Senior Move Managers Help Make a Monumental Task Less Overwhelming for Many Older Americans

If you’re like most seniors, the thought of moving out of your present home fills you with dread – particularly if you’ve lived there for a decade or three. You might have a strong wish to downsize or to move to a condo or a continuing care retirement community (CCRC), but the prospect of attacking rooms full of furniture and an attic or basement stuffed with memorabilia quickly becomes paralyzing.

Enter the senior move manager. These certified experts will spend days, weeks, even months meeting with seniors and their families to help them sort through years of accumulated belongings. Many of these services will then pack your furniture and personal items and situate them in your new home. All you have to do is walk in.

Sounds like a worthwhile idea, doesn’t it? We’ve read about these senior move managers before, but this recent New York Times article by reporter Paula Span provides a helpful update on the topic. Perhaps this article might provide just the kick-start you needed to get those moving plans back on track. (Note that a subscription may be required to access the article on the New York Times website.)

A “Reluctant” but Necessary Move

Span begins her article with the story of Washington State residents Ray and Beth Nygren – 87 and 85 years old respectively – who planned to move from a 2,400 square foot, 4-bedroom house into a two-bedroom apartment in a nearby independent- and assisted-living complex. They had lived in their home for 20 years, and their new place would be about half the size.

According to their daughter, Bonnie Rae Nygren, Ray and Beth were moving “maybe a little reluctantly,” but, as Span explains, the move was necessary “because each had undergone heart-valve replacement surgery last year, and Beth Nygren had suffered complications. The single step from living room to dining room, or down to the family room, had become difficult for her to manage using a walker. She’d already taken a fall.”

Bonnie Rae says more about her mom’s fall. “They considered it a very minor thing, but it was really eye-opening for us. One more fall could make a huge difference in their lives.” So, the couple’s three children stepped in and suggested that with Beth and Ray both dealing with serious health complications, downsizing into a retirement community would be the safest and wisest next step.

Family Overwhelmed by Sheer Amount of Stuff

Quickly, the reality of sorting through 65 years of possessions became overwhelming. Bonnie Rae says, “Digging in, we realized how much stuff they had. How many towels do you need? What dishes do you want to take? What pictures do you want on the walls? And, what about the things you can’t take?”

Thankfully, the retirement facility recommended a service that the family had never heard of, before: senior move managers. Among their recommendations was RR Move Co.

“The elder Nygrens almost balked when owner Rebecca Ricards walked through their house, talked with them about their concerns, took lots of photos — and quoted a price of $5,400 for planning the move, packing their belongings and setting up the new residence, including the moving van and movers,” Span writes. “But,” she adds, “reassured by her experience and confidence, they hired her, with their son contributing a chunk of the costs.”

Trade Association with 1,100 Affiliated Firms

Senior move managers are nothing new, and are more common than you might think.

Span explains, “About 1,100 such companies belong to the National Association of Senior & Specialty Move Managers, which offers training and certification, and requires members to carry liability insurance and adhere to a code of ethics. Depending on the needs of clients, move managers’ services include sorting and organizing belongings, working with a moving company and using a floor plan to determine what can fit where in the new residence.”

Not only do they take care of what’s moving to the new location, but they also sell, donate, or dispose of what’s being left behind. They also prepare the new home, “from spices in the cabinets to towels on the racks,” as Span puts it.

Some Services Offered à la Carte

“Though Ms. Ricards charges by the job, most move managers charge $65 to $125 an hour, with big regional variations,” Span writes. While that fee is not accessible to everyone, many clients move into private-pay senior living facilities after selling a house, so they can handle the expense.

Other lower-cost options may exist, however. Span explains, “Clients with smaller budgets may be able to purchase some services, not the whole package. Family members may also help shoulder the costs.”

The benefits run deeper than a simple moving service. Mary Kay Buysse, the association’s co-executive director, says, “It’s not just packing and unpacking. It’s working with the clients and the family for weeks or months, going through a lifetime of possessions. You need to be a good listener.”

3 Million Seniors on the Move

Span writes, “Older people relocate far less frequently than younger ones. A Census Bureau report in 2022 found that from 2015 to 2019, about 6.2 percent of the population over age 65 had moved in a given year, compared with about 15 percent of the younger population. Still, senior migration topped three million adults a year. The rate increased among those over age 85 and those with a disability.”

The most common reason for moving probably won’t surprise you: living closer to family members, especially among those 75 and older. “Respondents also cited better neighborhoods and reduced housing costs,” Span adds.

Because of this, senior move managers don’t just work with adult children to help move their parents, but are also increasingly being hired by younger seniors who want help with the process for themselves, according to Buysse.

Other Professionals Helping Seniors Relocate

There is a whole ecosystem of professionals who can help seniors move. Span writes, “Besides senior move managers, older movers may encounter real estate agents, attorneys, senior living staff and others who are ‘certified relocation and transition specialists.’”

This is because relocating older adults usually involves unique challenges. These movers are generally shifting into smaller spaces, not larger ones, and have had much more time to accumulate stuff. “And their families, for better or worse, are often involved,” Span adds.

Diane Bjorkman of well-established Twin Cities’ based group Gentle Transitions, explains that a move manager has to act in a similar capacity to a social worker, in some ways. “We’re sometimes dealing with people with cognitive issues. Family dynamics come into play. It’s not you telling your mom, ‘Don’t take the torn recliner.’ It’s someone else saying, ‘Maybe another chair would work better.’”

Move Managers Help, but the Client Decides

Span has a personal connection to this story; she and her sister hired a senior move manager for their father, who was moving into an independent living apartment, “when it became clear that discussing matters like precisely how many identical plastic flashlights he needed could consume months. We deferred to a third party.”

But while the move manager can give help and support, ultimately it’s up to the client what stays and what goes. Bjorkman recalls, “One woman who hadn’t cooked for 20 years insisted that she needed to hold on to a particular roasting pan. The woman also argued that, as someone who remembered the Depression, a free-standing freezer was a crucial source of comfort — even if it was full of expired food.”

So, how did Gentle Transitions handle this? “The roasting pan could be disassembled to fit under the bed in the new apartment,” Bjorkman says. “The freezer — still packed with food — served as a living room side table.”

Ready for “the Big Reveal”

What about the Nygrens up in Washington? “Their children handled the weeks of sorting and paring, and Ray Nygren — a retired engineer — drew detailed schematics of the new apartment, showing where items should go,” Span writes.

And RR Move Co. did the rest, packing it all up one day in March and moving them into their new apartment the next day. At around 6pm on the moving day, Ricards and her crew called the Nygrens and let them know that they were ready for “the big reveal.”

“We walked in, and it was like walking into your home,” Beth Nygren said, and Span notes here that she was getting weepy on the phone in their interview. Span adds, “There were no boxes in sight. The move managers had made the beds, set the clocks, made sure Ray’s computer was operational.”

“Everything was in place: clothes in the closet, pictures on the wall, stuff in the drawers,” Bonnie Rae says. “You could just start living.”

Breaking News: Rajiv’s New Book is Here!

We have big news! The long-awaited book by Rajiv Nagaich, called Your Retirement: Dream or Disaster, has been released and is now available to the public.  As a friend of AgingOptions, we know you’ll want to get your copy and spread the word.

You’ve heard Rajiv say it repeatedly: 70 percent of retirement plans will fail. If you know someone whose retirement turned into a nightmare when they were forced into a nursing home, went broke paying for care, or became a burden to their families – and you want to make sure it doesn’t happen to you – then this book is must-read.

Through stories, examples, and personal insights, Rajiv takes us along on his journey of expanding awareness about a problem that few are willing to talk about, yet it’s one that results in millions of Americans sleepwalking their way into their worst nightmares about aging. Rajiv lays bare the shortcomings of traditional retirement planning advice, exposes the biases many professionals have about what is best for older adults, and much more.

Rajiv then offers a solution: LifePlanning, his groundbreaking approach to retirement planning. Rajiv explains the essential planning steps and, most importantly, how to develop the framework for these elements to work in concert toward your most deeply held retirement goals.

Your retirement can be the exciting and fulfilling life you’ve always wanted it to be. Start by reading and sharing Rajiv’s important new book. And remember, Age On, everyone!

(originally reported at www.nytimes.com)

Your Biggest Financial Challenge in Retirement Probably Isn’t Your Stock Portfolio – it’s Your Life Expectancy!

Over the past year or so, the ups and downs of the Dow and the Nasdaq have been uppermost in the minds of many retirees (and those close to retirement). In the roller coaster ride between euphoria when the markets rise and gloom when they fall, could it be that many seniors are worried about the wrong thing as they face an uncertain future?

That was the point of this thought-provoking article from NextAvenue, written by journalist Susan Freudenheim. She speaks in the first person about the worries retirees have regarding the markets and the impact of inflation. But, as she notes, her financial advisor offered her a helpful perspective. The biggest factor retirees need to plan for isn’t today’s Dow Jones average – it’s the reality that most of us will live far longer than we expect to. How can we plan in such a way that we don’t run out of money and end up a burden to those we love?

Nerve-Wracking Financial Headlines Prompt a Re-set

In her article, it’s clear that Freudenheim knows whereof she speaks.  “Just as my husband and I, both recent retirees, began drawing down our retirement savings, we’ve been hit by the barrage of nerve-wracking news reports,” she writes — “from 9 percent inflation and rising interest rates to stock market gyrations and recession warnings.” (This article first appeared last year when inflation was higher than today.) So, with a sense of unease, she made a wise decision: “I called my financial advisor to ask how worried we should be.”

