home as the senile dementia disease progresses. Safety is the ultimate concern. You may have to curtail activities that pose a safety risk, such as cooking, driving, operating machinery.

Educate yourself about resources in the community; talk to professionals early on to learn what options, such as in-home support, adult day care, home visiting physicians, and behavioral specialists that are available in your area. Bring in a professional, such as a care manager or elder care consultant to assist you in maneuvering the health care delivery system and coordinating care.

If you are making the decision to maintain your aging loved one with symptoms of dementia at home, there are classes that educate on how to approach the aging adult when they exhibit such behaviors such as agitation, hoarding, disrobing. They will also teach you how to respond to those behaviors or even prevent such behaviors. Psycho education, includes teaching coping strategies and problem-solving skills to families, friends, and/or caregivers to help them deal more effectively with dementia in the elderly.

Be proactive and take the time to receive individualized, specific education and training. Knowing how to understand and manage disruptive and depressive behaviors before they occur can decrease the stress level of the caregiver.

Find a support group, whether at work, through a local hospital, or on the Internet. Even listening can be enlightening and comforting.

Use the Internet to educate yourself about a particular condition or disease, and network with professionals and other caregivers on-line. Investigate online skill training. With outside support and understanding, the situation can be greatly improved, and can allow for a better quality of life for everyone involved.

There are some significant steps needed to ease the stress on caregivers as well. One large part is to make sure that all siblings and family members are getting involved. They may not realize how much work is actually required and must be reminded that their help is needed. If other siblings live far away, they can still participate in other ways, such as financially or providing support through phone calls. It is crucial for the caregiver not to feel alone or as if there is not anyone to fall back on. It is important for the caregiver to take care of themselves, physically, mentally, and emotionally.

Utilizing community services, such as adult day care, family counseling or individual counseling, and home care services can empower the caregiver to maintain a positive attitude, lead a healthier life and maintain social contacts to avoid isolation and decrease stress.

Article by Diane Carbo RN

How to Know When it’s Time For Long Term Care

(ARA) – When Jody found her grandmother Florence, a strong, 77-year-old woman affectionately called “Mama”, vacuuming the front lawn one day, Jody finally decided it was time to move her to a dependent care facility. The decision was not easy. Having seen her grandmother gradually slip away, five years after being diagnosed with Alzheimer’s, the family struggled with the decision of when to seek full-time nursing care for Florence.

It’s a scenario that more baby boomer children are facing every day. With the U.S. population of people age 65 years and older expected to increase threefold within the next 20 years, it’s a decision that a wave of boomers will be forced to consider in the years to come.

What are the signs that a loved one may be starting to fail? How do you know who to trust? Who do you listen to? Where do you start when you suspect some changes may have to be made for an older loved one?

Janet Louise Gibson faced this decision as her mother, Marjorie, suffered from a terminal disease. Unable to find a single source to guide her through the ordeal, Gibson compiled a book that would help other boomers facing the painful emotional and financial decisions around finding long-term care for an aging parent or loved one.

Gibson shares some signs that your loved one may require care from her new book, “The Complete Guide to Senior Care,” recently published by Wise Life Press (wiselifepress.com). These signs include:

• Your loved one has had a stroke or heart attack, has fallen, been severely injured or has been diagnosed with a fatal disease;

• Sudden or dramatic weight loss;

• Memory lapses, decreased judgment or increased forgetfulness;

• Difficulty in taking medications or remembering to take medications;

• Avoiding, ignoring or forgetting responsibilities including neglecting household duties and basic hygiene;

• Unexplained bruising;

• Withdrawal from social activities and from wanting to be with other people; .

• Mood changes, unsuitable behavior, speech or appearance; and

• Wandering. If you recognize these or other disturbing changes in your aging parent or loved one, Gibson recommends taking these steps:

• Start by speaking with your loved one. Ask questions to help assess the situation.

• Speak with your family. If you haven’t already, put a legal, financial and health action plan into place.

• Talk to your loved one’s friends and neighbors. They may see your loved one more frequently and at different times of the day.

• Consult with your loved one’s physicians and other legal and financial professionals. While they may not be able to legally discuss specific information without your loved one’s consent, they can provide advice.

As the caregiver for your aging parent, this is the time when you must become the advocate. After assessing available input and information, you are ultimately the best judge of your loved one’s well being.

For more information or to purchase a copy of “The Complete Guide to Senior Care,” visit www.wiselifepress.com.

