RETIREMENT PLANNING 2017
SEA-TIREMENT
Has your ship come in?
Your Guide to Retirement Planning Produced by the BEACON’s Advertising Team
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A good retirement takes planning
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OCTOBER 2016
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D
id you know that nearly 10,000 baby boomers are retiring every day? That number is on the rise, too—there are now more people in our country over the age of 50 than ever before. Unfortunately, recent retirees are finding that the living is easy, but the payments are hard. Among Americans still planning their retirement, only 51 percent are confident they’re saving enough. It doesn’t have to be that way! Whether you’re eagerly anticipating retirement or a recent retiree, this special insert has articles and resources aimed at helping you navigate this exciting transition.
Aspire to retire the right way We’ve profiled a couple whose ship came in—they spent a portion of their golden years sailing the sea. If you think that dream is out of reach, you may be wrong. We have financial advice and resources that will help you make the most of your nest egg and Social Security. Inside, you’ll also find vital information about upcoming changes to Medicare (and the help you need to understand your benefits), ideas for value-filled ways to spend your days and more. Here’s to the stress-free retirement you’ve always dreamed of! ■
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eginning in April 2018, new Medicare Beneficiary Identifier (MBI) cards will no longer contain Social Security numbers in an effort to combat fraud and illegal use. Issuance will not change the benefits a Medicare beneficiary receives. In some areas of the country, scam artists are already calling people, posing as Medicare representatives and telling them that new cards are being issues. They state that in order to continue receiving benefits, the agency must “verify” or “update” identifying information, including your Medicare number, birth date and, in some cases, even financial accounts. This is not true!
11/14/16 12:25 PM
• If you get a suspicious phone call, simply say, “I don’t give out personal information over the phone” and hang up. Report your experience at 1-877-272-8720 or go to www.stopmedicarefraud.org.
OCTOBER 2016
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Medicare Monday: Learn about 2018 changes Medicare Monday O pen enrollment for Medicare beneficiaries begins on October 15 and ends December 7. This is the time of the year when Medicare beneficiaries need to review their current health insurance coverage primarily for prescription drugs through Medicare Part D. For those individuals who are currently enrolled in a Medicare Advantage Plan and want to change plans or return to original Medicare, now is the time to make that change as well.
COLA changes One major change will be a Social Security Cost of Living Adjustment (COLA). Depending on the amount of the COLA, you will likely see a change in the Medicare Part B premium that is charged each month. Some beneficiaries may see a decrease in their Part B premium, as overall costs to the Medicare program have decreased and by federal law, the Part B premium must also decrease. Not all of the 2018 changes in deductibles, copays and coinsurance have been released. Part C and D premiums and copays will vary based on the plan.
More about Part D The standard benefit for Part D has been released. The annual deductible will be $405. After the deductible is paid, you pay 25 percent of the next $3,345 costs of prescriptions. If the total cost of the prescriptions exceeds $3,750 (a deductible of $405 plus $3,345 of initial coverage), you enter the “donut hole,” or the coverage gap. When the plan and you pay out of pocket an additional $3,758, you will be eligible for catastrophic coverage. After the annual cost of the drugs exceeds $7,508, most costs will be paid by Medicare, with you
To learn more about all the changes, join the Colorado Gerontological Society for a free Medicare Monday educational program. October 16, 9:30-11:30 a.m. The Commons of Hilltop Grand Junction November 7, 9:30-11:30 a.m. Bill Heddles Recreation Center Delta Reserve your space at www.senioran swers.org or call 1-866-294-3971. Medicare experts will be available to answer questions. On the website, you can also sign up to take a “New to Medicare” class online. Counselors will take individual appointments as well. For more information, call 303-333-3482.
