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RETIREMENT PLANNING 2016

HOTEL LIVING

a cheaper way to retire? Medicare Monday

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Hotel living:

a cheaper way to retire? By Marilyn Cappellino

t’s possible that my vision of hotel living has been slanted by the glamour of early Hollywood. I think of apartment hotels, and what comes to mind is “Holiday Inn” (1949) with Bing Crosby and Fred Astaire, or Frank Sinatra in “Hole in the Head” (1959). Who wouldn’t like to share in Crosby’s easy ambiance or Sinatra’s cool camaraderie? Imagine Astaire dancing in a ballroom adjacent to your bedroom. How could you not love the idea of

living that kind of life, especially if you’re an active retiree? I’m attracted to places that offer choice and hotel apartments provide plenty. You want to cook? Do so in your own efficiency kitchen. Not up to it? Call room service. Feeling friendly? Take the elevator to the lobby’s cafe. Want a nightcap? Choose to sip in either your cozy living room, or in the chatty bar downstairs. In any weather, use the swimming pool or gym without first having to slip on

After years of working by the rules, living by the clock and driven by the calendar, I think all retirees should enjoy such liberties.

boots or lather on sunscreen. After years of working by the rules, living by the clock and driven by the calendar, I think all retirees should enjoy such liberties. Hotels offer an independent lifestyle that’s neither annoyingly intrusive nor fully alone. The loose interconnectedness of a hotel’s population, combined with its industry’s emphasis on hospitality, serve as an effective antidote to the boredom and sometimes loneliness that might accompany retirement. Given ever-present desk personnel, cleaning crew, a rotating body of guests and an array of on-premise businesses like spas, barber shops or coffee counters, hotel residents enjoy instant community with much opportunity for social interaction. The biggest draw for hotel dwellers is freedom from property maintenance. Plumbing fails, electricity shutdowns, leaks that need plugging, walls that need painting,

OCTOBER 2016

cable that needs repaired—none of these is something you have to fix. Instead, you call management. With one click of a button, you can call someone to repair it in no time— for everything. How attractive is that? I’m not alone in my thinking on this. In 2006, anthropologist Leslie A. Browning of the Statistical Research Division of the U.S. Census Bureau wrote a paper titled “People Who Live in Hotels: An Exploratory Overview.” Her study showed that the number of hotel residents has been rising steadily since the 1980s. “People from all walks of life are settled, on indefinite stays or cycling through hotels,” wrote Browning, who also noted that the hotel industry has eagerly responded to the increasing demand. “Accommodating settlers, sojourners and regulars reflect innovative business strategies adopted by most hospitality brand families and property owners.”

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OCTOBER 2016

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Those strategies have resulted in residential styles ranging from lowend daily rate motels and to midrange extended-stay hotels to highend hotel-managed luxury condos. It’s clear that the lodging industry is accommodating. In 2014, it earned $176 billion in U.S. sales revenue, according to the American Hotel and Lodging Association (AHLA). On average, 4.8 million guests were hosted each night. Many of those guests were seniors. AHLA estimates that 39 percent of the industry’s leisure travelers are age 55 and older. My guess is a fair number of those travelers are the “sojourners” Browning spoke of as persons using hotels for temporary or permanent residences. If I were seeking a hotel to live in, I’d lean toward one defined as midsize, mid-range, limited service with food and beverage. That means my ideal hotel home would have 75149 rooms, and a front desk staffed 24/7. Its standard nightly rate would hover around $200, though that rate would likely be adjusted significantly on a long-term rental arrangement. A moderate property matching my ideal would not offer room service, but would likely have a breakfast cafe or casual restaurant.

Age(s)

A bonus for me would be a side Phone ( ) dining room where I could invite E-mail family and friends for an occasional The Salvation Army, Planned Giving Director, 1370 Pennsylvania Street, Denver, CO 80203 E-mail: im.legacy@usw.salvationarmy.org Visit: www.salgift.org holiday dinner. ©2016 The Salvation Army As in other property considerations, location is everything. I’d want my hotel in the heart of a vibrant and walkable community. On the inside, I’d like a suite close to some permanent neighbors. A couple of floors with a dozen or so residents would be nice. Beyond that, I prefer the energized atmosphere of travelers coming and going irregularly. Publication: BEACON SENIOR NEWS There can be some disadvantages Job No: 10104 Product: 2-color ad Ad Code: ACGA2 to living in a building so public. TheSize: 5.087” x 5.2” Insertion Date: October 2016 Art Director: SML occasional rowdy guests, weekends 09/16/16@5:00PM NEW MATERIAL - CHANGES OR REVISIONS NOT AUTHORIZED! with junior league hockey teams, (310) 322-2210 Fax (310) 322-0617 stephanie@bprco.com or holidays when visiting families commandeer the pool can disrupt a resident’s routine. But these annoyances tend to be short term. Sure, my vision of the good life may be slightly inflated by old-time motion pictures. Still the notion is attractive. When retirement is near, hotel living is an option worth considering. ■

