A Blank Slate Media Special Section • March 25, 2022
26 LIVING 50 PLUS • Blank Slate Media Newspapers, Friday, March 25, 2022
10 steps for a better retirement BY L AU R E N B LO C K , E S Q . Whether you are nearing retirement age, already retired, or planning for your future, there’s a lot that goes into a successful retirement. Being prepared ensures that you and your loved ones are protected. To help you plan for a better retirement, there are 10 major steps you can take: Gather your team Planning for retirement is complex, and it’s important to assemble a team of professionals to address all its aspects. Your team should include an elder law attorney, an accountant, a financial advisor, and if needed, a geriatric care manager. Create a Power of Attorney A power of attorney is probably one of the most important documents you will ever sign. It allows another person (an “agent”) to act on your behalf in important business, legal, and financial decisions in case of incapacity. This document must be done while you still have the capacity, so don’t put it off. And of course, only designate someone you absolutely trust. Create a Health Care Proxy A health care proxy appoints someone you trust to make medical decisions for you in the event that you cannot make them yourself and to advocate for you with physicians, hospitals, and other health care providers.
Create a Living Will A living will states your end-oflife decisions. It guides your health care agent regarding the type of care you’d want or not want to receive in different scenarios, like artificial respirations, hydration and nutrition means. Execute a Last Will and Testament Your Will details where your assets go when you pass away. It should be tailored to your individual wants and needs, and it’s important to have it properly drafted and executed so that it meets the statutory requirements and is valid.
Create Trusts There are many different types of Trusts, and they can be created for specific purposes or with certain provisions. A common Trust for Medicaid planning is an Irrevocable Income-Only Trust, designed to your protect assets and to help you qualify for Medicaid and other benefits. Another important type is a Supplemental Needs Trust, which allows you to leave assets to beneficiaries with special needs who receive public benefits such as Medicaid and SSI without disrupting their benefits.
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Plan Your Business Exist/Succession These may be difficult conversations to have, but it’s important to discuss your retirement with business partners, especially if they’re family, to make certain that everyone’s rights and obligations are clearly defined. Your team can help you make a plan that ensures a smooth transition. Plan Your Long-Term Care If you don’t properly plan for long-term care, you may face financial catastrophe. Many people believe that having Medicare is enough, but Medicare is health insurance—it does not pay for long term care. For example, it will only cover up to 100 calendar days of a rehab facility or nursing home stay. To be prepared, the first option is to purchase a long-term care policy. These are typically very expensive, and existing health conditions may prevent you from qualifying. The second option is paying privately out of pocket for long-term care, though this can be very expensive as well. The third option is Medicaid. It’s not easy to qualify for, but an elder law attorney can help you qualify. Note that for nursing home care there’s a five-year lookback, meaning that Medicaid reviews things like money transferred during that time, so it’s important to plan ahead.
Create an Estate Tax Plan Currently, in New York State, if you have more than $6,110,000 in your name, your estate is taxable. This includes ALL your assets, even life insurance. Your team will help you avoid or minimize any estate tax you and your heirs might have. Review Your Estate Plan Every Few Years Taking all the necessary steps to prepare for retirement is crucial, but it’s also important to review your plan periodically to make sure it still meets your needs. As your family, financial situation, and goals change, so should your plan. You can change it as many times as you’d like, as long as you have capacity. The object of retirement is to live well in the next phase of life. Proper planning will help ensure that all your goals are met and that unforeseen circumstances can be met without unnecessary expense or unintended outcomes. Take these 10 steps, so you can enjoy your retirement protected and with peace of mind. Lauren Block is an associate in Vishnick McGovern Milizio LLP’s Wills, Trusts, and Estates Practice. Her work focuses on Trust and Estate Planning, Trust and Estate Administration, and Elder Law. She can be reached at lblock@vmmlegal.com and 516.437.4385 x145.
Did you know? A
ccording to Gallup’s 2021 Economy and Personal Finance survey, the average individual in the United States is retiring earlier than many people might expect. Gallup found that the average retirement age was 62, which is two years earlier than the working respondents indicated they planned to retire. Canadians are retiring a little bit later than their American counterparts, as Statistics Canada reports the average retirement age in Canada is just over 63 and a half. The average retirement age is worth noting, as studies routinely find that many working professionals greatest concern about retiring is that they won’t have enough money saved to meet their needs. By recognizing that they may end up retiring earlier than they initially planned, professionals can make a concerted effort to save more money in the years ahead.