Article courtesy of ARA Content

Review and Compare Medicare Plans

(ARA) – This is an important time of the year for seniors. Once a year, they have the opportunity to review, change and add to their Medicare plans including Part D, Medicare’s prescription drug benefit. Now through Dec. 31, 2008 is Medicare’s annual open enrollment period. It is also the chance for those not enrolled in the prescription drug plan Part D to enroll.

During these challenging economic times, it is important seniors ensure their drug benefit plan meets their health and pocketbook needs. The federal Medicare Part D prescription drug program is designed to provide greater access to prescription drugs for Medicare beneficiaries — regardless of income, health status, or prescription drug usage.

The good news is that this program works, delivering on its promise to save money for seniors on their prescription drugs with affordable premiums and low copaymevnts. With Medicare’s prescription drug benefit Part D, seniors save $1,200 a year on average on prescription drugs. In fact, a recent national survey of seniors for “Medicare Today” shows that nearly 71 percent say they have reduced their spending on prescription drugs. The survey also shows that seniors give their prescription drug program very high marks: 90 percent say they are satisfied with their plan — an increase of 12 points since the prescription drug program started in 2006.

Current and potential beneficiaries can speak with a Medicare counselor for information about the benefit by calling (800) MEDICARE or (800) 633-4227. Beneficiaries should have on hand a list of the prescription drugs they take, including the dosage and frequency, and a preferred pharmacy. Seniors have until Dec. 31 to make any changes or to enroll. For many the next opportunity will be in November of 2009, so the time to do it is now.

During the open enrollment period seniors should:

Review their drug benefit plans annually.
Premiums and benefits do change every year, as do the prescription drug needs of seniors. To ensure the prescription drug benefit is meeting the beneficiary’s current need, plans must be reviewed annually.

Compare with other available plans.
If a beneficiary feels they are paying too much for their prescription drug benefit or that certain drugs are not covered under their current plan, they should compare it with other available plans in the state. There is a wide variety of choices in coverage plans to fit every senior’s budget. Affordable Medicare drug benefit plans are available in all 50 states, and plan options vary in costs and the drugs that are covered. To compare a current plan with others visit www.medicare.gov to use the Medicare Options Compare tool.

Enroll now.
If an eligible senior is not enrolled in Medicare Part D, now is the time to enroll. The best time to sign up is when the beneficiary is first eligible for Medicare. Late enrollees may incur a penalty fee. To enroll and find a plan that meets the senior’s needs visit www.medicare.gov to use the Medicare Prescription Drug Plan Finder.

Consider the low income subsidy.
More than 3 million people eligible for financial assistance to help cover the cost of their prescription drugs are not enrolled in Part D. Those who qualify for the low-income subsidy can receive the benefit at little to no cost. To determine if you are eligible, contact the Social Security Administration (SSA) at (800) 772-1213 or visit www.socialsecurity.gov.

Article courtesy of ARA Content

Answers About the Medicare Drug Plan

The new Medicare drug program, known as Part D, has resulted in much confusion about rules, benefits and costs. Here are answers to frequently asked questions from a leading health-care advocate.

DECIDING WHETHER TO SIGN UP

My mother is in her 80s, in good health and does not take any medications. Does she need Part D? Your mother may not need coverage now, but she might consider a low monthly fee plan in case she does need coverage in the future and is concerned about the penalty. For every month she puts off enrolling after May 15, 2006 (when Part D went into effect), she will pay a penalty of 1% of the monthly premium.

For example, delaying for 15 months would mean a 15% penalty every month for the rest of her life. The typical plan charges $32 a month,* but in many states, plans may cost much less.

Note: If you enroll in Part D more than three months after your 65th birthday, when you become eligible for Medicare, you will be charged an extra 1% of the current monthly premium for every month you wait to enroll.

CUTTING COSTS

I prefer to fill my prescriptions on a 90 day basis. Do any Part D plans offer this option? Certain plans do allow prescriptions for 90 days at a time, reducing copayments. Go to www.medicare.gov. Under “Search Tools,” click on “Compare Medicare Prescription Drug Plans,” then on “Find & Compare Plans.”

Next, click on “Begin General Search.” Once you get to Step 3, click on “Continue,” then on “Continue to Plan List.” Here, go to “Select Criteria to Reduce Number of Plans Shown,” and click on “Plans that allow me to use mail-order pharmacies.” Call to confirm.

