senior
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b y k e rr y p a rk
senior issues
b y s u s a n A . pomfr e t
Affording Retirement Celebrating 107 years For many, affording retirement has become extremely difficult. A recent article notes, “many Americans are struggling to make ends meet in their golden years,” says Mike Sante, of Interest.com. “Especially in high-cost areas such as the Northeast, retirees are battling higher costs for housing, gas, food and other necessities”. Being on a fixed income and trying to stretch those dollars is getting more difficult for seniors. Many seniors can’t afford to completely retire and have taken on part time jobs to fill the gap. Sante also stated, “we’ve made saving for retirement a lifetime occupation”. This should be a time when seniors are enjoying themselves rather than having to worry about affording their health care costs, housing costs and those day-to-day expenses. Fortunately there is an option for those that own their home. Tap into the home equity you have to afford the necessities and to do the things you’ve been putting off. For many keeping
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Korean War Veterans Korean Service Veterans Meetings held 2nd Wednesday of every Month Chepachet Senior Center, Rte. 44
1210 Putnam Pike, Chepachet
Call Frank 231-3736 or Gil 831-3301 For More Information KWVA – Chapter 3
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up with home repairs has been put on the back burner. Now you can afford to update and modify your home when tapping into that equity with a Home Equity Conversion Mortgage (HECM). I see too often how seniors are having trouble “aging in place.” By this I mean moving an upstairs bedroom onto the first level or making the bathroom more accessible by removing the tub and putting a walk-in shower. Not to mention affording to hire someone to cut the grass. Seniors want to stay in their homes and rightfully should. On the flip side a growing number of financial advisors see HECMs as a retirement tool when evaluating their client’s needs. The market’s ups and downs are reducing their retirement account but by using the proceeds from the HECM while the market is down rather than taking a withdrawal, allows the retirement account to rebound and preserves it so that the client doesn’t outlive their money. To understand what Alicia H. Munnell who runs the Center for Retirement Research at Boston College recently said, seniors are going to need money, and this (their home) is the place where the money is. Call the loans, the lenders and executives who run the institutions anything you want. But the tool they are selling is one whose time has come, and people who refuse even to consider a reverse mortgage* in the coming years may do themselves a disservice. *Home Equity Conversion Mortgages (HECM) are government insured. The industry commonly refers to HECMs as a reverse mortgage. Proprietary reverse mortgages are not government insured. Susan is a HECM Senior Vice President for The Federal Savings Bank. She was one of the first to originate a HECM in Rhode Island back in 1989 as part of the FHA Pilot Program. She combines her professional experience with her senior volunteer work for the Senior Agenda Coalition, a past Board of Directors member for 6 years for the RI Chapter of the Alzheimer’s Association and appointed an Alzheimer’s Ambassador RI – U.S. Representative.
Alfred Booker’s life has been marked by special events: The first passenger airplane flight, Henry Ford’s first Model T, two world wars, and the invention of the television and internet to name a few. It’s an impressive list for an impressive man who celebrated his 107th birthday this past June at a party held in his honor at Eastgate Nursing and Recovery Center in East Providence. The staff at Eastgate pulled out all the stops to make the celebration Booker’s most memorable event yet. A Freemason for more than seventy years, five brothers from Booker’s former lodge in New Jersey traveled far to join their Rhode Alfred Booker receives accolated from Island counterparts in honoring fellow Freemasons from New Jersey their fellow member. With famand Rhode Island at a celebration of his ily, staff and press present, Booker 107th birthday at Eastgate Nursing and was recognized for his long memRehabilitation Center in East Providence. bership in the Freemason frater(submitted photo) nity and proclamations were read in his honor from Governor Gina Raimondo and East Providence Mayor Thomas Rose,. Family members from as far away as South Carolina reminisced over cake and refreshments and there were pictures - lots and lots of pictures. When asked about the key to his longevity, Mr. Booker slyly answered, “It’s a secret!” He did however, suggest that exercise, eating well and keeping out of trouble had something to do with it. Sage advice from a man that lived independently until 106 and is still going strong at 107.
Local centers recognized by national program Four long term and post-acute care organizations in Rhode Island have been recognized with the 2015 Silver Achievement in Quality Award selected by the American Health Care Association and the National Center for Assisted Living (AHCA/NCAL) for their commitment to improving the lives of residents through quality care. The National Quality Award Program by AHCA/ NCAL spotlights centers across the country that have demonstrated their commitment to delivering quality care for seniors and individuals with disabilities. This year’s Rhode Island recipients included South Kingston Nursing & Rehabilitation, Westerly Health Center, Village House Nursing & Rehabilitation Center in Newport, and West Shore Health Center in Warwick. All four centers are part of Health Concepts Ltd., a family-run, Rhode Island-based company which operates 12 skilled nursing and rehabilitation centers throughout the state. “A Silver Quality Award is a significant achievement and speaks volumes about
the facilities’ commitment to quality,” said Virginia Burke, President/CEO of the Rhode Island Health Care Association, the state’s largest professional organization of skilled nursing and rehabilitation facilities. “We’re very lucky that Rhode Islanders have access to such a high level of care. It doesn’t come easily. Only one in three applicants achieve this recognition. The employees of the centers that earn this award go above and beyond every day to ensure that the people in their charge are cared for with compassion, commitment and competence.” This year, Rhode Island’s recipients are four of 126 throughout the country. In June, Heritage Hills Nursing & Rehabilitation in Smithfield and Pine Grove Health Center in Pascoag, became 2015 recipients the Bronze level award. Both facilities are also part of Health Concepts Ltd. The awards are sponsored by AHCA/ NCAL Associate Business Members My InnerView by National Research Corporation and PointRight.
August 2015