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Leaving an IRA in trust By William H. Kain, Kain & Burke, PC, Attorneys at Law

state planning with IRAs and other retirement funds has become largely important for attorneys and their clients. The average IRA account balance for people age 65 to 69 is approximately $212,000, though we often see clients with substantially more in their IRAs and other retirement accounts. But even small accounts require careful planning for one’s heirs. You can contribute $5,500 to IRAs

in 2016, or $6,500 if you are age 50 or older. Generally you will receive a tax deduction for your contribution and the balance in your IRA will grow tax deferred. Withdrawals before age 59 1/2 cause a 10 percent penalty, plus income tax is imposed on the money withdrawn. After that age, you can withdraw as much as you want, but you will pay taxes on what you withdraw. The idea of Congress is to encourage Americans to save for retirement. The deduction for annual

contributions and the ability of the savings to grow tax-free are great incentives. But you aren’t allowed to leave the money in forever, which is why you must start taking minimum mandatory distributions at 70 1/2, which are calculated based upon a life expectancy table published by the IRS. You must pay taxes on what you’re required to withdraw, plus on any additional amounts you choose to take out of your IRA. The life expectancy changes annually. Theoretically, one could save every year until that age and then start taking distributions and run out of money on the day you die. However, in the real world, most people still have money in their retirement accounts at death, and sometimes the amount is quite substantial.

What happens to that money when you die? John and Mary have three children: Abraham, Isaac and Jacob. Abraham is responsible, Isaac has creditor problems and may be on the verge of a divorce, and Jacob is on SSI and Medicaid because of a disability. Careful planning would seem particularly important for this family. John will most likely name Mary as his primary beneficiary, and Mary will name John. They plan for the surviving spouse to continue to defer taxes, taking only what is required as a minimum mandatory distribution each year, with the ability to take more only if needed. When both John and Mary die, they would like whatever is left in their retirement funds to go to their children. If they name their children to each receive one-third of their retirement accounts, the children will be able to stretch out withdrawals for maximum deferred tax benefit. But John and Mary are reluctant to place their retirement funds at the disposal of their sons. Receiving money outright would disqualify Jacob from receiving government benefits. Isaac’s credi-

OCTOBER 2016

tors and possible divorce also worry them. They could leave one-third outright to Abraham, but even for him a trust would give him substantial protection and would preserve a fund for his children if he were to die prematurely. After much thought, John and Mary would like to create a separate trust for each of their sons, and have a responsible trustee handle the IRAs and other retirement accounts. There is concern that without a life expectancy of the trust (which is the IRA beneficiary), the stretch out might be lost and the full amount in the IRA could be taxable in the year of death. Under these circumstances, we often recommend an IRA trust, or a see-through trust. We would probably recommend a separate trust for each of the sons, possibly with grandchildren as contingent beneficiaries. There are a number of technical requirements for drafting such a trust, and only an attorney who specializes in this field is qualified to draft one. When properly drafted, the trustee would determine what amounts should be withdrawn from the IRA each year, and how it should be spent. Each son would be protected from improvidently spending all of his inheritance. Trusts have creditor protection provisions and are helpful in the event of divorce. Minor grandchildren can be taken care of in the event that one of the sons was to die prematurely. All in all, an IRA trust will be beneficial to John and Mary, their sons and grandchildren. An attorney who specializes in estate planning would be able to set up an IRA trust for each son so that the money can continue to grow tax deferred for years to come, thus saving substantial amounts of taxes while protecting the corpus from creditors, from the divorce court and from a son who might otherwise squander the money. For more information and for help with your estate planning needs, contact the attorneys at Kain &