Blank Slate Media Newspapers, Friday, March 25, 2022 • LIVING 50 PLUS
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Inside active senior living Housing needs may change as adults grow older and their children move out. Adults nearing retirement may want to reduce their cost of living and could find a big house is more than they need at this stage in life. According to the financial management resource The Motley Fool, in 2019 48 percent of seniors planned to downsize, while 52 percent wanted to remain in their existing homes. A lower cost of living could be the primary motivator to sell, but less house to maintain and the extra free time that comes with fewer chores can be powerful motivators as well. Many adults age 50 and older consider adult communities when seeking to downsize their homes. Senior home options are categorized based on the level of care they provide. “Active adult living” is a relatively new option that reflects a growing desire for residences that afford aging adults a chance to downsize their homes and engage in their favorite activities.
Active adult living, leisure living or active adult communities include single-family homes, townhouses, condominiums, and other housing options within a community that offers an array of amenities and services. According to Retirement Living, residents in active adult communities enjoy country club settings with amenities like swimming pools, clubhouses, golf courses, exercise centers, walking trails, computer labs, hobby centers, and even on-site restaurants. Active adult living communities may provide transportation options and have their own travel clubs. Though active adult residences do not typically provide medical services, many communities are conveniently located close to local shopping centers and complexes, ensuring that the doctor’s office is not that far away. Other features of active living covered by homeowner’s association fees include outdoor maintenance like landscaping, snow removal and sanitation services. Security, internet service and cable also may be included in the
monthly fees. Active communities emulate the benefits afforded by all-inclusive vacations, where dayto-day details are handled by management so residents can focus on fun and leisure. Unlike general neighborhoods, seniors may appreciate active living communities because they have access to an array of services within the community. Some pro-
mote a resort vacation feeling, while others may focus on sports or cultural life. What’s more, since age is restricted, residents know that many people in these communities have shared experiences. Active adult communities also are amenable to adults who like to travel. Residents get the peace of mind to lock up their homes and leave knowing lawns will still be
mowed and shrubs trimmed — removing signs that the residence is unoccupied. This is an ideal situation for a snowbird who spends time in a different location for part of the year. Active adult living is the relatively new kid on the block for senior communities, filling an important niche for independent retirees and near-retirees.
How active seniors can lower their injury risk Physical activity is one of the key components of a healthy lifestyle. Though physical activity benefits people of all ages, it can be especially helpful for seniors by making it easier for them to overcome some of the obstacles associated with aging. According to the Centers for Disease Control and Prevention, physical activity supports dail living activities and independence. That’s a significant benefit for seniors who are worried that age-related physical and mental decline might one day compromise their ability to live independently. The CDC also notes that physical activity lowers the risk for early death, heart disease, type 2 diabetes, and certain cancers. The CDC reports that physical activity is generally safe for fit individuals who are 65 and older and have no existing conditions. Despite that, it’s best for any senior to consult his or her physician prior to beginning a new exercise regimen. Once doctors give seniors the goahead to begin a new workout routine, seniors can take the following steps to reduce their risk for injury. Warm up before working out. Seniors may think they don’t need to warm up before exercising because their workouts are not as high-intensity as they might have been when they were younger. But
Harvard Medical School notes that warming up pumps nutrient-rich, oxygenated blood to the muscles and helps increase heart rate. The American Council on Exercise reports that warming up helps reduce workout-related injury risk by improving tissue elasticity. So prior to beginning a workout, re-
gardless of how moderate- or lowintensity that regimen will be, seniors should warm up for five to 10 minutes. Start with a routine that’s commensurate with your abilities. Seniors excited by the prospect of working out must temper that excitement if they’re not accustomed
to physical activity. Such individuals should consider working with a personal trainer. Personal trainers design exercise regimens based on each individual client’s fitness levels and goals. As clients make progress and their bodies become acclimated to routine physical activity, personal trainers can then tweak
regimens to make them more challenging. Seniors can take on these responsibilities themselves, but are urged to begin slowly and gradually build up their exercise tolerance. Don’t skip strength training. Seniors may think lifting weights is for young people who want to look buff, but the AARP® notes that muscle-strengthening activities protect the joints, reducing seniors’ risk for injury as a result. The Department of Health & Human Services recommends seniors who have been cleared to exercise engage in strength training at least twice per week. Stretch after your workout. Harvard Medical School reports that efforts to cool down after a workout, including stretching, can prevent muscle cramps and dizziness a nd lengthen muscles throughout the body, which improves range of motion. Harvard Medical School recommends holding each stretch for 10 to 30 seconds, as the longer a stretch can be held the more flexible individuals’ muscles will be. Physical activity is an essential component of a healthy lifestyle for seniors. Active seniors can take various steps to reduce their injury risk so they can continue to reap the rewards of exercising for years to come.
