Items in Caring Currents tagged with retirement

Tough Financial Times Bring Out the Scams

Stephanie Miles — Fri, 24 Oct 2008 07:00:00 -0000

Scammers are finding more ways to take advantage of the current financial crisis -- and consumer advocates are warning people to be careful of new schemes designed to exploit people's fears about the economy.

According to a recent story in US News, "The economic uncertainty plaguing many Americans gives salespeople a new pitch to persuade consumers to hand over personal information and buy financial products that may not be in their best interest."

The new scams pegged to recent financial fears include:

Phishing schemes: These usually involve e-mails appearing to be from a legitmate company or bank, requesting the recipient to click on a link or give up personal information like bank and credit card numbers, passwords, or Social Security numbers. According to US News, the new phishing scams involve e-mails appearing to come from a bank that has recently been acquired, asking the recipient to confirm personal information. As the article points out, legitimate banks will never ask for personal information in an e-mail.
Sweepstakes: Whether through online pop-up ads or paper mailings, sweepstake scams tend to crop up around times of financial uncertainty. Although the prizes may be appealing, the chances of actually ever winning through these offers is close to zero. Plus, many offers require purchasing something or paying a processing fee to enter, which should be a red flag for anyone at the computer who's considering whether to click on the ubiquitious offer for a free laptop or iPod.
Free lunch seminars: These lunch offers usually come packaged as free investment seminars or retirement money management seminars but are actually elaborate sales pitches for one specific product. Seniors may sign up for a seminar thinking they'll get some savvy investment tips or strategies for managing retirement accounts in a down market (along with a complete buffet lunch), but usually the seminars consist of nothing but sales presentations with frequently misleading claims.
Unsolicited sales pitches: Shady investment salespeople may try to convince seniors that they're peddling a sure thing, but as anyone whose been watching the news lately knows: There are no guarantees when it comes to most investments. Seniors are often specifically targeted with pitches for annuity investment products that are touted as a sure thing, according to the AARP, which fields complaints about the schemes.
Bailout scams: People in several states have filed complaints about automated calls purporting to be from the Better Business Bureau (BBB) offering credit cards with low-rates tied to the recent financial bailout. The calls aren't affiliated with the BBB, according to the finance site Consumerist.com, which says that the callers may be trying to get personal information.

Remember that there are a few easy ways to protect seniors (and yourself) from falling prey to these schemes: Never give out personal information via the computer or the phone in response to unsolicited offers; don't invest in an unknown financial product or company without running the offer by a certified financial planner or an attorney; and sign up with a credit monitoring service that will alert you to any changes in your credit file or potential identity theft.

Image by BigStockPhoto.com

When Money Is Tight, More People Cut Back on Healthcare

Stephanie Miles — Fri, 03 Oct 2008 07:00:00 -0000

During these rocky economic times, an increasing number of people are sacrificing their health to save money and cut back on spiraling health care costs, reports the Wall Street Journal.

When faced with skyrocketing premiums, deductibles, and prescription drug costs, more people are choosing to skip doctors visits and forego their prescription drugs, according to the article, which found that:

22 percent of people surveyed said that they were going to the doctor less often because of money woes, while in a different survey, 11 percent said they were cutting back on filling their prescriptions.
The number of total prescriptions filled fell 0.5 percent in the first quarter and 1.97 percent in the second, compared with the same periods in 2007 -- the first negative quarters in at least a decade.
Drugstores like Walgreens are reporting slower sales of prescription drugs.
Health services company LabCorp. says that blood tests and lab work are down 8 percent in the second quarter of 2008, compared with the 1 percent quarterly growth it usually sees.

Seniors on Medicare are finding the prescription drug benefit gap -- the so-called Doughnut Hole -- particularly tough on their bank accounts. The article highlights the case of Joan Stroup, a 73-year old retired elementary school principal, who says she's stopped taking her prescription medication because she can't afford the $1,000 a month it costs her to cover what Medicare doesn't pay. "I don't always want to tell people I don't have the money for it," she says, "so I might wait a week or so to go to the drugstore to pick it up.".

The problem is, as people put off doctors' visits, drop their insurance plans, or cut back on elective procedures and routine testing, minor problems can mushroom into major illnesses --which means even bigger medical bills down the road. "Once you've had that heart attack and end up in the hospital, that's when the expensive stuff begins," says Dana Goldman, a health care economics researcher quoted in the article.

