David Rodeck, Kiplinger’s Personal Finance, Kiplinger’s Money Power
If you’re like many grandparents, you’d like to give grandkids a financial leg up.
Transferring property while you’re still alive lets you enjoy seeing your grandchildren benefit from your gift. It could also help from a tax-planning perspective. You can give each grandchild $17,000 a year without it counting against the lifetime limit of the estate tax credit. Right now, that’s $12.92 million in property over your lifetime as gifts or inheritances without owing federal taxes.
Still, even without the tax concerns, giving thousands of dollars to a young family member is not a decision you should rush. Here are some different gifting methods that can help your loved ones make the most of your generosity:
529 PLANS. These state-sponsored investment accounts are used to save for college. While there is no federal tax deduction for adding money to a 529 plan, most states offer income tax deductions if you’re a resident and invest in the plan.
Plans offer a variety of investment options, and your gains are sheltered from taxes as long as the money stays in the plan. When your grandchild attends college, he or she can withdraw the money completely tax-free to pay for education expenses.
If the grandchild doesn’t spend all the money or doesn’t go to college, starting in 2024 he or she can convert up to $35,000 to a Roth IRA for retirement. Alternatively, you can use the account to pay for another family member’s education. Withdraw the money for non-qualified expenses and you will owe income tax and a 10% penalty on your investment earnings.
CUSTODIAL INVESTMENT ACCOUNTS. Uniform Gifts to Minors Act (UGMA) and Uniform Transfers to Minors Act (UTMA) accounts are custodial investment accounts. Your grandchild is the owner, but you control and manage the investments on the child’s behalf until he or she becomes an adult, between the ages of 18 and 21, depending on the state.
With an UGMA account, you can pick whatever investment options are available with your broker. UTMA accounts also accept real estate and other property. You can transfer assets you already own to these accounts, but transfers are irrevocable.
Custodial investment accounts do not defer taxation but do receive favorable tax treatment. Because your grandchild owns these accounts, they could hurt eligibility for college financial aid. Also, your grandchildren gain full control over the assets once they reach the age of maturity.
RETIREMENT
SAVINGS. If your grandchildren have jobs and are earning income that they are reporting to the IRS, you can help set up and contribute to their Roth IRA.
“You can contribute up to their earned income for the year or the IRA limit, whichever is lower,” says Angie O’Leary, with RBC Wealth Management-U.S. In 2023, young workers can sock away up to $6,500 in a Roth. You fund the Roth with after-tax dollars. Once your grandchildren retire, their withdrawals, including decades of investment growth, will be tax-free.
David Rodeck is a contributing writer at Kiplinger’s Retirement Report. For more on this and similar money topics, visit Kiplinger.com.
THE BENEFITS OF SHARING A BANK ACCOUNT WITH YOUR PARENTS (OR ADULT KIDS)
Q:My parents are starting to need more help managing their finances, and I was wondering if I should open a joint bank account with them? What are the pros and cons, and what steps would I need to take?
A:According to the National Institute on Aging, 6 million Americans age 65 and older are living with Alzheimer’s disease. If dementia or other health issues prevent an elderly parent from paying their bills or monitoring their financial accounts, opening a joint bank account could help you protect them from fraud and manage their money.
Most banks will allow you to become a joint owner on a parent’s existing bank account. Otherwise, you may choose to open a new account. With brick-and-mortar banks, you’ll usually need to go to a branch and fill out an application. Bring identification, including a government-issued ID that shows your full name and your birth date, as well as proof of address, such as a utility bill or credit card statement. If your parent is physically or mentally incapacitated and unable to apply in person, your bank may allow you to apply online, says Greg McBride, chief financial analyst at Bankrate.
ADVANTAGES AND DISADVANTAGES. With a joint account, you get an extra layer of deposit insurance against bank failure. The Federal Deposit Insurance Corp. (FDIC) insures joint accounts for up to $500,000, compared with $250,000 for a single depositor.
A joint account enables you to monitor statements for any unfamiliar purchases or charges, which can protect your parent(s) from fraud. Although you can’t limit your parent’s access to the account, you can ask your bank to alert you if your parent does something that raises concerns, such as attempting to make several large withdrawals, says Cameron Huddleston, author of Mom and Dad, We Need to Talk: How to Have Essential Conversations with Your Parents About Their Finances.