28 LIVING 50 PLUS • Blank Slate Media Newspapers, Friday, March 25, 2022
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30 LIVING 50 PLUS • Blank Slate Media Newspapers, Friday, March 25, 2022
Simple strategies to stretch retirement savings
R
unning out of money is a common concern among retirees. And that anxiety is not necessarily unfounded, as a recent study from the Society of Actuaries found that people routinely underestimate just how much money they will need in retirement. Similarly, a 2019
model created by the employee benefit experts at EBRI found that nearly 41 percent of households in which the head of household is between the ages of 35 and 64 are projected to run short of money in retirement. Such figures underscore how important it is for younger professionals to save for retirement, but what about current retirees or those on the cusp of retiring? Individuals who fit those descriptions may need to embrace these strategies designed to stretch their retirement savings. Downsize your home. Homes are many individuals’ greatest expense, and that does not necessarily change in retirement. Downsizing
to a smaller residence allows homeowners to pad their savings with money earned in the sale of their homes and also reduce their monthly overhead, as utilities, property taxes and maintenance expenditures are typically much lower in smaller homes than larger homes. Look for other ways to downsize. Individuals also can stretch their retirement savings by downsizing in other areas. Lower monthly expenses by shopping around for less expensive auto insurance policies, downgrading cable television packages or cutting the cord entirely. And though individual streaming services may not be too costly, these expenses can add up for individuals who have five or more subscriptions. Downsizing streaming services to one or two packages at a time can help individuals keep more money in their retirement savings accounts each month. Be flexible with your withdrawals. The “set it and forget it” model of retirement investing helps professionals avoid the tricky process of trying to predict the markets. Retirees may take the
same approach when it comes to withdrawing their money, following the industry standard and automatically withdrawing 4 percent from their accounts each year. But individuals who want to stretch their savings should remain flexible with their annual withdrawals and routinely examine their spending habits. An individualized approach to retirement withdrawals can help retirees avoid taking more than they need out of their accounts each year. The 4 percent rule has its merits, but retirees should recognize that they may not need to take that much out every year. Work with a financial advisor. Ensuring you don’t outlive your retirement savings can be complicated, as it often involves navigating fluid concepts such as inflation. A certified financial professional can help retirees plan for changes that are beyond their control and even recommend when certain risks might be worth taking. Many individuals will need to stretch their retirement savings in the years ahead, and various strategies can help individuals do so.
