Thrive - September

A SPECIAL ADVERTISING SUPPLEMENT TO THE BOSTON GLOBE | SUNDAY, SEPTEMBER 15, 2024

thrive

Making Your Savings Last page 2

Rewarding Second Acts page 5

Finding Your Forever Home page 7

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ADVERTISING SUPPLEMENT | SUNDAY, SEPTEMBER 15, 2024

Retirement ready: Financial moves to make your savings last

Ensure a smooth transition to retirement by optimizing your strategy for lasting financial security.

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BY LEILA BEN ABDALLAH

ith retirement on the horizon, you’ve probably had a long-term savings strategy in place for years. Ensuring you have enough savings will guarantee that you’re able to live out your ideal vision of retirement — whether that’s traveling, exploring new hobbies, moving closer to family, starting the company you’ve always dreamed of, or something else. Putting

in the work now or in early years of retirement can help make that a reality. So while you may be daydreaming about this next phase of life, or perhaps already settled into retirement, here’s how to maximize your hardearned savings.

Before making any changes, take stock of your current financial situation. Use a retirement calculator (Nerdwallet has a good one available online) to gauge how long your savings will last based on your planned withdraw-

als. This snapshot will help you identify if you need to make any adjustments.

Should you find that you’re not on track with your savings goals, there are a number of options for you. Generally, it is recommended contributing at least what your employer will match if you have an employer-sponsored 401(k) account. And if you’re over 50, you can start making catch-up contributions.

If you’ve maxed out your 401(k), there are plenty of investing options to pursue. Low-risk options like municipal bonds provide tax-free interest income, while riskier routes like a variable annuity can offer periodic payments from an insurer, as long as you make an initial series of payments.

Once you feel that you’re in a good place with your savings, you may consider estate planning to ensure your savings are leveraged appropriately as you age. The key elements of an effective estate plan are an advance directive, a power of attorney, a will, and establishment of trusts. Where many retirees only implement a simple will, it’s important to have a detailed plan of the timing, speed, and privacy of asset management, regardless of what’s included. What estate planning accomplishes is peace of mind when it comes to your assets. You’ll get to decide who can step in if you’re unable to make your intentions clear at any point, and learn how to minimize taxes.

Now comes the big question: What happens to your savings once you retire? The best part is that you get complete control. You can either keep your savings in your 401(k) or transfer them to an IRA, which offers more

investment options if that’s what you’re seeking. If you choose to stay with your 401(k), you have the flexibility to take out either a regular monthly withdrawal or a larger lump sum, depending on your needs. For the eager retirees out there: Keep in mind that tapping into these savings before the age of 59 1/2 could result in an early-withdrawal penalty.

Many financial advisors recommend retirees aim to replace 80% of their pre-retirement income to maintain a similar lifestyle in retirement.

With your personal plan in place for saving and withdrawing, figuring out when to unlock your Social Security is the key to reaping all your retirement benefits. If you’re able to, holding off even a few extra years can drastically increase your monthly allowance. According to official government recommendations, you can begin receiving your benefits at the age of 62, though waiting up to 70 can greatly increase the amount you can expect every month. And that’s not including the variety of special claiming situations you may be eligible for, depending on certain circumstances. Visit ssa.gov to learn more.

The path you pick is fully customizable for your lifestyle and goals. By refining your savings strategy, planning your withdrawals, and preparing for future costs, your finances will be golden in your golden years.

Independent Living | Assisted Living | Mind & Memory Care

Benchmark residents share an average of 19 daily interactions with our associates.

Throughout the day, our residents share moments with associates that range from chats over breakfast, to bonding over music, to making plans to see the newest art exhibit at a nearby museum. All of these interactions add up — creating an environment where every resident feels included, important, and like a vital part of the community because they are!

These 19+ moments of connection are something that seniors might not get to experience while living alone at home, that’s why we make them a priority in each of our communities.

Discover our 32 Massachusetts communities with locations in: Acton | Agawam | Billerica | Brighton | Centerville | Chelmsford | Danvers | Framingham | Franklin | Hanover | Haverhill Leominster | Lincoln | Mansfield | Marlboro | Newton | North Andover | North Attleboro | North Chelmsford | Norwood Plymouth | Quincy | Shrewsbury | Walpole | Waltham | Wilbraham | Woburn | Worcester

Schedule a tour today.

