Metrocrest Services Senior News May/June Edition

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Senior News July/August 2017

Providing programs for individuals, families, and seniors that lead to self-sufficiency and foster independence. Metrocrest Services 13801 Hutton Dr. Suite 150 Farmers Branch, TX 75234 metrocrestservices.org (972) 446-2100 Mon.–Fri., 8 a.m.–5 p.m. Sat., 9 a.m.–1 p.m. Follow us on Facebook or Twitter facebook.com/ metrocrestservices twitter@metrocresthelps

BOARD OF DIRECTORS

Susan Watson, Chair Jamie Robertson, Chair Elect Beccy Ratliff, Secretary Richard Fleming, Treasurer Brian Boilla Mary Ann Burns Reggie Carney Andy Dastur Kenny Dickson Dianne Fletcher Andy Folmer Margie Gunther Diane Moreau-Randall Jack Stotz

LIAISONS

Pam Peña, C-FB ISD Mark Hill, City of Coppell Anthony Hill, Coppell ISD Glen Blanscet, City of Carrollton Mike Bomgardner, City of Farmers Branch Fran Powell, Town of Addison Lou Sartor, Advisory Council Oscar Lopez, Brookhaven College

5 Ideas for Seniors to Earn Extra Income

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n past generations, older adults looked to retire with three sources of income: savings, pensions, and Social Security. But no longer. With the decline of company pensions and financial markets taking a hit during the economic downturn, many seniors face less income than anticipated in retirement. Here are 5 money management tips to boost your income and savings.

1. Consider delaying retirement Did you know that by delaying the age you start to receive Social Security benefits, you can increase your benefit amount? While today’s retirement age is 66, if you wait until age 70 or later to take Social Security, you could see a significant increase in your monthly payment. Check the Social Security fact sheet When to Start Receiving Retirement Benefits to learn more about this important decision. 2. Determine whether it makes sense to go back to work Even if you’ve already stopped working and started getting Social Security, a part- or full-time job can help offset extra expenses. JobSource is a tool from National Council on Aging (NCOA) that helps older adults assess their interests and skills, find training, and search for employment. Mature workers aged 55+ with very limited or no income might also consider the Senior Community Service Employment Program (SCSEP). SCSEP provides training and part-time community service work that for most people leads to full-time jobs. [Contact a Metrocrest Service Workforce Development Specialist to find out more about employment counseling and our Competitive Edge workshop by calling (972) 446-2100.] 3. See if other programs can help with your expenses Depending on your income, you might be eligible for help from public and private programs that can help pay for your health care, prescriptions, food, utilities, and more. Use NCOA’s free screening tool BenefitsCheckUp® (http:// www.benefitscheckup.org) to see if you may qualify for any of these programs. 4. Consider tapping your home equity If you own your home, you may want to consider freeing up income by tapping into your home equity. There are several ways to do this, including taking out a home equity loan, a home equity line of credit (HELOC), or a reverse mortgage.

A home equity loan, sometimes called a second mortgage, gives you a lump sum of money with a fixed repayment schedule. This type of loan could be a good choice if you have a home improvement project or if you want to consolidate debt. A HELOC allows you to get money when you need extra cash and only pay interest on the amount that you borrow. HELOCs make sense if you want a “rainy day” fund or cash to pay for major purchases like a new furnace. Learn more about home equity loans and HELOCs from the Federal Trade Commission. A reverse mortgage is a type of home loan that allows seniors to convert the equity in their home to cash to meet a wide range of financial needs. With a reverse mortgage, the lender pays you. The homeowner makes no payments, and all interest is added to the loan. A reverse mortgage must be repaid when you move or sell the property or the last borrower does, or by your heirs upon your death. To get unbiased information about reverse mortgages, read Use Your Home to Stay at Home, the official booklet approved by the U.S. Department of Housing and Urban Development. Before you agree to a reverse mortgage, counseling is required from a government-approved organization like NCOA. 5. Get financial help from family If you need cash to pay for medical bills or caregiver expenses, asking your family for support might be a good way to preserve this asset. Adult children need to be careful that these extra costs do not disrupt their financial plans and their ability to save for their own retirement. It is often difficult but important for families to discuss finances and options realistically. The government has made it less costly for families to pay medical bills or elder care if the taxpayer can claim an elderly relative as a dependent. This can make it easier to support older relatives who want to stay at home. It also helps ease the burden that caregiving can place on your family. Find out more about these deductions in IRS Publication 502. [Get help by contacting a Metrocrest Service case worker at (972) 4462100 or visiting our website at www.metrocrestservices.org.] From: National Council on Aging

Be a Savvy Saving Seniors®

Protect Yourself Against Scams Targeting Seniors Savvy Saving Seniors® is designed to provide older adults with a basic understanding of the types of scams targeting seniors and how to protect themselves from becoming a victim. It is difficult and uncomfortable for any generation to discuss one’s vulnerability to scams. While older adults may be engrossed in learning how to manage and protect their money, they may be resistant in sharing their financial management choices. This training would be used to empower older adults to take advantage of available resources and begin safeguarding their money by taking steps to ensure their economic safety. Friday, July 21, 2017 at 11:30 AM Farmers Branch Senior Center 14055 Dennis Lane Farmers Branch, TX 75234 RSVP by July 14 to (972) 919-8740

FREE LUNCH!

Attend this FREE workshop and discover: l The 10 most popular scams targeting seniors l 8 ways to protect yourself l What you should do if you’ve been scammed This is an educational event only—NO financial products will be sold. Sponsored by the National Council on Aging and Bank of America Charitable Foundation.

Wednesday, Aug. 16, 2017 at 11:30 AM Coppell Senior Center 345 W Bethel Road Coppell, TX 75019 RSVP by August 9 to (972) 462-5136

Monday Sept. 11, 2017 at 12:00 AM Evergreen Farmers Branch 11701 Mira Lago Blvd Farmers Branch, TX 75234 RSVP by September 4 to (972) 406-2700

Metrocrest Service Offices and Food Pantry will be closed July 4th—Independence Day

September 2nd & September 4th—Labor Day


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