If your parent incurs overdraft fees, you’re equally responsible to pay them and replenish the account, says Cheri Stein, partner and senior trust officer at Plante Moran Wealth Management. And if you’re thinking about adding someone else to the joint account — one of your siblings, for example — it’s important to understand that any joint account owner can withdraw funds from the account at any time, without your permission. Make sure that you trust anyone who is named as a joint owner of the account.
A joint account can simplify estate planning. Most joint accounts have rights of survivorship, which means account ownership automatically transfers to the joint owner (or owners) after the other owner’s death, outside of probate (the legal process to review a will and distribute assets).
Ella Vincent, Kiplinger’s Personal Finance, Kiplinger’s Money Power
Note that a joint account designation supersedes language in your parent’s will. If your parent dies, the funds go directly to the joint owner, even if the will states otherwise.
AN ALTERNATIVE OPTION. A joint bank account lets you access and manage funds while your parent is alive and will help you avoid probate after their death. However, if your parent is reluctant to add you as an account owner, ask them to give you power of attorney for finances. This will provide you the authority to handle your parent’s finances, such as paying bills, if they become incapacitated.
Your parent’s bank may have its own power-of-attorney form, so make sure you complete the paperwork the institution requires. Ask the bank to keep a copy on file.
Ella Vincent is a staff writer at Kiplinger Personal Finance magazine. For more on this and similar money topics, visit Kiplinger.com.
Hearing Care is Health Care
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RETIREMENT: DOING WELL BY DOING GOOD
Retirees who want to donate to charity and get a valuable tax benefit have a few options. Consider:
QUALIFIED CHARITABLE DISTRIBUTIONS
QCDs provide a way to help charities while you’re still alive while lowering taxes on required minimum distributions from your IRA. A QCD is a direct transfer from your IRA to qualified charities. You can make a QCD as early as age 70 1/2, but when you reach the age at which you must start required minimum distributions (RMDs) — currently 73 — the charitable distribution will count toward the RMD.
Although a QCD isn’t deductible, it will reduce your adjusted gross income, which could lower taxes on your Social Security benefits. In 2024, you can donate up to $105,000 directly from your IRA to a qualified charity.
DONOR-ADVISED FUNDS
These funds, offered by most major financial-services firms, allow you to donate cash, securities or other assets to an investment account and decide later how to distribute the funds to charity. Even if you don’t itemize deductions on your tax return, donating an appreciated asset to a donor-advised fund provides a tax benefit because you don’t have to pay taxes on capital gains you’ve accumulated.
Some major donor-advised funds, such as Schwab Charitable and Fidelity Charitable, have no minimum contribution requirement. Most donor-advised funds offer a broad range of investment portfolios, allowing your contributions to compound and grow until you distribute the money to charity.
While cash and appreciated securities are the most common contributions to donor-advised funds, many will accept non-cash assets, such as cryptocurrency, real estate, art and collectibles, life insurance and restricted stock.
Keep in mind that you can’t direct a qualified charitable distribution to a donor-advised fund.
CHARITABLE GIFT ANNUITIES
A charitable gift annuity is a contract between you and a charity. You can donate cash, securities or other assets to the charity and get a charitable tax deduction up front. The institution invests the money and returns some of it to you — and up to one beneficiary, such as a family member, if you wish — in fixed monthly payments for the rest of your life. Any funds remaining after you die will go to the charity.
Retirees who are 70 1/2 or older have the option of making a one-time donation of up to $50,000 from their traditional IRAs to a charitable gift annuity. In that case, the donation isn’t taxdeductible, but the distribution will be excluded from taxable income. If you’ve reached the age at which you’re required to take minimum distributions from your IRA, the contribution counts toward that RMD, which would otherwise be taxed as ordinary income.
Because of the significant financial obligations required, charitable gift annuities are typically offered by sizable, well-funded organizations — colleges and universities, for example, and large national charities, such as the American Cancer Society.
As is the case with donor-advised funds, some charitable gift annuities can accept non-cash assets, such as appreciated securities or even real estate, says Johnne Syverson, vice president of gift annuity services for the National Gift Annuity Foundation.
Sandra Block is a senior editor at Kiplinger Personal Finance magazine. For more on this and similar money topics, visit Kiplinger.com.
Sandra Block, Kiplinger's Personal Finance, Kiplinger's Money Power
5
THINGS TO KNOW ABOUT AGE DISCRIMINATION
Yvette C. Hammett, Kiplinger's Personal Finance, Kiplinger's Money Power
The generation that came of age telling people never to trust anyone over 30 is now more than twice that old and on the wrong side of dismissive quips like, “OK, Boomer!”