844.388.0687

Scan to learn more.

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BENCHMARKWELCOMEHOME.COM The above statement reflects data collected from Assisted Living residents.

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SPOTLIGHT ON SIGNATURE LIVING

The Newbury of Brookline:

Elevating Brain Health Through a Holistic Wellness Approach Brain health has become a central focus for medical professionals and wellness experts, emphasizing the importance of maintaining cognitive vitality at any age. At The Newbury of Brookline, a Kisco Signature community, we share this commitment by prioritizing brain health in our daily programming and activities.

Our multifaceted environment is specifically designed to support and enhance brain health, providing residents with the tools and opportunities to thrive.

At the heart of The Newbury’s approach is The Art of Living Well, our comprehensive wellness philosophy that drives our community’s evolving programming.

This philosophy is rooted in the nine dimensions of wellness: emotional, physical, occupational (purpose), social, creative, intellectual, mental, nutritional, and happiness. By focusing on these dimensions, we create an environment that fosters independence, well-being, and a sense of purpose for our residents.

Among the many components of wellness, emotional and mental connections are particularly significant.

Research indicates that brain health flourishes in a positive environment, where creative thinking, motivation, and intellectual adaptability are encouraged.

At The Newbury, we design our programs to promote optimism, self-confidence, and positive energy, helping residents build cognitive resilience.

Scientific studies suggest that intellectually

The Newbury of Brookline is a Kisco Signature retirement community set to open later this fall.

stimulating activities may help establish a “cognitive reserve,” enabling the brain to adapt to age-related changes more effectively. With this understanding, The Newbury becomes a hub for personal growth and mental stimulation. Our residents benefit from educational lecture series, immersive literary and culinary programs, and unparalleled cultural experiences.

Collaborations with prestigious institutions like The Museum of Fine Arts Boston and the Boston Symphony Orchestra further enrich our residents’ lives, offering unique opportunities to engage with experts and enjoy exclusive experiences.

For us, wellness is more than just an activity; it’s a way of life.

We are dedicated to integrating brain health into every aspect of our community, ensuring that our residents have the opportunity Kisco Signature Art of Living Well programming addresses the nine dimensions of wellness to to live full, vibrant lives. At The enhance and enrich the lives of The Newbury residents.

Newbury of Brookline, we believe that nurturing the mind is key to living well, and we are committed to making brain health an essential part of our residents’ everyday experience.

Residents of The Newbury have access to a variety of activities and events that encourage them to pursue their passions and form meaningful connections.

Discover a holistic wellness approach in senior living where every day is an opportunity to live well and thrive. Schedule your personal tour and learn more by calling 617.380.4334 or visit lifeatthenewbury.com.

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Celebrating 40

Secure your future with our LifeCare contract.

your days doing what you love.

Your future is here.

Come claim it!

781.433.6524

www.NorthHill.org 865 Central Avenue Needham, MA North Hill is a community that highly values diversity and inclusion.

disability and familial status.

Stay Curious

Opening Soon!

Discover your lifelong learning journey at the Osher Lifelong Learning Institute at Tufts University.

Choose from inperson or virtual courses

Attend special events for OLLI members

V I B R A N T L I V I N G F O R P E O P L E 65+

Meet a community of local adult learners

Pleasant Hill

Live More.

Worry Less.

Now is the time to plan your move to worry-free retirement living! With everything taken care of by our professional staff, you'll have the time and freedom to enjoy all the amenities and services we have to offer! The best part — everything is included for only one monthly price with no buy-in fee or long-term lease!

Join a community of lifelong learners.

Visit go.tufts.edu/Thrive or scan the QR code to learn more about OLLI at Tufts.

617-627-5699 OsherLLI@tufts.edu go.tufts.edu/Thrive

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Now is the perfect time to join our Charter Resident Program!

Call to get on the Priority List today!

774-277-8161

96 Crowley Drive  Marlborough, MA 01752 PleasantHillRetirement.com

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ADVERTISING SUPPLEMENT | SUNDAY, SEPTEMBER 15, 2024

Encore! The path to a rewarding career in your second act

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Two inspired women share their secrets to finding fulfillment in retirement.