In her article, Freudenheim reflects the concern many retirees experience. “Like many current and future retirees, we are eyeing our investment accounts daily,” she writes, “worrying how seriously the current market losses and global economic upheavals might erode the savings we’ve projected to see us through our remaining years.” She writes about having experienced the impacts of the 2008 Great Recession, “so we have had experience with a devastating market downturn turning into a robust market rebound.”

But back then, investors experiencing a hit to their portfolios had time to recover. For today’s retirees, it’s a different picture. “Now, with our income reduced to payments from Social Security, a few pensions and returns on investments, we haven’t been feeling as confident,” she writes. “When I called our advisor, I needed reassurance.”

The Advice: Consider the Long Term

Fortunately, Freudenheim’s advisor was able to remind his clients that, as retirees, the long-term view is vital. “My husband and I are in our 60s and in good health, so we’re planning for at least a couple decades of life ahead,” she writes. “With that perspective, our advisor noted, it’s critical to maintain a long-term approach to our investment strategies.”

Freudenheim’s advisor recommended that the couple divide their savings into two categories: immediate cash for living expenses, and investments that will grow our savings to sustain us for those decades to come. “How many decades?” she asks. “Statistically, life expectancy today in the U.S. is just under 78 years, but many people are living into their 90s.” That demographic reality suggests that retirees today need to think differently. They need to educate themselves and take a much more balanced and strategic approach to saving and investing.

Understand the Risks You Face

The NextAvenue article references a recent study from Boston College’s Center for Retirement Research, authored by an analyst named Wenliang Hou. The study, titled “How Well Do Retirees Assess the Risks They Face in Retirement?”, argues that “most people worry too much about short-term market fluctuations while underestimating their potential lifespan and future healthcare costs,” as Freudenheim explains. “He said longevity risk should be the most critical worry for people saving for retirement, followed by health and market risks.”

The key to a secure retirement, Hou argues, is to understand the relative value of the risks that retirees face. He boils the list down to five:

• Longevity Risk (outliving their money)
• Market Risk (investment losses)
• Health Risk (unexpected health expenses)
• Family Risk (the unforeseen needs of family members)
• Policy Risk (unforeseen cuts in retirement benefits)

Freudenheim distills this down to the nugget of the study. “We should plan for a long life that includes an expectation of some potentially expensive end-of-life health costs,” she writes. “Historically, the stock market has risen by more than 10 percent annually, so it should not be our top concern, and we should resist the impulse to abandon the market when it falls.”

How Long Will You Live?

For her NextAvenue article, Freudenheim interviewed Hou, who described himself as “totally shocked” by the degree to which most retirees significantly underestimate how long they will live. “Many of us use our parents’ lifespans for guidance,” the article states, “but that kind of objective information is not reliable, Hou said.” 

Freudenheim uses her own parents as an example of why predicting our lifespan is challenging.

“In my case,” she recounts, “my mother died at 70, my father at 94. So how old will I be when I pass away?” That, says Hou, is “exactly the problem.” When it comes to lifespan, personal circumstances count as much or more as family history.

There are a few lifespan calculators online, such as this one, that ask a simple set of questions to predict life expectancy. The Social Security Administration calculator does the same thing but asks fewer questions and is a bit more pessimistic. (We tried both and came up with a range of life expectancy, from about 85 years old to 94.) Regardless of the precision (or lack of it) in these tools, the point is clear, says the article: “We shouldn’t just plan for our retirement savings to last for 10 years, but rather 20 or even 30 years.” It’s foolish to overreact to short-term market conditions.

Late-Life Healthcare Costs

Regular AgingOptions listeners have heard Rajiv Nagaich warn about this danger for years. “Beyond longevity,” says NextAvenue, “there’s another critical concern, according to Hou’s report: Many retirees don’t plan for late-life medical expenses, or they grossly underestimate what might be needed.”  The combination of rising costs, longer life expectancy, and more acute health care needs leaves millions of retirees dangerously unprepared.

“An annual study by Fidelity estimates that, to be safe, a retired couple aged 65 in 2022 should project spending as much as $315,000 in after-tax dollars for late-life health care costs not covered by Medicare,” writes Freudenheim. “The cost of long-term care, such as the need for health care aides, can add up quickly.” Indeed, planning for ways to deal with costs of long-term care is a major theme in the AgingOptions LifePlanning Seminars.

A Financial Dashboard Helps You Prepare

As the NextAvenue article points out, risk tolerance is a highly individual emotion. As we think ahead to a span of retirement that can last three decades or longer, we need to be educated about risks and aware of their implications. That’s just one reason why Rajiv Nagaich strongly recommends that you work with a qualified, objective financial planner to prepare a financial dashboard.

“The dashboard is your crystal ball,” Rajiv explains. “It lets you examine at a glance how your saving, spending, and investing will work out over time – at various rates of return, various tax rates, and, yes, various years of life expectancy. What will your financial health be at 75, or 80, or 90 and beyond? Your financial dashboard can help you see at a glance how the decisions and assumptions you make today will affect your future.”

We encourage you to call us at AgingOptions. We can explain the financial dashboard concept, and refer you to a professional planner who will work with you to develop this powerful tool, personalized just for you.

Breaking News: Rajiv’s New Book is Here!

We have big news! The long-awaited book by Rajiv Nagaich, called Your Retirement: Dream or Disaster, has been released and is now available to the public.  As a friend of AgingOptions, we know you’ll want to get your copy and spread the word.

You’ve heard Rajiv say it repeatedly: 70 percent of retirement plans will fail. If you know someone whose retirement turned into a nightmare when they were forced into a nursing home, went broke paying for care, or became a burden to their families – and you want to make sure it doesn’t happen to you – then this book is must-read.

Through stories, examples, and personal insights, Rajiv takes us along on his journey of expanding awareness about a problem that few are willing to talk about, yet it’s one that results in millions of Americans sleepwalking their way into their worst nightmares about aging. Rajiv lays bare the shortcomings of traditional retirement planning advice, exposes the biases many professionals have about what is best for older adults, and much more.

Rajiv then offers a solution: LifePlanning, his groundbreaking approach to retirement planning. Rajiv explains the essential planning steps and, most importantly, how to develop the framework for these elements to work in concert toward your most deeply held retirement goals.

Your retirement can be the exciting and fulfilling life you’ve always wanted it to be. Start by reading and sharing Rajiv’s important new book. And remember, Age On, everyone!

(originally reported at www.nextavenue.org)

Less Waiting, More Access, Longer Visits — Is Concierge Medicine the Right Choice for You?

When you stay at an upscale hotel, the concierge is there to provide you special, personalized service – a restaurant recommendation, theater tickets, emergency dry cleaning, or anything else that might make you feel your preferences matter.

If you’ve experienced that kind of individual service, then you understand the concept behind what’s called concierge medicine. Concierge medicine is not a new idea – in fact, some data sources trace the idea (but not the name) all the way back to 1996, to a clinic started in Seattle. What’s different today, however, is that frustration with traditional medical care is rising and costs for concierge medicine are coming down a bit, so a growing number of patients are considering concierge medicine as an affordable (sort of) way to get the personalized care they desire.

We found this story about concierge medicine, written by writer and certified senior advisor Kate Ashford, on the NerdWallet website.  At a time when many retirees feel particularly ill-served by the type of medical care they’re receiving, is this a viable option? Let’s take a look.

An Invitation to a New Type of Medical Practice

Ashford begins her article with her own anecdote: her primary care doctor recently left regular practice and invited Ashford to join her at her new gig—a concierge medicine group. Ashford explains that, for a membership fee, she would have better, more personal access to her doctor’s services, such as same-day appointments and longer conversations.

“Concierge medicine — a model in which patients pay a membership fee for a more direct relationship with a primary care doctor — used to feel like a perk for the superwealthy,” Ashford explains. “But as fees have come down and people have gotten more frustrated with the state of traditional primary care, concierge services may not seem like such a pie-in-the-sky option. There’s less waiting, more access, longer visits and greater coordination of care. However, the fees can be high, and if you don’t have complex medical needs, it may not feel worth the expense.”

Defining the Concept of Concierge Medicine

As you may have surmised, concierge medicine is an arrangement in which a patient pays a membership fee to gain access to their doctor’s practice. This fee could cover a wide range of services, with insurance often covering everything else. Or, in some models the fee may only cover preventative care, and the practice might accept insurance for the rest.

The big difference is the level of “personal” care. Ashford writes, “Concierge medicine typically offers same-day appointments and 24/7 access to your doctor (who, by the way, isn’t rushed during visits).”

Terry Bauer, CEO of Specialdocs—a company that helps doctors transition to concierge medicine—explains, “Patients like it because they have more time with their provider, and people with a medical situation after hours can call, text or email. They have that doctor, in essence, on speed dial. It makes people a lot more comfortable and a lot less anxious.”

Care Costs Can Vary Widely

A logical next question would be: well, what do the fees for this service look like? Ashford writes, “Membership fees for concierge medicine vary widely. For one large concierge network with doctors in 44 states, the fee is typically between $1,800 and $2,200 per year (or between $150 and $183 per month). Other practices can run much more.”