SWITCHING PLANS

I have heard that an insurer can increase premiums for the following year or drop a drug from its “formulary” (fist of available medications). Is this correct? Yes. If a plan no longer seems like a good deal, you might want to switch.
Each year, between November 15 and December 31, you can do so for the next year without penalty.

If your Part D provider drops a drug that you need, you can ask for an exception … appeal to the independent review board if your request is turned down … or ask for judicial review under certain circumstances.

HELP FOR LOW-INCOME PEOPLE

My father would like to sign up for the Medicare Part D plan, but he can’t afford it. Is financial assistance available? If his income in 2007 is below $15,315 per year ($20,535 for couples) and his assets are worth less than $11,710 ($23,410 for couples), excluding both his home and vehicle but including $1,500 per person for burial and funeral expenses, he can get Part D coverage through the government’s Extra Help program (new income limits will apply in 2008).

If he qualifies for the full subsidy, he will have to pay $2.10 for generic drugs and $5.35 for brand-name drugs, with no premiums or deductibles. Check the Social Security Administration (800-772-1213 or uwwssa.gov) for additional information.

I work with low-income people. Pharmaceutical companies do offer programs to get these people the drugs they need, but anyone who has insurance doesn’t qualify. If they sign up for Medicare Part D, their free meds will stop. What should they do? If your clients’ income and assets are low enough that they can qualify for the Extra Help program (see previous question), they should sign up for Medicare Part D. The drugs they need should be available, but check first to make sure.

Unfortunately, some people do have incomes low enough to qualify for drug companies’ patient-assistance programs but not low enough to qualify for the full Extra Help subsidy. These individuals may be better off skipping Part D in order to continue to get free prescription medications through the drug makers.

DONUT HOLE TRAP

Can you explain the “donut hole”? When Part D was originally being discussed, using a “standard plan” model, the plan in 2007 would pick up a portion of expenses up to $2,400 in total drug costs, then the individual would pay 100% of expenses up to $5,451 (the so-called “donut hole”). The plan would resume picking up 95% of costs over this amount for the remainder of the year.

In the end, there was no standard plan, so when the donut hole begins, what you pay depends on the plan you select. Read the various plans’ rules to find out what they provide.

No matter when your coverage gap begins, once you have $3,850 in out-of-pocket drug expenses in any calendar year, not including premiums, drugs that aren’t included on the plan and drugs purchased at out-of-network pharmacies “catastrophic coverage” kicks in and 95% of costs (not including the items that are listed above) are covered.

NURSING HOME CARE

My uncle is 84 and living in a nursing home. Should he sign up for Part D? If your uncle qualifies for Medicaid assistance for his nursing home bills, then he automatically qualifies for Medicare Part D’s Extra Help program.

Make sure that the plan you select includes a pharmacy that works with his nursing home. If your uncle is not getting Medicaid, he still can select a Medicare private drug plan that works with his nursing home.

CREDITABLE COVERAGE

I have prescription drug coverage via my wife’s insurance plan at her job. I also have Original Medicare.* To obtain Part D without a penalty, do I have to sign up now or can I wait until my wife’s coverage is no longer in effect? You can wait and not pay a penalty if and when you do sign up for a Part D plan as long as your wife’s coverage is “credit-able” – that means it is at least as good as Medicare Part D. (Coverage purchased privately, not through an employer, also can be creditable, although Medigap drug coverage is not.)

Your wife’s employer should have sent her a notice stating whether the coverage is creditable. Keep a copy for your records to avoid penalties when you do sign up for Part D.

I go to the VA hospital for medical care and prescriptions. Is this considered creditable coverage? Yes. (It probably isn’t necessary to get a letter from the VA stating that you have coverage, but it couldn’t hurt.)

MEDICARE HMOs

I belong to a Medicare HMO in Massachusetts. Officials there told me that they would cancel my coverage if I joined another insurer’s Part D plan. There are other Part D plans more suitable for me. Can they actually cancel me if I avail myself of one of these? Yes. If you’re in a Medicare private health plan, such as an HMO or PPO, you’ll lose coverage if you sign up for a stand-alone Part D plan.

Before you settle for your current provider’s Part D plan, consider whether you would be better off switching to Original Medicare, which covers hospitalization and outpatient services, and a Medigap supplemental policy to help with the deductibles and copayments that Medicare doesn’t cover, plus the stand-alone Part D plan of your choice.

Important: Several insurers are promoting zero or low-cost prescription drug plans that really are HMOs in disguise. Make sure you are signing up for a prescription drug plan only if that’s all you want.

