Palouse Seniors, Spring 2021

Palouse

Seniors Spring 2021

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Saving strategies as retirement draws near Palouse Seniors is a supplement of the Lewiston Tribune and Moscow-Pullman Daily News

PALOUSE SENIORS

2 | February 20, 2021 | Moscow-Pullman Daily News & Lewiston Tribune

HOW TO STAY CONNECTED WITH LOVED ONES AFTER MOVING INTO AN ASSISTED LIVING FACILITY Metro Editorial

When the pandemic is in the rearview mirror, seniors can continue to employ Decisions surrounding assisted living various strategies to stay connected facilities are not always easy. Men and with their families after moving into an women may be reluctant to leave their assisted living facility. homes while family members may be • Embrace technology. It’s worried about how their aging loved ones understandable that seniors are will adjust to life in an assisted living sometimes hesitant to utilize technology. facility. Though modern assisted living Having spent much of their lives without facilities cater to residents with an array smartphones and Zoom calls, it may of needs and interests, the hesitation seem like adjusting to a world where such about whether or not to move into such a things are now widely utilized will be facility is understandable. incredibly diffi cult.

However, modern One of the concerns seniors and their technology is user-friendly, meaning families may have about assisted living seniors won’t need much, if any, technical facilities is how to remain in touch with loved ones. Thankfully, staying connected expertise or experience to utilize an assortment of devices that can help them is easier than ever before. That ease of stay in touch. Ask a relative to show you connection has been on full display the ropes of a new device or request that throughout the COVID-19 pandemic, during which aging men and women have staff at the facility teach residents the basics of using devices to stay connected been urged to limit contact with people with family. Staff may help set up Zoom outside their households in an effort to reduce their risk of contracting the virus. calls or help residents learn the ropes of texting.

You have been planning your whole life... ...weddings, birthdays, anniversaries and more. Although it’s not pleasant to think about, funerals are another time family and friends will gather to celebrate life. Your family will be comforted and relieved when prearrangements have been made.

• Make a weekly communication commitment. Work with family members to set up a time each week when you can communicate directly with them.

If family lives nearby, this might take the form of a weekly family meal at a loved one’s home. If family lives too far away for routine in-person meals, set up a time each week for a family Zoom call.

• Continue to engage with your interests and fellow hobbyists. If you were an avid reader who loved to discuss and recommend books to your loved ones, then continue to do so after moving into an assisted living facility. Sports fans who bonded with their loved ones over

Palouse

Seniors Spring 2021

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Saving strategies as retirement draws near Palouse Seniors is a supplement of the Lewiston Tribune and Moscow-Pullman Daily News

a shared passion for a favorite team can keep following their team and discussing the latest big game with their friends and family via email, texts or video calls.

Various studies have discovered the positive effects that hobbies can have on long-term physical and mental health.

Staying engaged with your passions can keep lines of communication open with friends and family and benefit your overall health.

Keeping the lines of communication with loved ones open can help aging men and women as they transition to life in assisted living facilities.

ENJOY PALOUSE SENIORS IN PRINT: Palouse Seniors is published quarterly, with 6,500 copies distributed in the Moscow-Pullman Daily News and Lewiston Tribune. Readers can also pick up a copy at the Moscow-Pullman Daily News and Lewiston Tribune offices.

ONLINE: Check out the latest edition in digital format online at DNews.com, just click on the Special Sections tab.

To advertise your business or service, contact Lisa-Smith Horner at lisa@lmtribune.com

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Moscow-Pullman Daily News & Lewiston Tribune | February 20, 2021 | 3

ENJOY SENIOR DISCOUNTS ON RECREATIONAL ACTIVITIES

flights and packages when booked online through British Airways’ AARP page. Seniors can enjoy discounts on select cruises through Carnival.

Metro Editorial a bit more affordable thanks to the Rental car companies also offer senior discounts available through many discounts for senior customers.

Despite the efforts of Juan Ponce de different restaurants, whether it’s chains • Clothing: Looking your Leon, there is no magical Fountain of best for a night out may mean Youth. Getting older is inevitable and it is or independently owned eateries.