Qualities to look for in a postretirement job T he notion of relaxing on a beach all day in one’s golden years is still a retirement dream for millions of adults across the globe. But many individuals also harbor a desire to keep working after retiring. Whether it’s a volunteering gig or a part-time job retirees are looking for, certain qualities can make an opportunity uniquely suited to a post-retirement job. Flexibility: Retirees may be looking to contribute to their communities or simply earn a little spending money, but they will likely still want the freedom to travel or spend time with their families whenever they choose. So flexibility is something to look for in a post-retirement job. This is what makes consultant work so attractive to retirees. In-person hours may not be required of consultants, who can then offer their input while visiting their grandchildren or traveling the world. Socialization: Though the ability to work from home can make it easier for retirees to earn some extra money, some seniors aren’t concerned about their finances but want to work so they can get out of the house. In that case, look for a job that offers the opportunity to socialize and meet new people. Socializing as an older adult is a great way to fend off loneliness. In addition, one study published in 2007 in the journal of the American Public Health Association found that social support networks have a positive effect on cognition among older adults. So a post-retirement job that enables retirees to socialize could delay or reduce
the severity of age-related cognitive decline. Engagement: A job seniors find engaging also is more likely to provide the types of benefits seniors are looking for in postretirement work. For example, researchers at Boston College’s Sloan Center on Aging and Work found that seniors who find a job or volunteering opportunity truly engaging are more likely to benefit psychologically from those experiences than those whose post-retirement work is not engaging. If seniors find themselves simply going through the motions with their postretirement work, they can look for opportunities that they can be more enthusiastic about. Pressure-free: Regardless of what retirees did for a living prior to calling it a career, chances are they dealt with work-related stress. In fact, the American Stress Institute reports that 83 percent of workers in the United States suffer from workrelated stress, while Statistics Canada reports that 62 percent of Canadian workers say work is their main source of stress. After a lifetime of confronting work-related stress, individuals who want to work in retirement should look for pressurefree opportunities. This is an important quality, as the ASI indicates that stress has been linked to increased rates of heart attack, hypertension and other disorders. The right post-retirement job may differ from what individuals looked for during their careers. Various qualities can combine to make for a post-retirement gig that benefits seniors in myriad ways.
Blank Slate Media Newspapers, Friday, March 25, 2022 • LIVING 50 PLUS
What seniors should know about social media safety S
eniors might not be the demographic individuals initially associate with social media. However, Pew Research notes that seniors’ social media usage has been steadily rising for a number of years, proving that individuals 65 and over are not techaverse.
Pew data from 2019 indicates that 46 percent of individuals 65 and older use Facebook. Social media platforms like Facebook and Instagram can be a great way to stay connected with family and friends and stay up-to-date on community events. But social media usage is not without risks, especially in regard to users’ safety. Seniors without much social media experience can heed these safety tips as they navigate popular platforms and discover all they have to offer. Examine your account settings. Social media users can control their privacy settings so they can decide who can (and can’t) view their online activity. Each platform is different, but profiles set to public generally allow anyone to view individuals’ activity, so seniors should set their profiles to private to limit access to their information. Be mindful of your social media social circle. It’s easy to make virtual friends via social media, but seniors should be mindful of who they accept as online friends. Carefully consider each friend request and decide just how big or small you want your social media community to be. Many individuals prefer to limit their online social circles to individuals they know well and want to stay in touch with,
and that can serve as a good measuring stick when deciding whether or not to accept a friend request. Avoid sharing personal information. Seniors are no doubt aware that they should never share especially personal information, such as their Social Security number. However, seniors also should hesitate to share personal information like vacation plans. Seniors who post about upcoming trips could return home to find they’ve been victimized by criminals who scoured their social media accounts and learned when they were going to be away. A good rule of thumb is to keep personal information private and limit posts to information that is not overly specific or sensitive. Recognize the threat posed by scammers. Social media platforms have had varying degrees of success in regard to keeping their sites scam-free. But scammers find a way, and users must take steps to avoid being victimized. Never click on a link within a post from someone you don’t know and avoid anyone soliciting donations through social media platforms. Seniors are engaging with social media more than ever. Such engagement requires seniors to be mindful of the many ways to protect their privacy when spending time online.
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32 LIVING 50 PLUS • Blank Slate Media Newspapers, Friday, March 25, 2022
Outdoor activities that are perfect for seniors spending time outside in green spaces has been linked to a lower risk of depression. Seniors who are retired or even aging empty nesters who are still in the workforce can make great use of their free time by venturing into the great outdoors. The following are a handful of senior-friendly outdoor activities that provide a great reason to get off the couch and take in all that Mother Nature has to offer.