My father-in-law has Medicare and Tricare, the US Military’s retiree health plan. Since the Tricare drug plan is comparable (actually better), do we need to sign him up for Medicare Part D? No, you don’t, and since Tricare is creditable coverage, you won’t face a penalty if he someday decides he does want to sign up for Part D.

HIGH-PRICED MEDICATION

I pay $20 per month for my rheumatoid arthritis medication (Enbrel) through my employer’s plan, which ends when I retire soon. My pharmacist claims the drug will cost more than $1,200 per month without insurance. I’ve checked the companies providing Part D coverage and cannot find any that adequately cover my drug. Any suggestions? Like many brand-name drugs, yours is in the more expensive, high-tier of the private drug plans. That probably means you’ll have to pay more than you’re paying now. Exactly how much more will depend on your state and the plan you choose.

Also, there may be drug plan restrictions on more expensive drugs, so you may need your doctor’s assistance to obtain coverage. DISABILITY AND MEDICARE

I’m 64 years old and on disability, Medicare and Social Security. Can I apply for Part D now, or do I have to wait until I’m 65? If your Medicare benefits have already begun, you can sign up right away.

If you’re still waiting for your Medicare benefits (for people under age 65, they don’t start until two years after disability payments begin), then you can’t sign up until three months before your Medicare coverage begins or in the month of your 65th birthday. The coverage begins the month you become eligible for Medicare.

BUYING DRUGS ABROAD

I live in Wisconsin and spend my winters in Arizona. I am on several medications which I get in Canada for a fraction of the cost I would have to pay in the US. Should I sign up for Part D or continue buying my medications in Canada? Many people have found that it’s cheaper and less of a hassle to buy their prescription drugs across the border. But there’s always a chance that you might one day reside in a state where cross-border trips are not as convenient … that you could require additional medications quickly … or that a medication you need might not be easily obtained in Canada.

Even if you continue buying your drugs Canada, to play it safe, also consider signing up for a Part D plan with a very low premium.

CHOOSING A PLAN

You are under no obligation to sign up for Medicare Part D, but if you do, make sure that the plan you choose offers the drugs you need at a fair price through a pharmacy you like. Figure in premiums, deductibles and copayments.

You can compare Medicare prescription drug plans that are available in your state at the Medicare Web site or by calling 800-MEDICARE.

Article by Carson Danfield

Will they Raise the Social Security Retirement Age?

There are many points to argue about what is right and wrong when it comes to Social Security and other age based entitled programs. But one point I think we can all agree on without beating the point to death is that Social Security is in serious trouble as we currently use it.

I am not interested in placing blame or running through all the statistical data why it won’t last. Simply put, we borrow from the future to pay for the present but sooner or later the future shows up. Anyone that borrowed against their homes in the last few years knows all to well how that statement rings true.

But what will Obama or other politicians do about it? How about get real!

According to the American Academy of Actuaries, raising the retirement age to 70 will cut the projected Social Security deficit in half. The statistics back up this age as a base age to use to start benefits with incremental increases built in. The current system increases the social security age one month at a time to age 67 but that is not enough.

The fact of the matter is that people are living longer. In 1935 the retirement age was 65 and you could expect to collect for 12 years. Now that number is closer to 19 years. That’s the type of inflation we can live with, “age inflation”. But that puts pressure on the social programs geared to help seniors with their expenses including Medicare.

According to the National Bureau of Economics the retirement age that is more realistic is closer to 73-74. That might be pushing it a bit and probably impossible to get through politically. The American Academy of Actuaries concludes that long after all the baby boomers are gone the demographics tell us that social security will only cover 75% of its costs. Women will be affected even more since they live longer than men.

But will this be a blow to current generations regarding their expectations for retirement? The answer is no, at least not for those that have given it any thought. Many baby boomers have simply not saved enough for retirement and a large percentage of them do expect to earn some type of  income through work during their retirement years.

Financial advisors are also not optimistic about their client’s chances of retiring at the current young age of 65 and having their money last. Inflation and modest investment returns over the last decade have pushed an even greater number of workers into that work longer, save more demographic that will come to dominate those tapping age based social programs.

Raise the retirement age and acknowledge the simple fact that were living longer and we need to make some adjustments to age based entitlement programs.