icant increases in their Part B and Part D premiums. Beneficiaries who continue to work have many choices to make about their health insurance. Some of the choices are guided by federal law and others are driven by the employer. Most beneficiaries will automatically receive Medicare Part A at age 65. But decisions are necessary for Part B and Part D. Beneficiaries who continue to work may 1) enroll in Part B and D at age 65, 2) keep their employer coverage with Medicare B paying either primary or secondary, 3) delay enrollment in Medicare Part B and D, or 4) in some instances continue
to be enrolled in the marketplace plan. If you are staying in the labor force, getting accurate information and filing the correct paperwork is critical to avoid paying Part B and Part D penalties in the future. Experience has shown that friends, employers, navigators, insurance companies and sometimes government officials give inaccurate information, leaving beneficiaries without insurance coverage for months, as well as costing them significant penalties for the rest of their life. It is important to research your situation to make the right decision for you. ■
Medicare Monday
Important Information: Medicare Updates and Changes for 2018 Experts Will Present:
paying a small copay. When you are in the donut hole, you will pay 44 percent of the cost for generics and 35 percent for name-brand drugs, plus a dispensing fee.
Other new changes
In 2018 and 2019, Medicare will be issuing new Medicare cards to all beneficiaries. The new cards will have a unique number, different from your Social Security number, to prevent fraud and abuse. Medicare will start issuing these cards in April. As usual, Colorado will see some consolidation of Medicare Advantage Plans (Part C) and Prescription Drug Plans (Part D), as well as some players leaving the market and some new players coming in. New rates for 2018 will be released on October 1 at www.medicare.gov or by calling 1-800-MEDICARE. High income earners making more than $85,000 in adjusted gross income will see some signif-
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Prevention and Health Promotion Initiatives Changes in Medicare Premiums, Deductibles, and Co-Pays Information About the Medicare Savings Program and Extra Help to Pay for Medicare Part B and Part D How to Comparison Shop for a Medicare Supplement or Medicare Advantage Plan New Medicare Cards in 2018 and 2019 Answers to Medicare Questions
Have Questions About Your Particular Medicare Situation? Sign Up for Individual Counseling at 1-855-293-6911
For Reservations Call: 1-866-294-3971 The Commons of Hilltop Oct. 16, 9:30 - 11:30 a.m. 625 27½ Rd. Grand Junction, CO 81506
Third Street Center Nov. 6, 9:30 - 11:30 a.m. 520 S. 3rd St. Carbondale , CO 81623 Bill Heddles Rec Center Nov. 7, 9:30 - 11:30 a.m. 531 Palmer St. Delta, CO 81416
Sponsored by : Colorado Gerontological Society • For More Information, Call: 303-333-3482
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OCTOBER 2016
Your guide to aging well in Mesa, Montrose & Delta Counties
The
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Savings on the sea:
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One local couple’s seafaring retirement
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By Melanie Wiseman
T
he average senior would likely think of retiring on a sailboat as an impossibility. But for Gary and Genie DiDonato, both 74, it was merely an extension of the lifestyle they had already been living and loving. The DiDonatos moved from their hometown of Denver to Burlington, Vermont, with their two young sons. They loved the water and were soon introduced to sailing on Lake Champlain by their new friends. “It was so fun. We read books, and then more books to learn to do it on our own,” said Gary. “It’s a whole different world than a motorized boat. You have to hear the wind, see the wind, feel the wind, then know how to make use of it.” They sailed their boat for five
years on Malletts Bay in fog, rain, light and heavy winds, and waves. They had no idea how important this training would be as they neared their retirement years.
A new lifestyle In 1976, the DiDonatos moved to Grand Junction, where Gary worked in his father’s business. Then came Black Sunday in 1982. Their home and the business suddenly had little value. “The freest we’ve ever felt after that trauma was pulling away from Grand Junction with minimal furniture, headed to San Diego,” said Gary. “We were 40, and our sons were grown and stayed here. We both found good jobs and lived in a condo for a year, but we had a decision to make, as money was really tight and housing in San Diego was expensive.” They sold everything they owned and bought a $50,000, 30-foot sailboat—“Latest Caper.” With a slip charge of just $300 a month, it became their home. “It was the perfect lifestyle for us,” said Gary. “We had no responsibility with a yard or a lot of stuff, and it’s just what we wanted.” They were immersed in a community of sailboat racers who called the couple the “house movers,” since they were the only ones who
Gary DiDonato prepares shellfish the couple caught on their own.