Ageism is a confounding prejudice if you consider that most people hope to grow old.
Age discrimination is prevalent in work environments, in health care and among social connections. One AARP study found that you may become the victim of age discrimination as early as your 50s. Some 22% of those studied believe it starts even earlier, when workers hit 30 or 40.
Here are five things to know about ageism:
1.Age discrimination and ageism are older than we are. A historical analysis dates negative attitudes toward old age to the late 1800s when feelings began to transition from “ambivalence to disrespect and even to hostility.” Those attitudes have become increasingly negative over time. Data from the 2020 National Poll on Healthy Aging found that 82% of older Americans reported experiencing ageism regularly.
2.
Two main federal laws ban age discrimination. The Age Discrimination in Employment Act forbids discrimination against workers 40 or older, meaning their age cannot be a factor in denying jobs or promotions in favor of younger workers. The act is enforced by the EEOC. The Age Discrimination Act of 1975 prohibits discrimination in programs and activities — such as health care and education — receiving federal financial assistance. Unlike the employment law, this act applies to all ages.
It allows age to be taken into account when necessary to accomplish the goals of the relevant program or activity, such as the ability to lift heavy objects. Some states have age discrimination laws that provide added protection.
3.You can sue, but … Those who successfully sue for age discrimination can recover back pay, lost benefits, attorneys fees and more. Lost benefits can include retirement pay and health insurance.
That said, age discrimination can be difficult to prove, and you may risk retaliation by filing a claim. The U.S. Postal Service in Louisiana fired a letter carrier, then reinstated her after she won an age discrimination complaint in 2018. But she claimed she was then targeted for retaliation and eventually fired again. The court ruled for the post office in her second complaint and dismissed her age discrimination claims.
4.Ageism can affect your health. Ageism has a host of negative effects on those who become its victims, including on physical and mental health. Ageist attitudes can contribute to financial insecurity and social isolation. The World Health Organization says 6.3 million cases of depression are estimated to be attributable to ageism around the world. Ageism among health care professionals can hurt patients. Several studies have uncovered that doctors may fail to address some medical issues, such as harmful drug side effects, because, in some cases, they may dismiss older patients’ complaints as merely part of getting older.
5.Don’t be ageist yourself. One study found that more than 81% of people between 50 and 80 hold ageist stereotypes. Such attitudes allow younger people to justify age discrimination. But older people who adopt a more positive perception of their age experience less anxiety and suicidal thoughts. Harvard Professor Becca Levy found in her studies that how people think about their own age can steal or add eight years to their lives.
Yvette C. Hammett is a contributing writer at Kiplinger Retirement Report. For more on this and similar money topics, visit Kiplinger.com.
WHAT’S MAKING MY HANDS SHAKE?
A:Q:I have developed a tremor in both my hands. It gets worse when I get nervous. Is this the start of Parkinson’s disease? Can it be treated?
It’s not surprising that you associate tremor with Parkinson’s disease. But it is much more likely that you have essential tremor, a very common disorder.
Tremor is the shaky movements of your hands, limbs, head or voice that you can’t control. Sometimes tremor is a normal reaction to a situation such as fear, fatigue or anger. It also can be a side effect of too much caffeine, a medication or withdrawal from alcohol, a drug or medicine. When a tremor occurs during activities and there is no emotional or chemical cause, essential tremor is a likely possibility.
Essential tremor is different from Parkinson’s disease. Essential tremor is most noticeable when your body is in action, such as when you are writing, typing or pouring a beverage. The shakiness is often called an “intention tremor” because it worsens when a person is trying to do something.
In contrast, people with Parkinson’s watch their hands shake when they rest in their lap. But when they reach out to grab or hold something, such as a cup of coffee, the shaking stops.
Essential tremor usually starts in mid-life or later. As many as one in four people develop essential tremor as they age.
The name of this condition indicates that the cause is unknown and that it occurs on its own, without another explanation. You are more likely to develop essential tremor if you have a parent or sibling with the condition. In fact, genetic mutations have been linked to “benign familial tremor.”
Howard LeWine, M.D., Harvard Health Publishing, The Medicine Cabinet
The most common initial symptom is shaking of the hands, but other areas, including the arms, legs and head are frequently involved. A trembling voice may be a symptom of essential tremor.
For mild symptoms, no treatment is needed. Avoiding caffeine and stress and getting plenty of rest can be helpful. In social situations, slowly consuming one alcoholic beverage can reduce the tremor.