Article by H Craig Rappaport

Little Known Social Security Benefits

Postponing Social Security until age 70 makes a great deal of sense for most healthy, married Americans that can do without the income. Of course, there are numerous exceptions and before postponing your benefits you should seek professional guidance. Obviously most haven’t because about two-thirds of current Social Security recipients started taking benefits before their normal retirement age? For the vast majority, this was a mistake and will cost them dearly in retirement as the result will be lower lifetime benefits. Is there a way to reverse this mistake and start again?

Yes! The Social Security Administration allows you to pay back the money you’ve received in Social Security benefits – without interest and without adjustment for inflation – and reapply for higher benefits. All you need to do is complete form 521, “Request for Withdrawal of Application”. You’ll be asked the reason for your action but don’t worry because any answer is acceptable. Let say you started at age 62 and have been drawing $1,000 a month for eights months but now want to reapply. Along with form 521 you’d write a check for $8,000 and then you can reapply when ready. If you filed a tax return during the period, you’ll probably want to file an amended return because chances are you overpaid your taxes and are due to refund. If you wait until age 70 to reapply, your benefits will grow about 8% annually, plus the cost-of-living-adjustments, which means your benefits will more than double from those at age 62. As you’ll learn from reading my Guide to Social Security there are several other good reasons to postpone Social Security if you can possibly afford to do so. In fact, the typical family may be able to add as much as $200,000 to their lifetime retirement income if the primary breadwinner postpones Social Security until age 70.

Let’s look at Fred and Sue, both aged 65. Both worked outside the home and are entitled to $1,500 each in Social Security benefits for the reminder of their lifetime. A quick glance at a Mortality Table shows that Sue is expected to outlive Fred by several years. The Social Security regulations says that one spouse is entitled to what they qualify for based on their own lifetime earnings record or 50% of what the higher earning spouse will receive, whichever is greater. Since Sue is expected to outlive Fred, wouldn’t it be nice if Fred postponed benefits until age 70 so that Sue would get a big raise in Social Security benefits if Fred dies first? Is there a way for Fred to get benefits based on Sue’s lifetime earnings record and then apply at age 70 for higher benefits based on his lifetime earnings record?

Due to a little-known glitch in the Social Security regulations, there is a way. Fred would apply for spousal benefits and receive 50%, or $750, based on Sue’s earnings. He would draw this amount, increased annually for cost of living adjustments, and at age 70 reapply based on his earnings. Presto, he will get substantially higher benefits for postponing and these, too, will be adjusted annually for inflation. At Fred’s death, Sue will be entitled to the greater of the two and her benefits will ratchet up to what Fred was receiving.

The foregoing shows two easy ways to maximize your Social Security benefits by taking advantage of little known glitches in the rules. More and more married couples are realizing that postponing Social Security is the wise move because there is an increasing probability that at least one of them will live well beyond age 90. Since Social Security is a lifetime annuity promised by the U.S. Government with benefits annually adjusted upward for inflation and tax-favored when taken, making them a relative larger part of your retirement income is smart. This is done by postponing until age 70 if possible and taking advantage of the two “loopholes” we’ve discussed. Of course, by using these loopholes you’re adding to the financial woes of the Social Security System. If you find these glitches attractive, act soon before Congress wakes up and closes the gate.

May 2008

Article  by Dr. Shelby Smith

Enjoying Retirement

There may be some glorious days ahead-the days of your retirement. No longer confined to the rigors of the workaday world, you can spend your time doing what you want to do. Don’t, however, expect everything to fall magically into place. Like most things in life, you’ll get the most from retirement by planning.

Start by thinking about how you will replace your work routine with a retirement routine. Before the last day on your job, have an idea of how that first day of retirement will be filled. You don’t want to start this new phase of your life wondering what you’ll do. Take some time to think about your lifestyle and how you’re going to adapt. If getting up early for work has always been drudgery, plan for a leisurely beginning to your day. If sitting at a desk all day was against your nature, now is the time to let your active self take over. Just remember, you don’t have to rush like you did to catch the train or beat the traffic! The goal is to get the most out of a precious resource-your time.

New Choices

Ask yourself some important questions: What do you like to do? Were there things you longed to do but didn’t have time for when you were working? These are the activities you should begin building your retirement days around. In a way, these new activities may now be your job and can provide you with the most satisfaction. Here are just a few ideas to get you started:

Education. Early in life, schooling involves acquiring skills, so maybe you’ve never had the opportunity to study something just for the sheer joy of learning. Take classes at the local community college on a topic you want to know more about. Or go to the library and develop a list of books you’ve always wanted to read, then dig in.