OCTOBER 2016

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Medicare Monday introduces 2017 prices and benefits By Eileen Doherty, Colorado Gerontological Society

ach year the federal government makes changes to Medicare. Many beneficiaries are advised to go through the process of determining if they are satisfied with their current coverage with a Medicare Supplement, a Medicare Advantage Plan and/or prescription drug coverage. Those new to Medicare face an even more daunting task. The Colorado Gerontological Society is sponsoring Medicare Monday sessions in October in 16 locations throughout Colorado. Medicare Monday is an annual workshop designed to help individuals stay better informed and make necessary changes. The program includes information on the changes, updates and requirements for Medicare Parts A, B, C and D. Open enrollment to change Medicare Advantage Plans and prescription drug coverage starts on October 15 and ends on December 7. Changes made during this time will be effective January 1, 2017. Medicare advantage plans, benefit changes, co-payments and co-insurance rates in the individual market are available online at www.medicare.gov. Medicare has announced changes for the 2017 Prescription Drug benefit. The annual deductible will increase to $400 per year. Beneficiaries will pay 25 percent of the cost of prescriptions for the next $3,700, or approximately $825. Individuals who use more than $3,700 per year in drugs will reach the coverage gap (or the donut hole). Beneficiaries will pay 51 percent of the cost of generic prescriptions and 40 percent of the cost of namebrand prescriptions in the donut hole. Individuals whose prescription drug costs exceed $7,425 in 2017 will pay $3.30 for generics and

Should you make changes to your Medicare plan?

Mike Fierberg with the Centers for Medicare gives the following advice. Look at your mail that comes from your Medicare plan. By law, they are obligated to inform you if there have been any changes to your current plan and what those changes are.

MEDICARE MONDAY: October 17, 2016 9:30 a.m.-11:30 a.m. The Commons of Hilltop 625 27 1/2 Road, Grand Junction $8.25 for name-brand drugs. While changes to the formularies are expected and co-payments for drugs that are on the upper tiers are projected to rise, it’s expected that co-payments on the lower-tier drugs will remain stable and/or see relatively low co-payments. Low-income seniors whose income is less than $1,345 per month ($1,813 per month for couples) from all sources and who have less than $8,780 in assets ($13,930 for couples), excluding the home, car, term-life insurance policy and irremovable burial policy, can sign up for help paying for the Medicare Part B premium. These same individuals are also eligible for assistance paying for prescription drug costs. For help in applying for benefits, call 1-855-293-6911. Workshops will take place in Grand Junction, Carbondale, Greeley, Alamosa, Colorado Springs, and Denver and the surrounding areas. The Grand Junction workshop will be from 9:30 a.m.-11:30 a.m. October 17 at The Commons of Hilltop. The Carbondale workshop will be from 9:30 a.m.-11:30 a.m. October 31 at the Third Street Center. Call 1-855-880-477 for dates and locations in other areas or visit www.senioranswers.org. Counselors are available to help with comparison shopping for prescription drug plans. Refreshments will be served. If you would like to schedule an individual counseling appointment or to make a reservation for Medicare Monday, call 1-855-880-4777. ■

• Do you like your plan? Do nothing. • Want to make changes? Shop and compare by visiting www.medicare.gov, contacting your local Colorado SHIP office (1-888-696-7213), or by calling the Colorado Gerontological Society at 303-333-3482.

Medicare Monday

Important Information: Medicare Updates and Changes for 2017 Experts Will Present:   



Prevention and Health Promotion Initiatives Changes in Medicare Premiums, Deductibles and Co-Pays Helpful Information About the Medicare Savings Program and Extra Help How to Comparison Shop For Medicare Supplement or Medicare Advantage Plans and Prescription Drug Plans Answers to Your Medicare Questions

Have Questions About Your Particular Medicare Situation? Sign Up for Individual Counseling at 1-855-293-6911

For Reservations Call: 1-855-880-4777 The Commons of Hilltop Oct. 17, 9:30 - 11:30 a.m. 625 27½ Rd. Grand Junction, CO 81506

Third Street Center Oct. 31, 9:30 - 11:30 a.m. 520 S. 3rd St. Carbondale , CO 81623 Hosted by Senior Matters

Sponsored by : Colorado Gerontological Society For More Information, Call: 303-333-3482

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OCTOBER 2016

Housing options to fit Retirees have different needs in Real Estate your retirement plan We have both the education and real estate experience to serve as your trusted adviser through the unique financial and lifestyle transitions involved in relocating or selling your family home.

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COMPLEXITY, MEET SIMPLICITY. When retirement can stretch on for decades, even the most educated among us can find themselves lost in planning for it. That’s where I come in. With a client-first commitment and the resources of a leading independent financial services firm behind me, I can help bring order to your financial life so you’re free to focus on what matters most. See what a Raymond James advisor can do for you. LIFE WELL PLANNED.

