Save Ottumwa Post August 30, 2023

Tips to Prepare for Retirement When You Don’t Have Kids

Many people build their retirement and estate plans around their children and grandchildren. Everything from where they live, to how they spend their time and money, to the legacy they want to leave behind is considered through the prism of their role as parents and grandparents. For those without kids and grandkids, a different formula may apply as these individuals may have more financial freedom and flexibility as they enter retirement and beyond. But they still need to be as vigilant – if not more – about planning for their later years. If this describes your situation, read on for tips to help you navigate the many decisions that factor into retirement and estate planning.

1. Prioritize saving for retirement

Since you’re not facing the costs for childcare and educational institutions, consider doubling-down on saving for retirement. You have the potential to spend decades in retirement pursuing your hobbies and goals. Calculate what it will take for you to live the lifestyle you want and compare it to your current savings. Create a plan to save the difference. Contribute as much as you can to your workplace savings plan, if you have one, and consider building up Roth IRA savings to help create a source of income that is potentially tax-free in retirement.

2. Recognize your longterm care challenges

Long-term care can be a challenge for anyone as they age, and there’s added complexity in situations where you may not be able to rely on family members to step in. Regardless of your situation, make it a priority to decide how you will manage healthcare costs in retirement. Medical expenses continue to rise, so it’s important to have adequate savings and insurance coverage. Explore your options through Medicare and your current or former employer and consider if long-term care insurance would benefit you. Additionally, consider researching caregiving options and long-term care facilities in your area so that you are familiar with the choices if you need them down the road.

3. Prepare for medical care

Before you experience a significant medical event – which can happen at any time – make sure to have an advanced directive, also known as a living will, in place. This document lets your spouse, extended family and friends know your preferences for treatment and gives you the opportunity to designate a healthcare power of attorney, who will be empowered to make decisions on your behalf if necessary.

4. Have financial decision-makers in place

It’s also important to designate a spouse, friend, extended family member or professional to look out for your financial interests if you become incapacitated. Draw up documents to name a durable power of attorney to oversee your financial matters if you are unable to, including legal and tax matters. Keep in mind that choosing someone to help watch out for you does not mean you have to share your full financial situation and account numbers. Rather, a common approach is to share enough information so that the contact can step in, should a situation arise where you need help making financial decisions.

5. Plan your legacy With no direct heirs in line to inherit your estate, you will want to consider what you’d like your legacy to be – including how your assets should be distributed upon your death. You may choose to leave your estate to any combi-

nation of family members, friends, charities, education institutions, or other causes that are important to you. Creating or updating your will is one of the best ways to articulate your wishes. Also consider using trusts, which sometimes allow more flexibility than a will, to help you meet specific legacy goals. Consult with a financial advisor, attorney and tax legal professional to develop a comprehensive legacy strategy that suits your ultimate goals.

Duane J Lusson, CFP, ChFC, CLU, MSFS, is a Private Wealth Advisor with Ameriprise Financial Services, Inc. in Ottumwa, Iowa. He specializes in fee-based financial planning and asset management strategies and has been in practice for 30 years. To contact him, call 641-684-4200 or stop by his office at 527 W. Second in Ottumwa, Iowa.

Ameriprise Financial cannot guarantee future financial results

Ameriprise Financial, Inc. and its affiliates do not offer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation.

Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser.

Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.

Ameriprise Financial Services, LLC. Member FINRA and SIPC. © 2023 Ameriprise Financial, Inc. All rights reserved. File #5805348

Fire Ants

When I was a kid, life guards at the beach and pool sat in a white wooden chair mounted on a tower perched high above to overlook swim mers in the water. The chair usually featured an umbrella providing shade from the sun. They wore a white sun-blocker cream or paste on their nose for protection from the sun. It looked more like clown makeup than what I know as sunscreen today, and we didn’t have any. We had Bactine, and Solarcaine to deal with the sunburn after the fact, but nothing to protect us from getting sunburnt. As a result, I had a few bad sunburns, which I did not like at all.

The initial heat and pain of the burn, followed by the incredible itch and finally the unsightly peel ing of the skin, made for a miserable situation. The worst part of a sunburn was when an unknowing person would give me a pat or slap on the back. I’d nearly jump out of my skin as the pain and the itch were instantly rekindled. Childhood sunburns had a long-term effect on me.