Outdoor activities. Cooped up in an office, factory or other building all day, you may have longed to spend more time outdoors. Turn your garden into the showplace you know it can be. Go fishing or take up bird-watching. Whatever your interest in the outdoors, enjoy it.

Hit the road. Now you have the time to indulge your wanderlust. Make a list of the places you want to go, and make vacation planning your hobby when you’re not roaming.

Handwork. Woodworking, needlework and painting are just a few hands-on hobbies. To do them well takes time, something you had little of when you were working. Now you can perfect your craft. Make a place at home where  you can work with your hands to your heart’s content.

Speak out. If an interest in politics and government has always played second fiddle to your career, give it first place now. Whether you run for office, work on someone else’s campaign or keep tabs on legislation that affects you, find a way to get involved.

Pet pleasure. Perhaps you’re someone who enjoys pets, and now that you have more time on your hands, you could provide a good home for a dog, cat, bird or fish. If you have the space and the desire, caring for a pet can be a rewarding experience. Pets can be loyal companions and have positive effects on your well-being.

To Work or Not to Work

You may find that you want to go back to work-but this time on your terms. Work has its own rewards-the regular contact with people, the feeling of being needed, the knowledge that you’re contributing-and you may find that there’s still a place in your life for work. You may even be able to continue with your previous employer, perhaps as a consultant or a part-time employee with valuable knowledge gained over the years.

It may seem strange to think about reentering the work force just as you’re leaving it, but many people find that, without the pressure to earn a paycheck, work can actually be enjoyable. Others find that they’re able to take a job they’ve always wanted, even though the pay isn’t so great. And some take jobs that don’t pay at all, deciding volunteer work is the best way to use their retirement hours.

Be aware that holding a paying job can have an effect on your Social Security benefits as well as your taxes. You can still collect Social Security benefits if you work, but if your earnings exceed the allowable amount, your benefits will be reduced. Earnings over the limit also affect the benefits of your family members. Before you take a post-retirement job, call or visit your local Social Security office to find out the latest regulations and their implications for your benefits. Also, check with your accountant or tax advisor to determine the tax implications.

Volunteering allows you to use your life experiences, skills and talents to help others in your community. There are numerous organizations that need help: the Service Corps of Retired Executives (SCORE), the Coalition for Literacy, the American Red Cross, United Way, the Peace Corps, VISTA (Volunteers in Service to America) and more. If you decide to volunteer, choose something you enjoy and are familiar with; that way, you’ll be volunteering some time while dealing with people who have interests similar to yours. Other possibilities include local hospitals, schools, scout troops or religious organizations.

To Your Health

While you’re planning your new lifestyle, be sure to consider your health. Start by thinking about your exercise routine. Don’t have one? Design one that’s right for you! Moderate exercise is necessary to help maintain your health. While you were working, the demands of your job may have helped to keep you physically fit. If you had a regular exercise routine, your work schedule probably helped keep you on track. Now those sources of motivation are gone and you may need to find a way to make sure you don’t become a “couch potato.”

Just as important is your diet. Again, your three square meals a day may have revolved around your work schedule. With relaxed schedule, you may find your eating habits relaxing a little, too. Just being aware this can happen may help you avoid it: Make a point of eating right by taking time to prepare healthful meals that are low in fat and high in nutritious foods such as fruits, vegetables and grains.

Before you retire, get a thorough checkup from your doctor. Have your eyes examined and your teeth cleaned and checked, too. Scheduling these visits while you’re still employed allows you to take advantage of your health insurance. After you retire, you may have less coverage. If you have to get new or supplemental health insurance, your rates and coverage will be affected by your current health situation.

Another important thing to do before you retire (and certainly before you reach age 65) is to check on your Medicare eligibility. Call 1-800/SSA-1213 to get a copy of form SSA7004, which requests information on what Social Security records show about your eligibility. If you don’t sign up for Medicare when you’re first eligible for coverage- at age 65-you have to pay a higher premium for Part B coverage (which covers charges from doctors, surgeons and outpatient providers and also medical supplies). Likewise, if you don’t have enough Social Security credits, you will not get premium-free Part A coverage. There is an enrollment period during the year you turn 65. Check with your local Social Security office for more information and for a copy of the Medicare Handbook.