• Hotels: Seniors booking their stays shopping for new clothing. important to see the silver lining of aging. through select hotel chains may be Kohl’s offers a 15 percent Among the various perks that come with age, including increased knowledge eligible to reduce their costs by 10 percent discount for customers ages 55 or more. When making the reservation, and over every Wednesday and and experience, are a whole host of check to see if you qualify for an ageRoss offers 10 percent off on discounts for the aging population. Men related discount. Some may be affiliated Tuesdays when signing up for the and women who have reached a certain with memberships in organizations like Every Tuesday Club. age are entitled to key discounts if they AARP. • Gym memberships: know where to look.

• Theme parks: Before buying entry Individuals who are eligible The ages at which discounts are for Medicare also may be available vary. Auto insurance companies tickets or season passes, check with the membership office regarding senior entitled to a free SilverSneakers may provide a senior discount to drivers discounts. Certain items also may be membership, which provides who are over 50. Certain restaurants discounted throughout the parks. access to more than 13,000 offer these discounts for those over the • Movies: Movie theaters may offer participating fitness centers age of 55. Retailers may begin offering special viewing days or times that are • Park admission: Seniors age discounts to customers who are over the discounted.

62 and older can purchase a age of 60. Many discounts can be used • Flights/cruises: Discounted senior Senior Pass for $10 that’s good for recreational activities. fares are available on select flights for for more than 2,000 federal recreational • Dining out: Why pay full price for Delta Airlines and American Airlines. sites and national parks in the United a meal if you don’t have to? A meal out British Airways offers up to $200 off States. The pass is good for a lifetime. with friends and loved ones becomes

Recreational activities become a little more affordable when seniors take advantage of age-related discounts.

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4 | February 20, 2021 | Moscow-Pullman Daily News & Lewiston Tribune

THE ADVANTAGES OF RV TRAVEL Metro Editorial

Individuals who are approaching retirement or those who already have said goodbye to the working world may find they are ready to make some life changes.

Travel is something many older adults enjoy when they have much more free time to see the sights.

Recreational vehicles are great ways for people to get out and about. An RV is more than just a way to get around; for many people it becomes a lifestyle. According to the RV Industry Association, about 10 million American households own RVs. There have been more RVs on the road in recent years, and there are now more facilities to accommodate them.

RVIA says there are now roughly 18,000 campgrounds around the country, and certain facilities are pushing to improve

and upgrade campgrounds in national parks and on federal lands.

Individuals considering if the RV lifestyle is for them can refer to this list of RVing benefits.

• Inexpensive travel (or living): RVers may be attracted by the idea of low-cost travel that doesn’t involve hotels and airfare and greatly reduces their reliance on restaurants while traveling. RVs can be rented for roughly $100 to $500 per day, and RV parks usually run between $35 and $50 per night, according to Allianz Travel Insurance. To keep the costs down even more, certain truck stops, big box retailers, churches, hotels, movie theaters, casinos, rest stops and other roadside locations will allow free overnight parking. Just verify before staying to avoid being ticketed.

• Freedom to come and go: When traveling in an RV, there are no set checkin-/check-out times to follow or boarding times to meet. RV travel can be strictly on your schedule.

• Plenty of help: Others who have embraced the RV lifestyle tend to be very friendly and ready to make new acquaintances at campgrounds and other stops. Those with more experience may be willing to share their expertise and pitch in to offer tips for better excursions.

• Creature comforts: People who vacation or choose to live in their RVs tend to keep familiar items and essentials on hand. Those can include preferred linens, clothing, toiletries, books, games, and more. When taking such items along,

there’s no need to pack and unpack much for any trip.

• Follow the weather: If desired, RVers can pick up and follow the jet stream.

If 70-degree days are your thing, then follow those temperatures coast-to-coast.

If you like skiing or snowboarding, you can head to colder climates.

• Downsize: The RVIA says that RVs are available across a wide range of price points. So if the idea is to trade in a stationary house for an RV, you may be able to do so for as little as $6,000 to as much as $500,000.

The RV lifestyle may attract soon-to-be retirees. There are various advantages to getting on board.

PALOUSE SENIORS

Moscow-Pullman Daily News & Lewiston Tribune | February 20, 2021 | 5

EVALUATING SENIORS’ BIGGEST EXPENSES Metro Editorial

New parents may not be able to visualize that one day their largest expenditures won’t be centralized around providing necessities for their children.

Adults go though many years of paying for diapers, toys, clothing, food, and education for their children. Yet, when the children have flown the coop, spending patterns change, and even more changes await come retirement.