Bauer says, “I know a couple that charge $4,000 a month. Doctors who charge those prices may be board certified in two specialties — cardiology and internal medicine, for instance — or they may be in an extremely wealthy area of the country.”

“The good news,” Ashford adds, “is that if you have a flexible spending or health savings account, you can use those funds to pay your annual membership fees as long as they go toward wellness benefits.”

Biggest Advantage: Faster, More Personalized Care

“There’s plenty to like about concierge medicine. It’s usually possible to get same-day or next-day appointments with your doctor, and wait times are minimal,” says Bret Jorgensen, chairman and CEO of MDVIP, a network of concierge medicine physicians. “Typically, you have access to your provider at all hours of the day, and because they have fewer patients, your doctor has more time to spend with you.”

Dr. Shoshana Ungerleider, a practicing internal medicine physician, adds, “With a smaller patient roster, your doctor can take the time to know you and your health history intimately, which can lead to more personalized and effective care. Concierge doctors can focus more on preventative care, which could potentially catch health issues early and save costs in the long run.”

Number One Drawback: the Cost

It might not be a surprise that the biggest stumbling block for many people is the cost of concierge medicine fees. Ungerleider says, “For people on a tight budget or those without substantial health care needs, this could be a significant cost without enough perceived benefit.”

It’s also worth considering that concierge doctors still make up a very small percentage of the medical field, leaving you with less options for care. And you still have to pay for hospital, emergency room, or specialist visits, or major surgeries. This makes insurance imperative.

John Hansbrough, employee benefits consultant with The LBL Group, warns, “It does not negate the need for health insurance. You need the insurance because bad stuff can still happen.”

Even so, advocates claim that concierge preventative care can actually save you money. “Consider the scenario where a text exchange with your doctor saves you a 2 a.m. trip to the emergency room,” Jorgensen says. “More than 80 percent of our interactions with our members are virtual. Those are just bundled and included in the service.”

Is Concierge Care Right for You?

Ashford writes, “Concierge medicine isn’t a slam-dunk for everyone. If you can’t afford the membership fee or are an infrequent health care user, this model probably isn’t a good fit. But it can be a game changer for patients with chronic illnesses who would benefit from the higher level of care. And for people who are frustrated by the conventional medical system, concierge care offers an alternative.”

“There are great outcomes for the doctor and patient alike,” Jorgensen says. “We consistently renew in excess of 90 percent of our patients every year.”

Rajiv’s Recommendation: Find a Geriatrician

We asked Rajiv Nagaich what he thought about this idea of paying extra for the personalized care that comes with concierge medicine. “Look, I get it,” Rajiv responded. “Traditional care these days is an exercise in frustration! Most of the time you have to wait weeks for an appointment that lasts eleven or twelve minutes – and the doctor and nurses are running like hamsters on a treadmill. If you can afford concierge medicine, it might be worth a look.”

“However,” Rajiv adds, “the real problem in my view is that too few doctors today understand the bodies and minds of aging men and women. For that, you need a geriatrician – a physician trained in art of science of keeping us well as we grow older. What’s more,” he says, “many geriatric-focused practices actually offer some of the personalized care and longer appointments that you get with concierge medicine.”

Bottom line? “Before signing up with a concierge-style clinic, seek out a geriatric physician in your area and make an appointment for a visit. You may be surprised that you can have the best of both worlds – without the high monthly fee.”

Breaking News: Rajiv’s New Book is Here!

We have big news! The long-awaited book by Rajiv Nagaich, called Your Retirement: Dream or Disaster, has been released and is now available to the public.  As a friend of AgingOptions, we know you’ll want to get your copy and spread the word.

You’ve heard Rajiv say it repeatedly: 70 percent of retirement plans will fail. If you know someone whose retirement turned into a nightmare when they were forced into a nursing home, went broke paying for care, or became a burden to their families – and you want to make sure it doesn’t happen to you – then this book is must-read.

Through stories, examples, and personal insights, Rajiv takes us along on his journey of expanding awareness about a problem that few are willing to talk about, yet it’s one that results in millions of Americans sleepwalking their way into their worst nightmares about aging. Rajiv lays bare the shortcomings of traditional retirement planning advice, exposes the biases many professionals have about what is best for older adults, and much more.

Rajiv then offers a solution: LifePlanning, his groundbreaking approach to retirement planning. Rajiv explains the essential planning steps and, most importantly, how to develop the framework for these elements to work in concert toward your most deeply held retirement goals.

Your retirement can be the exciting and fulfilling life you’ve always wanted it to be. Start by reading and sharing Rajiv’s important new book. And remember, Age On, everyone!

(originally reported at www.nerdwallet.com)

Caregiving When You’re an Only Child: Without Siblings, Decisions About Caring for a Parent Will Fall to You

Here on the AgingOptions Blog, caregiving is one of our most frequent topics, for one simple reason: some time in our lives, most of us will either need a caregiver, or be a caregiver – or both. For tens of millions of American adults, caring for an aging loved one is a daily reality. Usually, the caregivers we write about also have adult siblings, and the articles we share typically highlight ways in which brothers and sisters can work together to make sure mom and dad are getting the care they need.

But what if there are no siblings? If you’re an only child with parents growing older by the day, you’re likely facing the prospect of caregiving solo, without the support – emotional, financial, and practical – that siblings can provide. How do you navigate the uncertainties of being a solo caregiver?

We found some helpful answers and some good food for thought in this article published late last year by NextAvenue. In it, freelance writer Gary Stern walks us through the caregiving journey from the perspective of an adult only child. We hope this article helps you or someone you know to be better prepared for the most challenging task most of us will ever undertake.

Caregiving is a “Rite of Passage” for Millions

In his NextAvenue article, Stern begins with the reminder that adult children becoming caregivers for their aging parents is such a common occurrence that you could even call it “an inevitable rite of passage.” He continues, “But only children who have to be caregivers face a different burden compared to those who were raised in a family with one or more siblings willing to share the duties and stressors. Only children often have to do it all.”

After interviewing several experts for his article, Stern encourages only children to prepare early for their parents’ eventual caregiving needs in every possible way, including financially and emotionally, beginning with meeting with an attorney to gain clarity about power of attorney and the content of their parents’ wills.

Caregiving Without Siblings: Both Easier and Harder

“Caregiving is so prevalent,” Stern writes, “that the New York Times reported that one in five adults (or as the article states, according to AARP, more than 50 million) is providing unpaid health or support to a loved one, such as an aging parent or a spouse with an illness or disability.” (Note that a subscription may be required to access the New York Times article.)

Moreover, every caregiving situation is different. Brenda Avadian, founder of The Caregivers Voice, a website for helping caregivers of dementia sufferers, says, “Looking at it comparatively from a child who has siblings compared to a single child, sometimes it’s easier and sometimes it’s not.” 

She adds that an only child “can step up, make the decision and get the work done,” as opposed to conflicting sibling dynamics, which can hinder decision-making, especially if there is one primary caregiving sibling and the rest just argue with them.

Avadian notes that she has even observed families of as many as ten siblings who have learned to cooperate and all take turns caring for their parent. However, she cautions, these situations are the exception. A family with multiple adult siblings may be more likely to face conflict over a parent’s care, and they require much better intra-family communication.

What to Watch For: Signs of Decline

Stern describes the particular burden of a parent’s decline on the only child.  “According to Avadian, if the only child sees signs that the parent is faltering, such as forgetting appointments, neglecting to take their medicine or being unable to balance their checkbook, it’s likely time to intercede. She advises asking the parent open-ended questions, which aren’t judgmental, to determine if they’re forgetting things, or facing daily difficulties.”

This doesn’t mean that the only child should act rashly. Depending on a parent’s mental state, they should be listened to and consulted about their desires and included in any decisions made.  “Avadian advises that the best place to start is by learning as much about the parent’s failing health or emerging dementia as possible, about the disease’s progression, and behaviors associated with it,” Stern explains. “That way, the adult child can know what to expect and better prepare for the parent’s future options.”

Getting the Right Professional Advice

The only child has a few best steps to follow once they notice that their parent is faltering, according to experts. Your first stop should be your parent’s primary care physician. Prepare two or three questions based on your own research, and assess the situation with the physician’s help. “At that point,” Stern writes, “it’s a good idea to meet with your parent’s attorney to discuss their will, see if you can obtain power of attorney, determine if your parent has a health care directive and then ultimately become executor of their will or estate if necessary.”

This begs the question: when is the appropriate time to consider placing the parent in independent or assisted living? Avadian answers: “When you find a parent is a risk to himself or herself, then it may be time to consider other options.” (Risks, in this case, include behaviors such as leaving heaters on or consistently having expired food in the refrigerator. A parent who is becoming frail may need to move from a large multi-story family home into a safer environment.)

When the parent lives a significant distance away, experts advise the bold step of inviting the parent to come and stay with you. “See if that eases their burden,” Stern writes, and adds that “perhaps living together, or in proximity, can be a possibility for a while.”

Caregiving Can Be Isolating for an Only Child

As an only child, the responsibility falls to you to walk a line between respecting your parents’ autonomy and assuring their safety. This is especially difficult if both parents are in need of care, as one may need more care than the other.

Aaron Blight, founder of Virginia-based consulting service Caregiving Kinetics, says, “It’s quite a balancing act. It can be very isolating and lonely. You feel everything about your parents’ well-being rests on your shoulders. You have no siblings to relieve one another.”