KENT SHETTLER Financial Advisor 200 Grand Avenue // Grand Junction, CO 81501 T 970.245.1600 // F 970.245.9538 kent.shettler@raymondjames.com // raymondjames.com/kentshettler ©2016 Raymond James Financial Services, Inc., member FINRA/SIPC. Raymond James is a registered trademark of Raymond James Financial, Inc. Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC, and are • NOT Deposits • NOT Insured by FDIC/NCUA or any other government agency • NOT GUARANTEED by the financial institution • Subject to risk and may lose value • Raymond James is not affiliated with the financial institution or the investment center. 16-BR4EE04-0002 JPR 2/1

rying to figure out what type of housing option is the best fit for your retirement plan? You’re not alone. Whether you’re entering retirement or still just thinking about it, figuring out what you want ahead of time is tricky. Downsizing makes sense for many of us because it frees up funds by lowering your cost of living, and becomes less space to clean and care for. But reaping the benefits often means making some big decisions. Here are a few things to consider that will help you create the space that best reflects your retired lifestyle.

Rent or buy? For folks who have owned a house for a long time, and who have worked hard to do so, the idea of renting can be off-putting. Consider the financial and emotional benefits of ownership and non-ownership. How long do you expect to live there? What are your plans for the future? Consult with a professional real estate agent and financial adviser to outline your options, then compare.

Retirement living communities Consider the range of living options available. Independent living communities allow access to aging resources while letting you live independently; active adult communities offer an age-targeted environment with appropriate features and amenities; assisted living communi-

Downsizing makes sense for many of us because it frees up funds by lowering your cost of living

ties provide services for individuals requiring different levels of assistance; and continuing-care communities accommodate you with a variety of services, no matter where you are at along the continuum of care. Choosing the appropriate living arrangement is an emotional decision, but also considers the logistics, such as cost, location, services, amenities, activities, and current and future care needs. Seeking professional assistance can help make the process clearer and simpler.

Who can you call to help? Senior Real Estate Specialists understand the options and challenges specific to those looking at retirement from any angle. Specialized brokers from The Real Estate Store in Montrose can work with you now to anticipate care needs as you age to ensure that today’s housing choice will serve you well tomorrow. To learn more about housing options available to you locally, contact The Real Estate Store in Montrose at 249-7653. ■

OCTOBER 2016

Reverse mortgages help you age at home By Val Begalle, Cherry Creek Mortgage Company

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ore people than ever are choosing to age at home with a reverse mortgage. The reverse mortgage lets homeowners age 62 and older convert part of the equity in their homes into tax-free cash without having to sell the home, give up title, or take on a new monthly mortgage payment. (Homeowners must remain current on applicable property taxes, homeowner’s insurance and HOA dues.) Most people are supplementing their income, eliminating a monthly mortgage payment, creating a nest egg or paying off debt so that they can retire with more money, more security and less stress. My mother took out a reverse mortgage several years ago. She lived in a duplex and used the reverse mortgage to pay off a $40,000 mortgage and all of her credit card debt, and she still had a good size nest egg to fall back on. I’m not sure how we could have helped Mom stay in her home without the reverse mortgage. She had been living on $1,200 per month with little savings and gave herself a $700 per month raise. She was actually able to save money after the reverse mortgage instead of incurring debt on her credit cards. She had the money to keep up her home, buy appliances and furniture when needed, and even hearing aids. Mom had severe hearing loss and scoliosis, and my brothers and I knew she would need in-home care. The extra money in the line of credit from the reverse mortgage paid for her to have part-time in-home care every day. We knew there was a chance that there would be no equity left in the home when she could no longer live there, but we also

knew that the reverse mortgage loan balance would be repaid out of the proceeds of the house and not from any other assets. The reverse mortgage is a non-recourse loan, meaning the house itself was the only asset that could be used to pay the loan back, releasing my brothers and I from that responsibility. My mother remained the homeowner, and she could sell and move any time. The downside was that the loan balance gets larger because the borrower is not making any payments. However, if any of us wanted her townhome, we could have obtained our own loan and paid off her reverse mortgage. Those with a reverse mortgage can be out of their home for up to a year before the loan comes due. Interest rates remain low, home equity is up, and folks are trying to retire on limited funds. For some, a reverse mortgage is their saving grace. ■

If you have thought about a reverse mortgage in the past, now is the time to act. To see if you or a loved one qualify for a reverse mortgage or a product that helps homeowners who would like to downsize into another home without having to make monthly mortgage payments, contact:

Val Begalle

Cherry Creek Mortgage

245-6404 vbegalle@ccmclending.com NMLS #267890.

