May 16, 2018
Courtesy of Janet Campbell
It’s never too late to become financially literate. Statistics show that 65 percent of Americans do not have a budget, which suggests that many enter their elderly years uninformed about personal finances. Taking good care of your finances at this stage of your life is essential – your financial stability, health and personal happiness are at stake, so consider carefully these tips that financial advisors consider crucial for older adults.
Set a budget
Establishing a budget helps you keep track of where your money is going and makes it considerably easier to plan for the future. Most advisors contend that setting up and sticking to a budget is the most important building block in maintaining one’s financial health. It’s especially important for seniors because it ensures that you’ll have enough money to pay for the things you need and want. If you’ve never lived according to a formal budget, once you’ve got it down and incorporated it into your routine you can predetermine what months you’re likely to be tight on money and when you’ll be in the black. A budget helps you plan for unexpected expenses, those times when life bites you and forces you to dig deep into your funds.
Sidestep the scams
Beware of fast-talking salespeople and telemarketers looking to take advantage of confused and vulnerable elderly people. They’re usually the first ones to be targeted, so watch out for “deals” that involve a lot of complex detail, evasive answers or an unwillingness to answer questions, a lack of documentation (i.e. no paper trail), and pressure to sign a contract right away. This is always a red flag, no matter who’s involved or what stage of life they’re in.
Be skeptical about investments
If you retired with investments, they can give you a real advantage in your senior years but it’s dangerous to rely on them too heavily. A budget can help you forecast but it can’t help you where the market’s concerned. An over-reliance on the returns it can bring is a dangerous way to approach your finances, especially if you’re working with limited funds to begin with. Unscrupulous salespeople are especially dangerous when it comes to stock market investing, which can be arcane and intimidating to someone with limited experience. A good rule of thumb is, if it sounds too good to be true, it probably is. Remember, savings, a good budget and careful money management are the building blocks of a solid financial foundation.
Many people nearing or having reached retirement age tend to see Social Security as a nest egg or financial magic bullet. Yes, you can begin drawing on your social security benefits beginning at age 62, but it can be well worth your while to wait a bit. Nevertheless, it’s estimated that 75 percent of Americans start going through their benefits early, which means they’re not maximizing what they could be getting from Social Security. Timing is a big part of doing Social Security right. Put simply, the longer you wait to draw Social Security, the more you’ll get each month. Taking Social Security before official retirement age (between 66 and 67) results in an unnecessary reduction of your benefits, whereas your benefit increases as much as 8 percent a year if you wait until you reach 70.
Follow the basics
The old rule that says you should have three months of expenses ready to go still stands once you reach old age. If you’ve ignored that rule during your working lifetime, make a good stab at it. Set aside what you can in case the unexpected happens when you’re at your most vulnerable. Some people age 65 or older are able to sell their life insurance policy, which may be an option to consider if you can’t afford the premiums or don’t need one anymore. Just be sure to do your research first so you understand the ins and outs of the process.
Keep following the same good financial advice you’ve gotten throughout your life once you reach retirement age. Budget, save, and stay away from “can’t miss” investment offers. Much of what’s served you well all those years won’t go wrong once you hit 67.
Courtesy of Pixabay.com.
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February 5, 2018
By: Darleen Mahoney
Once it’s been decided that potentially downsizing for retirement living or moving into a senior living community is on the horizon, the most stressful aspect can be selling the home. There are many things to consider outside of the emotional tolls of leaving a home with years of memories attached. There is also the reality that the house itself is most likely the largest source of income/equity, therefore, its very important to sell the house at the best price that the market will allow.
Staging a home and making it more appealing to a wide range of buyers is a best practice and that may be challenging for some Seniors while they are still living in the home. There are a few options for staging a home. It can range from keeping living spaces very organized and decluttered and quick paint fixes to having a professional “stage” the home for sale. Typically, a service will stage a home to make it look larger, utilize neutral colors and will take any personal items of the current homeowner and put them away. These services may replace existing furniture and other personal items which can be stressful for Seniors but can also raise the value of the home. Buyers should not focus on the current homeowner’s taste, style and personal choices.