According to a 2020 survey from the financial services firm Edward Jones, 68 percent of workers soon to retire said they had no idea how much they should be setting aside for expenses, particularly health care and longterm care. Professionals approaching retirement would be wise to analyze the Consumer Price Index - Elderly (CPI-E).

It is a good reference to estimate which future expenses will cost the most after retirement. The Bureau of Labor Statistics looks at consumer spending and uses various data to determine the rate of inflation in key areas that apply to older adults starting at age 62.

Individuals may be surprised to learn about where they’ll be spending the bulk of their money when they get older.

Here’s a look at some key categories.

• Housing: According to data from the Employee Benefit Research Institute, in 2017, the most recent year for which data is available, housing accounted for roughly 49 percent of all spending for seniors. Focus should be centered on lowering those costs when a fi xed income is imminent. The possibilities include paying off a mortgage; downsizing a home to have a lower rent or mortgage payment; refinancing a home to a fi xedrate loan so that costs are predictable; and taking on a tenant to offset costs.

• Food: The cost of food will not change dramatically, but it can eat into your budget. Even though food costs may decline when there’s only two mouths to feed, food and beverage spending may go up due to more leisure time and dining out. Utilize senior discounts by shopping on days when stores offer percentages off purchases. Save money on restaurant spending by eating out at lunch instead of dinner, splitting plates or skipping

appetizers.

• Healthcare: Experts warn that while many expenses decline in retirement, health care spending increases. According to Fidelity, the average 65-year-old couple retiring in 2020 in the United States needed roughly $295,000 just to cover their retirement health care expenses. Those with family histories of severe illnesses or those with preexisting conditions will need even more. It’s also important to realize that roughly half of the population will need long-term care at some point, offers The Motley Fool, and that requires advanced budgeting as well. Many people find that Medicare supplement plans can bridge the gap in expenses that government-run plans will not cover. Saving through a health savings account (HSA) when employed also can create extra cash on hand for retirement expenses.

Understanding which retirement expenses will be high can help people plan better for the future.

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6 | February 20, 2021 | Moscow-Pullman Daily News & Lewiston Tribune

SAVING STRATEGIES AS RETIREMENT DRAWS NEAR Metro Editorial

Professionals on the cusp of retirement are often excited about what lies ahead.

Some prospective retirees may look forward to traveling once they no longer have to go to work each day, while others may plan to return to school. Regardless of how adults envision spending their retirement, they’re going to need money when they’re no longer being paid by their employers.

As retirement nears, some professionals may be concerned that they haven’t saved enough. There’s no one-size-fits-all answer in regard to how much money people will need in retirement. People who are worried they haven’t saved enough can try various strategies to build up their account balances before they officially call it a career.

• Take advantage of catch-up contributions. Adults who are 50 or older are eligible to take advantage of catch-up contributions. These are designed to help people over 50 contribute more to certain retirement accounts, such as a 401(k) or IRA, than statutory limits would otherwise allow.

There are limits that govern the amount of money people can designate as catch-up contributions, but taking advantage of this perk can help people save more as retirement draws closer.

• Consider relocating. A recent study from the Employee Benefit Research Institute found that housing costs accounted for 49 percent of seniors’ spending.

Professionals nearing retirement who live in areas traditionally associated with a high cost of living can begin to rethink their long-term housing strategy. Relocating to an area with a

Speak with a financial advisor about stockbased investments and your risk tolerance.

Maintaining a diversified portfolio with a little risk can be a great way to grow your savings as retirement draws near.

Professionals approaching retirement may be dealing with a mix of excitement and anxiety, particularly if they’re concerned about their retirement savings. Various strategies can help quell such anxiety and make it easier for professionals over 50 to build their savings as retirement nears.

lower cost of living is one option, while those who prefer to remain in their current town or city can consider downsizing to a smaller home to reduce their property taxes and monthly utility bills.

• Continue investing. Conventional wisdom suggests moving away from investing in stocks the closer you get to retirement. Though that’s a sound strategy, professionals who are trying to build their retirement savings in the final years before retiring could be missing out on significant growth by abandoning stocks entirely.

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Moscow-Pullman Daily News & Lewiston Tribune | February 20, 2021 | 7

HOW TO BUILD FRIENDSHIPS IN YOUR GOLDEN YEARS Metro Editorial

Making friends as a child or even as a parent to school-aged children is relatively easy. Classrooms and school functions facilitate the building of friendships. Even as one gets older and enters the workforce, it’s not uncommon for people to become friends with their coworkers.