OCTOBER 2016
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The DiDonatos never felt alone at sea once they found a community of sailboat racers. actually lived on their boat. Lifetime minimalists, the DiDonatos lived simply but never felt like they were sacrificing. “The hardest part for me...was giving up every modern convenience,” Genie said. “No dishwasher, no washer-dryer, no garbage disposal, no shower.” Even so, it was worth it. “The thing I enjoyed most about being out on the boat was learning what you can do without,” she said. “There are just so many things you don’t need.”
Retirement at sea “Because we’re doers and not buyers, we were able to set aside money each month we didn’t need to live on,” said Gary. When Gary was offered an early retirement package at age 50, he jumped at it. Genie decided to retire as well. “I said, ‘Let’s go to Mexico!’” said Genie. “So we began what was to be nearly 20 years living six months a year on our boat, sailing the Sea of Cortez. The other six months a year, we helped our son with his business in Grand Junction.” Mexico proved to be an inexpensive place to live. The DiDonatos stocked up on supplies in larger towns once a month and replenished their fresh produce in small villages. Their clothing consisted of swimsuits and T-shirts. “We caught our own fish, clams, lobsters and scallops,” Gary said. Grateful for friendly and gracious Mexican hospitality, the couple gave back by volunteering on several Habitat for Humanity builds. Gary got his captain’s license and Genie became navigator and ham radio operator. As part of a small group of close-knit cruisers, they never felt isolated. Many would feel cramped on a small boat, but not the DiDonatos— they spent most of their time out-
side on deck. They learned to be “alone together,” respecting each other’s time and space. From 20032008, they owned a second sailboat in the Caribbean with their son Randy. They chartered the boat for the first two years, until it paid for itself, then spent the next three years enjoying it themselves. The DiDonatos credit their faith in God for taking care of them throughout their adventures. Five years ago, they made the joint decision to sell “Latest Caper.” Gary lost confidence in his ability to sail safely, and the 25-year-old boat needed lots of work. They bought a house in Grand Junction and a new home-awayfrom-home: an 18-foot camp trailer, also named “Latest Caper.”
Supplement your retirement adventures Experts at finding creative ways to make their latest capers work, the DiDonatos have tips for those hoping to be able to afford a little excitement in their retirement years. • Don’t own a lot of stuff. This makes it easy to pick up and go. • Don’t buy new cars. Only trade in your current vehicle when it reaches high mileage. • Consider renting out your home. The DiDonatos rent their home using Airbnb and Craigslist. • Think of enjoyable ways to supplement your income. The DiDonatos paid for part of their adventures thanks to income they made flipping houses. • Live without debt. Pay your credit card off each month. Pay cash for large purchases. ■
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How to create a fulfilling retirement when every day is Saturday I t’s the dream retirement many people anticipate for decades. Hang out around the pool all day. Play one round of golf after the other. Finally read that teetering stack of books on the nightstand. In retirement, every day is Saturday—without the dread of what Monday morning back at the office might bring. But is endless recreation enough to satisfy still-vibrant retirees who have both the health and the mental capacity to continue to learn, explore and contribute to the world? Maybe not, said Ann Vanderslice, president and CEO of Retirement Planning Strategies, which specializes in advising federal workers about their benefits. “As people near retirement, they have a great opportunity to map out a strategy to create a fulfilling, rewarding rest of their lives,” Vanderslice said. “Studies show that retirees with a plan have the easiest time transitioning into and being the most satisfied in retirement.” For many people, planning for retirement focuses almost solely on the financial aspect. They worry about saving enough so they don’t run out of money. But retirement also represents a lifestyle change, as people accustomed to heading to a job each day suddenly find themselves without any meaningful reason for getting out of bed. And all that free time, which seems enticing at first, can quickly become boring. Vanderslice suggested a few factors to consider for those seeking a more fulfilling retirement: • To work or not to work. It’s not unusual for people to continue to work in retirement, at least part time. In some cases, the extra