However, for symptoms that impair quality of life, most doctors prescribe either a beta blocker, usually propranolol, or primidone, an anti-seizure medicine. If the initial choice doesn’t work well enough, you can try the other, and sometimes taking both helps the most. Alternative medications are topiramate and gabapentin, both are anti-seizure drugs but often used for other indications, such as migraine and chronic pain.
Howard LeWine, M.D., is an internist at Brigham and Women’s Hospital in Boston and assistant professor at Harvard Medical School. For additional consumer health information, please visit www.health.harvard.edu.
The Retired and Senior Volunteer Program at APIA has par tnered with several non-profits to meet community needs by encouraging and suppor ting volunteerism for people ages 55 years and older in the Anchorage Municipality, Mat-Su Borough and the Aleutian Islands. We are currently looking for elders to volunteer at the following sites (but not limited to): Alaska Regional Hospital, Aleutian Pribilof Islands Association (APIA), Alaska Veterans Museum, Anchorage Loussac Librar y, Anchorage Senior Activity Center, Catholic Social Ser vices, Downtown Hope Center, Mat-Su Regional Medical Center, Prestige Care and Rehabilitation Center, Primrose Retirement Communities, Wasilla Public Librar y and in the Aleutian Islands.
A:Q:I find it more difficult to concentrate and keep my focus like I did when I was younger. What’s changing?
Just as you may not run as fast or jump as high as you did as a teenager, your brain’s cognitive power — that is, your ability to learn, remember and solve problems — slows down with age. You may find it harder to summon once familiar facts or divide your attention among two or more activities or sources of information. These changes affect your ability to focus, so you may find yourself getting more easily distracted than you were when you were younger.
Hearing loss that often accompanies aging makes it more difficult to distinguish speech in a noisy environment. Because hearing then requires more concentration than usual, even mild loss of the ability to focus can affect speech comprehension.
Most people start to notice changes as they enter their 50s and 60s. Although these changes can cause consternation, most age-related memory and thinking problems don’t stem from an underlying brain disease such as Alzheimer’s disease. Instead, what appears to be a memory problem may simply reflect a slower processing speed and poor encoding and retrieval of new memories as a result of diminished attention. However, even though your brain may be slower to learn and recall new information, your ability to make sense of what you know and to form reasonable arguments and judgments remains intact.
WHY THE ABILITY TO CONCENTRATE NATURALLY DECLINES WITH AGE
Many of these limitations are reversible and related to poor sleep, but structural changes that take place in your brain as you age can explain some of these developments, too. Brain regions involved with memory processing, such as the hippocampus and frontal lobes, undergo anatomical and neurochemical changes over time.
The result is that as you age, it takes longer to absorb, process and remember new information. The natural loss of receptors and neurons that occurs with aging may also make it harder to concentrate. Therefore, you not only learn information more slowly, but you also may have more trouble recalling it because you didn’t fully learn it in the first place. With slower processing, facts held in working memory may dissipate before you have had a chance to solve a problem.
In addition, the ability to perform tasks that involve executive function declines with age. Many people learn to compensate for these changes by relying on habit most of the time and devoting extra effort to focus on new information they are trying to learn.
Even the aches and pains of getting older can affect focus. Pain itself is distracting, and some of the medications used to treat it also can affect concentration.
Howard LeWine, M.D., is an internist at Brigham and Women’s Hospital in Boston and assistant professor at Harvard Medical School. For additional consumer health information, please visit www.health.harvard.edu.
Howard LeWine, M.D., Harvard Health Publishing, The Medicine Cabinet
SIMPLE WAYS TO GET USED TO OTC HEARING AIDS
Q:
I want to try an over-the-counter hearing aid. What are some ways to get used to wearing one?
A: Hearing aids for mild or moderate hearing loss are more accessible and affordable than ever, thanks to a new category of FDA-approved devices. You can buy over-the-counter (OTC) hearing aids without seeing a doctor, going through hearing tests or getting a prescription.
Scoring a pair of OTC devices is just the first step toward better hearing, however. It takes time to learn how to use, wear and adjust them.
There are two types of OTC hearing aids. One comes with a few predetermined settings. The other, called self-fitting, enables you to customize settings, based on a hearing test you take on an app or a manufacturer’s website. Both types have volume controls. And both allow you to toggle between settings as needed.
The first two weeks you wear hearing aids can be a little bumpy. Your voice may sound different to you, like it has a different volume or quality — an echo or tinny sound — when you speak. And soft sounds, such as running water or shoes brushing along carpet, may sound louder than normal and even a little irritating.