Photo by Big Stock Photo

A Toast to Aging Well

Sarah Henry — Sat, 02 Aug 2008 07:00:00 -0000

I called my dad this afternoon to wish him a Happy 75th Birthday.

Since he's in Sydney, Australia, it was morning for him and he was delighted to tell me -- an avid exerciser -- that he'd just gotten back from the gym.

Yep, my father, who ran a busy medical practice and supported a family of eight, who rarely had time to scratch himself and never did much more than a weekly game of golf (well, he was a doctor) and an annual splash in his beloved Sydney surf, pumps iron and runs on a treadmill.

Who would have thunk it? He even got a personal trainer, no less, when he hit his 60s, retired, and all kinds of unfun health problems came to call.

Dad sounded especially sprightly over the phone line, like a little boy really, keenly anticipating his big birthday bash this coming weekend. I was reminded of my son, eagerly awaiting his own celebration on Saturday -- double digits! How did that happen?

And, of course, I felt the sting of the whole sandwich generation dilemma -- caught between wanting to be with my family oh-so-far-away at my father's party and needing to be with my son at his own big deal event. Sound familiar?

Anyway, in typical Aussie humor, my father regaled me with details about his soiree. The guest list stands at around 100. "Well, Sare, there's about a 10 percent attrition rate at my age," he joked. "We went to a funeral Tuesday, so obviously that friend isn't going to make it to my party," he deadpanned, with no disrespect for the dead."Our great cruising companion is having his foot taken off because of diabetes. Another friend's wife got hit by a car and has a broken hip, so she's out of commission, too," he told me, mentally running through the list.

He saved the best story for last. His oldest mate (in this instance, he means longest-running friend, 73 years and counting) wrote to him to say he was unexpectedly unable to come. This is roughly what his letter said: "Remember when we were little kids, riding around on our tricycles and you slammed into mine and broke my leg? Well, ever since that day, my left leg has been shorter than my right. And because of that, I've had to have a hip replacement now. And that's why I can't come to your party this weekend -- and it's your fault!"

You've gotta love old-guy humor. And it struck me, as we said our goodbyes, that my dad is a pretty good role model for how to live well during old age. He's active. He's found new interests since retiring (he's an avid gemologist, a kind of second career for him). And despite the who-knows-how-many pills he has to pop and the various afflictions that affect his daily life, his sense of humor is still intact.

So, Happy Birthday Old Man -- and a toast to many more to come.

A Toolkit for Starting Aging in Place Communities

Nell Bernstein — Tue, 08 Jul 2008 07:00:00 -0000

The first time I heard the term NORC (short for Naturally Occurring Senior Community) was from my 81-year-old mother, who is determined to live out her days in her comfortable cul-de-sac home rather than moving to a retirement community.

In a NORC, I learned from the file that my mother and a neighbor had pulled together, a neighborhood evolves over time and ends up with a large concentration of seniors, who then organize -- generally with the help of a community agency -- to share services and support. A lead agency coordinates with community programs, ranging from hospitals and Area Agencies on Aging to local catering and home repair businesses, which seniors can then access with a single phone call.

I found the concept so intriguing that I wrote an article for Caring.com about NORCs and other "aging in place" communities. Meanwhile, my mother and her neighbor never got past the keeping-a-file stage. Figuring out what steps they'd need to take to launch their own NORC just seemed too overwhelming, even for two very independent and enterprising women.

That may change, though, with the launch of a new website, norcblueprint.org. Not only does the site include a toolkit and 5-step strategy for creating your own NORC, one of the first things you see when you enter is a feature that lets you make the type size larger by 2-4 times. Clearly, the site's designers -- the same folks who started the first NORC in New York in 1986 -- know their demographic.

Today, there are 54 formal NORCs up and running nationwide. But with a tool like this one newly available, and an aging population, many of whom want what my mom and her neighbor do -- to age with a sense of community, without having to give up control over their daily lives -- that number is a surely a rapidly moving target.

I'm logging off now to go tell my mother about norcbluepring.org. Check back in a bit to see whether her neighborhood becomes NORC No. 55.

Image from Flickr User dbking, under a Creative Commons attribution license.