BY CHRISTINE LAVOSKY

etirement is bliss. Until it’s not. Sixty percent of retirees derive meaning from their work, according to a 2021 study in the International Journal of Qualitative Studies on Health and Well-being. The drive to achieve a higher level of self-actualization doesn’t suddenly fade away after one wraps up their career.

Yet, most retirees enjoy the relaxation that comes with the end of workplace responsibilities — at first. A sense of relief sets in after decades of churning out work.

From corporate employee to entrepreneur In the words of Karen Poirier, founder and CEO of Embrago, “When you’re working in [a] corporate career for so long … you hit a point where you’re depleted and … all you want in the world is just to get away from that, to be able to rest, to … not have this unnatural, constant flow of work.”

Poirier, now in her mid-50s, spent the earlier days of her career in the marketing world. Working always energized her, so it’s no surprise that after leaving her 30-year career in marketing, Poirier only took a brief respite to rest and reflect before embarking on her next venture.

The feeling of constriction in her traditional bras, fitted with underwire and tight chest bands, motivated Poirier to start her own business, Embrago.

Her product is a wearable garment and a breakthrough in femtech, replacing traditional bras’ tight chest band with a floating support system that adapts to natural hormonal and digestive changes.

Poirier, a self-described full-busted woman who always needed to wear a bra that gave her full support, created this innovative solution to provide comfortable support for herself and other women.

Such an ambitious product doesn’t come Karen Poirier, founder and without its trials and tribulations. Over the CEO of Embrago five years Poirier spent developing Embrago, she faced no shortage of challenging moments. And yes, there were times she thought she should give up, that she was crazy, and even worse, that she had wasted years of her life chasing a fool’s errand. But throughout it all, she remained steadfast because — although she learned valuable skills from her marketing roles that she would use later at Embrago — starting her femtech bra business was her true passion.

The way Karen described it, working during retirement isn’t necessarily about having a lighter schedule, but working in a different way. “When you work for something you believe in … it’s not that you work less,” she explains, “but because you’re driving it yourself, you have the freedom to choose when you work.”

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Writing a new chapter Western Massachusetts-based author and retired nurse, Nancy J. Fagan, echoes Poirier’s statements. After working as a nurse for about 30 years and as an IT administrator for about five years (both at Baystate Medical Center in Springfield, Mass.), Fagan now spends her days at her writing desk immersed in worlds of her own conception. At the moment, she’s hard at work on three novels and has published a multitude of short stories, medical articles, and personal essays.

Although she lives by her own schedule, she sticks to a very rigorous routine for no other reason than the simple fact that she’s passionate about her writing career.

Nancy J. Fagan, author, “I’m up [at] five, six o’clock ... I try to read journalist, and retired nurse one or two poems a day, and then I start writing.

If I’m writing a book or a short story, I will write all day,” she says. “I treat it as a full time job, so it produces a lot. I often work Saturdays. I sometimes work Sundays, but it’s because I want to.”

Fagan had to leave the workforce at the age of 47 when she developed rheumatoid arthritis. “I worked really hard on my health for a couple years. And when 60% of retirees I got better, I thought, “What am I going to do derive meaning now? I had always written. I published since from their work I was in my 20s, nursing articles and stuff.

And I thought, you know, I’d really like to write fiction, so that’s when I went back to school,” she recounts.

At the age of 58, she started out with a couple classes at a community college, then applied to Mount Holyoke College, was accepted into their Frances Perkins Scholars Program, and earned her bachelor’s degree in English. She went on to pursue her master’s degree in creative writing at Vermont College of Fine Arts and graduated in 2022.

Following your passion Fagan encourages other retirees to follow their dreams and not pigeonhole themselves into a certain definition of vocation or success. “[Your] passion could be babysitting your grandchildren. It could be knitting. It could be art,” she says. “As we get older we have to decide how we want to spend our time, and the answer is different for every person.”

Poirier advises anyone considering an encore career but unsure where to start to envision a 10-year-old version of yourself and ask yourself, “What are the things you love? What are the things you’ve missed? What are the things that feel wrong?” She stresses the unique value every individual human brings to the table — the inimitable perspective and gifts nobody else in the world has.

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Always at your service.