If a Senior is moving to an Assisted Living community, they will most likely need to downsize right away. This can be such a taxing process both emotionally and physically. According to AARP https://www.aarp.org/work/retirement-planning/info-08-2011/retirement-downsizing.html , it’s recommended that you plan to, “hit the ‘heart of the home’ rooms first. That’s usually the kitchen, living room, and family room, which tend to be the most cluttered and contain items with the greatest emotional value and everyday use. Make four piles-keep, donate, give to family members and trash.”
Other things to consider while staging is touching up paint, changing out hardware, new blinds, replacing burned out lightbulbs, adding fresh flowers or potted plants, fixing visible issues around the house that a buyer would notice, and rearranging furniture to create the look of a larger space. Best practice is to keep in mind that when a potential buyer walks through your home, they need to be able to picture their own personal items and sense of style as well. If there is a strong color palette in the home, it may be necessary to re-paint a more neutral palette to assure that the potential buyer is seeing the actual house and not just the wall colors.
Also, consider the front of the house. A potential buyer should never drive up and before they even enter the house think, “what a lot of work” before entering the home.
Remember the most important things in staging with Seniors is that there may be more emotional attachments to their personal tastes and their personal items Its important to be cognizant of that and walk through the process at their pace while explaining why “staging” will only benefit them in the long run.
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January 22, 2018
By: Darleen Mahoney
Being financially prepared before and during retirement is integral in assuring a comfortable and less stressful “golden years”.
Knowing what your retirement bills will look like verses your work life bills and expenses are helpful in budgeting. You may save money on commuting expenses and buying expensive clothes, work lunches and multiple co-worker “life events” financial contributions, but what is the offset in your income?
The first thing you would want to do is assess your finances. Any good budget begins with understanding of your current income and expenses.
Your biggest expense in retirement will most likely be your housing. If you can pay off your mortgage before retirement this will eliminate your biggest monthly expense. If you are unable to do this, you might find it beneficial to downsize and decrease your monthly mortgage, cashing in on any equity to help build up your nest egg. You may also want to consider retirement living and active adult retirement communities as options as they can offer turnkey solutions for long term home stability.
The other biggest expense during retirement will be health care expenses. It is imperative to do a deep dive into what is available to you, especially if you retire before being eligible for Medicare. You may also want to consider budgeting and saving for long term care expenses, as you or your spouse may need them.
Tracking your expenses with online budgeting tools can also be a real eye opener on where your money may be going. Budgeting tools like Mint and You Need a Budget will sync with your bank account and will be able to track where your money goes. https://money.usnews.com/money/blogs/on-retirement/articles/2016-08-10/7-tips-for-budgeting-in-retirement
Additional recommendations you might want to consider:
• Have fun-watching TV is not a healthy way to live and these should truly be the years that you have worked so hard for!
• Emergencies! – Big ticket items like New AC, Car repairs, new refrigerator, etc.
• Avoid Debt!
Most retirees have a fixed budget where they may live on a month to month income, creating a budget and being prepared will allow you the opportunity to enjoy your retirement with less financial stress.
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November 1, 2017
Written by Adinah East
The Sandwich Generation Statistics 2017 That You Need To Know Now
Being a part of the sandwich generation is a common phenomenon for many adults in their 40s and 50s. Many of these Gen X adults find that they are caring for their parents that are aging as well as the children that they had later in life all under one household. While caring for both a parent and a child can tax your abilities and spread you thin at times, it can prove to be a positive situation for all involved at times.
Having your parents under the same roof as your children can work to develop a family a family bond that is stronger than ever. A survey by the Pew Research Center suggests that 31 percent of adults in this dual caring role are very happy with their lives and another 52 percent say they are pretty happy. These positive sandwich generation statistics 2017 are similar to adults that are not a part of the sandwich generation, making both harmonious living arrangements.
Breaking Down The Sandwich Generation Facts
When we look at the sandwich generation facts, as many as 48 percent of adults under the age of 50 have financially supported at least one grown child in the past 12 months. Of this group, 27 percent are the primary financial supporter of their children. When we look at the sandwich generation facts and how they relate to parents, as many as one in five adults have offered a form of financial support to their elders, in the past year. These sandwich generation statistics 2017 indicate that most adults will be a part of a sandwich generation scenario at some point in their life, if not now, then in the future.
Breaking down the sandwich generation facts even further, we see that Hispanics take on the role of caregiver for elderly parents and children most often. Over 30 percent of Hispanic adults have a parent who is currently over 65 and care for at least a child in their family. In comparison, 24 percent of whites and 21 percent of blacks have the same caregiver relationship.
