December 11, 2019
Sponsored by: Resort Lifestyle Communities
Dorothy and her sweet terrier, Toto, aren’t the only ones who believe “there’s no place like home.” According to a report from the AARP Public Policy Institute and the National Conference of State Legislatures, roughly 90% of American seniors want to live in their home or community for as long as possible. They love being where things are familiar and comfortable. As a result, more people are choosing to “age in place” rather than move into a nursing home or assisted living facility.
How Do You Age in Place?
Seniors that prefer to maintain freedom and independence in their residence of choice are said to be aging in place. They wish to surround themselves with familiarity and comfort, and be connected to the things most important to, for as long as possible. Fortunately, it’s becoming easier for seniors to live at home for longer periods thank to services like home health care, and advanced technology, such as medical alert systems.
Another trend that’s helping seniors age in place is the expanded definition of “place.” Until recent years, seniors had the choice of either staying in their existing residence or moving to a nursing facility as they age. Today, there’s another option available that appeals to many: a resort-style retirement community that offers the best of both worlds.
The Benefits of Aging in Place
Retirement communities offer an exciting new choice for seniors, and provide range of services to accommodate more people with a variety of needs. Living spaces are thoughtfully designed for seniors, and the amenities and supportive services offered allow people to live independently and safely for a long period of time.
In fact, many seniors who insist on staying in their home suddenly feel like they have an option to live on their own in a private apartment surrounded by their own things, while also enjoying activities and services they would never have at home. The concept of aging in a community, where there are plenty of things to do and new friends to meet, can make life more fulfilling!
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July 12, 2019
July 2, 2019
Courtesy of Lizzie Weakley
If you are now retired and no longer get your income from working a full-time job, there are several clever ways to make some extra cash when money is tight. Many of the best ways to earn a passive income don’t require a lot of strenuous mental or physical labor. Here are a few ideas for making some extra money as a retiree.
Attend Focus Groups
Taking part in focus groups merely involves giving your opinions on certain products, services or social issues. You might get the chance to try a new food product, give your opinions on the latest electronics, or even take part in a mock jury for an upcoming trial. Many of these focus groups will pay handsomely for just a small amount of your time (possibly as little as one hour). Payment often comes in the form of cash, a check or a gift card.
Work as a Sitter
Whether you want to babysit, housesit or pet sit, you can make money by acting as someone’s eyes and ears when they’re away to ensure that nothing bad happens. You’ll want to have references so that people who want to hire you can verify them to guarantee that you’re trustworthy. You can be a sitter as part of a one-time gig or sit more regularly on your own schedule. To find sitter jobs, there are websites for specific types of sitters that you can browse and join.
Sell Your Life Insurance Policy
You might be asking yourself, “Can I really sell my life insurance policy for cash?” the answer is yes if you meet certain eligibility criteria. Through a process known as life settlement, you can usually sell your policy if you are 70 years of age or older and your policy totals $100,000 or greater. A person who is under the age of 70 might be able to sell their policy if they’ve been diagnosed with a terminal illness. The policy types that can be sold include term life, whole life and universal life.
Sell Arts and Crafts Online
If you have a knack for creativity, you may be able to turn your skill into a money-making opportunity. You can sell any unique pieces of artwork or crafts that you make to customers online and watch the money come into your bank account. Selling items with holiday themes can be especially lucrative around holidays. There are several arts and crafts websites that you can join to start selling your goods.
Supplementing your income as a senior doesn’t have to involve a lot of backbreaking labor. By tapping into the right resources and putting your already-existing skills to work, you can make the money that you need in almost no time.
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March 15, 2019
Courtesy of Lizzie Weakley
Retirement is the opportunity to enjoy more free time than just about any point in one’s adult life. However, it is not a decision to take lightly. In order to become properly prepared for this major life transition, you should consider a few things. Below are four important questions that should be addressed before beginning a journey into retirement.
Am I Financially Prepared for Retirement?
One of the biggest concerns, of any retiree, is outliving their retirement funds. It is important to consider how long a retirement fund should last. Factors that should be considered are the already existing money saved up and the income generated from Social Security payments, pensions, dividend payments, and disability payments. It is also important to consider that one may live longer than expected. By preparing for a retirement that can last multiple decades, financial concerns will be left at a minimum.
How Do I Plan to Spend My Day in Retirement?
Retirement can be more than just sitting on the sofa watching TV, surfing the internet, or reading the morning newspaper. This phase of life is the opportunity to try new hobbies, create new social relations, or pursue new opportunities. Retirement is also a time to concentrate on becoming physically active. It is a good idea to have a way to structure one’s day to ensure that retirement is both productive and rewarding.
Should I Continue to Work Part-Time or Consult During Retirement?
While retirement is a time to escape the daily grind of work, one should consider if working part-time or consulting is in their best interest. A long career, in one field, can make one eminently qualified for highly part consulting or part-time work. And this added income can make retirement more comfortable and exciting.
Should I Move?
Many retirees prefer to sell their current home and move to a place more conducive to a retirement lifestyle. That can include moving to a beachfront condo, adult active community, or even seek something unique such as seeking out luxury mountain homes for sale. Retirement should be an opportunity to move to a fun, exciting, and desirable location.