For this reason, Blight encourages the only child to seek self-care through counseling, support groups, hiring a professional caregiver for help, or even seeking assistance from their spouse.  “You have this Herculean task, and you have your own life and responsibilities, and now the needs of your parents can encroach on your existing life. Somehow you have to manage that with the needs of your parents,” Blight says.

But this is possible to juggle, and it takes real resilience, adaptability, and the ability to make adjustments to meet changing demands. Blight reminds us that “there’s no handbook that comes with being a caregiver for your parent. Each situation is unique.”

Consider the Financial Resources Available for Care Costs

The decision to place a parent in an assisted living facility comes with a few factors to consider. Stern says that it’s important to think about what kind of caregiving support a parent might need and how they match what services the facility provides. The single child has to decide whether the parent’s needs exceed the level of help that the child can provide, and—perhaps most importantly—the child must assess the parent’s wishes, since many will strongly prefer not to enter assisted living if they can be cared for at home.

Another pressure, and perhaps the most important one, is the cost of assisted living care. Planning early for potential caregiving costs is key. Carol Levine, senior fellow at The United Hospital Fund, says, “Some parents have a lot of money and are willing to spend it on care. And some parents say, ‘no, this is my money, why do I need to spend on it a stranger whom I don’t trust?'” Levine says.

The Quality of the Existing Relationship is a Key Factor

The relationship between an only child and a parent plays a key role in what transpires as the parent ages. Levine says, “If it’s been close, open and transparent, even with ups and downs, it’s more likely that the relationship will change but continue to be close. [If the relationship has been difficult] it’s hard to build a relationship when both people are stressed, needy and not sure what’s going to happen.”

But it’s also important to note that caregiving can come with surprising rewards, especially for an only child. The time spent with your parent, learning more about them and their life can be very satisfying. Stern reminds us that even if you’re an only child, caregiving should never be a one-person job. It’s important to seek support for yourself and make sure you have help when you need it.

Avadian agrees. “Caregiving is exhausting. It’s often 24-hours, seven days a week, and it’s a thankless job.” But there are positives, she says: “[For example,] the only child gets to give back to parents, which is very satisfying, masters the art of patience and ultimately learns a lot about himself or herself.”

Breaking News: Rajiv’s New Book is Here!

We have big news! The long-awaited book by Rajiv Nagaich, called Your Retirement: Dream or Disaster, has been released and is now available to the public.  As a friend of AgingOptions, we know you’ll want to get your copy and spread the word.

You’ve heard Rajiv say it repeatedly: 70 percent of retirement plans will fail. If you know someone whose retirement turned into a nightmare when they were forced into a nursing home, went broke paying for care, or became a burden to their families – and you want to make sure it doesn’t happen to you – then this book is must-read.

Through stories, examples, and personal insights, Rajiv takes us along on his journey of expanding awareness about a problem that few are willing to talk about, yet it’s one that results in millions of Americans sleepwalking their way into their worst nightmares about aging. Rajiv lays bare the shortcomings of traditional retirement planning advice, exposes the biases many professionals have about what is best for older adults, and much more.

Rajiv then offers a solution: LifePlanning, his groundbreaking approach to retirement planning. Rajiv explains the essential planning steps and, most importantly, how to develop the framework for these elements to work in concert toward your most deeply held retirement goals.

Your retirement can be the exciting and fulfilling life you’ve always wanted it to be. Start by reading and sharing Rajiv’s important new book. And remember, Age On, everyone!

(originally reported at www.nextavenue.org)

New Study Shows 20 Percent of U.S. Seniors Rationing or Skipping Prescription Medications Due to Cost

“Follow your doctor’s orders!” That’s what most of us have been told since we were kids, haven’t we? That sage advice seems to apply with particular emphasis when it comes to taking prescription drugs – we’re always reminded to take every pill on time, since our good health depends on it.

Given that cultural background, we were surprised and a bit dismayed as we read  this recent article from HealthDay in which reported Steven Reinberg reveals recent data which shows roughly one senior in five either rationing their medications or skipping them entirely. This behavior isn’t due to carelessness or forgetfulness, says Reinberg – it’s due to finances. These seniors, even though they have Medicare coverage, are skipping their meds because they can’t afford the cost.

We suggest that, in the world’s richest country, this is a disgrace. Let’s read on and see what HealthDay is reporting.

Research Reveals Financially-Strapped Seniors Skipping Meds

In a new U.S. study, researchers found that roughly 20 percent of older adults reported taking less medication than they were prescribed, or not taking their medication at all, due entirely to cost, according to HealthDay’s Reinberg.

For the study, researchers surveyed more than 2,000 men and women age 65 and older, both over the phone and online. The report of the study was published online May 18 in JAMA Network Open.

Along with skipping or rationing medications, other cost-based behaviors were noted. Stacie Dusetzina, lead researcher on the study and professor of health policy at Vanderbilt University, explains, “We also found that most respondents wanted to talk with their doctors about medication costs and would want their doctor to use tools to estimate their medication prices if they were available.” But too often, doctors aren’t providing that kind of basic support.

Going Into Debt, Scrimping on Basics

Reinberg writes, “Among those taking part in the survey, 20 percent said cost prevented them from adhering to their prescription drug regimens. Nearly 9 percent said they skimped on basic needs to afford their medications and nearly 5 percent said drug costs made them acquire debt.”  When you consider the number of seniors in the U.S., that 5 percent represents nearly 3 million people.

The statistics are nearly unanimous when it comes to communicating with health professionals about drugs costs. Reinberg explains, “89 percent [of respondents] said they were comfortable or neutral about being screened before a doctor visit for having a medication cost conversation and nearly 90 percent said they would like it if their doctor used a tool that would alert them to the cost of drugs.” Instead, all too often the actual cost doesn’t become clear until the patient is standing at the pharmacy counter.

On the Edge of Affordability

Of course, it’s all well and good for doctors to give patients a drug cost estimate, but the big fear revealed in the survey appears to be a worry that those cost figures might be inaccurate. Respondents disliked the notion of paying more than their doctor estimated. “In fact,” Reinberg writes, “80 percent said that if the costs were higher, they would have to assess their decision to take the drug, the researchers found.”

And Dusetzina’s team also found that many patients expressed that they would be “upset” if their doctor did not disclose or discuss the cost of a drug with them, especially if they already knew it.  In our view, this reluctance on the part of doctors to discuss drug costs reflects a lack of empathy with the patients who have to shell out deductibles and co-pays for prescriptions.

“I wish I could say I was surprised, but the reality is this is the kind of finding that we’ve seen in other work, and it’s the kind of finding that practicing clinicians see every day,” said Dr. Adam Gaffney, who wasn’t involved with the study. Gaffney is an assistant professor of medicine at Harvard Medical School in Boston and an outspoken advocate for extending Medicare to everyone.

Co-Pays, Out-of-Pocket Costs Drive Drug Expense Higher

Gaffney goes on to explain that the high cost of drugs really boils down to copays and out-of-pocket costs. “Copays, coinsurance, deductibles can be quite high, even if you have a Medicare Part D drug plan,” he says. What’s more, seniors aren’t the only ones feeling the pinch. “I don’t think this is a problem [of] just of the over-65 population. In fact, I think if you look at a privately insured population that was younger, you might have actually had the same adverse results.”

New drugs that are still patented have a reputation for particularly high out-of-pocket costs, but some generic drugs have also been caught up in the tide of steadily rising drug prices.

“We know that these price increases are reflected in what people are paying when they go to the pharmacy,” Gaffney says. “We know that that often will lead patients either leave the prescription behind or not even fill it at all, or make other sacrifices.”

Doctors Clueless About Costs to Patients

Perhaps most frustrating of all, Gaffney admits that most doctors don’t actually know the prices that patients have to pay for drugs.

“As a physician, you want to know what the out-of-pocket costs were ahead of time,” he says. “You want to know what that meant for the patient. So, I think that sort of informational kind of infrastructure could have some benefits. But I think what that doesn’t help you with is the fact that ultimately you want to be prescribing drugs that are best for the patient.”

Reinberg explains that there are programs accessible to some patients that may lower out-of-pocket costs. “These include Medicare programs, private companies that may help lower costs on some generic drugs, and drug companies that often have special programs to make new drugs more affordable,” he writes. But finding these savings can be extremely challenging.

Solution May Require “Systemic Change”

Ultimately, Gaffney and his colleagues believe that solving the problem of high drug prices is going to require a cultural and institutional shift. His hope is that, someday, all drugs will be free for those who need them.

“Things can happen in the physician’s office, but at the end of the day, what we need is systemic change,” Gaffney says. “There is a growing appetite for really reforming the system because there’s just something not civilized about having people go without necessary medications simply because they can’t afford the copay.”

Breaking News: Rajiv’s New Book is Here!

We have big news! The long-awaited book by Rajiv Nagaich, called Your Retirement: Dream or Disaster, has been released and is now available to the public.  As a friend of AgingOptions, we know you’ll want to get your copy and spread the word.

You’ve heard Rajiv say it repeatedly: 70 percent of retirement plans will fail. If you know someone whose retirement turned into a nightmare when they were forced into a nursing home, went broke paying for care, or became a burden to their families – and you want to make sure it doesn’t happen to you – then this book is must-read.