Copyright© 2016 Cherry Creek Mortgage Co., Inc., NMLS #3001. This material is not from HUD or FHA and the document is not approved by the Department of HUD or any Government Agency. HUD does not approve the material presented. Cherry Creek Mortgage Company, is not endorsed by nor acting on behalf of or at the direction of the US Department of Housing and Urban Development, the Federal Housing Administration, the US Department of Agriculture or the Federal Government. To check the license status of your mortgage broker, visit www.nmlsconsumerac cess.org

The Truth About REVERSE MORTGAGES Yes, it is a big decision, and it’s not for everyone, but it might be right for you! • You own your home – not the bank! • Live in your home for as long as you choose free of monthly mortgage payments (borrower must remain current on property taxes, homeowner’s insurance and HOA dues)! • Heirs inherit all remaining equity!!

Val Begalle NMLS #267890

Reverse Mortgage Specialist

970-210-5610 direct vbegalle@ccmclending.com 2560 Patterson Road Grand Junction, CO 81505

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A short-term stay in our community can be an ideal way to see how exceptional life can be at Brookdale. As our guest, you’ll enjoy all of the amenities available to our residents

We have convenient and flexible short-term stay options for you or your loved one if you: • Are you on the road to recovery but still need extra help? • Are you visiting from out of town and need additional care? • Want to try out our community before making a decision? Limited Spots Available

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OCTOBER 2016

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peak level and within a lifestyle that promotes health, wholeness and fulfillment. Brookdale Sunrise Creek recently celebrated life with an old-fashioned hoedown, residents and guests dancing to tunes from the Broadway musical “Oklahoma.” “If Chef Mark made his corn bread with buttermilk any better he’d keep it for himself,” resident Billy Sanderford said. Whether it is kalua pork during a summer luau or resident’s choice wine at the weekly happy hour, residents at Brookdale celebrate life daily. Brookdale’s program is rooted in a person-centered approach focused on creating feelings of belonging and purpose for our residents while seeking to preserve their identity and self. Visit Brookdale Sunrise Creek at 1968 Sunrise Drive in Montrose today to start your own purposeful journey. ■

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OCTOBER 2016

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3 habits of successful retirees A

mericans are increasingly glum about the odds that they will enjoy a secure retirement, and those concerns flow across generational lines. New research by the nonprofit Transamerica Center for Retirement Studies reveals that 45 percent of baby boomers expect to experience a reduced standard of living in retirement. Meanwhile, 83 percent of Generation X workers anticipate they will have a harder time achieving financial security than their parents did and just 18 percent of Millennials foresee a comfortable retirement, the research says. “Sadly, those results aren’t surprising because we often hear from people who have real concerns about outliving their money,” Investment Advisory Representative Joshua Mellberg said. “A lot of this is because so many aspects related to a

traditional retirement have changed. For one, people are living longer, which means they need to either save more money or find ways to make what they do save last.” Other factors causing anguish are that pensions are a thing of the past for most Americans, and there are constant rumbles about whether Social Security faces a bleak future. But instead of fretting, Mellberg said those planning for retirement should concentrate on trying to control the things they can. He says successful retirees often display three habits that are worth imitating.

They live with some urgency. Instead of sitting idly by, successful retirees seize each and every day to stay healthy and happy. Mellberg says this can apply to all aspects of life, from what you do during retirement to the way you save money

throughout your working life. “A sense of urgency can call you to action, so you’re more likely to prepare for a great retirement,” he said.

They retire based on their financial assets, not age. Traditionally, when people think about retirement, they pick a target age rather than a target amount in their portfolio. But that may not be the right approach. “While you might have a certain age in mind, it can be more worthwhile to create a retirement plan that’s based on your finances,” Mellberg said. “That will give you a much better chance of having enough money to last you the rest of your life.”