I know sunburns can happen anytime, even on a cloudy day or in the winter. I like a sunny summer day as much as anyone, so long as shade is nearby. I just don’t like heat, and as I get older, my heat tolerance lessens with each passing season. Maybe it’s because I still associate the heat with sunburns, but I’ve always preferred cooler temperatures over hot weather.

When Melissa and I were dating, we took many trips to Minnesota’s north shore. I quickly fell in love with the girl - and the cool air coming from Lake Superior. Eventually, pulling up our Iowa roots, Melissa and I put the dog and cats in the car. We headed north, making Minnesota’s north shore our permanent home.

As much as I enjoy the cooler weather, we have a lot of family and friends in Iowa and states farther south - way south, where the summer is hot!

We try to plan our southern visits in the winter when the heat is less extreme. Still, I love the people we will see more than I dislike the heat. I will not let the hot weather stop my travels, work, or lifestyle. Recently, I had reasons to travel to Texas.

While in Texas, I planned an extended stay with my sister, Patti. There were several projects I wanted to help with both inside and outside the house.

As luck would have it, my trip south was during an extreme heat wave and a severe drought. Every day that I’ve been here has

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exceeded 100 degrees. Most days have been around 103-106 degrees. Several days have reached 108, and one day topped at 110 degrees! Those are actual temperatures, not including the heat indices.

Fortunately, my sister’s house is air-conditioned; unfortunately, her yard is not, and several projects were outdoors. Still, I would not let the heat stop me from working. I would, however, need to be more careful, taking frequent breaks and drinking lots and lots of water.

One project was to repair landscape lights. Some bulbs needed to be changed, and some fixtures were not working. Because I flew to Texas on this trip, I did not have my tools with me. The neighbor (now my new friend Bob) was accommodating. He had many of the necessary tools and was very helpful – we could figure out anything between the two of us.

We replaced the burntout bulbs and isolated the problem; an underground wire was broken. Bob and I laid out a plan to bury a new wire. The landscaping has been improved since the original lighting was installed. “You know

(Just the Other Day cont’d from pg 3)

Bob,” I said, “it would look really nice if we added four new lamps to the trees across the front of the yard and one lamp to the tree on the edge of the property.”

Bob agreed, “But you’d need someone to cut trenches to bury the new lines.” I told Bob about a tool I had used years ago.

“I helped a friend with a similar project once. He had a flat spade on a short handle. We just pushed it straight into the ground like a shovel, then placed the wires in the narrow trench.” Bob looked on with interest as I spoke. “It was pretty slick.” Bob said that would be a lot of work, and went home.

A short time later, Bob returned with an exact tool as I had been describing. “Awesome,” I said. Do you want to help me in the morning?”

“I’ll be glad to help you run the wires and hook up the lights,” Bob said. “But I won’t cut the trenches, especially in this heat. You need to get someone much younger than us to do that.”

“I think I’ll get started on it and see how it goes,” I told Bob.

Bob wished me luck.

“Don’t push yourself too hard,” he advised.

“It’s pretty hot out here.”

While Bob headed home, I grabbed the tool and headed to the front yard. Mapping out where I wanted to run the cable, I positioned the spade and tried to push it into the ground, but it didn’t want to cut in. So, I pushed on it with my foot; still no luck. Finally, I jumped on the spade like a pogo stick. The spade still did not cut the sod, and jumping on it did not feel good on my feet. The ground was too hard due to the drought. It was like hitting a rock, but I wasn’t giving up.

After soaking the lawn with water where I would be hand trenching, the spade quickly pushed into the ground. I installed the first twenty-five-foot cable run and repaired the light under the live oak tree. I

METAL ROOFING

ran into a few tree roots but worked right around them.

I felt a little cocky, “This is going to be a breeze,” I said. It was easy enough that I knew I wanted to run the wiring and install the additional four lamps across the front yard. I got my sister’s approval to do so.

Having enough daylight, I soaked the ground between the live oak and the pine tree closest to the street. It was getting dark when I cut the trench and buried the wire, so I decided to stop for the night.