To cope during the adjustment period, wear the hearing aids at home — where there are a lot of soft sounds — for at least a few hours per
day, and longer if possible. Also, try not to fiddle with the volume too much. Allow soft sounds to be louder than normal, so the brain will get used to them faster.
Once soft sounds don’t seem as loud, try wearing the hearing aids in other environments, such as the grocery store, the car or a noisy restaurant.
Unlike many prescription hearing aids that adjust the volume automatically when there’s a significant change in noise around you, OTC hearing aids must be adjusted manually. For example, you might need one setting for watching TV, another for doing yard work and one for being in a noisy environment, like a restaurant.
Some situations can be particularly difficult for hearing aid use. For example, at a restaurant or party, background noise will likely prevent you from getting 100% clarity in understanding speech. You want the hearing aid to pick up sounds in front of you and the background noise behind you. So don’t sit with a wall behind you at a restaurant; sit with the loud tables behind you.
Using a hearing aid outside on windy days can be challenging. Wind blowing over the hearing aid microphones creates excessive noise. Wear a hood or a hat to help block the wind and reduce noise.
Howard LeWine, M.D., is an internist at Brigham and Women’s Hospital in Boston and assistant professor at Harvard Medical School. For additional consumer health information, please visit www.health.harvard.edu.
Howard LeWine, M.D., Harvard Health Publishing, The Medicine Cabinet
CHANGES TO MAKE NOW IF YOU MIGHT NEED KNEE REPLACEMENT SURGERY
Q:I have knee osteoarthritis that will eventually require knee replacement surgery, perhaps in the next 12 or 18 months. What steps can I take now to prepare for it and perhaps delay it even longer?
A:It’s great you are thinking about this well in advance. Here are some suggestions.
Consider pain-reducing options you might not have tried yet. A few things may enable you to go a little longer without a knee replacement. For example, getting occasional injections of a corticosteroid to reduce inflammation, or hyaluronic acid to supplement fluid that naturally lubricates the joints. These temporary fixes may reduce pain enough so that you can strengthen your leg muscles, which helps absorb pressure you place on the knee. Wearing a medial unloader brace might also help if arthritis damage is on the inside of the knee.
MODIFY ACTIVITIES THAT AGGRAVATE KNEE PAIN. Some activities are harder on the knees than others. If you’re a runner, you might need to switch to walking or using an elliptical machine for aerobic exercise. If going up and down stairs is painful, try taking them one at a time.
Howard LeWine, M.D., Harvard Health Publishing, The Medicine Cabinet
LOSE WEIGHT IF NECESSARY. Every pound of your body weight places 4 to 6 pounds of pressure on the knee. That means losing just 5 pounds can take 20 to 30 pounds of pressure off the joint. But weight loss, if you need it, isn’t easy, and it won’t last if you try a crash diet. Instead, aim for gradual weight loss with exercise and a healthy diet. Start by getting rid of processed and sugary foods.
EXERCISE MORE. Among its many health benefits, exercise plays an important role in weight loss and weight control. But knee arthritis can make exercising painful. One workaround
is to modify your preferred activities, as mentioned earlier. Consider exercising in a pool. You’re buoyant in the water, and your knees don’t take a pounding. And the pressure of the water may help reduce knee swelling.
SEEK PHYSICAL THERAPY. Physical therapists can tailor a program of cardio exercise, stretching, and strengthening to meet your specific needs. They can also do some manual therapy on the knee to help it to move better. And when it is time for a knee replacement, you’ll want to be as strong and flexible as possible.
GET UNDERLYING HEALTH CONDITIONS UNDER CONTROL. This is important for your overall health, and it also helps prepare you for surgery and undergo anesthesia safely. Stabilizing underlying conditions can take time — but time is something you have if you’re expecting a knee replacement within the next couple years.
Howard LeWine, M.D., is an internist at Brigham and Women’s Hospital in Boston and assistant professor at Harvard Medical School. For additional consumer health information, please visit www.health.harvard.edu.
IS THERE A WRONG WAY, OR TIME, TO NAP?
Tiffany Casper, D.O., Mayo Foundation for Medical Education and Research, Premium Health News Service
I am retired, and although I generally enjoy less hectic days now, I keep busy. Part of my routine includes trying to squeeze in a nap on most afternoons. My wife tells me that I’m doing it wrong because I often wake up groggy. Is there a wrong way — or time — to nap?