Through stories, examples, and personal insights, Rajiv takes us along on his journey of expanding awareness about a problem that few are willing to talk about, yet it’s one that results in millions of Americans sleepwalking their way into their worst nightmares about aging. Rajiv lays bare the shortcomings of traditional retirement planning advice, exposes the biases many professionals have about what is best for older adults, and much more.

Rajiv then offers a solution: LifePlanning, his groundbreaking approach to retirement planning. Rajiv explains the essential planning steps and, most importantly, how to develop the framework for these elements to work in concert toward your most deeply held retirement goals.

Your retirement can be the exciting and fulfilling life you’ve always wanted it to be. Start by reading and sharing Rajiv’s important new book. And remember, Age On, everyone!

(originally reported at https://consumer.healthday.com)

This Six-Question “Ice Cream Quiz” Can Actually Help You Decide Where to Live in Retirement

There are hundreds of articles published every year telling seniors how to evaluate their housing choices, and many of them are helpful. But we think this article from Kiplinger may be the first one we’ve seen that bases its questions on something as simple as ice cream. We’re referring to this clever idea as “The Ice Cream Quiz.”

Financial adviser Thomas West wrote the Kiplinger article to prove a point: sometimes the best way to deal with big ideas is to use simple concepts we can all relate to. And after all, who can’t relate to getting a good dish or cone filled with your favorite ice cream flavor? Therein lies the profound question behind West’s article: when deciding where to live in retirement, it might be wise to consider something as simple as where and how to get an ice cream cone as you evaluate your options. Let’s take a look at what he means.

Housing Choices Reflect Our Individual Preferences

“As with anything in life, our individual preferences and circumstances will vary,” West writes. “Some may want to ‘age in place,’ while others may need to consider other housing options.” We’ve written the same many times here on the Blog – your housing choice has to reflect your preferences and needs, not someone else’s.

“The ability to age in place — or live in your own home or community as you age — is based on factors,” West continues, “such as health, home accessibility, social support and financial considerations. It’s important for individuals, couples and families to carefully assess their own unique situation and make informed decisions about aging in place or other housing options based on specific needs and circumstances.”

But West asks a simple question, one he takes from research done by Joseph F. Coughlin, Ph.D., director of the Massachusetts Institute of Technology AgeLab. Coughlin, profiled in this Barron’s article, asks, “How will you get an ice cream cone in retirement?” After all, says West, everyone loves ice cream. Not only is it a tasty treat, it’s also a useful metaphor. But the answer to that simple question reveals some profound insights.

We give you (drum roll, please) “The Ice Cream Quiz.” As you’ll note, behind the frivolous façade, there’s a serious issue for you to consider.

Quiz Question #1: Home Accessibility

“Can you easily move around inside and leave your home to get ice cream?”

West asks a cute question with serious intent. “Most American homes weren’t built with the needs of aging seniors in mind,” he warns. We wrote about this on the Blog just a few weeks back.

“Safety and accessibility become more critical as you age,” adds West. “Home modifications like removing tripping hazards, installing grab bars, widening doorways and adding ramps are just a few items you may need for intentional aging in place. If you are considering moving, you need to look for a home designed to accommodate both your current and potential future mobility and accessibility needs.”

If you miss this one, that jaunt to the kitchen – or out the front door – for ice cream can easily become dangerous.

Quiz Question #2: Social Support

“Who can you share an ice cream cone with?”

This question reflects a very real danger for those aging in place alone. “As we learned during COVID,” West writes, “social isolation is detrimental to your health. Intentional aging in place requires developing and expanding your network of family, friends, neighbors and community resources like social clubs, senior centers and religious communities.”

Whether you plan to move or stay put, you need to be aware of the social support networks in the community where you live. You can start your search by visiting the website of the Administration for Community Living and searching for an Area Agency on Aging near you.

Quiz Question #3: Healthcare Access

“How often should you eat ice cream? Hint: Ask your doctor.”

“Access to healthcare is crucial for older adults,” says West. As you plan whether to move or stay in your current home, “consider the proximity and availability of healthcare facilities, including hospitals, clinics, rehab facilities and pharmacies.” If you were to ask Rajiv Nagaich, he would add that senior adults need to find a geriatrician to serve as their primary health care provider. Once you have the medical team you want, staying close to them has definite advantages.

This is particularly true if you’re relocating to another state or region entirely. “If you’re moving, research the healthcare services available under your insurance plan to ensure you can continue to access your plan or find out if you will need new insurance and doctors,” West observes. (If possible, try to find a doctor who likes ice cream.)

Quiz Question #4: Transportation

“How will you get to the ice cream shop?”

Depending on your community, public transportation can either be readily available or infrequent and costly. Access to transit should be a big part of your decision about where to live, for getting ice cream – and everything else. But amazingly, 45 percent of Americans lack access to public transit.

“Some seniors need to give up driving for their safety and the safety of others,” says West. That doesn’t mean you have to give up your independence and trips to the ice cream shop. Whether you are intentionally aging in place or moving, consider the availability of public transportation, rides from family and friends, the walkability of the neighborhood, proximity to essential services such as grocery stores and access to transportation alternatives.” These can include such services as ride-sharing, Go-Go Grandparent or senior transportation services.

Quiz Question #5: Financial Considerations

“Can you afford to eat ice cream regularly?”

This clearly isn’t about ice cream per se – it’s about your ability to enjoy simple pleasures in retirement, whether they’re “a spontaneous indulgence or a weekly occurrence,” as West puts it. Your housing choice can have a huge impact, good or bad, on your degree of financial comfort in retirement.

“Carefully assess your financial situation when deciding whether to age in place or move,” West recommends. “Consider factors such as the cost of home modifications, property taxes, maintenance costs and potential changes in your financial situation, such as increased healthcare and long-term care costs. If you are moving, research the cost of living in the new area, including housing costs, taxes and home care costs.” (These can easily top $5,000 per month according to the most recent Genworth Cost of Care survey.)

This is another area where Rajiv Nagaich can help you. He has created a powerful tool to make it possible for you to gauge whether you will be able to live out your life in your own home or have to be forced into institutional care. You can take the “Home Fitness Quiz” at Path to Happily Ever After.  It’s a great asset to your future planning.

Quiz Question #6: Personal Health and Care Needs

“Can someone help you enjoy ice cream if you lose your physical or cognitive capacity?”

Enjoying the little things in life can become much harder as you age, and especially as we experience physical and mental decline. As West puts it, “It’s essential to consider both your current and potential future care needs.”

According to the U.S. government’s Long-Term Care website, says West’s article, 70 percent of adults 65 and older will need long-term care in their lifetime, with men typically needing 2.2 years of care and women requiring 3.7 years. As you age, you’ll likely require additional support for activities of daily living (ADLs), such as bathing, dressing and meal preparation.

Choosing where you’ll live as you age requires planning, says West. You may need the services of Meals on Wheels. You’ll need access to home maintenance services. Of course, you’ll probably deal with a growing cadre of healthcare providers and home healthcare services, not to mention family caregivers, long-term care services and senior living communities.

“It’s essential to assess both your current and future needs for home accessibility, social support, healthcare access, transportation, financial considerations and personal health and care needs,” West advises. “Additionally, don’t neglect your emotional well-being in your future planning. Consider factors such as estate planning, advance care directives and long-term care insurance.”

What About Your Family?

Rajiv Nagaich has said it a thousand times: “Aging is a family affair.” With his Ice Cream Quiz, West seems to agree. “Share your plans with family members, beneficiaries, healthcare professionals, elder law attorneys and financial advisers in your life,” he urges, “so they can carry out your healthcare, legal and financial wishes if you become incapacitated.”

And here’s West’s final tip: “Tell them your favorite ice cream flavor so they can bring you some when getting together.” A dish of rocky road sounds pretty good about now!

Breaking News: Rajiv’s New Book is Here!

We have big news! The long-awaited book by Rajiv Nagaich, called Your Retirement: Dream or Disaster, has been released and is now available to the public.  As a friend of AgingOptions, we know you’ll want to get your copy and spread the word.

You’ve heard Rajiv say it repeatedly: 70 percent of retirement plans will fail. If you know someone whose retirement turned into a nightmare when they were forced into a nursing home, went broke paying for care, or became a burden to their families – and you want to make sure it doesn’t happen to you – then this book is must-read.

Through stories, examples, and personal insights, Rajiv takes us along on his journey of expanding awareness about a problem that few are willing to talk about, yet it’s one that results in millions of Americans sleepwalking their way into their worst nightmares about aging. Rajiv lays bare the shortcomings of traditional retirement planning advice, exposes the biases many professionals have about what is best for older adults, and much more.

Rajiv then offers a solution: LifePlanning, his groundbreaking approach to retirement planning. Rajiv explains the essential planning steps and, most importantly, how to develop the framework for these elements to work in concert toward your most deeply held retirement goals.

Your retirement can be the exciting and fulfilling life you’ve always wanted it to be. Start by reading and sharing Rajiv’s important new book. And remember, Age On, everyone!

(originally reported at www.kiplinger.com)

Think You Can’t Afford to Save for Retirement? These Tips Can Help Even Lower-Wage Workers Set Money Aside

It’s not surprising to read that many seniors are approaching retirement with little or no savings set aside. In fact, just recently we presented a story here on the Blog describing how money woes are impacting Americans’ mental health. If you’re already retired, or within a few years of stopping regular work, you might think it’s too late for you to do anything about your lack of savings – but fortunately, that’s not entirely true.