Think of the long term, too. Your health is likely to change over time, and there are a variety of illnesses you’re more prone to with age. So, don’t forgo regular preventive health visits, particularly for blood pressure and cholesterol level checks. Talk to your doctor about your family’s health history and the likelihood that you’ll develop a problem. Ask about the symptoms you should watch out for, and, of course, get medical help whenever necessary.

Also, take a close look at your insurance situation and decide whether you need extra insurance. Choosing a supplemental health policy can be complicated. Do your homework, shop around and don’t allow yourself to be pressured into a quick decision. Long-term care insurance is sold by insurance companies to help pay for nursing home or home health care expenses. Most states have a counseling program on senior health insurance issues with trained volunteers available to help older adults and their families with questions.

Home Sweet Home

At some point you may want to evaluate housing alternatives for your retirement. Start by asking yourself how well your current home works for you. If you own your home, think about the size of the house and property and the amount of upkeep required. Many folks have paid off their mortgages by the time they retire, but others have not, so think about the expense of maintaining your home. Look ahead and consider how well this home will meet your future needs. If, for example, you’re finding it difficult to climb stairs in your two- story, it may be time for a move.

Now think about how you’re planning to spend your days. If you’re a northerner planning lots of golf and other outdoor activities, a move to a more moderate climate is worth considering. Just a few of the popular retirement spots are North and South Carolina, Alabama, Florida, New Mexico, Arizona and California.

But before heading off for a change of scenery, think about how far you would be from family and friends. Most retirement experts advise staying close to loved ones. Remember, your life is going to change with retirement, so keeping your relationships in place gives you a good support system to help you deal with the change. If you do decide to move, do your research. Check the availability and eligibility requirements for various services you might need in a new state. Consider the cost of living, transportation, availability of good medical care and safety factors before putting down new roots. Make sure you know the area well, in different seasons, and consider renting awhile before buying a home. If you feel uncomfortable in your new surroundings, ask yourself why. Sometimes it’s just the newness, which will pass. But if you continue to feel unsure, start looking at other housing options.

Should you decide it’s time to move-across town or across country-you have plenty of housing options. In addition to apartments and houses, there’s a boom in housing options specifically geared to retirees.

Condominiums. Providing all the comforts of home without all of the upkeep, condos are apartment-style homes you purchase rather than rent. The common areas you share with your neighbors are maintained for a monthly fee. Condos are popular with retirees for their convenience and comfort.

Retirement communities. If you’d like to be surrounded by people your age, retirement community living may be for you. There may be several housing options to choose from, along with a host of services and activities-transportation, security, community dining and social events. Be aware, however, that some retirees find this lifestyle too rigid, while others miss being around people of all ages. Some communities have restrictions on guests and pets.

Assisted-living communities. If health considerations are a big factor in your retirement choices, investigate assisted- living communities. With this style of housing, you can have private living quarters and get assistance as you need it.

Life care centers. These communities offer a full range of services. Usually, you pay an entrance fee and are guaranteed housing for life. You also pay a monthly service fee that covers services such as housekeeping, meals and custodial care.

To find out more about popular retirement spots, assisted- living communities and life care centers, your library and bookstore are good places to start. Look through some of the many guides published on retirement communities. After narrowing your list of possibilities, call for more information. Many communities now offer videotapes to give you a better idea of what they’re like. It’s important to visit several communities, ask lots of questions and get a feel for whether it’s a well-managed place where you would feel comfortable.

Time for Travel

Your travel options are virtually limitless. Whatever your dreams, whatever your budget, you may be able to make them come true. Travel is the most popular leisure activity among retirees, and many airlines, hotels, restaurants, car rentals and tourist attractions offer senior discounts.

One very popular travel/study program is Elderhostel, which offers short-term residential learning programs to people 55+ throughout the United States and in more than 50 foreign countries. For a catalog, write to Elderhostel, 75 Federal St., Boston, MA 02110, or call 617/426-8056.

Get Your Financial House in Order

Without adequate financing, many of your retirement dreams may remain just that-dreams. So before you finalize retirement plans, you may want to consider professional assistance. To get a complete picture of your financial resources, include Social Security, pensions, Individual Retirement Arrangements (IRAs), 401(k) plans, savings and any other investments in your equation. Then talk to a professional about how best to allocate those resources and get an idea of how much income your investments will generate.