Closing your eyes for a few minutes during your busy day may seem like a good idea. It can refresh and recharge you. Is there a wrong way to nap? Only if the naps cause negative effects on other aspects of your life.
For your daily nap routine, it’s important to consider the time of day and length of time you nap, as these can provide benefits or create problems.
On the plus side, a nap can improve your mood, speed your reaction time, improve your memory, reduce fatigue and increase your alertness. A regular nap can make your afternoon more productive.
There are some potential drawbacks of napping every day. First is sleep inertia. It’s the temporary grogginess and feeling disoriented after a nap. This can become a problem if you have places to be or tasks to complete after you wake up from your nap. Regular naps can interfere with your nighttime sleep routine, too, especially if your naps are too long or close to bedtime. If you experience insomnia or
poor sleep quality at night, napping may worsen these problems. Short naps are the best when trying to avoid interference with nighttime sleep.
Follow these four tips to get the most out of your naps:
• SET ASIDE AN ALLOTTED AMOUNT OF TIME. If you wake up feeling groggy after a nap, you’re sleeping too long. The ideal nap length is between 15 and 30 minutes. If you want to make naps a part of your daily routine, have a planned time of day and length of time to keep your schedule on track.
• PLAN TO TAKE NAPS IN THE AFTERNOON. The ideal time to nap is around 2 p.m. or 3 p.m. This is because you are likely to experience a lower level of alertness or sleepiness following lunch. You’re also more likely to avoid interference with nighttime sleep if you nap around this time. However, some people may adjust their napping times to fit their work or school schedules.
• CREATE A TRANQUIL ENVIRONMENT. Some people struggle to sleep during the day, but there are actions you can take to help you become more relaxed. Eliminate distractions when napping. Turn off any screens, including your phone. Find a quiet space with minimal light. Adjusting the room temperature to what is comfortable for you also can make your space more relaxing.
• GIVE YOURSELF TIME TO WAKE UP. It’s normal to wake up a little groggy after a nap, but that feeling should dissipate shortly. Allow yourself enough time after your nap to wake up before resuming activities, so you are alert and ready to tackle the rest of your day.
Before lying down to take a daily nap, you may want to think about why you began taking these naps. If you’ve been working the night shift or are a new parent, you probably have reason to be closing your eyes for a while. On the other hand, if you feel that a nap is essential to your daily functioning, you may have a bigger health problem that should be addressed with your health care team.
Talking to your health care team is the best way to find out why you’re experiencing increased fatigue. The reasons for your exhaustion could be related to anything from having a sleep disorder such as sleep apnea to a side effect from a new medication. — Tiffany Casper, D.O., Family Medicine, Mayo Clinic Health System, Tomah, Wis.
Mayo Clinic Q & A is an educational resource and doesn’t replace regular medical care. This Mayo Clinic Q&A represents inquiries this healthcare expert has received from patients. For more information, visit www.mayoclinic.org.
HOW TO SAFELY TRAVEL SOLO AS AN OLDER WOMAN
There are lots of reasons people may not make it to a dream destination: Maybe they lack the time, or the money … or maybe they simply can’t find someone to come along on the trip. This is certainly a reality for plenty of women — on average, women outlive men by more than seven years worldwide, leaving many wives widowed and with travel goals left unfulfilled.
Understandably, the idea of solo travel is daunting, especially for older women. It’s not just about the potential awkwardness or loneliness, it can also be dangerous to travel without a companion. Still, there are ways women can have safe and enjoyable trips alone all over the globe. It just takes careful preparation and effort.
Here’s what to know about safely traveling alone as a woman.
PLAN CAREFULLY
The trick to any successful trip is to plan carefully. That’s true if you’re traveling with loved ones, but even more imperative when
you’re traveling solo. This begins while you’re still choosing a destination, as each place has different safety considerations, notes Kevin Coffey, a travel skills trainer who previously spent 35 years with the Los Angeles Police Department investigating crimes against travelers.
“Even if you’re visiting tried-and-true international destinations with access to typical services like the ones here in the U.S., there are different considerations — take a look at Barcelona, which has a very high pickpocketing rate compared to the U.S.” he said.
Whether you’re going to a typical destination or an offthe-beaten-path destination, no matter your age, if you’re a college student, mid-career, a mature traveler, besides researching hotels, resorts, activities, look into the specific safety issues of the area. Look at local crime trends, medical issues, cultural considerations.
Becca van Sambeck, Kiplinger’s Personal Finance, Kiplinger’s Money Power
You can easily find this sort of information on government websites, for example. The U.S. Department of State has specific travel advisories listed for countries, which can give you a sense of what you can expect while visiting.