In this recent NextAvenue article, freelance writer Rachel Leland gives us some tips on how even those making lower wages can still set aside some savings to provide a bit of a cushion in retirement. Some of these suggestions apply to those still earning a paycheck, while others can benefit just about anyone. As we read this article, it occurred to us that saving money is like exercising: doing something is better than doing nothing, and starting today is better than waiting until tomorrow.

Americans Struggle to Save for Retirement

The numbers show that working class Americans are struggling the most to aside savings for their eventual retirement. Leland writes, “Some 68 percent of respondents in a National Institute on Retirement Security study said the average worker cannot save enough on their own to have a secure retirement. According to the same study, 65 percent of current workers say it’s likely they will have to work past retirement age to have enough money to retire.”

It’s true that many companies offer programs to help with retirement savings, such as 401(k) plans and company-matching, but researchers at the Wharton School of the University of Pennsylvania have found that this isn’t always the case. In fact, “56 million private-sector workers lack access to retirement savings plans through their jobs,” Leland writes.

In other words, those seeking to save may have to do some homework to find good options.

Some State Programs Streamline Saving for Wage-Earners

There are state-sponsored solutions in the works in many locales. Leland explains, “To create new channels for retirement savings, eleven states (plus the City of Seattle) have launched automated savings programs and more states are joining them, such as North Carolina, which is considering a state-sponsored retirement savings account called Work & Save. In California, Connecticut, Illinois and Oregon, which have all implemented such programs and started regular paycheck withdrawals, average savings rates are about $140 a month per worker.”

The way it works in these state-sponsored programs is that employees who work for companies that do not offer retirement savings plans are automatically enrolled, but can opt out if they choose to. In some versions of the program, like California’s CalSavers, employees can choose their contribution rate and can even change their investments.

Leland offers the following as suggested strategies for setting aside regular savings for retirement, even if you’re struggling to do so.

Save More Money by Creating Less Waste

One place to start is the kitchen. Leland writes, “According to the U.S. Bureau of Labor Consumer Expenditure Survey in 2022, Americans spent an average of $438 on food per month, or roughly $5,250 a year. Meanwhile, U.S. households waste almost one-third of the food they buy, according to Penn State University researchers.”

She adds, “That means nearly $1,700 worth of food an average family buys each year ends up in the trash.”

Andrea Woroch, a consumer finance expert, recommends planning a week’s worth of meals and buying only what you plan to eat as a way to keep grocery costs—and waste—to a minimum. “It also helps to look for recipes that share ingredients so you won’t have to throw away, say, half a can of tomato paste,” Leland writes.

Woroch herself explains, “By planning out meals, cross-referencing your ingredient list with what you already have at home so you don’t double up, limiting how much fresh food you buy in bulk and avoiding impulse purchases, you could save almost $2,000 over the course of a year. Meanwhile, using rewards apps like Fetch will give you cash back for your grocery purchases that you can use to offset your future purchase needs and stash it away.”

A related idea: retirees can work out meal plans with their retired neighbors and plan grocery lists together. Buying food in larger packages is generally a money-saver.

If Saving is Overwhelming, Ask for Advice

The good news is that you don’t have to go it alone when it comes to savings. Seeking out expert advice can save you from costly mistakes.

Health care can top the list of budgetary expenses for retirees or older adults. Retirement consultant Marcia Mantell recommends setting up time with a local State Health Insurance Assistance Program counselor for a free-of-charge session. In this session you can discuss options reducing your health insurance premiums and other health care costs, like prescription drugs.

Leland writes, “You should also check to see if your city has an Aging Network location near you. The Older Americans Act of 1965 created the Aging Network, a national network of agencies that provide services for older adults including financial assistance, home repair, legal assistance and nutrition services.”

(Note: here’s a link to the Aging Network agency in King County, Washington, the home of AgingOptions and Life Point Law.)

Tapping into local resources is one of the best ways to minimize the drain on your finances that day-to-day expenses can be. This way, you’ll have more left over to put away for retirement.

Make Catch Up IRA Contributions if You Qualify

It’s also important to note that you can make up for lost time. If you haven’t been making regular contributions to your 401(k), catch-up contributions are your friend.

“According to the IRS, catch-up contributions are elective deferrals made by a participant aged 50 or older that exceeds a statutory limit, a plan-imposed limit, or the actual deferral percentage test limit for highly compensated employees,” Leland explains.

“Take advantage of catch-up provisions in employer-sponsored plans and IRAs if you’re over the age of 50,” says Donny Gamble, CEO of Retirement Investments. “You can contribute an extra $6,500 to your 401(k) each year or up to an $1,000 to an IRA in most cases.”

Start Small if You Must – but Start!

Leland agrees with our assertion from the intro: no matter where you are in this journey, the important thing is just to start!

Gamble recommends starting small. Open a retirement account and contribute only what you can, even if it’s just $50 or $100 per month. Every little bit counts, and these amounts add up over time. And occasionally you might be able to add a bit more. “Consider setting aside any windfalls, like bonuses or gifts, for the future rather than spending them immediately,” Gamble adds.

Leland concludes, “If you do happen to work for an employer that offers an employer-sponsored retirement plan, take advantage of it if you possibly can. Employer matching programs are a source of free money that stretch your contributions, and 401(k) plans can reduce your tax liability at the end of the year as well as your tax withholding each pay period.”

Breaking News: Rajiv’s New Book is Here!

We have big news! The long-awaited book by Rajiv Nagaich, called Your Retirement: Dream or Disaster, has been released and is now available to the public.  As a friend of AgingOptions, we know you’ll want to get your copy and spread the word.

You’ve heard Rajiv say it repeatedly: 70 percent of retirement plans will fail. If you know someone whose retirement turned into a nightmare when they were forced into a nursing home, went broke paying for care, or became a burden to their families – and you want to make sure it doesn’t happen to you – then this book is must-read.

Through stories, examples, and personal insights, Rajiv takes us along on his journey of expanding awareness about a problem that few are willing to talk about, yet it’s one that results in millions of Americans sleepwalking their way into their worst nightmares about aging. Rajiv lays bare the shortcomings of traditional retirement planning advice, exposes the biases many professionals have about what is best for older adults, and much more.

Rajiv then offers a solution: LifePlanning, his groundbreaking approach to retirement planning. Rajiv explains the essential planning steps and, most importantly, how to develop the framework for these elements to work in concert toward your most deeply held retirement goals.

Your retirement can be the exciting and fulfilling life you’ve always wanted it to be. Start by reading and sharing Rajiv’s important new book. And remember, Age On, everyone!

(originally reported at www.nextavenue.org)

A Caregiver Looks Back, and Offers Six Things She Wishes She Had Known

If you really want to know the lay of the land – the ins and outs of a place, say – the best advice is to ask someone who has spent time there. The same applies to something as challenging and deeply personal as being a family caregiver: theoretical knowledge is useless compared to the knowledge gained through experience. If you want to know about being a caregiver, ask someone who has spent plenty of time filling those crucial shoes.

A recent issue of The Guardian featured this powerful story from author Cynthia Dearborn. She recently released her memoir titled The Year My Family Unraveled available through Affirm Press. In this gripping book, Dearborn recounts how, in 2007, she was suddenly thrust into the role of serving as caregiver for her 75-year-old father. At the time, she explains, she knew little about what lay ahead. Now with the benefit of experience, Dearborn shares the insights that helped her help him

A Fumbling Start, Then Growing Confidence

“In 2007,” Dearborn writes in The Guardian, “I was suddenly plunged into the role of caregiver for my then 75-year-old father, who had vascular dementia. His short-term memory was severely impaired, as were his judgment and reasoning skills.”

As she recounts the experience, Dearborn was clueless from the start. “At the outset, I knew very little about dementia and next to nothing about caregiving,” she writes, “and fumbled my way through one challenge after another. With experience, I grew more competent and confident.”

Acknowledging that everyone’s situation is different, Dearborn offers what she calls “six insights that helped me help my father.” We think these are powerful, and worth passing along.

Insight #1: Most People Don’t Really Understand Dementia

With so much written about dementia, we were intrigued by Dearborn’s observation that people who haven’t experienced it “up close and personal” in the life of a loved one really don’t get it.

“My stepmother never could understand, or accept, that there were things her husband could no longer do,” says the author. “She’d get frustrated and angry with him for forgetting things and misplacing items. When she fell gravely ill, her son was upset that my father expressed no sympathy, though my father lacked the cognitive capacity to grasp that his wife was sick. To my dismay, this misunderstanding led to a major family rift.”

Dearborn also expresses surprise that even health workers have only a little understanding of dementia. “A geriatric-psych nurse informed me that my father would be discharged from the hospital back to his house, where his wife could look after him – when his wife no longer lived there,” Dearborn recounts. “The nurse had taken my father’s words at face value, though his version of reality was unreliable and out of date.”

She calls that “a turning point.” That was when she knew “[I] had to become not just my father’s caregiver but his care advocate.”

Insight #2: Set Achievable Goals

Many caregivers seem to attempt to do too much, so Dearborn advises us all to scale back expectations. “My father had no awareness that he had dementia,” she writes, “and adamantly refused my attempts to help him. I hired an eldercare manager to help me figure out a way around this. When I told her I wanted to keep him safe, she said that was impossible: I could only try to keep him safer.”