Going For Broke? Seniors Turn to Newer Loans To Avoid Cash Crunch

Stephanie Miles — Fri, 06 Jun 2008 07:00:00 -0000

As the economy continues to falter, senior citizens are turning to more aggressive -- and in some cases riskier -- ways to generate cash to pay bills and buy groceries and gas, according to a front page story in the Wall Street Journal (online subscription required.)

In record numbers, seniors are raising money by turning to products like:

Reverse mortgages
REX loans, which pay out lump settlements in exchange for a chunk of future equity gains
Life insurance settlements
401k loans and hardship withdrawls

Though these loans and products may seem like a convenient way for income-strapped seniors to get quick money, some carry tax consequences and higher fees than traditional loans and home equity financing. The article blames the trend on the usual culprits: falling home prices, dwindling jobs, and a sharp increase in food and energy prices.

Seniors who buy into these types of products won't necessarily lose their money or assets, but there is the risk of jeopardizing future investment returns (say, by cashing out a 401k early) or reducing the size of an estate that your parent may want to leave to future generations (like with a life insurance settlement.)

If your parent is considering any type of loan or other product that offers up-front cash in return for high-fee or high-interest payments down the line, it's important that they talk over all their options with a financial advisor experienced in elder finance issues. Other resources to help you help your parents make smart financial decisions include:

Seniors who opt for one of these "riskier" options may wipe out whatever financial safety net they've worked to create over long years of saving and planning. On the other hand, in the words of one man in the story who emptied his retirement accounts at the age of 51: "Why plan for retirement if you can't make it today?"

Image by Flickr user Kevin Dooley, used under the Creative Commons License.

"Leisureville" Paints Retirement Community Seniors as 24-Hour Party People

Nell Bernstein — Wed, 04 Jun 2008 07:00:00 -0000

For many of us, when we think about helping our parents plan for retirement, the big concern -- and sometimes dilemma -- is keeping them nearby. Should we invite them to move in with us or to move to a retirement community near where we live? What if their need for our time and attention becomes too much for us -- the sandwich generation dilemma?

Leisureville, a new book on the world's largest retirement community, raises an entirely different -- and fascinating -- question: What if our parents' own retirement fantasy involves escaping from us, and our children, entirely?

The Villages -- the Florida retirement utopia on which author Andrew D. Blechman casts a not-so-favorable-eye -- offers its residents just this opportunity. The 20,000-acre gated community -- complete with numerous golf courses, its own newspaper and radio station, and multiple prefab downtowns -- is off limits to anyone under 55.

To hear Blechman tell it, left to their own devices, the senior set are 24-hour party people, living on Viagra, pot, and pepperoni (no wonder The Villages places strict limits on visits from children).

Blechman isn't the only reporter to describe a recent residency in a retirement community. If the antics of the Leisureville set leave you gasping for breath, check out A Place Called Canterbury, New York Times reporter Dudley Clendinen's graceful first-person portrait of the more sedate, but no less entertaining, retirement home in which his mother spent her final years. (For more about Clendinen, see his interview on Caring.com).

Image by Flickr user J. C. Rojas, used under the Creative Commons licencing agreement.

A Stay-at-Home "Nursing Home"

Nell Bernstein — Tue, 03 Jun 2008 07:00:00 -0000

If you thought the new home monitoring systems for seniors were futuristic, you won't believe the I-House, just unveiled in West Bromwich, England.

A team of British engineers took a run-down home in the English countryside and transformed it into a model home for frail seniors who would otherwise need supportive living.

This nursing-home-without-leaving-home features a wheelchair lift connecting the living room to the bedroom, a keyless entry system, and memory aids that prompt residents to perform daily tasks and take medication.

Some of this may sound familiar -- U.S. companies are developing a number of technologies aimed at helping seniors stay at home with greater safety and comfort. But the I-House takes robo-retirement a step further.

Specially-designed door handles reduce the spread of infection, and hot water taps turn themselves off so that forgetful seniors won't burn themselves inadvertently.

Ready to place your order? No plans for export yet, but the University of Florida is piloting a Smart House of its own, with smart blinds, smart mailbox, smart bathtub, and one feature even the I-House can't boast yet -- a real live retiree living there to test the place out.

Stay posted for her verdict on ultra high-tech aging in place….

Photo courtesy of BCHG.