Most sandwich generation adults are middle aged with 71 percent of the group aged 40 to 59. A total of 19 percent is younger, and 10 percent are age 60 or older. Both men and women are tasked with the role of caregiver for their parents and children with equal percentages found for each gender in the study.
When we look at the sandwich generation statistics 2017 regarding income, more families that are affluent with an income of $100,000 or more take on the role of caregiver for their children and parents than not. This doesn’t mean that these families are less burdened financially as they have the same stressors as any adult that enters into a caregiving role for a parent while taking care of their family. These sandwich generation statistics 2017 break down with 43 percent of sandwich generation adults making $100,000 and 25 percent making between $30,000 and $100,000. Only 17 percent of adults caring for a parent and child make less than $30,000.
When you look at the sandwich generation facts, any adult can really find themselves as a part of this generation by caring for an aging parent and young children. The sandwich generation has no boundaries and is not dependent on income, race or gender. If you are considering being a caregiver for your parent as well as your family, the Caring People Inc blog will explain in depth what the sandwich generation is and how your life will be affected in this role.
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August 10, 2017
Tarantino Senior Communities recently added several of their properties to the fastest growing senior housing and services resource – SeniorLivingGuide.com!
Here’s a short list, click through each one to discover all that these beautiful communities have to offer!
The Barrington in Largo FL
At The Barrington, we offer a resort style retirement unlike any other. Our maintenance-free, senior community provides you with the lifestyle you deserve at a price you can afford. With restaurant style dining, daily events and activities and a friendly neighborhood community, The Barrington represents active senior living at its best.
Life at The Barrington gives you the opportunity to enjoy the freedom to do the things you want to do, when you want to do them. The choices are yours to make every day. Participate in daily activities and social events. Make new friends and memories that will last a lifetime. Get involved in as much or as little as you want-it’s your lifestyle.
Glenbrooke at Palm Bay in Palm Bay FL
The retirement community of Glenbrooke is located in the beautiful waterfront town of Palm Bay on Florida’s eastern coastline. Located midway between Jacksonville and Miami, Palm Bay has close proximity to Melbourne and Orlando International Airports and Port Canaveral. With its warm and sunny weather throughout most of the year, the hospitable community of Palm Bay offers the perfect place for easy living retirement.
The Native American Timucua people were thought to have been the first inhabitants in the Palm Bay and Turkey Creek area. They were attracted to the freshwater springs of the Indian River and Turkey Creek at Palm Bay. In the 1850s, the first European settlers built homes along Turkey Creek. Today, there are over 103,000 residents of Palm Bay that enjoy points of interests such as city parks, golf courses, aquatic center, and nearby beaches.
Lake Forest Park in Fort Pierce FL
The retirement community of Lake Forest Park is located in the historic town of Fort Pierce on Florida’s eastern coastline. With its warm and sunny weather throughout most of the year, the waterfront community of Fort Pierce offers the perfect place for easy living retirement.
As one of the oldest communities on the eastern coast of Florida, Fort Pierce is part of the “Treasure Coast”. The Treasure Coast is named after the sinking of a Spanish treasure fleet in 1715. Since 1901, the city of Fort Pierce has grown in population and size with approximately 42,000 people residing in the city. It has developed into a visitors destination, with points of interests such as shopping and dining in historic downtown, the Sunrise Theatre for the Performing Arts, The National Navy UDT-SEAL Museum, and the Heathcote Botanical Gardens.
Lewisville Estates in Lewisville TX
At Lewisville Estates, we offer a resort style retirement unlike any other. Our maintenance- free, senior community provides you with the lifestyle you deserve at a price you can afford. With restaurant style dining, daily events and activities and a friendly neighborhood community, Lewisville Estates represents active senior living at its best.
Life at Lewisville Estates gives you the opportunity to enjoy the freedom to do the things you want to do, when you want to do them. The choices are yours to make every day. Participate in daily activities and social events. Make new friends and memories that will last a lifetime. Get involved in as much or as little as you want-it’s your lifestyle.
The Fountains at Lake Pleasant in Peoria AZ
Located in the Salt River Valley of Arizona and extending into the foothills of the mountains to the north with the Agua Fria River and New River flowing through the area, sits The Fountains at Lake Pleasant, a vibrant community for those 55 years young. Nature and nurture combine at our breathtaking community in the heart of Peoria, Arizona. With its warm and sunny weather throughout the year, the community of Peoria offers the perfect place for easy living retirement.