They aren’t afraid to take risks.

risks and that’s especially true with finances for those approaching retirement. “But you also don’t always want to live your life on the safe and boring side,” Mellberg said. One way some retirees minimize their financial risk is to use a portion of their savings to purchase an annuity, which provides them a set amount of income for life, much like a pension. “Once you know your retirement income is in order, you can be free to take some risks in other areas of your life and pursue your lifestyle goals,” he said. “Retirement is supposed to be about enjoying yourself after a lifetime of work, not counting pennies as you try to survive. People nearing retirement need to understand that there are steps they can take that will help put them in a more secure position financially so they can thrive and not just survive.” ■

In many cases, it’s best to minimize

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OCTOBER 2016

Is hoarding cash the prudent move as market awaits election results? C

ould cash stuffed into a Mason jar and buried in the back yard be the best investment hedge against the unpredictable future that this year’s presidential election will bring? While no one actually encourages burying money, some financial watchers have suggested that hoarding cash, even as much as 50 percent of your portfolio, would be a smart way to limit risk in case the market gets extraordinarily jittery once we know who the next president will be. But not everyone agrees that strategy is the right call, at least not for all. “Cash is an old standby that certainly works,” said Rich Conley, executive vice president for Sawtooth Solutions, a company that provides technology platforms that help financial advisors manage their clients’ accounts. “But raising cash could create unintended tax consequences so you will want to take that into consideration as well.” Conley says “hoarding” is something of a loaded word. It suggests that people are letting emotion creep into what should be a disciplined approach to investing and building wealth over time. “Hoarding may also be counterproductive,” he said. “It may be a good idea for some investors, but not for others. The primary reason someone would want to hold a higher-than-normal amount of cash is to reduce investment risks. To reduce risks, you need to have a good idea of how much risk you are taking right now and how much of it you want to reduce. That answer won’t be the same for everyone.” He says there are a few things to

consider before anyone decides to join with the cash hoarders.

Market reaction isn’t inevitable Just because doomsayers think election results could negatively jolt the market, that doesn’t mean it will happen. “If you think back to the last election, it produced a result that was very counterintuitive, with the market rallying very strongly following the results,” Conley said. “I don’t know many people who would have guessed that, except those who believed the status quo would be rewarded.”

Other options exist besides hoarding There are plenty of alternative approaches to limiting risk. But in choosing one, investors should decide for themselves what they are trying to protect against and what approach best matches their forecast outcome and concerns.

Issues to watch The political issues of particular concern to investors are the same issues impacting the general electorate, such as national security, public safety and the economy. Depending on who wins, the approach to those issues could be quite different, as would be the effect on investors. “No matter what, we will have a new administration and things change,” Conley said. “There is risk in change and likely it will be quarters before there is clarity on the nature of that change.” ■

OCTOBER 2016

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Afraid you’ll be forced to work in retirement?

That may not be so bad. M any older Americans who once dreamed of lounging around the house in retirement instead are waking up each morning to get ready for work. A recent Pew Research Center study showed that the percentage of Americans 65 and older still employed is on the rise, having reached 18.8 percent as of May, up from 12.8 percent in 2000. Depending on an individual’s situation, though, working past traditional retirement age may not be such a terrible thing. “Some people say they keep working because they can’t afford to retire,” said John Eikenberry, president of wealth-management firm Eikenberry Retirement Planning. “Some people don’t want to retire because they love what they do.” Eikenberry, 68, falls in the latter group. His keep-at-it attitude worked in his favor after a surgery in February. “One of the people in the medical field told me that because I’m active that has helped me to rehab quickly,” he said. “They said if I was retired, typically it takes longer to rehab.”

Some advantages of working in retirement include: • Relief from financial stress. One of the biggest worries retirees have is running out of money. With people living longer, that’s a legitimate concern. Even just a part-time job that brings in a little extra cash can help alleviate some of the stress. He has clients who work just a few days a week and that works well for them. • Physical fitness. It’s no secret that as people age they tend to suffer more problems with their

bodies, such as joint pains. Many jobs can keep them active and moving, making for better health. • Mental fitness. A study published in the peer-reviewed journal “Neurology” this year found that activities that challenge your brain may help delay symptoms of dementia. “Talk to people in their 50s and 60s and you’ll see that does scare us,” Eikenberry said. “Work gives us the ability to keep our minds active.” Anyone considering working in retirement needs to be aware of the financial implications with Social Security. If you wait until your full retirement age to draw Social Security— age 66 to 67 for most people these days—you can earn as much as you like. But if you claim Social Security early, which you can do starting at age 62, earnings are limited to $15,720 annually. For every $2 you make over that amount, $1 is deducted from your Social Security. That changes beginning with the year in which you reach full retirement age. At that point, $1 is deducted for every $3 earned above a different limit. In 2016, that limit is $41,880. But the only earnings counted are those before the month in which you reach full retirement age, according to the Social Security website. Eikenberry is happy with his decision to remain on the job beyond retirement age and many of the clients he provides financial advice find it rewarding, too. “For me, there’s nothing negative about working in retirement at all,” he said. ■

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