T
he great outdoors beckons people of all ages. Fresh air can be hard to resist and the benefits of spending time outdoors are so numerous that it behooves anyone, including seniors, to answer the call of nature. According to researchers with the U.S. Department of Agriculture’s Forest Service, human beings benefit both physically and psychologically from spending time in nature. Such experiences can reduce stress and help lower heart rates, potentially decreasing individuals’ risk for cardiovascular disease. In addition, the Forest Service notes that
Hiking: Hiking provides a great workout and an ideal opportunity to spend time in an idyllic setting. The U.S. National Park Service notes that hiking helps individuals build stronger muscles and bones, improves their sense of balance, has a positive effect on heart health, and can decrease the risk of certain respiratory problems. Hiking is an especially attractive outdoor activity for seniors, as many parks feature trails with varying degrees of difficulty, ensuring there’s a trail for seniors whether they’re seasoned or novice hikers. Water aerobics: The Centers for Disease Control and Prevention notes that waterbased exercises can be especially helpful individuals with chronic diseases, a category many seniors fall into. The CDC notes that one study published in the journal Arthritis & Rheumatology found that improves the use of joints affected by arthritis without worsening symptoms. The U.S. Department of Health and Human Services also notes
that swimming can lead to improved health for people with diabetes and heart disease. Seniors can reap these benefits by going for a dip in their own backyard pools or a local body of water, such as a lake or ocean. Many swim clubs also offer discounted memberships to seniors, making these another great and affordable way to reap the benefits of swimming. Fishing: Of course not all outdoor activities need to make seniors huff and puff. Fishing provides a great reason to get outdoors, and many individuals devoted to fishing report feeling less stressed after a day spent casting for their favorite fish. Individuals who consume what they catch also can benefit by improving their diets, as the American Heart Association notes that consuming certain types of fish has been linked to a lower risk for heart disease and obesity.
Volunteering: Local environmental groups often sponsor cleanups at parks and waterfront attractions like beaches and lakes. Volunteering with such organizations is a great way to get outside and give back, and working with like-minded individuals can be a great way for seniors to meet new people. In addition, a national study sponsored by the Corporation for National and Community Service in 2019 found that 88 percent of Senior Corps volunteers who initially reported a lack of companionship reported a decrease in feelings of isolation after volunteering. The opportunities for seniors to enjoy the great outdoors are endless. Taking advantage of such chances can benefit seniors in myriad ways.
How to create structure after retirement P
rofessionals typically look forward to retirement and the freedom that comes with it. The notion that commuting and deadlines will one day be a distant memory is enough to make anyone excited for retirement. But when the day to leave the daily grind behind arrives, many retirees admit to feeling a little anxiety about how they’re going to find structure.
Retirement is a big transition, and Robert Delamontagne, PhD, author of the 2011 book “The Retiring Mind: How to Make the Psychological Transition to Retirement,” notes that some retirees experience anxiety, depression and even a sense of loss upon calling it a career. Some of those feelings can undoubtedly be traced to the perceived lack of purpose some individuals feel after retiring. Without a job to do each day, people can begin to feel useless. Overcoming such feelings can be difficult, but finding ways to build daily structure can make the transition to retirement go smoothly. Find something to truly engage in. Professionals who truly enjoy their work tend to be fully engaged, so it’s no surprise if such individuals have a hard time adjusting to retirement. Some may suggest volunteering can help fill the void created by retirement, but researchers with the Sloan Center on Aging and Work at Boston College have found that only those individuals who are truly engaged in their post-retirement
volunteering enjoy the psychological benefits of such pursuits. So before retirees dive right in to volunteering as a means to creating structure, they should first exercise due diligence and find an opportunity they’ll find genuinely engaging.
Embrace the idea of “bridge employment.” “Bridge employment” is the name given to the trend that has seen retired individuals take on part-time or temporary employment after they have retired from full-time working. COVID-19 has no doubt
skewed post-retirement working statistics since the World Health Organization first declared a pandemic in March 2020, but a 2019 survey from the LIMRA Secure Retirement Institute found that 27 percent of pre-retirees with at least $100,000 in assets planned to work part-time in retirement. Even part-time work can provide enough daily structure to help retirees feel as though each day is not just a free-for-all. Make a concerted effort to be more social. Volunteering and working are not the only ways to create structure in retirement. A concerted effort to be more social can help retirees fill their days with interactions with like-minded individuals who may be experiencing the same feelings. Join a book club, a local nature group that goes on daily or semi-daily morning hikes or another local community organization. These are great ways to build structure and meet new people. Retirees can create social media accounts to find local community groups that cater to their interests. Even if it seems hard to believe, plenty of retirees are seeking to create structure in retirement life, and social media can make it easier to find such individuals in your community. Structure and retirement may seem like strange bedfellows. But many retirees seek structure after calling it a career, and there are many fun ways for seniors to create more organization in their lives.