Our Mediterranean-style resort community features eighty-six residences located on a beautifully landscaped citrus grove. Can you say freshly squeezed orange juice? Offering spacious one and two bedroom apartment homes, The Fountains at Lake Pleasant is truly a step above the rest.
Oakey Assisted Living Community in Las Vegas NV
Welcome to Oakey Assisted Living, your premier assisted living community in Las Vegas, Nevada. We are excited to be considered as a senior assisted living community for your loved one. Our dedicated and devoted staff will ensure that your family member enjoys their stay at our newly remodeled assisted living community. We pride ourselves in the partnership between our staff and your family. Your loved one’s care is our priority.
We know how stressful choosing the right assisted living environment for a parent or loved one can be. One of our goals at Oakey Assisted Living is to offer the best senior assisted living in Las Vegas. It is important to us to provide the highest level of care in Nevada. As an assisted living community we offer our seniors top notch accommodations including daily activities, organized outings, nutritional meals, a variety of programs and much more.
The Devonshire in Hampton VA
Welcome to The Devonshire Retirement Community, your premier independent and assisted living community in Hampton, Virginia. Our dedicated and devoted staff is focused on providing the very best in senior living. Our remarkably beautiful community provides a welcoming attitude to all that come through the door. Paved walkways through lush grounds and courtyards provides a landscape of enjoyment where residents can enjoy spending time both indoors and outdoors during all seasons of the year.
We offer a variety of amenities to enrich the lives of our residents. A few of our amenities include full size apartments with housekeeping and laundry facilities, engaging activities and events, chef prepared meals in our elegant dining room, as well as fitness center, beauty salon, library and game room. We are centrally located in Hampton, Virginia just off Interstate 64. This highly sought after region provides our residents with easy access to the Peninsula Town Center, Coliseum Central district, and provides a variety of entertainment, dining, and healthcare options. Our dedicated transportation team can help provide residents needing assistance to get back and forth to doctor’s and dental appointments, as well as provide entertainment and religious options as well.
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May 8, 2017
Courtesy of Devin Peterson, RICP, Advisor
The 20-yard line looks like any other line on the football field, but the game changes as soon as the offense crosses it. This is the Red Zone, the 20 yards left before reaching the end zone. Here, defensive players change their tactics and play with heightened awareness—closer to the line of scrimmage with tighter coverage on the receivers to protect the end zone.
There’s another red zone off the field and closer to home: the Retirement Danger Zone. Here, the financial game transforms, and your defenses need to be stronger and more secure to protect yourself during the few years before and after your retirement date. In this article, we’ll discuss the Retirement Danger Zone, how sequence-of-return risk factors into your financial strategy, and how to protect yourself to come out ahead.
What is the Retirement Danger Zone?
The Retirement Danger Zone covers the period five years before and five years after retirement. You could be getting ready to retire, with plans to leave your employer, or you could be a few years into your retirement and collecting social security. No matter where you fall in this window, you need to be aware of your financial vulnerability.
During this 10-year period, your retirement assets are most vulnerable to market losses, so they need more protection. This vulnerability is caused by the common need for retirees to take withdrawals to supplement their other sources of retirement income. Traditional wisdom for using a market portfolio to supplement your income is withdrawing up to 4% of your balance each year to be used as income. (Most financial advisors cite the “4% rule” as a safe bet). But market losses close to retirement combined with these withdrawals can derail even the best-laid plans.
What is sequence-of-return risk, and why should I care?
Mathematically, the sequence of your returns do not matter if you are not taking withdrawals from your portfolio, even with extreme market volatility. For example, a $1,000,000 portfolio that experiences returns of +100% and then -50% will finish with the same balance as a portfolio that has returns of -50% and then +100%. In both cases, the portfolio’s ending balance is the same $1,000,000, even though the average rate of return is 25%.
Now, to illustrate this risk for an individual moving into retirement, let’s use an extreme cash flow example of a retiree who needs to withdraw $500,000 from his/her account at the end of the first year. In the first sequence, the $1,000,000 would grow to $2,000,000 (100% return) and would easily fund the $500,000 withdrawal. Then, in year two, the account balance reduces to $750,000 (-50% return). In contrast, the second sequence would reduce funds from $1,000,000 to $500,000 (-50% return)—and, after the $500,000 withdrawal, the balance would be $0. In this case, the following year’s 100% return is irrelevant.