Elder Co-Housing Offers the Best of Both Worlds

Nell Bernstein — Tue, 27 May 2008 07:00:00 -0000

Researchers -- and the rest of us -- know a couple of things about older folks: They need community, and they fiercely want to hold on to a sense of control.

The problem is, many seniors see these two values as on a collision course. By moving to a retirement community, they fear they'll give up control over basic decisions about where and how they live.

One innovative solution is elder co-housing. Communities such Boulder's Silver Sage Village or Virginia's ElderSpirit are conceived, planned, and run by the seniors who live in them, offering all the community -- and many of the amenities -- of traditional retirement communities but with a greater sense of dignity and control.

These communities are one part '60s commune flashback (Silver Sage has a meditation room) and two parts future-forward. Wildflower Village, still on the drawing board in Texas, is being designed 100 percent eco-friendly, because the group of retirees planning the community value growing old with a light carbon footprint.

That's what makes the elder cohousing concept so intriguing -- the residents themselves design the communities around their own needs and values.

If you're one of the many caregivers who've hit a wall when talking to your parents about moving, try running this hypothetical by them: What would your dream community look like, and how can we help you build it?

And if you get a minute, let us know what their dream village looks like.

Image by Flickr user joguldi used under the Creative Commons Attribution License.

Aging Artfully, Part 1

Connie Matthiessen — Wed, 21 May 2008 07:00:00 -0000

In his book, The Art of Aging, physician Sherwin Nuland points out a positive aspect of aging that's often overlooked. He argues that the losses we experience as an inevitable part of aging can sharpen our appreciation of what we do have: the time that remains ours to savor while we can.

Nuland's book made me think about people I know who are making an art of aging. Their lives all share a common theme: Each of them has discovered, in old age, an interest that keep their minds and/or bodies active, and gives them deep pleasure.

One friend's father, for example, an ophthalmologist, became a gemologist after retirement, redirecting his keen eye and highly trained motor skills to the selection and setting of gems. Another friend's father took up the banjo. A third became a photographer, making daily bus excursions around San Francisco to chronicle the life of his adopted town. Even psychotherapist Lillian Rubin, who rails against aging in her book, Sixty on Up, and in her interview on Caring.com, sold her first painting at the age of 82, and is now an accomplished visual artist, as well as a writer and thinker.

Today, many seniors are pursuing new interests -- or reviving old ones. Memoir-writing workshops are popular at extended learning programs around the country, along with art and computer classes. Even the frail elderly can pursue activities like tutoring children or learning a new craft. Of course, research has repeatedly demonstrated the cognitive and other health advantages of remaining mentally and physically active as you age.

I'd love to hear about the passions and pursuits of the seniors in your life. Perhaps we can put together a list of ideas for caregivers to refer to when trying get seniors involved in new activities.

Image by Flickr user agent smith, used under the Creative Commons licencing agreement.

Quick Quiz: Should Your Parents Stay at Home or Move?

Nell Bernstein — Tue, 20 May 2008 07:00:00 -0000

The majority of seniors want to live in their own homes as long as possible -- which, as a caregiver, can cause you a great deal of anxiety.

Are your parents taking their medication regularly? What if they fall down the stairs? Are they really able to take care of themselves in their own homes, or would they be better off in a retirement community?

If worries such as these are keeping you up at night -- and especially if you and your parents don't see eye to eye on the matter -- try this short (and entirely unscientific) quiz to help assess your parents' situation, and maybe alleviate some of your worries along the way:

Is their house clean and well-cared for, and are basic home-maintenance tasks getting done? yes/no
Can someone check in on your parents on a regular (preferably daily) basis? If not, are they willing to consider a Personal Emergency Response System or daily calling service? yes/no
Did they weather their most recent illness relatively well? Are they able to seek medical care when needed? yes/ no
Are activities of daily living (such as bathing, dressing and feeding themselves) getting more difficult? yes/ no
Are your parents becoming socially isolated? (Lack of companionship can leave elderly people vulnerable to heart problems and other health conditions.) yes/no

If you answered mostly "no" to questions 1 through 3 and "yes" to questions 4 and 5, you may want to consider hiring a geriatric care manager to come out and evaluate your parents in their own home.

Care managers are trained to assess the safety of an elder's living situation, and help the whole family consider the options, from moving to a retirement community to making the home safer and more comfortable should your parents decide to stay.

Image by Flickr user *_Abhi_*, used through the Creative Commons attribution license.