A New Chapter in your Family’s History.

Contact us today!

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781-591-0671 dmbteam@compass.com

Village at Silver Hill

Friends, Fun & Fabulous Food At Northbridge, we’ve been serving seniors and their families for 20 years with a mission to Live Well & Love Life.

Visit us today to learn more about the wonderful way of life at a Northbridge Community near you.

2 Peakes Lane, Weston MA 02493 4 BD 3.5 BA 3,500 SF $1,995,000 Discover the final opportunity to own a home in Weston’s prestigious 55+ community at 2 Peakes Lane. This fully renovated residence blends old-world charm with modern finishes. The first floor features elegant living and dining rooms, a gourmet chef’s kitchen, a luxurious bedroom suite, a mudroom, a laundry area, and an attached 2-car garage. Upstairs, you’ll find three additional bedrooms, including a second ensuite, a den, and a full bath. A large deck, manicured grounds, and a serene setting complete this exceptional home, all within close proximity to Weston’s downtown center.

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Stonebridge in Burlington Bayberry in Tewksbury Stafford Hill in Plymouth Autumn Glen in Dartmouth - also serving Andover Marblehead Mashpee Needham Newburyport The Pinehills Wayland

Donahue Maley & Burns Team Managing Directors 781-591-0671 dmbteam@compass.com compass.com Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. This is not intended to solicit property already listed. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

NorthbridgeCommunities.com

Southern New Hampshire’s Premier Senior Living Communities

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Don’t miss out on The Boston Globe’s biggest event of the year—Globe Summit is BACK this September 25 - 26. Join us virtually, with select in-person sessions by invitation only, to hear from those driving change and innovation in Greater Boston and beyond.

Sign up now for free, and see the agenda for the latest list of speakers and session topics.

A long-term, continuing care program for those who choose to age in place in the home they love.

Virtual and select in-person events

REGISTER TODAY

Join Us For An Event Visit our website today and register for an upcoming informational event.

Request A Visit Book a consultation with us.

We offer both Zoom and in-person meetings.

603-821-1200 | info@silverstoneliving.org Silverstoneliving.org

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Sign up to receive updates at Globe.com/summit or scan the QR code.

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ADVERTISING SUPPLEMENT | SUNDAY, SEPTEMBER 15, 2024

Finding your forever home: Navigating retirement living in New England

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A guide to choosing your ideal location based on cost, community, and health care.

BY TORI WALTZ

ome is where the heart is — but by the time you Renting vs. owning The decision of whether to rent or own can also significantly impact your reach retirement, your heart might be tugging retirement budget. On one hand, renting offers flexibility and lower upfront you in different directions. Whether you’re costs, which can be ideal if you prefer not to commit to a long-term property eager to be near family, seeking a peaceful or if you’re still exploring your ideal retirement spot. retreat, or looking for a vibrant social commuIn some cases, renting may even save you money. The average cost for nity, finding the perfect place to settle down during retirement involves a lot a two-bedroom apartment in Boston is around $4,400 per month, while the more decision-making than simply picking a spot on the map. Luckily, New average cost of living in a New England retirement community ranges from England, with its mix of picturesque towns and lively cities, offers options to $3,300 to $4,790 monthly, and includes services like housekeeping and suit any retiree’s needs. health care.

Health, connection, and longevity On the other hand, buying a home can be a sound investment, especially There are three traits that the best retirement spots tend to have in in a region like New England where the housing market is appreciating. common: excellent health care, a strong sense of community, and a culture In 2023, Manchester, Nashua, and Concord, N.H., all ranked in the top 10 of centered around healthy living. the Wall Street Journal/Realtor.com fall index of emerging housing markets.

Take Blue Zones, for example. These regions, known for their high concentration of centenarians, emphasize factors like eating a healthy diet, physical These areas have seen significant year-over-year increases in home values, with the combination of Manchester and Nashuas’ median home value risactivity, and participation within the community on a daily basis. In places ing by over 7.2 percent and Concord’s by 7.1 percent. In areas like Hartford, like Okinawa, Japan — one of the five globally recognized Blue Zones — West Hartford, and East Hartford, Conn., the year-over-year increase was residents enjoy remarkable health and longevity, with Okinawan women even higher, with home values jumping by over 10 percent. having the longest disability-free life expectancy in the world.