income is needed or adds a little more security to the retiree’s financial outlook. But some people simply don’t feel fulfilled if they aren’t contributing something by working. “Often, I hear people say they’ve been working since they were teenagers and the thought of stopping just makes them uncomfortable,” Vanderslice said. • Volunteer wisely. Plenty of groups need volunteer help, but beware of letting them take advantage of your availability. “You can have your calendar filled before you know what hit you,” Vanderslice said. “Pretty quickly, you may end up feeling like you put in a 40-hour work week.” She recommends taking the time to identify the causes and issues important to you. Make sure the organization is aware of the skills you have to offer so you aren’t just licking envelopes. “And don’t overcommit your schedule,” said Vanderslice. “You do want to leave yourself some time just to kick back.” • Be a lifelong learner. Retirement can be a great time to take a college class or learn how to play a musical instrument. “It’s proven that those who are lifelong learners have a greater sense of optimism and a lower chance of dementia,” Vanderslice said. If you’ve always wanted to learn more about philosophy, take a cooking class or learn a foreign language, now is the time. “It’s certainly important to have a financial plan for retirement,” said Vanderslice. “But to truly have a happy and rewarding retirement, you’ll want to make plans for your ideal retirement lifestyle as well.” ■
OCTOBER 2016
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When is the best time to file for Social Security? A fter roughly four decades of non-stop work, filing for Social Security can be enticing. You can begin drawing Social Security as early as age 62, finally getting back those dollars you’ve been paying in to the system since you were a teenager working for a fast-food restaurant. But taking Social Security a few years shy of traditional retirement age comes with a caveat. Your monthly check will be as much as 30 percent less than if you waited until your full retirement age—6667 for most people. If you put off filing for Social Security until you’re 70, you can increase the amount of those checks.
What’s a potential retiree to do? “Unfortunately, there’s no perfect answer that applies to everyone,” said Alexander Joyce, president and CEO of ReJoyce Financial. “When I’m working with a client, I’ll look at their entire financial situation and see how Social Security fits in. It’s not always an easy decision and there’s no exact science to follow.” There are a few things to keep in mind as you approach 62 and begin mulling your options: • Your neighbor’s decision isn’t your decision. It might be interesting to hear what other people have done, but that doesn’t mean you should follow suit. Their financial situation may be very different from yours, Joyce said. The right answer for them could be the wrong one for you. • Working in retirement makes a difference. Many people like to continue
now
working, at least part-time, even after they begin drawing Social Security. But that can have ramifications. If you’ve reached full retirement age, no problem. Make as much money as you like. But if you take Social Security early, there’s a $15,720 annual limit on how much you can earn. For every $2 over that, you’ll lose $1 of Social Security. • Maybe you need the money now. It could be that you worked the numbers and decided to wait until your full retirement age. But then fate intervened. You lost your job or health problems keep you from working. “There certainly are very good reasons why some people begin drawing their Social Security at 62,” Joyce said. • Maybe you don’t need the money—just yet. If your finances are in good order, your savings robust and your employment stable, putting off Social Security until you’re 70 could make sense because you would be able to optimize the amount of those monthly checks. For example, if your full retirement age is 66, you would be able to receive 132 percent of your monthly benefit if you delayed filing for four years, according to the Social Security Administration website. “Ultimately, the decision is yours, but it’s important to make that decision knowing all the implications,” Joyce said. “While there’s no right answer that applies to everyone, there could be at least a best answer that applies to you.” ■
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