According to Dearborn, that “small grammatical shift” from “safe” to “safer” was a huge help to her. “It changed my task from impossible to doable,” she says. “I came to terms with the fact that I couldn’t work miracles, but I could try to make the conditions of my dad’s daily life less dangerous, less frightening, more comfortable, more enjoyable.”

Insight #3: Communicate with Kindness

This insight often seems to come down to small, considerate gestures. “My dad would startle if I came up behind him and started to speak,” Dearborn recalls. “It was better to face him and say ‘Dad!’ to get his attention first. No long speeches, no convoluted questions; I had to speak in small, simple chunks and give him time to respond.”

Dearborn remembers that her father was very sensitive to her tone of voice. “If I sounded stern, impatient, or critical, he became anxious,” she says. “Speaking to him calmly helped him stay calm. I tried to give him as much choice as I could in daily, domestic matters, but choices often overwhelmed him. So I’d keep it simple: black olives or green? If he hesitated or began to fret, I’d offer to decide for him, an option he often took.”

Insight #4: Distraction Can be Useful

We’ve heard this advice from other caregivers for those with dementia. “My father was prone to abrupt mood swings; he could be lighthearted one moment and morose the next,” says Dearborn. “He tended to ruminate, to get stuck in a mental groove about one of his habitual worries (like whether his taxes had been paid). I found that I could sometimes distract and reorient him if I caught it early, by introducing something amusing or fun that would catch his attention.”

In Dearborn’s case, since poetry was a source of joy for her father, she might ask, “How about a poem?” But music, or a photo, or just about anything can create that necessary distraction and help put your loved one in a happier frame of mind.

Insight #5: Expect Others to Judge or Criticize Your Caregiving Choices

The harsh words from others, even strangers, can add to a caregiver’s pain. “A taxi driver who I spoke to about my attempts to get my dad into care immediately went on a rant,” Dearborn relates, “saying, ‘Old people should be cared for by family!’ I explained that my dad had nobody to help him but me, and I lived overseas. The driver berated me for mistreating my dad.”

Dearborn’s response was measured and mature. “I realized that strangers would judge me without trying to understand my family situation,” she writes. “It was infinitely more painful, though, when my own father, in a state of agitation, told me that I was his only problem.” It seems clear that part of being a caregiver means growing a thick skin.

Insight #6: People Need Quality Dementia Care, and Caregivers Need Support

Dearborn writes that the availability of good dementia care depends entirely too much on one’s financial resources. “In seeking out dementia care for my dad,” she says, “I must have toured a dozen different care facilities. The variations were striking, and heartbreaking. How much living space the residents had, how much privacy, what activities were available, how they were spoken to, how they were treated.”

As Dearborn recounts, even though she found excellent care at a few under-funded facilities (and sometimes vice versa), “too often money bought comfort. Dignity was on offer – for a fee. I witnessed first-hand people living (and working) in disgraceful conditions. All people living with dementia deserve quality care.” And, she adds, those involved in caring for someone with dementia need ongoing support, including respite.

“In my case,” she says, “it was essential to take breaks from my father’s company, given his endlessly repetitive conversation, as well as the emotional toll of watching his cognitive decline. Just an hour or two spent on my own or with a friend could do wonders to refresh my flagging mental state. In fact, if I had to do it all again, the one thing I would do differently is take better care of myself. I was so focused on my father’s care that I badly neglected my own.” We know that caregiver self-neglect is a sad side-effect of caring for a loved one.

In the end, Dearborn offers a balanced assessment of her experience. “Looking after someone whose mind no longer functions as it once did can be rewarding – my father and I shared plenty of tender moments of connection. It can also be enormously challenging – practically, emotionally, financially, legally. Addressing these challenges on a broader scale will require the political will, and a groundswell of public support, for the funding of quality dementia research, education, prevention, and care.”

Breaking News: Rajiv’s New Book is Here!

We have big news! The long-awaited book by Rajiv Nagaich, called Your Retirement: Dream or Disaster, has been released and is now available to the public.  As a friend of AgingOptions, we know you’ll want to get your copy and spread the word.

You’ve heard Rajiv say it repeatedly: 70 percent of retirement plans will fail. If you know someone whose retirement turned into a nightmare when they were forced into a nursing home, went broke paying for care, or became a burden to their families – and you want to make sure it doesn’t happen to you – then this book is must-read.

Through stories, examples, and personal insights, Rajiv takes us along on his journey of expanding awareness about a problem that few are willing to talk about, yet it’s one that results in millions of Americans sleepwalking their way into their worst nightmares about aging. Rajiv lays bare the shortcomings of traditional retirement planning advice, exposes the biases many professionals have about what is best for older adults, and much more.

Rajiv then offers a solution: LifePlanning, his groundbreaking approach to retirement planning. Rajiv explains the essential planning steps and, most importantly, how to develop the framework for these elements to work in concert toward your most deeply held retirement goals.

Your retirement can be the exciting and fulfilling life you’ve always wanted it to be. Start by reading and sharing Rajiv’s important new book. And remember, Age On, everyone!

(originally reported at www.theguardian.com)

Couples With a Big Age Difference Between Spouses May Need Some Special Retirement Planning – Including a Financial Dashboard

To make a marriage work, what’s the ideal age difference between partners? While statisticians may be able to give a technical answer to that question, the fact is that any marriage can work, no matter which partner is older and by how many years.

Still, as we read last summer in this article from the GoBankingRates website, there are some particular considerations couples with a large age gap need to make as they plan for retirement. Advice that might work just fine if spouses are a few years apart in age could be problematic when there’s a decade or more between each partner.

We felt this was a timely bit of information to share. Moreover, while we feel every couple needs a financial dashboard (just as singles do), we feel particularly strongly that couples with a big age difference between spouses can see major benefits from having a dashboard as they attempt to peer into their financial future.

Big Age Difference Requires Extra Preparation

“Differences in age take extra consideration when you and your significant other are planning retirement,” says the GoBankingRates article. “If one spouse is much younger, standard retirement advice may not work for age-gap couples.”  That applies, the article claims, to everything from when you retire to how much you spend to how you strategize your Social Security benefits.

If you stop and think about it, the implications of that age gap between partners seems clear. “Early retirement for a younger spouse can be very costly,” says the article, “and ensuring that that partner will have sufficient income to last the duration of his or her life is a crucial aspect of retirement planning for these couples.”  For that reason, it continues, “There are several things to keep in mind for spouses born years, if not decades apart when it comes to retirement planning.”

Both Spouses Should Maximize Earnings

“It may sound simple,” says GoBankingRates, “but the more you earn during your working years will stand you and your spouse in good stead when the time comes to retire. If you can work past the typical retirement age, any additional income you can earn now will increase what you will have later.” In other words, if your spouse is considerably younger than you are, you may need to adjust the timing of your retirement, especially if you’re the primary earner.

But it’s not just the “senior partner” who should keep working longer, says the article. “The younger spouse might want to work for a few more years as well. With a longer work history and (hopefully) higher salary, some younger spouses may continue collecting a steady income to improve their financial situations and add to their employer-sponsored pensions or retirement plans.”

As for your investment strategy, since one spouse is likely to outlive the other by a considerable period, growth is key. “If investments are part of building your nest egg, experts agree that switching to a more stock-based portfolio, while keeping spending low, is the best plan for growth,” says GoBankingRates.  

Best Scenario: Earn More, Spend Less

Unless your household has plenty of wealth, saving will be highly important, which means spending-control should be part of your plan. “One frequently used rule of thumb for retirement spending is known as the 4 percent rule,” says the article. “You add up all your investments and withdraw 4 percent of that total during your first year of retirement. In subsequent years, you adjust the dollar amount you withdraw to account for inflation.”

But the GoBankingRates piece suggests this spending plan is potentially too aggressive. “With a younger spouse in the picture and the longer timeline a couple will have together, a drop to 3 percent or lower, if you can afford it, is recommended.”

Optimizing Your Social Security Benefits

Social Security, of course, is a critical element in the retirement strategy for most seniors, providing support to workers and their families with a guaranteed source of lifetime income, adjusted for inflation. But as just about everybody knows, benefits can vary widely depending on the age you start receiving payments. What’s more, your benefits can often affect the payments your spouse gets.

While beneficiaries can start receiving Social Security as early as age 62, if you do, you’ll get a reduced amount for the rest of your life. Your full benefits don’t actually begin until reaching what’s called “full retirement age” which is between 66 and 67 for most people. Delay starting benefits until age 70 and you’ll maximize those payments.

“If you don’t need the money early and expect to live a long life, hold out as long as you can,” the GoBankingRates article advises. Not only will you earn more – and potentially save more – but if your spouse outlives you, she or he may be entitled to your full benefit for as long as they live, plus those inflation adjustments. Maximize your earnings now, and your spouse might still be enjoying higher benefits and greater security decades from now.

Spouse Age Difference Can Reduce RMD Withdrawals

Here’s a wrinkle some of us didn’t know about: the age of your spouse can affect the required minimum distribution (RMD) from your retirement accounts each year. “You generally must start taking withdrawals from your IRA or retirement plan account when you reach age 73,” says GoBankingRates.  “However, if your spouse is more than 10 years younger, and your beneficiary, you can withdraw less of a required minimum distribution (RMD) from your IRAs and retirement plan accounts”

The difference is in which IRS table you’re required to use, and while that difference isn’t much, every little bit of savings helps. You’ll find the details here on the IRS website.