Also, if you’re expecting a lump-sum payment from your retirement savings plan, be prepared to make the choice as to how you will handle it. The reality is that you’ll have to share some of this money with Uncle Sam. However, how well you understand your options for managing this money, and how well you’ve planned, will determine how much you actually end up with. Basically, you can: take the money up front and pay tax on the entire lump sum (special tax treatment may be available); or continue deferring by arranging to roll over your entire lump sum directly into an IRA or annuity, in which case you will pay taxes later as you receive distributions.

Evaluate the costs of the retirement lifestyle you envision. Think about added expenses-for example, health insurance if your retirement plan doesn’t provide it. And be sure to figure in taxes-unfortunately, they don’t stop just because you stopped working. Think of this exercise as a reality check. You’re sure to feel more comfortable with the retirement decisions you make after doing all the math.

Article by the MetLife Consumer Education Center

Life After Retirement

Retirement is the start of second innings of your life. This is the time that is supposed to give you all the freedom, time and resources to fully enjoy your life. Not all people can enjoy retirement life as they should, owing to financial difficulties, ill health and several other issues.

Retirement life can be a fun, enjoyable experience, if you have maintained an active lifestyle throughout your working years and you have set aside enough money to fund the travel packages you always wanted. Life after retirement can also become a bitter experience, if you don’t have enough money to spend and if you are down by physical ailments of various kinds.

Your planning for life after retirement should start by the time you join the workforce. In fact, it is even better to have a well laid down retirement plan, before the first day you go to work. IRAs, 401k, Investments, Social Security, Taxes, etc all should be part of your retirement plan.

IRAs or Individual Retirement Accounts are for working professionals. Traditional IRA accounts are Roth IRAs are Tax-Free retirement savings, which offer tax-free growth. There are however contribution limits, income limitations and more. Roth IRAs are more suited to certain class of workers than for others. You can also find other investments, which provide good value growth over the years and provide financial cushion by the time you retire.

Planning insurance, signing up or withdrawing Social Security benefits, tax planning, etc are also part of your retirement planning.

All the above factors are directly linked to finances and money. However, money is not everything in life. The biggest thing is life itself and it matters how you live. If you have an active lifestyle, you are likely to continue it into your life after retirement. Good physical health is important. If you are tied to a bed, or to a clinical center, life after retirement is nothing better than life in hell.

Thus, it is important that you have a plan for your lifestyle, just as much you have plans to manage your finances for life after retirement. Your health is one significantly important investment you can make. You can’t automatically start enjoying your life after retirement. Enjoying your life is just the continuation of what you have been doing all your life. You can’t start an active lifestyle after leading a stagnant lifestyle for more than half a century. Thus, investing financially for life after retirement is only half the story. Other half of investment is on yourself  your health, your body and your lifestyle. Without which, the great 50% senior citizen discount for the most exotic holiday will be of no use to you.

Article courtesy of American Federation of Senior Citizens

Retirement, the First Day

It’s 6:00 a.m. and your eyes are wide open. The alarm clock wasn’t even set the night before, but old habits are hard to break. Today is the first day of your retirement. You don’t feel like a senior citizen but today you will not be going to the office, store, or job site but rather will sit at the breakfast table a little longer drinking that extra cup of coffee and wondering ” what now?”.

It’s your first day of retirement and time to review the retirement plans that you have been making for years. Are you going to expand that workshop so you can finish all those remodeling projects that you have put on hold? Maybe you will finally buy that set of golf clubs you have had your eyes on and go the driving range to hit a bucket of balls. Or perhaps you will now have the time to make your yard and landscaping the best in the neighborhood. How about getting involved in a senior volunteer program? Maybe you just want to enjoy a leisure outdoor activity.

There are literally hundreds of interesting retirement activities you can get involved in now that you are retired. Which ones you choose is not as important as making the commitment to get involved in an activity or project that is both challenging and satisfying. Having an activity you enjoy will give you a purpose for your retirement years. You start out slowly and watch it develop into an accomplishment of which you can be proud. The first day of retirement is very special. You have been looking forward to this day for a long time —– like a child waiting for Christmas morning.

Today is the time to sit down with your spouse and perhaps other family members and discuss how you are going to make the most of all that extra free time you suddenly have. Remember, you still have as much as 1/3 of your life ahead of you. Retirement is not an ending, but rather the beginning of new experiences and opportunities. Retirement is an extension of living. Look around you. Are you happy with what you see or do you want to make changes?

t is your choice.Your retirement years are ahead of you and how you make the best of these years will determine the quality of the rest of your life. You have paid your dues, now take the plunge!

Article by Piet Van Lier

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