As people near retirement age, their situations may have changed considerably.

Children have moved out, careers are coming to an end and friendships may be hard to maintain due to people relocating or traveling. Older adults may aspire to make new friends, but they may not know how.

According to Irene S Levine, Ph.D., The Friendship Doctor and contributor to Psychology Today, it is not unique for seniors to want to make new friends.

Age can be a barrier because there are stereotypes that pigeonhole people of certain ages. But Levine notes that state of mind and physical ability is not directly tied to chronological age. Making friends is possible at any age. These guidelines can help along the way.

• Explore online connections. A 2016 study published in the Journal of Gerontology found seniors (even those in their 80s) who stay connected with friends and family using social media report feeling less lonely and better overall.

Connected seniors also demonstrated higher executive reasoning skills. There are

plenty of ways to meet new people online by joining social media groups that cater to your interests. In person meetings in particular cities or regions of the country also can make for great ways to make new friends. Exercise caution when meeting people in person after contacting them online. Bring another person along, whether it’s a spouse or an adult child, to ensure that you are safe.

• Volunteer your time. One way to meet new people is to get involved with causes or activities you love. This serves the double benefit of getting you outside and active and puts you in touch with people who share your passions and interests.

• Attend alumni events. If you have an interest getting in touch with someone from your past and reconnecting, make the time to attend school reunions and other alumni activities. It can be fun to reconnect with friends from high school or college.

• Join a gym. The local gym isn’t just a great place to get physically fit. Group exercise classes also can be ideal places to meet other people who enjoy working out. Strike up a conversation with another class participant you see on a regular basis.

Once you develop a rapport, schedule lunch dates so your friendship grows outside of the gym.

Making friends is not just for the young.

Men and women over 50 also can find ways to build new friendships.

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8 | February 20, 2021 | Moscow-Pullman Daily News & Lewiston Tribune

WHAT TO KNOW BEFORE CLAIMING SOCIAL SECURITY BENEFITS Metro Editorial

the program must eventually make.

In recognition of the difficulty of that Hardworking adults spend years decision, the Consumer Financial striving to achieve their professional Protection Bureau offers the following goals. Along the way, planning for retirement is a way to ensure all that hard tips to people wondering when they work pays off when the time comes to call should begin collecting their Social Security benefits. it a career.

• Confirm your full retirement age.

In the United States, men and women Full retirement age refers to the age at nearing retirement age may be thinking which people can begin collecting their about when they should begin collecting full benefi ts. Depending on the year you their Social Security retirement benefits. were born, you can begin collecting your Social Security is a social insurance full benefi t at age 66 or 67. Claiming your program instituted by President Franklin benefi t before you reach full retirement Delano Roosevelt in 1935. The program age will lead to a permanent decrease consists of retirement, disability and in your monthly benefits. Conversely, survivor benefits, and workers in the claiming after you reach full retirement United States contribute to Social age will lead to a permanent increase in Security each week. your monthly benefi ts.

Since the stakes The decision about when to claim are so considerable, it’s vital for adults to Social Security retirement benefits is confi rm their full retirement age before one all those who have contributed to they claim their benefits.

• Delay claiming if you can. The CFPB notes that you can expect to get an additional 5 to 8 percent in monthly benefits for every year you wait to claim your Social Security benefits after age 62, maxing out at age 70. If you can afford to do so, wait to claim your full benefit until age 70, as doing so can translate to a benefit that’s 32 percent higher than it would have been had you claimed your benefit at age 62.

• Budget for retirement. Short- and long-term budgeting for retirement can help you assess how much money you will need to cover your expenses when you stop working. This step can help you understand how much a reduced or increased Social Security benefit will affect your bottom line in retirement.

• Continue working. Remaining in the workforce full-time or even part-time can have a considerable impact on the size

of your Social Security benefit. The CFPB notes that continuing to work for one or two additional years can replace low- or no-income earnings from your earnings record, thereby increasing your benefit.

• Consider the long-term needs of your spouse. Surviving spouses receive the higher of the two spouses’ benefits.

So it makes sense for the higher earning spouse to wait to collect his or her benefit until he or she reaches full retirement age.

The decision about when to collect your Social Security benefit is complex.

Discussing your options with your spouse and financial advisor can help you make the most informed decision.

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