Pension Planning: Lump Sum or Annuity?

Pensions may be less common than in years past, but millions of workers still retire with one. For spouses with a big age gap, the strategy you employ when receiving your pension benefits can change.

“Most pension plans push a lump sum payment when you retire,” says GoBankingRates. “However, with an age difference between partners, you should consider taking the 100 percent maximum joint and survivor annuity option.” With that option, “payments will last for the rest of the annuity owner’s life and the life of the other person. Because the second person is an annuitant, as opposed to a beneficiary, the timeframe for the payment will most likely be longer, and therefore the tax liabilities will be spread over a longer period.”

The downside, of course, is lost liquidity, says the article: the lump sum isn’t available should a big expense arise. Still, steady payments for life are a huge plus, says GoBankingRates. “This [annuity] option can offer peace of mind, knowing that one’s spouse will have reliable income when they are gone.”

Find the Right Financial Planner

The article concludes with the observation that spouses with a big age disparity have particular challenges in planning for retirement. We agree with the suggestion that couples should do their research and consult an objective financial planning expert. But the strongest recommendation we can make, says Rajiv Nagaich, is for these couples to utilize a planning tool called a financial dashboard.

“I urge just about everyone to use a financial dashboard,” says Rajiv Nagaich, “but I think it’s especially powerful for couples with a large difference in ages. Let’s face it: odds are the younger spouse will outlive the older one by two, three, even four decades! How will you plan for possible scenarios? How will you make spending decisions and investment decisions? What will be the impact in 30 or 40 years from the decisions you make today? A financial dashboard is the tool you need to answer those questions, and many more.”

There’s much more to say here, but our best advice is to contact us at AgingOptions or Life Point Law and let us recommend a financial planner who can help you prepare this powerful planning tool. “Old or young, single or widowed or engaged or married, you will benefit from having a financial dashboard,” Rajiv states. “I can practically guarantee it!”

Breaking News: Rajiv’s New Book is Here!

We have big news! The long-awaited book by Rajiv Nagaich, called Your Retirement: Dream or Disaster, has been released and is now available to the public.  As a friend of AgingOptions, we know you’ll want to get your copy and spread the word.

You’ve heard Rajiv say it repeatedly: 70 percent of retirement plans will fail. If you know someone whose retirement turned into a nightmare when they were forced into a nursing home, went broke paying for care, or became a burden to their families – and you want to make sure it doesn’t happen to you – then this book is must-read.

Through stories, examples, and personal insights, Rajiv takes us along on his journey of expanding awareness about a problem that few are willing to talk about, yet it’s one that results in millions of Americans sleepwalking their way into their worst nightmares about aging. Rajiv lays bare the shortcomings of traditional retirement planning advice, exposes the biases many professionals have about what is best for older adults, and much more.

Rajiv then offers a solution: LifePlanning, his groundbreaking approach to retirement planning. Rajiv explains the essential planning steps and, most importantly, how to develop the framework for these elements to work in concert toward your most deeply held retirement goals.

Your retirement can be the exciting and fulfilling life you’ve always wanted it to be. Start by reading and sharing Rajiv’s important new book. And remember, Age On, everyone!

Photo Credit: Associated Press

(originally reported at www.gobankingrates.com)

NBC News Report: More Americans are So Worried About Money That Their Mental Health is Suffering

What’s the one thing that causes you the most stress in your life? We’ll bet it’s money.

One article we found in researching this story quoted the American Psychological Association who found that the top cause of stress in the United States is – you guessed it – money. In an APA survey from a few years back, more than three-fourths of respondents reported feeling “considerable anxiety about finances,” which in turn triggers arguments with loved ones, fear about opening mail or answer the phone, guilt about spending money on non-essentials, and a general sense of worry.

With that in mind, we weren’t completely surprised by this recent NBC News report in which reporter Rob Wile reveals a disquieting piece of data: fears about money in the U.S. have risen to the point where financial anxiety is actually harming our mental health. This is bad at any age, but particularly destructive, we think, for baby boomers, many of whom are already retired while the rest are on retirement’s doorstep. In fact, nearly half of all baby boomers complain that finances are harming their mental health – not a good sign for their future.

Let’s dive into the report and see what can be done to alleviate this corrosive source of mental distress.

New Survey Shows Money Woes Damage Mental Health

According to a new survey from the financial information group Bankrate, Americans are increasingly worried about their financial health – and it’s taking a toll. Financial worries can be bad for your mental health.

“The survey found 52 percent of respondents listed money as the thing that takes the biggest toll on their mental health, compared with 42 percent who blamed worries about their own health and 41 percent who listed current events as their top concern,” Wile writes. “The latest finding compares with 42 percent of U.S. adults who said money was their top concern last year.”

Anxiety, Depression Can Be Related to Financial Fears

Poor mental health can find many outlets, including feelings of anxiety, stress, worried thoughts, difficulty sleeping, and depression, according to Bankrate. All these have the potential to trigger isolation and substance abuse, and even shorten our lives.

Wile explains, “The results come ahead of recent inflation reports, which showed year-on-year price increases stayed near 5 percent for the second consecutive month through April.” Some analysts say the inflation rate could stay stubbornly high given recent increases in used car prices and ongoing wage hikes.

Inflation and rising prices aren’t the only trigger for money worries. It’s also notable that this stress is on the rise during a time when upticks in car repossessions and home foreclosures are causing more American adults to confront financial disaster.  

Cost of Everyday Expenses Worries Consumers

In the “money” category of the survey, Wile writes that “concerns about inflation ranked the most stress-inducing, with 68 percent naming high prices as their biggest worry. As many as 60 percent of the people who responded said they were concerned about paying for everyday expenses, while 56 percent said lacking emergency funds has them on edge.”

Ted Rossman, a senior analyst at Bankrate, explained in the survey’s write-up, “There are several sobering statistics in this report … with inflation at the center of many of these money worries. Despite a strong job market, wage growth has not kept pace with the rising cost of living. Debt has been rising and savings have been dwindling.”

And the frequency of these thoughts has also increased, with “56 percent of people with money concerns saying the worries happen at least once a week — up from 52 percent last year who said the same. And 29 percent of those who say money has a negative impact on their mental health say they worry about money daily,” Wile writes.

Women More Fearful, but All Age Groups Affected

Demographics also play a role in rates of concern. Wile reveals that “61 percent of women said inflation and rising prices had the biggest negative impact on their mental health, compared with 51 percent of men saying so. Overall, 73 percent of women named ‘economic factors’ as the top driver affecting their own mental health, compared with 66 percent of men.”

And this also has an effect among generations, with 60 percent of Gen Xers (ages 43 to 58) saying that money worries negatively impacted their mental health, compared to 55 percent of millennials (ages 27 to 42), 52 percent of Gen Z (ages 18 to 26), and 45 percent of baby boomers (ages 59 to 77).

Lindsay Bryan-Podvin, a financial therapist, attributes this to Gen X being the “sandwich” generation, financially supporting multiple dependents.”

“They’re at this double whammy disadvantage of not just caring for themselves, but also often caring for children and their aging parents, and getting toward the later half of their earning years,” Bryan-Podvin says. “So of course, they’re experiencing higher rates of financial anxiety.”

A Powerful Financial Recommendation from Rajiv Nagaich

Is there a cure for debilitating financial fear? Rajiv Nagaich would say the answer is yes – that having the right information at your fingertips can help replace fear with a sense of clarity. This is one area where a financial dashboard will prove indispensable, he says.

“The sooner you get a financial dashboard in place, the better,” Rajiv advises. “That way, you’ll have a tool to guide all your decisions – saving, spending, investing, and so much more. If I could give one piece of advice to someone 20 or 30 years away from retirement, it would be to have a financial dashboard that lets you make decisions with the future in mind.”

Sometimes our chief fear lies in the unknown. But you can dispel the fog of confusion and gain a clearer financial vision. We urge you to contact us and ask about a financial dashboard – we’ll help you take the next step.

Breaking News: Rajiv’s New Book is Here!

We have big news! The long-awaited book by Rajiv Nagaich, called Your Retirement: Dream or Disaster, has been released and is now available to the public.  As a friend of AgingOptions, we know you’ll want to get your copy and spread the word.

You’ve heard Rajiv say it repeatedly: 70 percent of retirement plans will fail. If you know someone whose retirement turned into a nightmare when they were forced into a nursing home, went broke paying for care, or became a burden to their families – and you want to make sure it doesn’t happen to you – then this book is must-read.

Through stories, examples, and personal insights, Rajiv takes us along on his journey of expanding awareness about a problem that few are willing to talk about, yet it’s one that results in millions of Americans sleepwalking their way into their worst nightmares about aging. Rajiv lays bare the shortcomings of traditional retirement planning advice, exposes the biases many professionals have about what is best for older adults, and much more.

Rajiv then offers a solution: LifePlanning, his groundbreaking approach to retirement planning. Rajiv explains the essential planning steps and, most importantly, how to develop the framework for these elements to work in concert toward your most deeply held retirement goals.

Your retirement can be the exciting and fulfilling life you’ve always wanted it to be. Start by reading and sharing Rajiv’s important new book. And remember, Age On, everyone!

(originally reported at www.nbcnews.com)