Retirement should be a time to further develop yourself and explore your passions. And having a blueprint for a productive, protected, and active retirement will play a major role in the quality of this phase of life. Use the above questions to help make this unique phase of life both fruitful and rewarding.
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September 20, 2018
By: Darleen Mahoney
Its almost that time of year again…Snowbird season! It begins in October and runs through April. I live in Florida and you could almost change the name from the Sunshine State to the Snowbird State! They flock down in the winter from New York, New Jersey, Michigan, Canada, and really any state where the temperature is frigid, and the snow plows are a plenty. According to Florida Realtor Magazine, by 2025 one in every five people living in Florida will be elderly.
Two million baby boomers head south every year. Most snowbirds are between the ages of 50 and 69. They are active, well-educated and adapt to the warmer lifestyle quite well.
Have you ever considered a snowbird style retirement? Many purchase Independent Living or Retirement living homes in communities and spend their winters enjoying fun in the sun with their seasonal friends while avoiding the harshness of the winters back in their hometowns.
So, let’s talk turkey, I mean “snowbird”. It’s a nickname for the Junco bird, but it’s used to describe a group of seasonal travelers who go to warmer climates. The term has been affectionately known to describe retirees specifically.
Where are the snowbirds coming from? About four out of five international snowbirds traveling into the United States yearly are coming from Canada. Many of these snowbirds will eventually sell their winter homes and move permanently and make their Retirement Community home and become a “sunbird”.
While Florida is well known for being a desired Snowbird destination; Arizona, Las Vegas, Hawaii, California, and Texas are attracting more seasonal retirees. In Texas, they have a different term of endearment. They are known as “winter Texans”.
If you think becoming a Snowbird is right up your ally, consider the packing, the winterizing of your home, the address changing, tax preparation, and ordering prescriptions. The checklist goes on and on and should be considered and well planned out.
On a very positive note: “Snowbirds: Seasonal Migration of the Elderly in Florida” study shoes that more than 63 percent of snowbirds rate their health as “very good” or “excellent”. In the same report, those that live in the same area year around, reported to have more complicated health issues.
At the end of the day, what any Snowbird needs the most is a retirement community with the amenities and location that meets all their needs. If you think the Snowbird lifestyle is a good choice for you and you need to start your search for a southern retirement living community, visit SeniorLivingGuide.com where many options are located in one place.
The Snowbird lifestyle allows Seniors to enjoy the best of both worlds, they are able to spend their summers in their hometowns with their family and friends, maintaining a aging in place lifestyle. In the winter when the weather is less than desirable, they are able to leave and spend time in a more resort style senior living community in a fashion that may be more of a vacation, lending to a more healthy and happier retirement.
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August 3, 2018
By: Darleen Mahoney
You’ve retired! Congratulations! You are looking forward to your future as you have planned for this day for a long time. Are you thinking about retiring where you’ve vacationed with your family for years, staying close to home or taking a leap of faith and moving? If you are thinking about moving away from the comforts of your home state, are you considering a very practical approach and doing a little research?
What are your criteria for deciding which state to retire to? Do you look at how each state ranks?
- Socially-Do the people seem to have meaningful friendships?
- Financially-What is the cost of living, tax rates, etc.
- Community- Do you think you will love the community where you live?
- Physically – Overall good health in the community with exceptional health care
According to a new Bankrate study, South Dakota ranks as numero uno as the best state to retire. Followed by Utah, Idaho, New Hampshire, and Florida. The studies ranking, and percentages were based on:
- Cost of living (20%)
- Crime (10%)
- Culture (10%)
- Health care quality (15%)
- Taxes (20%)
- Weather (15%)
- Wellbeing (10%)
While there are many listicles providing different results, Business Insider sited Florida as the best retirement state while Money Magazine sited New Hampshire. A few criteria used to determine these front runners are affordability, quality of life, and healthcare.
Money also releases a list based on cities to retire in the U.S. basing its rankings on local taxes. The list provides details on demographics over the age of 55, median home price, average tax rate, and top income tax rate.
While we tout a few of the front runners in retirement meccas, its only fair to mention those that fall vastly short. Alaska and New York are mentioned in several listicles as the least desirable. Alaska has severe weather, high crime, and a low percentage of Seniors.
To many, Florida is where many retirees flock and it may be top of mind as there are so many options in retirement communities. The Sunshine State has the highest percentage of 65 years and older out of any other state.
If you’re looking for a retirement lifestyle where life expectancy is significantly longer than most states, Hawaii may be your ticket! The downside to this state is that the cost of living is one of the highest in the nation.
When it comes to deciding on a retirement destination and looking at all the options and listicles, it can be very confusing. These options and rankings are based on different criteria. What’s important to you? We know that with most retirees that the weather, topography, friends, and family are what gets them excited about your new destination. So, looking through these different listicles and how they based their ranking should also be what’s important to you. Once you decide on this next phase of your life and where you want to move, visit us online at www.SeniorLivingGuide.com , we can help find your next home!
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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
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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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