“The more information you have, the more empowered you are to make sure you’re gonna have a safe and great trip,” Coffey said.
Once you find a place you feel comfortable traveling to alone, you can start taking the necessary precautions: Booking lodgings with great ratings in tourist-friendly areas, plotting out your transportation (for some airports, you’re better off booking taxis beforehand to avoid scams, for example) and drawing out itineraries as the activities you’re doing may alter your preparation. If it’s a hiking holiday, say, you’ll want to carefully pack beforehand or make a comprehensive list of the equipment you’ll need to rent so you’re ready during any emergency.
GET MEDICAL INSURANCE
You should also consider investing in travel insurance. Unfortunately, many travelers forego insurance, which is a big mistake, Coffey said, especially if you’re heading out solo.
When you’re on your own, you have to cover any major costs you incur. Sure, it’s likely you won’t be hit with additional bills, but accidents happen. Flights are canceled, hotels are compromised and we’re always vulnerable to medical incidents. Your credit card limit may not be able to handle the worst.
“What if you have a medical emergency abroad? Many people don’t seem to realize Medicaid doesn’t cover you internationally,” he explained. Medicare does not usually cover care outside the
U.S., although some Medigap plans will cover 80% of the cost of emergency care abroad up to a certain limit.
For an example of costs, he said, being in a more remote area could require being evacuated to a larger city, which would incur more costs. “Your average traveler never even thinks about that, and if they’re not spending that time and not potentially looking at additional travel insurance for gaps in their coverage, they could be in for a world of hurt,” he said.
So it’s worth it to look into travel insurance from places like Faye or Travelex.
STAY CONNECTED WITH FRIENDS AND FAMILY
You may be physically alone on your trip, but that doesn’t mean you shouldn’t be connected. Make sure you share your plans with your loved ones: Flight details, hotel addresses, your general daily schedule. It’s an important safety precaution.
You should also regularly be checking in with friends and family, so they can take action if you run into any issues while traveling. If they’re expecting consistent contact, then they’ll quickly know something is wrong when they don’t hear from you. Plus, it makes the experience more fun to share your photos and travel stories with someone.
It’s actually easier than ever to communicate internationally: Most phone plans will let you make texts or calls while abroad for a low daily cost, or you can invest in a new eSIM card for the duration of your stay, which is the most affordable option. There are many ways to save on your phone bill while traveling abroad.
JOIN A GROUP TOUR OR EXPEDITION
Some people feel comfortable traveling completely alone, but for many others, it’s just not an option. It might feel too unsafe, or it might just be too lonely.
It’s OK to want other people around as you explore! That’s exactly why many companies now run group trips catered to solo female travelers, so women can build connections and community as they travel safely.
“One, it’s convenient. You don’t have to put a trip together, it’s done for you,” explained Debra Asberry, the president and founder of Women Traveling Together. “Then, there’s the camaraderie of the group where you come in as a solo traveler and so is everybody else, so you have this bonding experience and build new friendships. And of course, it’s much safer.”
In fact, these group tours are especially beneficial for older women, Asberry pointed out.
“Every woman of my age will tell you the same thing: As time goes by, we have fewer and fewer female friends in our lives, and we want female friends in our lives,” she said. “With this travel organization, we’ve tried to create a community as much as a travel company so that these women can create female friendships later in life. Now, we have women who have lifelong friendships and made connections with women all over the country and tour together regularly.”
While you can explore companies like Sisterhood Travels, The Solo Female Traveler Network and Damesly to find group trips all over the globe with your fellow women, you can also opt for more traditional tour experiences, like a cruise, to travel on your own but remain safely in a crowd.
Becca van Sambeck is a contributing writer at Kiplinger.com. For more on this and similar money topics, visit Kiplinger.com.
POSITIVE ATTITUDE ABOUT AGING LINKED TO HEALTHIER, LONGER LIFE
Howard LeWine, M.D., Harvard Health Publishing, The Medicine Cabinet
Q:How much does your attitude about aging affect your health?
A: People who tend to be more positive, optimistic and energetic as they get older are more likely to live longer and have healthier lives than those with negative thoughts about aging.
A study published in February 2022 in JAMA Network Open found that the people with the highest satisfaction with aging had a 43% lower risk of dying from any cause compared to those who were the least satisfied. The study also found that people more satisfied with the aging process had a lower risk for diabetes, stroke, cancer and heart disease. They also had better cognitive functioning and were less lonely and depressed.