In reality, a retiree’s withdrawal needs are not that extreme after the first year of retirement. Nonetheless, the fundamental point remains: if losses are experienced during the Retirement Danger Zone, then it can have devastating effects on the longevity of your portfolio.
These losses are much more damaging to your portfolio in the Retirement Danger Zone simply because with each withdrawal you lock in permanent losses when the market is down. When your account does rebound, it does so with less strength and leverage. This is considered a double loss.
How can I protect myself in the Retirement Danger Zone?
With planning and correct asset placement, you can protect against sequence-of-return risks. With a financial advisor’s help, you can learn to play differently, just like linebackers playing in the red zone to prevent a touchdown.
Under a financial advisor’s guidance, the best protection is to diversify your portfolio. Think of it like storing your assets in two buckets—a safe bucket and a growth bucket. When the market is down, you have a non-market correlated asset to supplement income while you let your full in-market account rebound. “Unless you are a market oracle, owning a diverse portfolio is vital to help limit downside risk,” writes Forbes contributor Stephen McBride. “Many investors know that a good asset mix is key to earning steady returns and invest wisely.” Different avenues of “safe bucket” investments may include the following:
- Real estate
- Bond portfolio
- Income annuity
There is no magical combination that will protect against loss, just as there is no single best defensive play for protecting the end zone. But, with the help of a financial coach, you can read the situation and look for the best plays, the best investments, to see your portfolio out of the danger zone and into retirement.
Call or email an Investment Advisor Representative with Allegis Investment Advisors LLC, a SEC Registered Investment Advisor to learn more. 591 Park Ave Suite 101, Idaho Falls ID 83402.
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February 2, 2017
Regency at Pineville, a GORGEOUS community in Charlotte, NC has recently bumped their listing up in our search results by upgrading to a Premium listing!
Premium listings appear near the top of our search results better promoting Regency at Pineville to seniors and their loved ones searching for senior housing in the Charlotte area.
We’ve also updated a video for them to better showcase their community and build interest.
You can view this wonderful community by clicking here!
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January 25, 2017
Resort Lifestyle Communities has recently partnered with SeniorLivingGuide.com to promote their beautiful communities in AL, AZ, FL, KS, ME, MO, NC, NE, NM, NY,OH, SC, TN & TX!
Their listings on SeniorLivingGuide.com show community photos and floor plans, list amenities and features, and have direct contact info for all of their properties.
We look forward to connecting seniors and their loved ones with these amazing retirement communities!
You can view a description of Resort Lifestyle Communities, as well as links to their website and social media pages, and a list of all of their new listings on SeniorLivingGuide.com by clicking here.
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September 8, 2016
The Southeast area of Florida is a heavily saturated market when it comes to senior housing. Aston Gardens at Parkland Commons now has an opportunity to showcase their community by standing out from fellow communities. How did they do it? By upgrading to a Premium position on the nation’s fastest growing senior housing and services resource – SeniorLivingGuide.com!
Aston Gardens at Parkland Commons now appears ABOVE all of the basic listings in Southeast Florida giving them premium exposure to seniors and their loved ones who are searching for Retirement, Active Adult, Assisted Living and Alzheimer’s care in that area. Not only that, but our Premium and Featured listings also include a custom video so consumers can learn more about Aston Gardens at Parkland Commons and all that they have to offer.
Want to check them out on SeniorLivingGuide.com? Click HERE
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July 8, 2016
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Check out our newest Featured advertiser – The Georgian Apartments in Houston TX! You can view their new FEATURED ad complete with a video and links to their corporate website, clinic Facebook and Twitter profiles here – http://www.seniorlivingguide.com/DB/facilities.tpl?sku=20160707095456
Home is not a place but a feeling of complete comfort and relaxation. Here at The Georgian, you will enjoy a community of Houston apartments perfect for independent seniors, ages fifty-five and up. Designed with a variety of recreational and residential accommodations, these one and two bedroom apartments and townhomes offer neighborhood convenience at an affordable price. Take a look around and you will see why so many are proud to call The Georgian their home.
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