The following morning, it was only ninety degrees at nine o’clock, so I took advantage of the cooler temperatures and buried a couple more lines, leaving the loose ends to be connected later. The afternoon proved to be brutally hot, around 108 degrees. I wanted to finish the job, but I’m not a fool. I put the tools away until it cooled off a bit.

Shortly after suppertime, the temps dropped to about 103, but the sun was no longer directly overhead. So, I installed the lamp at the tree’s base near the driveway. Next, I connected the wires to the pine tree. I do all the wire connections and lamp installation on my hands and knees – it’s easier for me than crouching down or bending over. I was focused on hooking up the wires when I felt something biting my wrist.

Ouch! It was a tiny ant, only about a quarter inch long. Several more ants were on my wrists, right at the base of my gloves. I stood up, brushing them away as well. Those little buggers hurt! Then I felt

one biting my leg. I looked down, and from the end of my shorts to my socks, my legs were covered with ants; dozens of them all started biting!

I’ve dealt with swarms of bees before. Swatting at bees only makes them madder – the best thing to do with bees is to run away. But these darn ants were all over me. There were hordes of them all over my legs; each was a bright red, like fire. “Oh my gosh,” I said, “These are fire ants!” I had heard horror stories about them, but I don’t know that I’d ever seen one and certainly never been bitten or stung by a fire ant.

I started dancing like a man possessed by demons, trying to get them off my arms and legs simultaneously. I was making moves that could start a new dance craze with the younger generations.

My limbs swung in directions I didn’t know they could move; the neighbors must have thought I was on drugs! I swatted and slapped, but these ants were relentless and immune to my force. Finally, I used my gloves like a scraper and pushed them off my body, but they were latched on to the material of my socks, and I could get them off.

My sister must have seen the commotion and came to see what was the matter. She brought me a bottle of rubbing alcohol and some cans of pest spray. For all the ants I brushed away, even more, were crawling onto my shoes.

I grabbed a canister of ant powder from Patti’s arsenal and sprinkled it all over my shoes. The ants didn’t like that and began to retreat. I sprinkled more powder around the ground. I took a bottle of rubbing alcohol and poured it down my legs, letting it run into my shoes. Next, I grabbed a whole can of wasp spray.

“You guys want a fight,” I yelled at the ants. “How about a little chemical warfare?” I doused the area pest killer. “Take that, ya mangy varmints!”

“Ouch!” I missed a couple of the fire ants on the back of my calves; they

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got me.

After the chemicals had time to work, Bob stopped over. The two of us returned to that battlefield, the base of the pine tree. We tied the wires together and installed the fixture. As I stood up, I felt another and biting. There were several more on my legs, and I quickly dealt with them. Meanwhile, Bob was calm as could be. “They just don’t seem to bother me,” he said.

Despite the heat and my bit-up legs, I ran the rest of the wiring and installed the fixtures the next day. But I ran out of wire nuts and couldn’t complete the final fixture. I called Bob, who brought me the last parts I needed.

As Bob and I walked the front yard, he complimented me. “You’ve got much more stamina than me,” he said. “Doing all that work in this heat? Wow,” he said. “It looks nice.”

I asked, “Is it stamina, Bob? Or being so determined to finish the job that I am not smart enough to come in from the heat?” We had a good laugh about that.

Then, Bob showed me a welt on his finger. “I guess

I did get one bite.” Meanwhile, my legs looked like I’d waded through miles of swamp land infested with flesh-eating piranhas!

“You know, Bob,” I explained, “I think I figured out what happened to my legs. You see, I don’t like heat, and apparently, fire ants don’t like the heat either. That’s why they were all coming after me: to get some of this cool Minnesota blood.” We shared another good laugh about that.

The rest of the new LED bulbs will arrive tomorrow, and I can’t wait to see the finished project. I’ve considered adding one more fixture, pointing the light at the fire ant’s hill. Let’s see how well they sleep at night with a bright light shining in their bedroom windows! Although such an act of vengeance is intriguing, it would not be very nice.

I am trying to live a life that will lead me to heaven. After a month of triple-digit temperatures, I’m pretty sure I know what hell feels like, and I just don’t do well in hot weather! Besides, I don’t have any of that white sun blocker for my nose.