Here are some ways to help you keep a younger mind and body:
REDUCE STRESS AND ANXIETY. Adopt practices that help you maximize positive emotions and reduce negative ones, such as setting aside time for meditation, performing relaxation breathing exercises and spending some quiet time each day expressing gratitude.
HAVE A SENSE OF PURPOSE. A strong sense of purpose means continuing to pursue goals and to feel life is worthwhile. Explore interests centered on self-development, growth and connecting with others. For example, learn an instrument or a language, volunteer for a cause you support, mentor a young person or take college classes in subjects that stimulate your mind.
STAY CONNECTED. Socializing keeps our minds active and engaged. Studies also show that personal connections help curb feelings of low self-esteem that dampen a positive mindset. You might find it more natural to bond over a shared activity or interest, so consider joining a walking group, golf or bowling league, card or chess club, or service club.
Another option is to create your own “pod” — a small, intimate group you interact with regularly. Schedule weekly, bimonthly or monthly meetups with friends — in person or via Zoom or a conference call.
CHALLENGE YOURSELF. Find a physical challenge that you can realistically complete, create a plan of execution, and then work to meet that goal. For example, train for a 5K race, hike a trail, complete a series of boot camp classes or walk a mile daily for a month. Regular exercise builds confidence in your ability to be active, and setting a challenge helps you experience a feeling of accomplishment. Both can make you feel more youthful.
Ageism — the socially pervasive idea that you are too old to do certain activities — can put a damper on your mindset. It can be tough to overcome, but constantly remind yourself that your age does not dictate whether or not you have the necessary ability, skills or desire to succeed at something.
Howard LeWine, M.D., is an internist at Brigham and Women’s Hospital in Boston and assistant professor at Harvard Medical School. For additional consumer health information, please visit www.health.harvard.edu.
Howard
LeWine,
M.D., Harvard Health
The Medicine Cabinet
A: Healthy lifestyle and key strategies help improve memory
Q:
I AM EXPERIENCING MORE MINOR MEMORY LAPSES. WHAT CAN I DO TO HELP MY MEMORY?
Publishing,
Keeping the brain as healthy as possible might help slow memory issues and other age-related brain changes.
The best way to do that is by living a healthy lifestyle: exercising regularly — at least 150 minutes per week of moderate-intensity exercise, like brisk walking — giving yourself the opportunity to sleep seven to nine hours per night, eating a Mediterranean-style diet, not smoking, limiting alcohol use, managing stress, socializing and learning new things. These habits work together to help create new connections between brain cells, and to maintain existing ones, which keeps thinking and memory sharp.
A recent large study zeroed in on the potent influence a healthy lifestyle exerts on memory maintenance, even in older adults with a genetic risk for Alzheimer’s disease, the most common form of dementia.
The study published by The BMJ, involved more than 29,000 people in China without dementia (average age 72). Participants initially underwent cognitive testing, as well as genetic testing a variant of the APOE gene, APOE4, which is known to raise the risk for Alzheimer’s.
Participants also reported how stringently they stuck to six good lifestyle habits: eating a healthy diet, exercising regularly, not smoking, not drinking alcohol, being socially active and engaging in brain-challenging activities. Over the next 10 years, participants periodically reported their lifestyle habits and had additional cognitive tests.
By the study’s end, people who stuck with at least four healthy habits exhibited significantly slower memory decline than those who didn’t practice any healthy habits — and this was true even among participants with the Alzheimer’s-related gene.
In addition, you can help keep your memory in good shape by practicing certain habits.
For learning new information: Pay attention and put effort into the learning process. You can’t effectively learn new information when you multitask. If someone is talking to you while you’re checking your email or watching TV out of the corner of your eye, you’re not likely to remember what they said. Pay attention, write down the information, say it out loud or repeat it back to the person.
For memory retrieval: Relax and try to go back in your mind to the time and place when you formed the memory. Think about the senses that were engaged at the time. What did you see, hear, smell, taste or touch? What were you feeling at the time? The brain ties those perceptions to memories as a way to help you retrieve them later.
For overall sharpness: Make your brain work harder. Challenge it with exercises such as crossword puzzles. Studies have shown that doing moderately difficult cognitive tasks is better for your brain than doing easy tasks.
Howard LeWine, M.D., is an internist at Brigham and Women’s Hospital in Boston and assistant professor at Harvard Medical School. For additional consumer health information, please visit www.health.harvard.edu.
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