By investing in a home in one of these growing markets, you could also While New England doesn’t have any official Blue Zones yet, many of its be building a valuable legacy for your loved ones. Estate planning is somestates and cities embody these same qualities, making them appealing thing that every retiree should consider — and selecting choices for retirees seeking to enhance — or even a property with strong ROI potential can not only help elongate — their lives.

The perfect location depends secure your financial future, but the future of your family Massachusetts, for instance, offers a life expectancy on your lifestyle, budget, for generations to come. nearing 80 years, well above the national average of Where should you settle down? proximity to loved ones, around 76 years, according to the CDC, largely due to its There isn’t a one-size-fits-all solution when it comes excellent healthcare system. Similarly, states like Vermont and the community you to choosing the ideal retirement spot. The perfect and Rhode Island prioritize health through walkable comwant to be part of. location depends on your lifestyle, budget, proximity to munities and abundant outdoor activities, promoting loved ones, and the community you want to be part of. active lifestyles that contribute to residents’ well-being.

That said, there are certain areas within New England Connecticut and Maine also shine in this regard, with where retirees tend to thrive the most. access to locally-sourced food and above-average fruit and vegetable intake Burlington, Vt.: Burlington offers a mix of urban and rural living, supporting overall health. Meanwhile, New Hampshire excels in sleep qualwith beautiful views of Lake Champlain, a strong sense of community, ity, with nearly 69 percent of adults getting at least seven hours of rest each and a focus on healthy living and recreation. Plus, it’s home to the topnight — an essential factor for longevity. ranked hospital in the state, the University of Vermont Medical Center.

New England’s community-oriented culture is another element adding to Portland, Maine: If you’re an outdoor enthusiast, Portland’s coastal the region’s charm. Whether you’re diving into a local book club, tending to charm might be your perfect match. Nestled along Maine’s rugged shore, a community garden, or exchanging smiles with neighbors during your mornit’s a playground for hiking and fishing, with the highly-rated Maine ing stroll, there are countless ways to stay connected with those around you.

Medical Center close by. Plus, residents enjoy the small-city benefits Breaking down the cost and culture without the overwhelming nature of larger hubs.

Of course, living in one of these desirable communities comes with a price Mystic, Conn.: Mystic delivers a quintessential coastal experience. tag, which can vary widely depending on the town or city you choose.

The town boasts peaceful, safe neighborhoods and top-rated hospitals.

While it’s true that the cost of living in New England tends to be higher With around 37 percent of the population over the age of 65, retirees are than the national average — with Massachusetts and Connecticut ranking in good company here. second and ninth most expensive states to live in respectively, according to North Kingstown, R.I.: Located along picturesque Narragansett Bay, Forbes Advisor— there are still plenty of affordable options available throughNorth Kingstown is famous for its scenic villages like Wickford and its out the region. It all comes down to knowing where to look. warm, welcoming community. With a median home price of $530,000, Location matters it offers a relatively affordable New England lifestyle considering its Coastal and urban areas, like Boston, with a median sale price of $2.8 offerings and proximity to the water. million, and Nantucket, at $2.6 million, are among New England’s priciest Lenox, Mass.: For a tranquil retreat in the Berkshires, look no further areas to live according to a PropertyShark report — and it isn’t difficult to see why. With their rich history, vibrant cultural scenes, and picturesque settings, than Lenox. Surrounded by nature and close to cultural attractions like Tanglewood, Jacob’s Pillow, The Mount, Chesterwood, and more, this these locations are highly sought after, driving up the cost of living. serene town offers a thriving arts community. There’s also a significant That being said, if you’re willing to trade bustling cityscapes and ocean retiree population — nearly half of the residents are over the age of 65. views for a more tranquil style of living, consider exploring inland towns Regardless of which destination you choose as your retirement haven, like Franklin, Mass., and Burlington, Vt. Comparatively, these areas offer a more budget-friendly retirement lifestyle — with median home prices around remember: in New England, you’re never more than a short drive away from $730,00 and $465,000, respectively — and still provide the charm and quality the beach, mountains, or city. The region’s interconnected charm ensures that adventure and connection are always within reach. of life New England is known for.

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